Law 3 - Practice

Question 1

All inactive licensees must carry __________________ for one year.

Answer 1

extended reporting period coverage

Question 2

All real estate licensees; except those inactive, shall carry ___________________________..

Answer 2

errors and omissions insurance

Question 3

Errors and omissions insurance policy cannot be __________________ by the provider.

Answer 3

cancelled

Question 4

The limit of liability shall be no less than ____________ for any claim, and _______________ aggregate.

Answer 4

$100,000 $1,000,000

Question 5

The maximum deductibles for E&O insurance is __________ for judgement and __________ for defense.

Answer 5

$2,500 $1,000

Question 6

A licensee shall not engage in property management without a written ______________________.

Answer 6

property management agreement

Question 7

A licensee must maintain 2 types of ledgers, an ___________ and a ______________ ledger.

Answer 7

owner tenant

Question 8

A broker shall retain property management records for ___ years.

Answer 8

5

Question 9

No landlord shall retain the security deposit if it was not deposited in a _________________________ and the __________ and ____________ damage listings are not provided.

Answer 9

separate account
initial
final