Legal Flashcards
What are the requirements for real estate advertising
Not misleading
must clearly list broker name
no blind ads
Broker responsible for content
If phone not broker office must say Cell or Home
penalties misleading false up to 500, one year suspension
Online advertising
Firm name above or adj to point of contact info
Our kickbacks allowed
OK if buyers and sellers are informed
not from title company or financiers
(real estate settlement procedures act)
commission maybe share this on my side so
What are the escrow recordkeeping responsibilities
Broker must reconcile every 30 days
notify FRE see if within five days of escrows and dispute
sign the monthly report
Can escrow be put into interest-bearing accounts
Yes
state in writing to all parties name of interest recipient and date the interest is distributed
move to a non-interest-bearing account to disburse
What are the four settlements open escrow dispute
Escrow Distribute order from FREC
mediation 90 day Max
arbitration third-party makes decisions
litigation interpleader process leads to declaratory judgment
What happens once the dispute is settled
Broker notifies FRE see within 10 days
What is good faith doubt
One party ignores brokers correspondence when transaction fails to close on time or if Buyer refuses to close
If a broker sells a list of rental properties as an information broker he must
Contract state tenant has the right to
request 75% refund if the tenant does not find a rental
request 100% info is incorrect within 30 days penalty for an advertising absolutely in accurate listings is $1000 fine first is a misdemeanor
How much money can a broker keep in escrow
1k per account
5k in prop mgt. account
What are the two no no re escrow
Commingling
Conversion
Who is signature on escrow account
Broker
What if attorney holds escrow
Purch contract includes their info
Broker get written rec of cash in 3 dsys
Copy sellers broker of verification within 10 days
When selling a list of property rentals a brokers contract must state the following
75% refund if the tenant does not find rental
hundred percent if info in accurate within 30 days
penalty 1K first is a misdemeanor
Can broker gave opinion as to validity of title
No
Can broker or sales assistant give advice about contract law
No
Can sales assistance contract directly with clients
No only brokers
Where is commission spelled out
In listing agreement
Does a commission create a agency relationship
No
only disclosure and written agreement do
What are the four requirements for collecting a commission
Must be procuring cause of the Sale
must have ready willing and able buyer
must be employed by Principle with valid contract-listing agreement, buyers agency agreement
must be licensed broker or essay under a broker
What law controls closing
RESPA
real estate settlement act
governs disclosure, mortgages, loans, kickbacks and escrow
What must a sales agent do if they change employers
Notify FREC within 10 days on DBPR form
Who must keep email address, with DBpr
Sales assistance and brokers
What is the civil rights act of 1866
No race discrimination in selling renting in hurting or convey
What is civil rights act of 1968
Title eight fair housing act
race color creed or national origin
enforced by fair housing and equal opportunity under hood
What are three types of illegal discrimination
Steering
blockbusting
redlining
What are the title eight exemptions
Private owned single-family with no broker
owner occupied 1 to 4apartment house
private club religious organization
What are agents and brokers required to display
Hud poster
equal opportunity in housing
What is fair housing amendments act of 1988
Added handicapped
gender
families with kids to fair housing laws
Who are exempt from fair housing amendment act of 1988
Government designated retirement homes community 62+
retirement community is it 80% homes 55+
residential no more than three homes
What is the equal credit opportunity
Lenders must be fair and impartial
must explain denial
What is home mortgage disclosure act
Federal guaranteed to the owners or insured loans
no redlining
