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R E > Legal > Flashcards

Legal Flashcards

1
Q

What are the requirements for real estate advertising

A

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

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2
Q

Online advertising

A

Firm name above or adj to point of contact info

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3
Q

Our kickbacks allowed

A

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

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4
Q

What are the escrow recordkeeping responsibilities

A

Broker must reconcile every 30 days

notify FRE see if within five days of escrows and dispute

sign the monthly report

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5
Q

Can escrow be put into interest-bearing accounts

A

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

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6
Q

What are the four settlements open escrow dispute

A

Escrow Distribute order from FREC

mediation 90 day Max

arbitration third-party makes decisions

litigation interpleader process leads to declaratory judgment

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7
Q

What happens once the dispute is settled

A

Broker notifies FRE see within 10 days

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8
Q

What is good faith doubt

A

One party ignores brokers correspondence when transaction fails to close on time or if Buyer refuses to close

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9
Q

If a broker sells a list of rental properties as an information broker he must

A

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

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10
Q

How much money can a broker keep in escrow

A

1k per account

5k in prop mgt. account

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11
Q

What are the two no no re escrow

A

Commingling

Conversion

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12
Q

Who is signature on escrow account

A

Broker

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13
Q

What if attorney holds escrow

A

Purch contract includes their info

Broker get written rec of cash in 3 dsys

Copy sellers broker of verification within 10 days

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14
Q

When selling a list of property rentals a brokers contract must state the following

A

75% refund if the tenant does not find rental

hundred percent if info in accurate within 30 days

penalty 1K first is a misdemeanor

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15
Q

Can broker gave opinion as to validity of title

A

No

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16
Q

Can broker or sales assistant give advice about contract law

A

No

17
Q

Can sales assistance contract directly with clients

A

No only brokers

18
Q

Where is commission spelled out

A

In listing agreement

19
Q

Does a commission create a agency relationship

A

No

only disclosure and written agreement do

20
Q

What are the four requirements for collecting a commission

A

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

21
Q

What law controls closing

A

RESPA

real estate settlement act

governs disclosure, mortgages, loans, kickbacks and escrow

22
Q

What must a sales agent do if they change employers

A

Notify FREC within 10 days on DBPR form

23
Q

Who must keep email address, with DBpr

A

Sales assistance and brokers

24
Q

What is the civil rights act of 1866

A

No race discrimination in selling renting in hurting or convey

25
Q

What is civil rights act of 1968

A

Title eight fair housing act

race color creed or national origin

enforced by fair housing and equal opportunity under hood

26
Q

What are three types of illegal discrimination

A

Steering

blockbusting

redlining

27
Q

What are the title eight exemptions

A

Private owned single-family with no broker

owner occupied 1 to 4apartment house

private club religious organization

28
Q

What are agents and brokers required to display

A

Hud poster

equal opportunity in housing

29
Q

What is fair housing amendments act of 1988

A

Added handicapped

gender

families with kids to fair housing laws

30
Q

Who are exempt from fair housing amendment act of 1988

A

Government designated retirement homes community 62+

retirement community is it 80% homes 55+

residential no more than three homes

31
Q

What is the equal credit opportunity

A

Lenders must be fair and impartial

must explain denial

32
Q

What is home mortgage disclosure act

A

Federal guaranteed to the owners or insured loans

no redlining

R E (8 decks)

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