License Law II Flashcards
What year was the financial Services Modernization Act (Gramm-Leach-Billey Act)
1999
What is the Financial Services Modernization Act of 1999 (Gramm-Leach-Billey Act)
protects and regulates the disclosure of consumers’ personal financial information
What is the Safeguards Rule?
requires all financial institutions to design, implement, and maintain safeguards to protect customer information while it is in the custody and control of the institution and its agents
T/F
Every branch office must have its own supplemental license
True
What is the fee for each branch office license and how often must it be renewed?
$150, every 2 years
If a broker move an office to a new location, broker must notify DOS of new business address within_____
5 Days
T/F
When an office is relocated, a change of address form must be filed with the department of state for each license moving to the new office address
True
What is earnest money and what does it imply?
Deposit
shows the seller that the buyer is serious and able to follow through with financials
What is commingling?
the illegal mixing of money that is held in trust on behalf of a client with the brokerage firm’s funds
What is conversion?
Occurs if a broker were to use any of the client’s money maintained in the trust account for personal or brokerage expenses
All advertisements to transact real estate must include…..
broker name/trade name/business name as it appears on license
- full address of broker/brokerage OR phone number
- type of license
If you paid for the advertisements yourself, as an associate broker, what must be included?
your business name
your broker’s telephone number or address
What is actual authority?
power or permission given intentionally to an agent by the principal
What is express authority?
power or permission for a specific or outcome communicated by the principal to the agent
What is Implied (incidental) Authority?
authority to do everything reasonably necessary to carry out the principal’s express orders
