Licensing

Question 1

Individual Licensee affiliated with a managing broker

Answer 1

Affiliated Licensee

Question 2

1.) A person who grants another person (an agent) authority to represent him or her in dealings with third parties 2.) One of the parties to a transaction (such as a buyer or seller), in contrast to those who are involved as agents or employees (such as a broker) Also called a client 3.) With regard to a loan the amount originally borrowed as opposed to the interest.

Answer 2

Principle

Question 3

A federal law passed in 1990 in response to the crisis in the savings and loans industry. it revised the regulations of Thrifts (S&Ls) and created several new agencies, such as Office of Thrift Supervision ( OTS) and Resolution trust Corporation (RTC)

Answer 3

Financial Institutions, Reform, Recovery and Enforcement Act (FIRREA)

Question 4

A broker who specifically represents the buyer or tenant ( This term is often confused as is it not as commonly used as selling agent).

Answer 4

Selling Broker

Question 5

Any licensee who has an agency relationship with a principle.

Answer 5

Agent

Question 6

One who has a brokers license

Answer 6

Broker

Question 7

Anything of value, such as money, services, goods, or promises, given to induce another to enter into a contract. Sometimes called valuable consideration.

Answer 7

Consideration

Question 8

An estimate of the value of property determined by an associate broker or designated broker, by compiling area, market information, neighborhood, analysis, and property comps. Note; BPOR stands for broker, price opinion resources.

Answer 8

Broker price opinion

Question 9

A broker who specifically represents the seller or landlord

Answer 9

Listing broker

Question 10

One who practices individually and backslash, or holds another license and becomes responsible for all act performed under their license. A managing broker is the only party who can be paid directly by the public or other cooperating brokers.

Answer 10

Managing broker

Question 11

The managing broker who is primarily responsible to the commission in a brokerage that operates under a corporate, partnership, or LLC license.

Answer 11

Responsible party

Question 12

Professional appraisal, standards developed by the appraisal foundation and recognized throughout the United States accepted standards of appraisal practice.

Answer 12

USPAP (uniform standards of professional appraisal practice)

Question 13

Anyone who has a real estate license, regardless of type or status.

Answer 13

Licensee

Question 14

A licensee who works with both parties to a transaction (i.e., buyer and seller) and legally can do this only with written informed consent of all parties.

Answer 14

Limited Agent