Licensing Requirements (5 items, 7%)

Question 1

RULE E-30
The __________ broker is responsible for:
- the handling of _______ ______ deposits
- trust _______ records
- ________ records
- developing an office ________
- taking reasonable steps to insure that ____________ do not ______ by providing adequate supervision for all affiliated ________.

Answer 1

employing

• earnest money
• account
• policy
• violations do not occur; brokers.

Question 2

The duty of the Employing Broker to supervise includes:

• Employed ________
• S__________
• B__________
• Personal _________ of licensed employees.

Answer 2

employing

• brokers
• secretaries
• bookkeepers
• assistants

Question 3

Licensed employees have primary responsibility for their ______ _________.

Answer 3

personal assistants.

Question 4

UNlicensed assistants may:

• Gather _________
• Provide property _________
• Complete all forms as directed by the ________
• Prepare _____’s
• Handle __________ information

Answer 4

• information
• access
• the licensee
• CMA’s
• objective

Question 5

The UNlicensed assistant may also recieve, record and deposit:

• _______ money
• ________ deposits
• _________ rents.

Answer 5

Earnest
Security
Advance

Question 6

• UNlicensed assistants may not get involved in:
• any form of ___________
• provide any professional _______
• offer ________
• independently draft _____ _______, such as listing and sale contracts. *

Answer 6

negotiation
advice
opinions
xlegal documents

Question 7

When buying or selling property for their own accounts, all licensees must disclose that they are __________ in the transaction.

Answer 7

principals

Question 8

ASSOCIATE BROKER

A real estate broker who must be employed and supervised by an _________ ________. An associate broker can only work for ____ employing broker at any time and may not ______ an office.

Answer 8

employing broker.

one; open

Question 9

EMPLOYING BROKER

In addition to the requirements for an independent broker, an employing broker must complete a ___-hour course in _____________ _______________.

Answer 9

24

Brokerage Administration.

Question 10

INDEPENDENT BROKER

A real estate broker with at least __ years experience, who has passed the ___________ portion of the licensing exam within __ years of the date of upgrading to ________ status. An independent broker may open an office, but not hire other _______.

Answer 10

2 years
Colorado
3 years
independent
brokers.

Question 11

REASONABLE SUPERVISION: RULE E-31

The employing broker should maintain a written _____ _______ describing the duties and responsibilities of the employed _________.
The employing broker should also review all _________ and _________ _____ for completeness.

Answer 11

office policy, licensees;

contracts and transaction files

Question 12

HIGH-LEVEL SUPERVISION: RULE E-32

Affiliates with less than __ years of active experience require reasonable __________, plus specific training in office ______ and _________.

Answer 12

2 years
supervision
policy and procedures.

Question 13

The employing broker should be available for:

• ___________
• providing ________ in preparing contracts
• monitoring _______
• reviewing ________ documents
• attending or having an experienced licensee at _______.

Answer 13

• consultation
• assistance
• transactions
• closing
• closings.

Question 14

Rule E-30:
Rule E-31:
Rule E-32:

Answer 14

30: EB handles E$, trust acct records, transaction records, develops an office policy; takes steps to insures violations don’t occur by giving supervision to brokers.
31 - Reasonable Supervision: EB maintains office policy; reviews contracts and transaction files.
32 - High-level Supervision: EB gives supervision to those w/