Module 5 part 2

Question 1

Real E trust account

Answer 1

used to deposit all money received by the brokerage

Question 2

All trust cheques must be signed by the

Answer 2

BOR

Question 3

a brokerage must deposit funds into the RE trust account within

Answer 3

5 business days

Question 4

Interest earned on trust funds

Answer 4

rebba requires this to be disclosed

Question 5

certified cheques are required to

Answer 5

ensure the funds are available

Question 6

Commission can be

Answer 6

an agreed upon amount, percentage of sale, or combination of both

Question 7

Prohibited commission

Answer 7

a commission based on the difference bw the listing and the selling price

Question 8

Direct interest

Answer 8

When a SP is the buyer or seller

Question 9

Indirect interest

Answer 9

SP represents a family member in a trade (or the SP is a partner or shareholder of a corp that is buying or selling)

Question 10

A SP should provide a notice

Answer 10

when making a direct or indirect interest

Question 11

Code of Ethics

Answer 11

Fairness, honesty & integrity
Best interests
Conscientious & Competent service

Question 12

Material facts - Conscientious & Competent service

Answer 12

any fact that would effect the acquisition or disposition of RE

Question 13

Costumer Material facts

Answer 13

obligation is limited by facts that are known or ought to be known

Question 14

Identification of registrant

Answer 14

all advertising must prominently include the registrant’s name

Question 15

Trade name

Answer 15

alias