Office Procedure Exam 1 & 2 Flashcards
When a brokerage closes, records must be kept where
Original brokerage address
Brokerage records must be kept for
3 years
When brokerage closes, Division must be notified within ____ days on where records will be kept
10 days
Closing docs can be prepared by…
Assoc Brokers, Brokers, and Title Companies
When must broker provide update on transactions?
When requested and after 30 days from acceptance
When broker dies or is inactive:
Listing agreements = ___________
Contracts = _________________
Nullified
May proceed
Broker may be accused of comingling if money in Real Estate Trust account exceeds
$500
Maximum number of trust accounts Broker may have?
Unlimited
Client signs listing. Who represents who?
Agent represents Broker who represents client
There is no liability to fail to disclose a….
Stigma
As a limited agent, which fiduciary duties are compromised
Loyalty
Full Disclosure
