Quiz 3 Flashcards
If a branch office is located more than 25 miles from the city limits of the broker’s main office it must be under the direct supervision of
A. An associate Broker
B. A salesperson
C. A Broker
D. Any of the above
Any of the above ( A broker or a salesperson may supervise a branch office. However, if the branch office is more than 25 miles from the city limits of the broker’s main office, the supervision must be done by an associate broker it is assumed the broker will be at the main location. The state wants a person with a higher level license supervising an office more distant from the main office
Earnest money must be?
A. Deposited within two banking days of the brokers notification of the fully accepted offer to purchase
B. In a check, cash is not acceptable
C. In a non interest bearing demand account
D. All of the above
D. All of the above
A brokers license may be issued to a corporation if?
A. It has branch offices
B. All of the officers are licensed brokers
C. It has at least one principal broker
D. There are least 10 salespeople
C. It has at least one principal broker ( Brokers are not required to have branch offices or salespeople or officers licensed as brokers. However if the license is issued in a corporate name, the state requires a living person as the principal to be ultimately responsible for its actions.
Licenses must
A. Be returned immediately to the department if suspended or revoked
B. Be returned within 5 days if transferred to another broker
C. Held until new license is issued
D. Both A&B
D. Both A&B ( Brokers are required to return suspended and revoked licenses immediately to prevent someone suspended or revoked practicing. You must not conduct business without a pocket card. Licenses must be returned within 5 days for a transfer so the state can process the transfer)
A Broker or salesperson may operate
A. Anywhere in Michigan
B. Anywhere in the area covered by her real estate board
C. Anywhere in the city where the brokers has his place of business
D. Anywhere in the US as long as register in each state
A. Anywhere in Michigan ( a real estate license is good for the whole state of Michigan. You can be licensed simultaneously in more than one state. But this is a license not registration.)
A salesperson may legally advertise?
A. To sell property under his own name unless the property is his principal residence
B. Property for rent or lease under his name alone unless the broker is the owner of the property
C. Any properties provided the brokers D.B.A is stated
D.if the ad includes the salespersons name, exactly as licensed in the advertisement
C. Any properties provided the Brokers D.B.A is stated (The brokers DBA must be in all advertising. The salespersons name as licensed is not required. Whether or not the broker owns the property is immaterial. A principal residence is the only property a salesperson can sell for sale by owner. All other property owned by the salesperson
A broker who represents a seller at closing must do all of the following except
A. Sign the closing statement unless handled by a licensed title company
B. Furnish the seller with a detailed closing statement
C. Furnish the buyer with detailed closing statement.
D. Attend the closing
The broker is not required to attend the closing but he must furnish the buyer and seller with detailed closing statements unless the closing is handled by a licensed title company
