Real Estate Brokerage Activities and Procedures

Question 1

Each active broker must maintain office;
At least 1 enclosed room in building of stationary construction;
privacy to conduct negotiations and hold closings

Answer 1

Principle Office

Question 2

Must be registered from and work out of an office registered in name of employer

Answer 2

Sales Associates

Question 3

Any location, other than principle office;
branch office must be registered and licensed biennially;
permanence and nature of activities that take place there determine if location is branch office;
Negotiations are the key

Answer 3

Branch Office

Question 4

NOT branch office unless sales associate assigned to location and/or negotiations take place there.
Permanence and nature of activities

Answer 4

Temporary Shelter

Question 5

License may not be transferred;

if relocate, new location must be registered and licensed as a new branch office and fee must be paid

Answer 5

Relocate Branch Office

Question 6

May reopen during licensure period at same location without paying additional fee

Answer 6

Reopen Same Location

Question 7

Broker must preserve at least 5 years or at least 2 years after litigation completed but never less than 5 years

Answer 7

Broker Business Records

Question 8

Broker must maintain sign on or about entrance of principle and each branch;
sign must be easily observable and read

Answer 8

Office of Entrance

Question 9

Name of broker AND trade name, if any;

Licensed or Real Estate Broker

Answer 9

Sign of Sole Proprietor

Question 10

Name of firm or corporation OR trade name of firm or corporation;
name of at least one active broker;
Licensed Real Estate Broker

Answer 10

Sign of Partnership Or Corporation

Question 11

Must be in manner a reasonable person would know they are dealing with licensee or brokerage firm;
must include license name of brokerage firm (“blind ad” if not included)

Answer 11

Real Estate Advertising