Requirements Governing The Activities of Liscensees Flashcards
1.) An associate broker advertising a listing must include the name of the employing broker in all ads.
F) The name of the firm as licensed with the Real estate commission must be in all advertising
2.) A broker hired as an employee pays her own social security taxes.
F) Federal law requires the employer to with hold and pay this tax
3.) A broker hired as an employee must receive minimum wage and health insurance benefits.
F) only the withholdings of federal and state income tax and employment is required
4.) A broker may rebate part of a commission to an unlicensed seller.
T) This is a re-negotiation of the listing fee
5.) A listing broker may give part of a commission to the buyer in a transaction with the permission of the seller.
T) Such a buyer incentive must be disclosed to any lender
6.) A seller may sell a property “as is” without responsibility to reveal any defects.
F) The seller must still disclose latent materialdefects
7.) An associate broker’s website must include the name of the brokerage firm as licensed with the Real Estate Commission.
T
8.) If a broker and seller agree to conceal material defects that are discovered after closing, the professional broker is primarily responsible.
F) The seller and broker share responsibility since the seller directed, ratified or approved the fraudulent deceit
9.) A broker may sell a property she owns personally without any special disclosure.
F) The broker must disclosure her conflict of interest due to her ownership and must also disclose that she is a licensed broker
10.) The agent representing the seller of a house built before 1978 is required by Federal
F) it is the responsibility of the seller, typically the listing agent will assist by providing the pamphlet to the seller
