Unit 1: Who Must Have Real Estate License Flashcards

1
Q

Who must have a real estate license?

A

Any person who for another and for a fee:

  • lists
  • sells
  • exchanges
  • manages
  • buys
  • rents
  • auctions
  • negotiates
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2
Q

T/F The executor of an estate needs to have a real estate license.

A

False

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3
Q

T/F The caretakers/custodians/janitors of a residential building do not need a real estate license.

A

True

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4
Q

T/F A real estate license is required to sell mobile homes that are not attached to land.

A

False.

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5
Q

T/F Court-appointed persons, trustees and executors, do not need a real estate license.

A

True

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6
Q

T/F Residential mortgage loan originators require a real estate license.

A

False

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7
Q

T/F Commercial loan brokers must be licensed.

A

True

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8
Q

How many hours do commercial loan brokers have to deposit customer fees into an escrow account?

A

48 hours

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9
Q

How many days does a customer have to cancel the contract for a commercial loan brokerage services?

A

3 business days

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10
Q

A person had 6 real estate transactions during a 12-month period, is a real estate license required?

A

Yes. Any person who buys or sells in 5 or more transactions during any 12-month period without a licensee representation needs a license.

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11
Q

A person had 22 sales in their residential building, do they need a real estate license?

A

No. Construction of residential or commercial buildings for resale can sell up to 25 properties in 12-months without requiring a license.

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