Unit 2: Commissions Rules and Regualtions

Question 1

branch office

Answer 1

a secondary place of business apart from the principal or main office from which real estate business is conducted

Question 2

commingling

Answer 2

mixing of funds

Question 2

duplicate original

Answer 2

copy of a real estate contract with original signatures

Question 3

escrow account

Answer 3

where all the money belonging to clients/customers should be deposited to

Question 4

guilty knowledge

Answer 4

awareness of wrongdoing without any attempt to stop it

Question 5

letter of intent

Answer 5

a (usually) non-binding recitation of of what parties intent to do, before entering a contract

Question 6

probation

Answer 6

least severe discipline by the Real Estate Commission

Question 7

revocation

Answer 7

act of recalling real estate license; cancelling

Question 8

suspension

Answer 8

the temporary lifting of a real estate license by commission

Question 9

trust account

Answer 9

escrow account

Question 10

Waiver of Broker Cooperation

Answer 10

form a seller must sign stating that they don’t want the broker to work with any other broker