Unit 6 - Vocab

Question 1

The basis for this standard of performance is the old English law called….

Answer 1

The Statute of Frauds

Question 2

The Statute of Frauds

Answer 2

any contract for the sale of real property must be in writing to be enforceable

Question 3

Open Listings or nonexclusive buyer agency agreements may be oral if the seller/ buyer or landlord/tenant is provided with a ____

Answer 3

Written Memo

Question 4

A licensee CANNOT participate in a real estate transaction that he has an ownership unless ___

Answer 4

he first discloses in interest in writing to all parties

Question 5

A licensee MAY NOT represent or purport to represent ____ party in a real estate transaction without the written consent of all parties.

Answer 5

More than one

Question 6

A Licensee who provides financial services, title services, and insurance, construction, repair or inspection services may NOT____

Answer 6

require the consumer to use any of these services

Question 7

Disclosure Summary

Answer 7

consumer notice, done for disclosure purposes for the purchase or sale of residential or commercial real estate or for the lease of residential or commercial real estate when the licensee is working on behalf of the tenant. The purpose is to advise the consumer that the broker (or salesperson) is NOT representing the consumer in the transaction

Question 8

How long should records be maintained after the consummation or termination of a transaction?

Answer 8

Three Years

Question 9

Acknowledgment

Answer 9

A formal declaration by the person signing, indicates recognition of the importance and validity of the written notice.

Question 10

When a licensee has been convicted of or pled guilty or nolo contendere to any felony or misdemeanor, the licensee must report the verdict or please within ____ of the verdict or plea to the Commission

Answer 10

30 days