Chapter 8 Check your understanding
Which of the following is the licensee required to disclose to any client
Identity as a principal in any real estate transaction where he or she is also a broker
Any advertising of property or Real Estate services must be directly supervised by the
Licensed individual , broker or designated qualifying broker
Puffing Exaggeration the truth size of structure
Misrepresenting
What must a licensee do BEFORE placing a FOR SALE sign on a listed property
Obtain written permissions of the properties owner
Allison Brownell is the sellers agent for a property where an earlier owner shot and killed his family, what were her disclosure duties toward prospective buyers
She ISN"T obligated to tell them anything about the past crime
Salesperson Patrick works at ABC reality his friend Sam is a salesperson at 123 realty and is having trouble selling a listing Patrick wants to help so he asks the permission of 123 realty
Sponsoring broker and includes 123 realty's logo and name in the ads, Has Danny acted correctly ? No licensees are NOT allowed to include the name of a Real Estate Co in advertising if they do not work for the company
When a license wishes to sell his or her own home ( for sale by owner) What is he or she required to do
State that he or she is a licensee in all advertising and on any signs placed on the property
What must be posted on ALL flyers, brochures, or just listed cards which advertise properties for sale
The Month, Year the advertisement was printed, published, or distributed" just listed card " are not required to do that for newspapers or magazines they already have dates on them
When a brokerage firm operated under a trade name it must register that trade name with whom
The Secretary Of State
Which of the following is a salesperson NOT required to include on the first or last page of all electronic communications email message boards etc used for advertising
The commission amount the salesperson will make on the property or service being advertised
Who is responsible for what appears in property or Real Estate services Ads
The licensed individual broker or qualifying broker
Which of the following is NOT one of the IRS guidelines that determine whether a licensee is an employee or an independent contractor
The licensee is allowed to respect only the buyer, NOT SELLERS
It is a violation of regulations to fail to include , on any flyer, a brochure, or just listed card advertising a property
The month and year the advertisement is printed , published, or distributed
Although very easily overlooked , all advertising by licensees affiliated with a franchise must include
A disclosure that the Real Estate brokerage firm is independently owned and operated
Which of the following is NOT required to be on every web page
A statement that the AD was approved by the LREC
In any advertising trade name is clearly identifiable entity that will distinguish itself from other licenses
Any advertisement under a trade name , the trade name must clearly identifiable and distinguishable from that of other real estate brokers or brokerage firms
A Group or team name may be used in an advertisement only with the approval of the sponsoring broker
Any person listed as a group or team member in the advertisement must be a licensee sponsored by the sponsoring broker
The agents name, phone number , email, address, website or other contact information may be in the ad if
Approved by the broker
A licensee must provide the LREC approved agency disclosure form to consumers WHEN
At first substantive contact( licensee must provide the agency disclosure information pamphlet or the agency disclosure form to prospective sellers/lessors and buyers/ lessees at the time contact is made
All advertising by a licensed salesperson, associate broker, individual real estate broker or licensed corporation limited liability company or partnership shall include their businesses name, which fir the purpose of these rules shall mean
The name in which that salesperson, associate broker, individual real estate broker, or licensed corporation , limited liability company or partnership is on record with the commission as doing business as a license of the commission or in the case of a trade name , that which is registered with the secr of state and on record with the commission
Licensees are prohibited from paying a Real Estate Commission to
Unlicensed individuals
Salesperson Tim is given a referral by his friend Adam who is unlicensed the referral turns into a listing that earns Tim a sizeable commission ,Tim wants to pay Adam, how much can Tim pay Adam
ZERO
A group or team name as long as the name / names
of the salespersons and or associate broker or brokers are included near team reference and can not be construed as that of a company name