Sample Quiz
What MAY appear in any real estate ad?
-the brokerage's contact information -the name of the seller -the name of the listing sales associate
Under the License Law and Regulations, the earnest money deposit should be disbursed as agreed to by the parties. In this situation, there is no agreement; therefore, the only solution is?
to get an EDO from the Commission.
A contract cannot be consummated because of a disagreement between the buyer and seller. The broker still has the earnest money deposit in his escrow account. The seller has demanded that the deposit be given to him and the buyer has demanded that the deposit be returned to her. What can the broker legally do?
Hold the funds until ordered by the Commission to disburse under an Escrow Disbursement Order
A broker accepts a listing from a seller and they enter into a single agency relationship. The seller has stipulated in the listing agreement that the broker shall list the property in two different MLS directories. The broker only lists the property in one MLS, but receives three offers within the first week. Under these circumstances, the broker has?
violated his fiduciary responsibility
A broker executes a listing agreement with her client, Mark. The broker subsequently learns that Mark has received a notice indicating his lender is going to institute foreclosure proceedings. Which of the following is the broker's best course of action?
Sell the property before foreclosure is completed
What MUST appear in any advertisement for real estate?
The licensed name of the brokerage
Designated sales associates are two licensees (under the same brokerage/broker) that are?
designated to represent a buyer and seller as single agents in a non-residential transaction.
If you are a Single Agent you have a fiduciary duty to?
follow all lawful instructions of the principal (client).
Designated sales associate status is available for?
non-residential transactions only
Non-residential transactions must involve assets of $1 million or more and the parties must?
sign a disclosure stating that their assets meet the required amount.