Term
| true or false: Associates are not permitted to have an office. Associates must be registered with an office maintained and registered in the name of the broker. |
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Definition
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Term
| true or false: All licenses will be issued to the street address of the place of business |
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Definition
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Term
| true or false: A broker may be the broker for more than one firm as long as the firms are at the same location. |
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Definition
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Term
| true or false: Each licensed real estate broker must erect and maintain a sign on or near the entrance of his or her office and all branch offices. The sign must be easily observed and read by persons about to enter the office |
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Definition
true; Each sign must show the name of the broker or trade name registered with the Commission. If the firm is a partnership, association or corporation, the sign must show the name or trade name of the firm.
The sign must indicate that the party is a real estate broker and not a private party by use of a word or words such as "company," "realty," or "real estate." The letters cannot be less than one (1) inch in height.
Legal abbreviations following the trade name or name under which the broker is licensed are acceptable as long as they are easily identifiable by the public. |
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Term
| A broker is prohibited from advertising: |
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Definition
Information which is directed at or referred to persons of any particular race, color, creed, religion, national origin, familial status, or handicap. The contents of any advertisement must be confined to information relative to the property itself.
In any media which is misleading or inaccurate in any material fact or in any way misrepresents any property, terms, values, services or policies.
Any property for sale, rent, lease or exchange in any media, unless the broker has first secured permission from the owner or the owner's authorized representative. The granted permission must have a definite date of expiration.
Any information which offers inducements for a purchaser to buy a property, such as free prizes, sweepstakes, lotteries or services. |
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Term
true or false: An associate is prohibited from advertising under only his or her name.
All advertising by an associate must be under the direct supervision of his or her broker.
Within all advertising, the associate must include the name of his or her broker or the name under which the broker operates in such a way that the broker's reference is prominent, conspicuous and easily identifiable. |
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Definition
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Term
| true or false: When a licensee, either active or inactive, is purchasing real estate or is the owner of property that is being sold, exchanged, rented or leased and the transaction is being handled either by the licensee or marketed through a real estate company, the licensee is required to disclose in writing on all documents that pertain to the transaction and in all advertisements that he or she is licensed. |
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Definition
| true; A licensee who is not acting in the capacity of a licensee but is engaged in buying, selling, leasing or renting real estate as a direct employee for the owner or as an officer for a corporate owner is not required to indicate in the advertising that he or she is licensed. |
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Term
| Jack will be working for Broker Baker of Sun Realty. Sun Realty has a branch office near Jack's home. Where will Jack's license be mailed? |
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Definition
| An associate must be assigned to a specific office location; so it depends on which office he is assigned to. If he will be working from the main office, his license will go there. If he's assigned to the branch, then it will go to that office. |
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Term
| ABC Realty is having a sign made for a new branch office. What information MUST be on the sign? |
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Definition
| The sign must have the name or trade name of the broker and an indication that the party is a real estate broker by using words such as "company," "realty," or "real estate." |
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Term
| Broker Gary's neighbor tells Gary that he plans to sell his house. Gary puts an ad in the local paper advertising the property for sale. Is there a problem with this? |
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Definition
| Yes. A broker is prohibited from advertising any property for sale unless he has first secured permission from the owner or the owner's authorized representative. |
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Term
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Definition
Any change of business address of a broker must be filed in the Commission office within ten (10) days of such change.
The broker must return his or her certificate to the Commission along with those of all licensees in his or her association with the change request.
A fee of twenty-five dollars ($25.00) will be charged for each license to be changed. |
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Term
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Definition
Any change of home address must be filed in the Commission office within ten (10) days of such change.
No fee is required to change the licensee's record; however, a fee of twenty-five dollars ($25.00) will be charged if the change requires a new license to be issued. |
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Term
| death of broker - sole proprietor |
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Definition
Notify the Commission in writing of the date of death or disability.
Notify each listing and management client in writing that the broker is no longer in business and that the client may enter a new listing or management agreement with the firm of his or her choice.
Terminate all advertising in the name of the firm within thirty (30) days of death or disability of the broker.
Remove all offering signs within thirty (30) days of death or disability of the broker. |
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Term
| a real estate branch office will be closed by the main office broker in the following manner. The broker must: |
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Definition
Notify the Commission in writing of the date the branch office will close and advise as to the location where records will be stored and retained for a minimum of five (5) years.
Return the branch office license certificate and pocket identification card along with all license certificates of those associated with the branch office to the Commission
Advise the Commission as to the circumstances involving any license certificates not returned.
File release forms for all licensees affiliated with the branch office. |
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Term
| true or false: Trust account funds and pending contracts must be maintained by the responsible broker until final proper disbursal or until new agreements are secured from all parties for transfer of the funds and/or contracts. The Commission is to be notified in writing of any accounts that are closed. |
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Definition
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Term
| How long does a licensee have to file a change of address with the Commission? |
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Definition
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Term
| Sole proprietor Greta has been diagnosed with serious health problems and needs to leave her firm. What happens to her business? |
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Definition
| All brokerage activity must cease and a number of activities need to be done, including notifications to the Commission as well as all listing and management clients. All associate licenses will also need to be returned to the Commission. |
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Term
| Harold is closing his branch office and his main office will not be servicing the branch clients. What must he do? |
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Definition
| Send notice in writing to all clients telling them the date of office closing and advising them that they may enter into new listing agreements with the firm of their choice. |
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Term
| true or false: An associate shall not be allowed to work for more than one broker at the same time. |
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Definition
true;
An exception to this would be if the associate's broker agreed to loan the associate to another broker for a specific duty to be performed, such as:
Sitting at an open house.
Calling an auction or performing other auction related duties.
Any other specific duty as requested in writing and approved by the Commission. |
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Term
| true or false: When an associate leaves the association of the broker, the broker must return the associate's license to the Commission, along with a release executed by the broker. |
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Definition
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Term
true or false: An active associate transferring from one broker to a new broker may continually act if the change is done in a timely manner and in compliance with the ten (10) day notification requirement.
A previous broker may pay compensation due a disassociated associate directly to the associate and not be required to make the payment through the associate's new broker. |
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Definition
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