Bob Hogue Unit 5 EXAM 2025 QUESTIONS
AND ANSWERS
Antitrust laws - ANS State and federal laws designed to maintain and preserve business
competition.
Arbitration - ANS The act of having a third party render a binding decision in a dispute
between two parties.
Blind advertisement - ANS An Advertisement that provides only a telephone number, a PO
Box, and or an address without the license name of the brokerage firm.
commingle - ANS To mix together money or a deposit with peesonal funds; combine;
intermingle.
conflicting demands - ANS When different parties each make claims that are inconsistent
with one another.
Corporation - ANS An artificial or fictitious person formed to conduct specified types of
business activities.
Declatory Judgement - ANS A course of action declaring rights claimed under a contract or
statue intended to prevent loss or to guide performance by the party or parties affected.
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, deposit - ANS Earnest money or some other valuable consideration given as evidence of
good faith to accompany an offer to purchase or rent. See also binder and earnest money.
Earnest Money - ANS A type of money that a broker may handle for others in the ordinary
course of business; also called a good-faith deposit or binder deposit.
escrow account - ANS An account in a bank, title company, credit union, savings association,
or trust company used solely for safekeeping customer funds and not for deposit of personal
funds; impound account or trust account.
Escrow disbursement order (EDO) - ANS A course of action for determining the disposition of
a contested deposit.
General Partnership - ANS An association of two or more persons for the purpose of jointly
conducting a business, each being responsible for all the debts incurred in the conducting of
that business.
good-faith doubt - ANS A broker's uncertainty as to which party should receive the escrowed
property.
immediately - ANS The time period during which a broker must deposit escrow funds; no
later than the end of the third business day after the broker sales associate or an employee has
received the funds.
Interpleader - ANS A course of action when two contesting parties cannot reach an
arbitrated agreement; A legal proceeding whereby the broker, having no financial interest in
the disputed funds, deposits with the court the disputed escrow deposit so that the court can
determine who is the rightful claimant.
kickback - ANS Payment of money from someone other than the buyer or seller associated
2
with real estate business.
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@COPYRIGHT BRAINBARTER 2025/2026
AND ANSWERS
Antitrust laws - ANS State and federal laws designed to maintain and preserve business
competition.
Arbitration - ANS The act of having a third party render a binding decision in a dispute
between two parties.
Blind advertisement - ANS An Advertisement that provides only a telephone number, a PO
Box, and or an address without the license name of the brokerage firm.
commingle - ANS To mix together money or a deposit with peesonal funds; combine;
intermingle.
conflicting demands - ANS When different parties each make claims that are inconsistent
with one another.
Corporation - ANS An artificial or fictitious person formed to conduct specified types of
business activities.
Declatory Judgement - ANS A course of action declaring rights claimed under a contract or
statue intended to prevent loss or to guide performance by the party or parties affected.
1
Page
@COPYRIGHT BRAINBARTER 2025/2026
, deposit - ANS Earnest money or some other valuable consideration given as evidence of
good faith to accompany an offer to purchase or rent. See also binder and earnest money.
Earnest Money - ANS A type of money that a broker may handle for others in the ordinary
course of business; also called a good-faith deposit or binder deposit.
escrow account - ANS An account in a bank, title company, credit union, savings association,
or trust company used solely for safekeeping customer funds and not for deposit of personal
funds; impound account or trust account.
Escrow disbursement order (EDO) - ANS A course of action for determining the disposition of
a contested deposit.
General Partnership - ANS An association of two or more persons for the purpose of jointly
conducting a business, each being responsible for all the debts incurred in the conducting of
that business.
good-faith doubt - ANS A broker's uncertainty as to which party should receive the escrowed
property.
immediately - ANS The time period during which a broker must deposit escrow funds; no
later than the end of the third business day after the broker sales associate or an employee has
received the funds.
Interpleader - ANS A course of action when two contesting parties cannot reach an
arbitrated agreement; A legal proceeding whereby the broker, having no financial interest in
the disputed funds, deposits with the court the disputed escrow deposit so that the court can
determine who is the rightful claimant.
kickback - ANS Payment of money from someone other than the buyer or seller associated
2
with real estate business.
Page
@COPYRIGHT BRAINBARTER 2025/2026
