FREC: Chapter 5 Quiz: UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (14)
If the rental information provided by the broker or sales 30
associate, for a fee, to a prospective tenant is not current
or accurate in any material respect, the full fee shall be
repaid to the prospective tenant upon demand. A
demand from the prospective tenant for the return of the
fee, or any part thereof, shall be made within days
following the day on which the real estate broker or sales
associate had contracted to perform services to the
prospective tenant.
Mixing business and personal money is called Commingling
John, the actively licensed broker in a partnership, has will become involuntarily inactive, as the partnership will be cancelled
died. The sales associate working for that partnership
Broker sally wants to work out of a trailer at a new home Because sally conducts closings and negotiations here, this would be considered
site. She will negotiate deals here and do closings. What a branch office and must be registered with the FREC
is true about this situation?
Which is NOT required on a broker's entrance sign? The name of a sales associate registered with the firm
Broker Paul from ABC Realty and Broker Shawn from XYZ A violation of the Sherman Anti-Trust Act
Realty meet to play golf at the country club. During their
round of golf and at lunch, both discuss how the cost of
business continues to rise. They agree that they should
each increase their commission rates. This discussion is
How long does a sales associate have to deliver earnest Immediately
money to the broker?
The principal statute(s) affecting the investigative and Sherman and Clayton Acts
litigation activities of the Anti-Trust Division is/are the
What must a broker do with his trust account? Reconcile monthly with a statement of any discrepancies
Three brokers get together and decide to form a All three brokers must be active brokers, the corporation must be registered, and
corporation to sell real estate. They want to call their the trade name must be registered
company "House of Brokers." Each broker wishes to
maintain contact with the public. What is necessary to do
this?
A broker desires to keep an escrow account in an interest Yes, if all parties of the transaction agree, in writing that the funds will go into an
bearing account. Would this be legal? interest bearing account and who will receive the interest
C
Terms in this set (14)
If the rental information provided by the broker or sales 30
associate, for a fee, to a prospective tenant is not current
or accurate in any material respect, the full fee shall be
repaid to the prospective tenant upon demand. A
demand from the prospective tenant for the return of the
fee, or any part thereof, shall be made within days
following the day on which the real estate broker or sales
associate had contracted to perform services to the
prospective tenant.
Mixing business and personal money is called Commingling
John, the actively licensed broker in a partnership, has will become involuntarily inactive, as the partnership will be cancelled
died. The sales associate working for that partnership
Broker sally wants to work out of a trailer at a new home Because sally conducts closings and negotiations here, this would be considered
site. She will negotiate deals here and do closings. What a branch office and must be registered with the FREC
is true about this situation?
Which is NOT required on a broker's entrance sign? The name of a sales associate registered with the firm
Broker Paul from ABC Realty and Broker Shawn from XYZ A violation of the Sherman Anti-Trust Act
Realty meet to play golf at the country club. During their
round of golf and at lunch, both discuss how the cost of
business continues to rise. They agree that they should
each increase their commission rates. This discussion is
How long does a sales associate have to deliver earnest Immediately
money to the broker?
The principal statute(s) affecting the investigative and Sherman and Clayton Acts
litigation activities of the Anti-Trust Division is/are the
What must a broker do with his trust account? Reconcile monthly with a statement of any discrepancies
Three brokers get together and decide to form a All three brokers must be active brokers, the corporation must be registered, and
corporation to sell real estate. They want to call their the trade name must be registered
company "House of Brokers." Each broker wishes to
maintain contact with the public. What is necessary to do
this?
A broker desires to keep an escrow account in an interest Yes, if all parties of the transaction agree, in writing that the funds will go into an
bearing account. Would this be legal? interest bearing account and who will receive the interest
