45 hour post license real estate course Accurate 100%

agency - ANSWER The relationship of agents and their principals buyer brokerage agreement - ANSWER An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, transaction broker, or a nonrepesentative. Community association - ANSWER can be Condominiums, Cooperatives, Vacation and time-sharing, mobil home park lots, which owners belong and are responsible for; i.e. assessments, documents, dues, ect. concurrency - ANSWER A state law requiring that infrastructure such as roads, sewers, schools, etc., be in place as development occurs consent to Transition to Transaction Broker Notice - ANSWER A disclousre form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change Customer - ANSWER A person who works with a sales associate or a broker. While the person could be a principal, the usual definition is that the broker is either a transaction broker or has no brokerage relationsip with the person. Designated sales associate - ANSWER A sales associate who is appointed by a broker to be a single agent for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been appointed to be the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. Disclosure - ANSWER The revelation of information important to a transaction Dual agency - ANSWER An illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction False or misleading statements - ANSWER In real estate, a statement made by a licensee or party in a real estate transaction that is not factual. Fiduciary relationship - ANSWER A relationship of trust and confidence between an agent and principal Infrastructure - ANSWER In developements: roads, water, sewer, electricity are in place prior to homes being built. Innocent purchaser status - ANSWER An amendemnt to the Comprehensive Enviromental Response, Compensation, and Liability Act (CERCLA) that exempts from liability landowners who made resonable inquiries about hazardous substances before purchasing the property. Material fact - ANSWER An important fact that may affect a buyer's decision to buy or a seller's decision to sell. Licensees must disclose facts that materially affect the value of residential property. Misrepresentation - ANSWER A false or misleading statement made intentionally or unintentionally, or the failure to disclose a material fact. No Brokerage Relationship Notice - ANSWER A disclosure that must be given by a licensee who does not represent a buyer or seller before entering into an agreement or showing a property Principal - ANSWER The person who enters into a fiduciary relationship with a single-agent licensee. Property condition discloure - ANSWER A form designed for disclosure to a buyer of any property defects. The form is normally signed by the seller, and the buyer signs a receipt that the buyer has received the disclosure. Radon gas - ANSWER A colorless, odorless gas occurring from the natural breakdown of uranium in the soil. Many experts believe radon gas to be the second leading cause of lung cancer. Single Agent - ANSWER A broker who represents either the seller or the buyer in a real estate transaction, but not both. Single Agent Notice - ANSWER A disclosure form informing the principal of the duties of his single agent. Transaction broker - ANSWER A licensee who has limited representation to the buyer and/or the seller in a transaction. Instead of being an advocate for the buyer or the seller, the licensee is working for the contract. Real estate license expires on the first of two dates after 18 months have elapsed following issue: - ANSWER March 31 or September 30 Sales assoicate must successfully complete what course before the first renewal date - ANSWER 45- hour sales associate post-licensing course If the licensee does not succerssfully complete the post-license requirements - ANSWER the license becomes void and if wants to practice real estate must take prelicensing course and state exam. After 1st renewal license will expire when - ANSWER same date every 2 years failure to renew license after 1st renewal results - ANSWER the license becomes involuntary active and can not perform real estate services A new br