Property Management Certification Exam Study Guide || With Questions & 100% Correct Answers

Property Management Certification Exam Study Guide || With Questions & 100% Correct Answers Property Management Certification Exam Study Guide || With Questions & 100% Correct Answers Associated Licensee - ANSWER - licensee who is affiliated with a broker in charge or a property manager in charge branch office - ANSWER - A sub office of a company in which full-service real estate activities are conducted and at which a broker-in-charge or property manager-in-charge is licensed to conduct real estate transactions. Broker - ANSWER - a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation broker-in-charge (BIC) - ANSWER - Broker who is designed as having responsibility over all associated licensees and also has the responsibility and control over and liability for any trust accounts client - ANSWER - A person with who a licensee has established an agency relationship Real Estate Commission - ANSWER - A state board that advises and sets policies regarding real estate licensees and transaction procedures customer - ANSWER - Person with who a licensee has NOT established a agency relationship with Department of LLR - ANSWER - Department of labor licensing and regulations Licensee - ANSWER - Individual currently under this chapter office - ANSWER - The principal office location where a BIC or PMIC is licensed to conduct real estate business Property Manager - ANSWER - A person or company hired to maintain and manage property on behalf of the property owner Property manager in charge - ANSWER - Responsibility over associated Property Managers and Real Estate Trust Accounts Trust Account - ANSWER - escrow account maintained by a real estate broker for the deposit of other peoples money How many members of the real estate commission and who elects them? - ANSWER - 6 who actively practice real estate from congressional districts 2 appointed by the governor-non real estate 1 elected by the other 8- real estate member What are the powers and duties of the real estate commission? - ANSWER - 1. Determine standards for licensure 2. Enforce standards for licensure with disciplinary hearings and etc. 3. Establishing fee schedule What do you have to do to qualify for a license