45 HOUR POST LICENSE REAL ESTATE COURSE
agency - Answers :The relationship of agents and their principals
False or misleading statements - Answers :In real estate, a statement made by a
licensee or party in a real estate transaction that is not factual.
Fiduciary relationship - Answers :A relationship of trust and confidence between an
agent and principal
Infrastructure - Answers :In developements: roads, water, sewer, electricity are in place
prior to homes being built.
Innocent purchaser status - Answers :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 - Answers :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 - Answers :A false or misleading statement made intentionally or
unintentionally, or the failure to disclose a material fact.
No Brokerage Relationship Notice - Answers :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 - Answers :The person who enters into a fiduciary relationship with a single-
agent licensee.
Property condition discloure - Answers :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 - Answers :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 - Answers :A broker who represents either the seller or the buyer in a real
estate transaction, but not both.
, Single Agent Notice - Answers :A disclosure form informing the principal of the duties of
his single agent.
Transaction broker - Answers :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: - Answers :March 31 or September 30
Sales assoicate must successfully complete what course before the first renewal date -
Answers :45- hour sales associate post-licensing course
If the licensee does not succerssfully complete the post-license requirements - Answers
: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 - Answers :same date every 2 years
failure to renew license after 1st renewal results - Answers :the license becomes
involuntary active and can not perform real estate services
A new broker must complete - Answers :60-hour broker post license education before
first renewal date.
The broker's license becomes what if failure complete the required 60 hour post-license
course. - Answers :void
buyer brokerage agreement - Answers :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 - Answers :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 - Answers :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 - Answers :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 - Answers :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.
agency - Answers :The relationship of agents and their principals
False or misleading statements - Answers :In real estate, a statement made by a
licensee or party in a real estate transaction that is not factual.
Fiduciary relationship - Answers :A relationship of trust and confidence between an
agent and principal
Infrastructure - Answers :In developements: roads, water, sewer, electricity are in place
prior to homes being built.
Innocent purchaser status - Answers :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 - Answers :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 - Answers :A false or misleading statement made intentionally or
unintentionally, or the failure to disclose a material fact.
No Brokerage Relationship Notice - Answers :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 - Answers :The person who enters into a fiduciary relationship with a single-
agent licensee.
Property condition discloure - Answers :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 - Answers :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 - Answers :A broker who represents either the seller or the buyer in a real
estate transaction, but not both.
, Single Agent Notice - Answers :A disclosure form informing the principal of the duties of
his single agent.
Transaction broker - Answers :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: - Answers :March 31 or September 30
Sales assoicate must successfully complete what course before the first renewal date -
Answers :45- hour sales associate post-licensing course
If the licensee does not succerssfully complete the post-license requirements - Answers
: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 - Answers :same date every 2 years
failure to renew license after 1st renewal results - Answers :the license becomes
involuntary active and can not perform real estate services
A new broker must complete - Answers :60-hour broker post license education before
first renewal date.
The broker's license becomes what if failure complete the required 60 hour post-license
course. - Answers :void
buyer brokerage agreement - Answers :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 - Answers :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 - Answers :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 - Answers :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 - Answers :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.
