REAL ESTATE CT LAWS GOVERNING
THE ACTIVITIES OF LICENSES
QUESTIONS AND ANSWERS
material misrepresentation - ANSWER-- significant in a parties decision making
- misstatement to a question
is it considered misrepresentation when a licensee gives out the seller's name
without his or her consent - ANSWER-YES
nonmaterial facts concerning real property replaced... - ANSWER-psychologically
impacted properties
What are the nonmaterial facts - ANSWER-death, felony or disease
Do you have to disclose nonmaterial facts - ANSWER-NO and you wont be sued
Is cold calling considered telemarketing - ANSWER-YES
Remuneration - ANSWER-money paid for work
Employee or Contractor? remuneration is paid mostly due to commission and not
hours worked. - ANSWER-contractor
Employee or Contractor? licensee can work any hours he pleases - ANSWER-
contractor
Employee or Contractor? can not be terminated at any time - ANSWER-employee
Employee or Contractor? pays for his own space and utilities (gas for car, pencils,
etc) - ANSWER-contractor
Employee or Contractor? Can work out of own home or office of employer. -
ANSWER-contractor
what is the responsibility of the designated broker in regard to licensed and
unlicensed employees - ANSWER-(un)licensed persons have to act properly
why do (un)licensed persons have to act properly? - ANSWER-the broker is legally
liable for all of them
Where does "agency run"? - ANSWER-"Agency runs to the brokerage firm, not
individual licensees.
what is the one situation in which an agent only represents a client if the client has
an agreement with a broker agency - ANSWER-A designated agent is appointed to
that client
THE ACTIVITIES OF LICENSES
QUESTIONS AND ANSWERS
material misrepresentation - ANSWER-- significant in a parties decision making
- misstatement to a question
is it considered misrepresentation when a licensee gives out the seller's name
without his or her consent - ANSWER-YES
nonmaterial facts concerning real property replaced... - ANSWER-psychologically
impacted properties
What are the nonmaterial facts - ANSWER-death, felony or disease
Do you have to disclose nonmaterial facts - ANSWER-NO and you wont be sued
Is cold calling considered telemarketing - ANSWER-YES
Remuneration - ANSWER-money paid for work
Employee or Contractor? remuneration is paid mostly due to commission and not
hours worked. - ANSWER-contractor
Employee or Contractor? licensee can work any hours he pleases - ANSWER-
contractor
Employee or Contractor? can not be terminated at any time - ANSWER-employee
Employee or Contractor? pays for his own space and utilities (gas for car, pencils,
etc) - ANSWER-contractor
Employee or Contractor? Can work out of own home or office of employer. -
ANSWER-contractor
what is the responsibility of the designated broker in regard to licensed and
unlicensed employees - ANSWER-(un)licensed persons have to act properly
why do (un)licensed persons have to act properly? - ANSWER-the broker is legally
liable for all of them
Where does "agency run"? - ANSWER-"Agency runs to the brokerage firm, not
individual licensees.
what is the one situation in which an agent only represents a client if the client has
an agreement with a broker agency - ANSWER-A designated agent is appointed to
that client
