UPDATED ACTUAL Exam Questions and
CORRECT Answers
Associated Licensee - CORRECT ANSWER - licensee who is affiliated with a broker in
charge or a property manager in charge
branch office - CORRECT 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 - CORRECT 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) - CORRECT 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 - CORRECT ANSWER - A person with who a licensee has established an agency
relationship
Real Estate Commission - CORRECT ANSWER - A state board that advises and sets
policies regarding real estate licensees and transaction procedures
customer - CORRECT ANSWER - Person with who a licensee has NOT established a
agency relationship with
Department of LLR - CORRECT ANSWER - Department of labor licensing and
regulations
, Licensee - CORRECT ANSWER - Individual currently under this chapter
office - CORRECT ANSWER - The principal office location where a BIC or PMIC is
licensed to conduct real estate business
Property Manager - CORRECT ANSWER - A person or company hired to maintain and
manage property on behalf of the property owner
Property manager in charge - CORRECT ANSWER - Responsibility over associated
Property Managers and Real Estate Trust Accounts
Trust Account - CORRECT 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? - CORRECT
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? - CORRECT 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 - CORRECT ANSWER - A. Attained the
age of 21 for PMIC
B. Age of 18 for PM
C. Pass credit report
D. Graduated from high school or GED
E. Submit proof of education requirements