Bob Hogue Unit 5 Practice Questions
with 100% Correct Answers
A sales associate licensee chooses NOT to become a member of the NAR. The
licensee uses the designation REALTOR® on her business cards. The FREC can
discipline the licensee for ____________ ______________. - Answer-false advertising
The law that prohibits real estate licensees from soliciting listings in response to For
Sale yard signs is the _________________ ______________ ______________ Act. -
Answer- Telephone Consumer Protection
Telephone solicitation calls are restricted to the hours between ______________ and
______________. - Answer- 8:00 am,
9:00 pm
A sales associate receives a deposit from a buyer on Thursday (no legal holidays are
involved). The contract states that the escrow deposit will be held by ABC Title
Company.
a. The sales associate has until the end of business on ____________ to deliver the
deposit to the broker.
b. The broker has until the end of business on ____________ to deliver the funds to
ABC Title Company. - Answer- Friday,
Tuesday
The broker must be a ______________ on the escrow account. - Answer-signatory
If the broker chooses not to open an escrow account, the funds may be held by a
__________ _____________ or in an _____________ _________ ___________. -
Answer- 1 title company, attorney's trust account
Sales associates must deliver escrow deposits to their broker by end of the ________
_______________ _________. - Answer- next business day
Brokers must deposit escrow funds by the end of the ________ ____________ _____.
- Answer-1 third business day
Brokers must maintain records of real estate transactions for ______________ years,
regardless of whether escrow funds were pledged (or ______________ years after
litigation if beyond the five-year period). - Answer- five,
, two
The broker must get __________ _______________ from all parties to the contract
before placing funds into an interest-bearing escrow account. - Answer- written
permission
List the four settlement procedures.
1. _____________
2. ____________
3. ____________
4. ____________ - Answer-Mediation,
arbitration,
litigation,
escrow disbursement order (EDO)
Brokers must notify the Commission in ______________ of conflicting demands or of a
good-faith doubt within _____ ______________ days. - Answer- writing,
15 business
A broker must institute one of the settlement procedures within ______
______________ days from the time the broker ______________ the conflicting
demands. - Answer- 30 business, received
A violation of the requirements for rental lists is a ______________ of the
______________ degree. - Answer- misdemeanor, first
If the purchaser of rental information does not find a suitable rental, the prospect is
entitled to a ______________ refund of the fee paid if requested within _______ days of
the date indicated on the rental list receipt. - Answer-75%,
30
27. If the information provided a prospective tenant is inaccurate, the prospect is entitled
to ______________ of the fee paid if requested within ________ days of the date
indicated on the rental list receipt. - Answer-100%,
30
28. A sales associate wants to pay for an FHA-required repair to the property which
neither party to the transaction is willing to cover. The shared commission with a
nonreal estate licensee must be ____________ to the buyer, the seller, and the lender.
- Answer-disclosed
29. The Commercial Real Estate Sales Commission Lien Act gives the broker lien rights
to the seller's __________ ______________ for the commission earned by the broker in
accordance with the listing agreement to sell ______________ property. - Answer-net
proceeds,
commercial
with 100% Correct Answers
A sales associate licensee chooses NOT to become a member of the NAR. The
licensee uses the designation REALTOR® on her business cards. The FREC can
discipline the licensee for ____________ ______________. - Answer-false advertising
The law that prohibits real estate licensees from soliciting listings in response to For
Sale yard signs is the _________________ ______________ ______________ Act. -
Answer- Telephone Consumer Protection
Telephone solicitation calls are restricted to the hours between ______________ and
______________. - Answer- 8:00 am,
9:00 pm
A sales associate receives a deposit from a buyer on Thursday (no legal holidays are
involved). The contract states that the escrow deposit will be held by ABC Title
Company.
a. The sales associate has until the end of business on ____________ to deliver the
deposit to the broker.
b. The broker has until the end of business on ____________ to deliver the funds to
ABC Title Company. - Answer- Friday,
Tuesday
The broker must be a ______________ on the escrow account. - Answer-signatory
If the broker chooses not to open an escrow account, the funds may be held by a
__________ _____________ or in an _____________ _________ ___________. -
Answer- 1 title company, attorney's trust account
Sales associates must deliver escrow deposits to their broker by end of the ________
_______________ _________. - Answer- next business day
Brokers must deposit escrow funds by the end of the ________ ____________ _____.
- Answer-1 third business day
Brokers must maintain records of real estate transactions for ______________ years,
regardless of whether escrow funds were pledged (or ______________ years after
litigation if beyond the five-year period). - Answer- five,
, two
The broker must get __________ _______________ from all parties to the contract
before placing funds into an interest-bearing escrow account. - Answer- written
permission
List the four settlement procedures.
1. _____________
2. ____________
3. ____________
4. ____________ - Answer-Mediation,
arbitration,
litigation,
escrow disbursement order (EDO)
Brokers must notify the Commission in ______________ of conflicting demands or of a
good-faith doubt within _____ ______________ days. - Answer- writing,
15 business
A broker must institute one of the settlement procedures within ______
______________ days from the time the broker ______________ the conflicting
demands. - Answer- 30 business, received
A violation of the requirements for rental lists is a ______________ of the
______________ degree. - Answer- misdemeanor, first
If the purchaser of rental information does not find a suitable rental, the prospect is
entitled to a ______________ refund of the fee paid if requested within _______ days of
the date indicated on the rental list receipt. - Answer-75%,
30
27. If the information provided a prospective tenant is inaccurate, the prospect is entitled
to ______________ of the fee paid if requested within ________ days of the date
indicated on the rental list receipt. - Answer-100%,
30
28. A sales associate wants to pay for an FHA-required repair to the property which
neither party to the transaction is willing to cover. The shared commission with a
nonreal estate licensee must be ____________ to the buyer, the seller, and the lender.
- Answer-disclosed
29. The Commercial Real Estate Sales Commission Lien Act gives the broker lien rights
to the seller's __________ ______________ for the commission earned by the broker in
accordance with the listing agreement to sell ______________ property. - Answer-net
proceeds,
commercial
