Property Management study guide with 100% correct answers

licensee who is affiliated with a broker in charge or a property manager in charge Associated Licensee 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. branch office a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation Broker 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 broker-in-charge (BIC) A person with who a licensee has established an agency relationship client A state board that advises and sets policies regarding real estate licensees and transaction procedures Real Estate Commission Person with who a licensee has NOT established a agency relationship with customer Department of labor licensing and regulations Department of LLR Individual currently under this chapter Licensee The principal office location where a BIC or PMIC is licensed to conduct real estate business office A person or company hired to maintain and manage property on behalf of the property owner Property Manager Responsibility over associated Property Managers and Real Estate Trust Accounts Property manager in charge escrow account maintained by a real estate broker for the deposit of other peoples money Trust Account 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 How many members of the real estate commission and who elects them? 1. Determine standards for licensure 2. Enforce standards for licensure with disciplinary hearings and etc. 3. Establishing fee schedule What are the powers and duties of the real estate commission? 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 F. Pass the applicable exam What do you have to do to qualify for a license No Is there an educational requirement for the property manager license Has an owner interest in the applicants company or actively engaged in the operation or management of the company What is required to be a PMIC The PMIC must notify the department immediately by letter and furnish a forwarding address How soon must the department be notified if a PM becomes disassociated with the PMIC? A year 1. Submit proof you are trustworthy and honest 2. Submit proof of educational requirements if file is more than 5 years old 3. Meet any other qualifications and conditions which apply to someone who has never been licensed How long do you have to wait and what do you have to do if your license gets revoked and you want it back? Notify the department in writing and pay your renewal fees each year. Can be inactive indefinitely How can you put your license on inactive status and for how long ? 6-months plus all penalties and fees If your license has lapsed his king do you have to pay your renewal dues before you have to reapply and test again ? Bi- annually on June 30th How often do you have to renew? 1. Adequately supervise employees or sssociated licensees to ensure compliance 2. Review and approve all forms of rental agreements 3. Maintain regular contact with licensees 4. Instruct in the handling of the trust account 5. Be available to the public during normal business hours to discuss complaints and disputes 6. Ensure accurate and complete records 7. Ensure backup copies are maintained for trust account 8. Establish and maintain a written office policy What are the duties of a PMIC? Within 48 hours or receipt excluding Saturday sundays and bank holidays How long do you have to deposit monies into the trust or escrow account l? All monies that do not belong to the company owener profits, resident security deposits, advance rents, etc. What monies remain in the trust account? Companies with multiple offices may utilize one central trust account How many escrow accounts are required ? Commission payout disputes What type of complaint does the REC not handle ? Upon consummation or termination of the contract at which time money is disbursed and full accounting made to principle When do the monies in the escrow/ trust account get disbursed? If parties can not agree, an Interpol easer activity n in court How can a dispute over an earnest money deposit be settled? Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days). Commingling Yes but only if the clients rights are waived in writing using conspicuous language Can the owner of the account collect intrest? Five years How long must financial documents and records be maintained? When a written contract is signed When can a licensee conduct business for an owner? Yes in all personal transactions In the event of a personal transaction is the licensee required to disclose their licensee status A. Maintance B. Clerical or admin support C. Collection of rents which are made payable to owner or company D. Showing of rental units to perspective tenates E. Furnishing published information F. Providing applications and lease forms G. Receiving applications and leases for submission to the owner or licensee for approval What are the inky duties an unlicensed employee of an owner multi-unit property are allowed to do?