unit 12

which of the following is a required provision that must be included in a listing agreement?

• a property condition disclosure

• the standard commission rate

• license number of each firm and licensee participating in the transaction

• a liquidated damages clause

within 30 days of termination of a community association management agreement, or as agreed in the contract, the community association must receive

• a list of all duties performed by the manager on behalf of the association

• 12 months report of trust account funds

• 24 months report of trust account funds, or if shorter than 24 months, report for entire period of the agreement

• a complete record of transactions and funds handled during contract not previously accounted for

a buyers agent refers refers the principal to another licensee in order to avoid dual agency. the licensee working with the referred client must

• keep the referring agent informed of the transaction status

• pay a referral fee immediately

• inform the principal of the referral commission no later than closing of the transaction

• share the referral commission with the buyer

the broker must deposit earnest money, security deposit, rent and other trust funds into the escrow/trust account

• immediately

• within 3 business days

• within 3 calendar days

• within 48 hours

is it legally permissible for a licensee to advertise a property listed by another broker?

• no. licensees are prohibited from advertising listings of other brokers

• yes. if the property is listed through a MLS

• yes, if the seller agrees

• yes, if permission is granted by the listing broker and the ad discloses the property is listed with another company and the name of the listing licensee

a broker may maintain an interest-bearing trust account, provided that

• the principals approve of the account and agree in writing on who will receive the interest

• the principals understand that the broker will receive the interest

• the party depositing the funds receive the interest

• the account is names as a trust account and is not the brokers business account

the deadline for the broker to deliver a closing statement to the seller is

• 1 day after closing

• at the time of closing

• 5 days after closing

• 24 hours prior to closing

commission regulations require that brokers have trust accounts

• if they are engaged in active brokerage practice

• regardless of whether their licenses are active or inactive

• for each brokerage office

• if they handle the funds of others

which of the following statements is false regarding licensees advertising real estate?

• the ad must identify the brokerage firm

• ads must be under the supervision of the broker

• the brokers license number must be included in all ads

• outdated information on websites must be removed within 30 days

license law violations and practicing without a license are

• class 4 felonies

• misdemeanors

• either a misdemeanor or a felony, depending on the severity

• none of the above