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WorksheetsChapter One- Occupational code
Total questions: 28
Worksheet time: 30mins
Which of the following are required to be licensed as a broker or sales person
A property manager who manages a 12 unit apartment for compensation
A licensed builder who built 23 single-family homes last year
They developer who bought a piece of land, divided into three partial and sold them without the use of a broker
A attorney who prepares real estate documents as a part of her law practice
Who can sign checks from the broker trust account
A broker sales person
Anyone with the brokers written approval
The broker or the broker and another in a cosignatory account
The broker or the brokers attorney
The Department must respond to complaints or questions about a limitation within:
30 days
6 months
1 day
15 days
In order to terminate a sales person, a broker must do all the following EXCEPT:
Send a letter of termination to the sales person
Send a copy of the letter to the sales person within 10 days
Mail the sales person's license along with the termination letter
Sends copy of letter of termination to department within 5 days
Real estate schools are approved by:
The board
The Board of Realtors
The Financial Institutions Bureau
The Department of licensing and Regulatory Affairs
A salesperson upon receipt of an earnest money deposit shall:
Deposit it in his truest account within 5 days
Deliver it to the broker immediately
Deposit in his trust account within two banking days
Retain the deposit until closing termination of the transaction
The first time I sales person is found to be in violation of the occupational code:
The board will issue a warning
The sales person could face a $10,000 fine
The board could suspend, but never revoke
The Borgo assess a $500 fine
The broker who is responsible for the earnest money deposit is:
The one who receives it
The listing broker
The selling broker
The closing broker
The Department can:
Suspend but never revoke
Suspend, revoke, but never find
Find but never revoke or suspend
Suspend, fine, revoke, cause a bond to be posted, require one to prove competence, require restitution or censure
Larry Lehman, without a license, hope the neighbors who sells home. His neighbor gave him $1000 and a nice thank you card. Larry could face:
A $10,000 fine
Relocation of his license
$500 fine or 90 days in jail
No penalty at all, he's just a nice guy
An attorney-in-fact
Must pass the bar exam
Is operating under a power of attorney
Should be a licensee
Could have his license suspended
Which of the following is true?
All real estate licenses expire December 31st each year
One must be a US citizen to have a real estate license
Set the department denies your application for license, you have no recourse
License who have lapsed for less than three years do not have to retest
How many licenses may principal associate broke hold
Only one at a time
As many as they wish
Two with special permission
Up to a maximum of six with no permission
During every three-year real estate licensing cycle a licensee must obtain:
24 hours of continuing education
16 hours of continuing education
Six hours of continuing education
18 hours of continuing education of which at least two hours each year consist of "core classes "
The following are true concerning properties a sales person must sell through their broker, EXCEPT:
A principal residence
A cottage
A factory
A vacant lot
The Department may audit a broker
With a search warrant
With reasonable cause
During regular business hours
With permission of the board
Michigan Occupational code is:
(a)
Michigan Occupational code is:
(a)
Approval
The apartment in board, acting jointly, review and approve the licensing examination and determines whether it establishes the competency of applicant
The department approves real estate schools and curriculum
Department is in charge of administering the examination may provide the equipment or room
When the board approves of the license then has to talk to broker about determination
Administration
Acting jointly, review and approve the licensing examination and administer weather establishes take a penalty of applicant
Department is in charge of administering the examination and may provide the equipment or room
They must administer sales person and broker through all of sales
The department may delegate any or all these duties
Shall not be licensed with more than one broker at a time
Salesperson
Contractor
Attorney
The board
License renewal expires after _ years after anniversary date if not renewed:
3 years
4 years
5 years
Does not expire
Practicing real estate without a license is:
Not okay and will receive warrning
A $10,000 fine
Jail for 30 days
A misdemetor with $500 fine or imprisonment for not more than 90 days or both
A person who is guilty a second time practicing real estate without a license is:
A misdemeanor by fine of not more than $1000 or imprisonment for no more than one year
A misdemeanor by fine of not more than $10,000 or imprisonment for no more than two years
Let go with a warning
A misdemeanor by fine up to 15,000 or imprisonment for up to 4 years
If license is revoked or suspended the pocket card is to be sent to the Department:
Within two business days
Within the same week
After talking to broker about issue
Immidiently
Reinstatement:
1.
When they disclose the fact that here she is a licensed sales person or broker, in writing to sellers before a purchase agreement signed otherwise
1.
When a license is granted after being revoked if board approves, the applicant must:
2
-pay license fee for the given license period
-no credit will be given for education granted, examinations or experience obtained before revocation
2
-Could lead to a revoked license
-the department board could file complaint issued to sales person
If your license is revoked you cannot apply for a new one for at least _
18 months years
3 years
4 years
12 months
Must have office within state, must be physical location:
Associate
Department
Branch office
Broker
