Unit 1: Who Must Have Real Estate License Flashcards
Who must have a real estate license?
Any person who for another and for a fee:
- lists
- sells
- exchanges
- manages
- buys
- rents
- auctions
- negotiates
T/F The executor of an estate needs to have a real estate license.
False
T/F The caretakers/custodians/janitors of a residential building do not need a real estate license.
True
T/F A real estate license is required to sell mobile homes that are not attached to land.
False.
T/F Court-appointed persons, trustees and executors, do not need a real estate license.
True
T/F Residential mortgage loan originators require a real estate license.
False
T/F Commercial loan brokers must be licensed.
True
How many hours do commercial loan brokers have to deposit customer fees into an escrow account?
48 hours
How many days does a customer have to cancel the contract for a commercial loan brokerage services?
3 business days
A person had 6 real estate transactions during a 12-month period, is a real estate license required?
Yes. Any person who buys or sells in 5 or more transactions during any 12-month period without a licensee representation needs a license.
A person had 22 sales in their residential building, do they need a real estate license?
No. Construction of residential or commercial buildings for resale can sell up to 25 properties in 12-months without requiring a license.
