ch17 Flashcards
T or F:
A cooperating broker may pay a fee directly to a broker-salesperson for another company.
False
T or F:
An owner of rental property who manages it herself must have a real estate license.
False
T or F:
An unlicensed assistant who works under the direct supervision of a licensed broker or salesperson may be a greeter at an open house.
True
An unlicensed assistant who works under the direct instructions and supervision of a licensed broker and/or salesperson may be a greeter at open houses/model units and distribute pre-printed promotional literature and provide security.
T or F:
No matter how small a real estate brokerage, there must always be at least one licensed real estate broker under whose license the real estate activities are carried out.
True
No matter how large or small a brokerage may be, there must always be at least one licensed real estate broker under whose license the real estate activities are carried out.
T or F:
When the broker’s license is suspended, the licenses of those under that broker remain valid until a replacement broker can be found.
False
If the license of a real estate broker is involuntarily inactivated, suspended, revoked, or if the broker dies, the license of that broker is no longer valid. In the case of involuntary suspension or revocation of the broker’s license, all licensees under that broker must immediately transfer their license to another broker.
T or F:
The salesperson must obtain a special permit from the Real Estate Division when representing a client in the purchase and sale of a business that does not involve real property.
True
Business brokerage is viewed as specialized discipline within the general practice of real estate. The RED requires that any licensee who desires to engage in business brokerage must first obtain a permit.
T or F:
An individual who desires to engage in property management activity must obtain both a real estate license and a property management permit.
True
T or F:
The RED Administrator will not discipline a licensee if the licensee did not actually know the falsity of a statement, but could have known it was false by the exercise of reasonable care and inquiry.
False
T or F:
When a promissory note is used as earnest money, it is imperative that this fact be communicated to the seller prior to the seller’s acceptance of the offer to purchase.
T
T or F:
A licensee may accept compensation from more than one party in any one transaction, as long as the licensee makes full disclosure to all parties interested in the transaction.
T
A licensee who acts as an agent in a real estate transaction shall disclose to each party to the real estate transaction, as soon as is practicable, each source from which they will receive compensation as a result of the transaction.
T or F:
A broker is required to preserve all records for five years following the closing of all transactions.
True
NAC 645.650 provides that a broker shall keep complete real estate transaction and property management records for at least five years after the date of the closing of the last activity involving the property.
T or F:
The license of a salesperson or broker-salesperson will be placed on inactive status if they fail to notify the RED of a change in broker association within 30 days after the previous association was terminated.
T
T or F:
Advance fees are not considered trust funds.
False
All advance fees received by a broker are trust funds and must be deposited into the broker’s trust account.
T or F:
Money received from a tenant as rent for a property owned by a salesperson must be deposited into that salesperson’s broker’s trust account.
F
T or F:
Voided trust account checks may be torn up and thrown away.
F
