Chapter 5 - Brokerage Activities, And Procedures Flashcards
What is the conversion?
Using money from the escrow or trust account for the broker’s own use
How often does a broker have to reconcile his trust accounts?
Monthly
If several brokers form a corporation to sell real estate and want to call their business “brokers dozen” with each broker working with the public, what are they required to do?
They must all be active brokers. The corporation must be registered and the trade name must also be registered.
Which federal department regulated RESPA?
Consumer, financial protection bureau, CFPB
If the license broker in a partnership is killed in an accident, what happens to the sales associates working for that partnership?
Their licenses will become involuntarily inactive
What is the term for mixing business and personal funds?
Commingling
Which of the following cannot register with DBPR to provide real estate services to the public?
A corporation sole
What are the three core federal antitrust laws?
Sherman act, Federal Trade Commission act, and Clayton act
A name or logo used by one or more real estate licensees who represent themselves to the public as a team or group is known as..?
Team advertising
How long does a prospective tenant have to demand the return of a fee paid for rental information provided by a broker if that information is not current or accurate?
30 days
