CHP 64 - Licensing

Question 1

Who are criminal record checks conducted thru

Answer 1

FBI

Question 2

If records shows a felony how soon must record be submitted to the commission

Answer 2

5 days

Question 3

If an order denies applicant what will it state

Answer 3

If and when app will be eligible to submit app

Question 4

How many hours of academic credit must an applicant for a sales associate’s license have completed?

Answer 4

6

Question 5

What must an applicant for a broker’s license provide as proof of experience in real estate?

Answer 5

A sworn notarized statement signed by the principal broker or other documentation satisfactory to the Commission

Question 6

An applicant for a broker’s license must first attend what?

Answer 6

A 3-hour academic credit brokerage management skills course

Question 7

CE required each year

Answer 7

6 hours

Question 8

What is required of licensees once every 4 years?

Answer 8

That they attend a Commission-approved 6-hour core education course

Question 9

License Renewal PEriod

Answer 9

April 1 - March 31st bi-annually

Question 10

If not renewed license will be

Answer 10

Cancelled

Question 11

HOw to renew

Answer 11

apply in writing and pay fee

Question 12

Fine for failure to renew

Answer 12

$200

Question 13

Once a license is suspended following a hearing, how long does the licensee have to reinstate his or her license before it is canceled?

Answer 13

90 days

Question 14

How to avoid cancellation

Answer 14

• go inactive
• agree to dq plan
• Submit $500 fine

Question 15

What happens to a license not renewed

Answer 15

Auto expires

Question 16

A license must notify the Commission to changes of:

Answer 16

The licensee’s principal business location.
The licensee’s firm name.
A sales associate’s transfer from one principal broker to another.
A licensee’s surname.

Question 17

Min E&O insurance limit of liability for 1 claim

Answer 17

$100K

Question 18

How many days must you notify change of address

Answer 18

10 days

Question 19

How to have expired license reativated

Answer 19

Pay delinquent fees within 1 yr of expiration

Question 20

Can a sales associate manage a branch office

Answer 20

Yes if they have 2 yrs experience and branch is inside a 100 mile radius of main office

Question 21

Record retention tiem frame

Answer 21

5 yrs

Question 22

Branch offices must be regsitered within __ days

Answer 22

10

Question 23

What’s an agents obligation at absolute auction

Answer 23

Sell to highest bidder

Question 24

WHat happens a associate does not re-affiliate with a broker

Answer 24

License will be canceled

Question 25

What % of RE attachs were against women

Answer 25

66%

Question 26

When receiving a doc by email you should...

Answer 26

immediately place it in a file

Question 27

A licensee must deliver a completed Consumer Guide to Agency Relationships before what?

Answer 27

Before receiving confidential information from a prospective party; or before entering a representation agreement; or at the conclusion of the second contact between the licensee and a prospective party.

Question 28

When must an agency disclosure agreement be given to a consumer and signed?

Answer 28

At the time a buyer is making an offer and at the time a seller is reviewing that offer.

Question 29

If a real estate transaction involves agents from the same real estate brokerage company, which section of the agency disclosure statement must be completed and what must be designated?

Answer 29

Section II must be completed and it must designate whether the transaction involves designated agency or dual agency by checking the appropriate box.

Question 30

Can a broker designate himself as a designated agent

Answer 30

NO

Question 31

What must a licensee provide to an owner selling a property without a listing agreement?

Answer 31

A blank disclosure of conditions form

Question 32

What is a disclosure of conditions form not required for?

Answer 32

Residential purchases of new home if warranty is offered Auction sales Court foreclosure

Question 33

When is it necessary for a licensee to provide a debit and credit type closing statement to the buyer and seller upon closing a real estate transaction?

Answer 33

When the financial institution or the attorney involved in the real estate transaction fails to furnish a closing statement.

Question 34

Listing contract must include

Answer 34

``` price date and time of signatures expiration date fees address owners signature ```

Question 35

How must an agreement for compensation be set

Answer 35

in writing

Question 36

When must property disclosures be delivered

Answer 36

120 hours