Real Estate Brokerage Activities and Procedures

Question 1

Antitrust Laws

Answer 1

state and federal laws designated to maintain and preserve business competition

Question 2

Arbritration

Answer 2

3rd party, with written permission from all parties, makes a binding judgement

Question 3

Blind advertisement

Answer 3

advertising that fails to disclose the licensed name of the brokerage firm that provides only a post office number, telephone number, and/or street address

Question 4

commigle

Answer 4

illegal practice of mixing a buyer’s seller’s tenants or landlord’s funds with personal funds or brokerage funds

Question 5

Escrow account

Answer 5

an account for the deposit of money held by a third party in trust for another safekeeping

Question 6

Escrow disbursement order (EDO)

Answer 6

a determination by the FREC of who is entitled to disputed funds

Question 7

Active real estate brokers must display an official entrance office sig with

Answer 7

-trade name
-name of the broker
-words “licensed (lic) real estate broker”

Question 8

Brokerage partnerships, corporations, LLC or LLP

Answer 8

-name of Bus or trade name
-name of at least one active broker
-words “licensed (lic) real estate broker”
-sales associates must be included but separate from broker’s name