State Laws Licensing Requirements True/False Flashcards
Broker is authorized to give legal advice related to real property transactions.
False
Broker may sell a business opportunity for another & for compensation.
True
Before her Friend died, Jenny was named personal representative of her friend’s estate. Jenny, in order to run the estate, will take part in the sale of the home. Jenny may offer the property for sale & collect a fee without becoming licensed.
True
Farmer breaks his land into 5 acre plots & hires Sales Associate nephew to sell the property & agrees to pay 9% per plot sale. Nephew must register his license under Owner-Developer Farmer.
True
An unlicensed manager manages a 20-unit condo complex. Owner asks manager to rent a unit. Manager finds a student to rent & sign a 6-month lease. This was a violation of law because manager is required to have a license to rent a condominium unit.
False:
It’s ok as long as the lease is less than 1 year
Broker gives unlicensed assistant $25 per referral on top of her salary. Both are in violation of the law.
True
An individual must be licensed in order to offer lots for sale or rent in a mobile home or travel park.
False
A license is required for the sale of cemetery lots.
False
One who, for another & for compensation, sells a business enterprise or business opportunity is a business broker.
True
A business broker must hold a real estate broker license.
True
A business broker must hold a business broker license.
False:
No such thing
An individual who, for another & for compensation, rents mobile homes, or mobile home lots must hold a real estate license.
False:
Mobile homes are not real estate or business
The experience requirement to become a broker is 24 months under a broker.
True
