Chapter 22: Licensing & Regulation Flashcards Preview

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Flashcards in Chapter 22: Licensing & Regulation Deck (7)
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1
Q

In which of the following cases with a person probably be required to have a real estate license?

A

Bruce gets hired to find an office suite for a friend who is relocating her business

2
Q

A license applicant signs up to take the state examination, but has failed to obtain an employer prior to the exam date in this case the applicant…

A

May take the exam and receive an inactive license

3
Q

A broker operates an office in a town on the state line. A buyer from the adjoining state wants to see homes on both sides of the border. In this case, the broker…

A

May not show the buyer homes in the other state without a non-resident license

4
Q

The principal role of the real estate commission is to…

A

Administer state licensing requirements

5
Q

License regulators, and powered by state law to oversee brokerage practices, may…

A

Take punitive actions against fraud or misrepresentation

6
Q

A broker has her license suspended for violating state license law. In such a case, the licenses of her three salespeople are…

A

Not valid

7
Q

The purpose of a recovery fund is to…

A

Ensure the judgments against licensees will be collectible