Licensing Requirements (5 items, 7%) Flashcards Preview

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Flashcards in Licensing Requirements (5 items, 7%) Deck (14)
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1

*RULE E-30*
The __________ broker is responsible for:
- the handling of _______ ______ deposits
- trust _______ records
- ________ records
- developing an office ________
- taking reasonable steps to insure that ____________ do not ______ by providing adequate supervision for all affiliated ________.

employing

- earnest money
- account
- policy
- violations do not occur; brokers.

2

The duty of the Employing Broker to supervise includes:
- Employed ________
- S__________
- B__________
- Personal _________ of licensed employees.

employing

- brokers
- secretaries
- bookkeepers
- assistants

3

Licensed employees have primary responsibility for their ______ _________.

personal assistants.

4

UNlicensed assistants may:
- Gather _________
- Provide property _________
- Complete all forms as directed by the ________
- Prepare _____'s
- Handle __________ information

-information
-access
- the licensee
- CMA's
- objective

5

The UNlicensed assistant may also recieve, record and deposit:
- _______ money
-________ deposits
-_________ rents.

Earnest
Security
Advance

6

*UNlicensed assistants may not get involved in:
- any form of ___________
- provide any professional _______
- offer ________
- independently draft _____ _______, such as listing and sale contracts. *

negotiation
advice
opinions
xlegal documents

7

When buying or selling property for their own accounts, all licensees must disclose that they are __________ in the transaction.

principals

8

*ASSOCIATE BROKER*

A real estate broker who must be employed and supervised by an _________ ________. An associate broker can only work for ____ employing broker at any time and may not ______ an office.

employing broker.

one; open

9

*EMPLOYING BROKER*

In addition to the requirements for an independent broker, an employing broker must complete a ___-hour course in _____________ _______________.

24
Brokerage Administration.

10

*INDEPENDENT BROKER*

A real estate broker with at least __ years experience, who has passed the ___________ portion of the licensing exam within __ years of the date of upgrading to ________ status. An independent broker may open an office, but not hire other _______.

2 years
Colorado
3 years
independent
brokers.

11

*REASONABLE SUPERVISION: RULE E-31*

The employing broker should maintain a written _____ _______ describing the duties and responsibilities of the employed _________.
The employing broker should also review all _________ and _________ _____ for completeness.

office policy, licensees;

contracts and transaction files

12

*HIGH-LEVEL SUPERVISION: RULE E-32*

Affiliates with less than __ years of active experience require reasonable __________, plus specific training in office ______ and _________.

2 years
supervision
policy and procedures.

13

The employing broker should be available for:
- ___________
-providing ________ in preparing contracts
-monitoring _______
-reviewing ________ documents
-attending or having an experienced licensee at _______.

- consultation
- assistance
- transactions
- closing
- closings.

14

Rule E-30:
Rule E-31:
Rule E-32:

30: EB handles E$, trust acct records, transaction records, develops an office policy; takes steps to insures violations don't occur by giving supervision to brokers.
31 - Reasonable Supervision: EB maintains office policy; reviews contracts and transaction files.
32 - High-level Supervision: EB gives supervision to those w/