Office Procedure Exam 1 & 2 Flashcards Preview

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Flashcards in Office Procedure Exam 1 & 2 Deck (11)
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1

When a brokerage closes, records must be kept where

Original brokerage address

2

Brokerage records must be kept for

3 years

3

When brokerage closes, Division must be notified within ____ days on where records will be kept

10 days

4

Closing docs can be prepared by...

Assoc Brokers, Brokers, and Title Companies

5

When must broker provide update on transactions?

When requested and after 30 days from acceptance

6

When broker dies or is inactive:
Listing agreements = ___________
Contracts = _________________

Nullified
May proceed

7

Broker may be accused of comingling if money in Real Estate Trust account exceeds

$500

8

Maximum number of trust accounts Broker may have?

Unlimited

9

Client signs listing. Who represents who?

Agent represents Broker who represents client

10

There is no liability to fail to disclose a....

Stigma

11

As a limited agent, which fiduciary duties are compromised

Loyalty
Full Disclosure