Critical HOT Topics for Real Estate Licensing Exam- Superior School of Real Estate

Critical HOT Topics for Real Estate Licensing Exam- Superior School of Real Estate What is required to receive compensation? -Answer-A License Auctioneers need -Answer-both real estate license and auctioneer license Exemptions from Licensure -Answer-salaried employees, property managers, trustees, attorney in fact, selling your own property, attorneys Salaried, Unlicensed assistants are permitted to -Answer-receive and forward phone calls, submit MLS info, secure public records, act as courier, coordinate appts, show rental properties, type offers contracts and forms, record and deposit earnest money, rent and maintain records, assemble docs, compute commission checks, bookkeeping Limited Non-resident Commercial Broker's License -Answer-Non residents only, application a proper renewal required, limited to commercial activity only, supervised by BIC, all trust monies stay in NC Postlicensing requirements -Answer-90 hours, 1 course per year, deadline is licensure date, can complete early How many hours is CE -Answer-Mandatory 8 hours Renewal deadline $ -Answer-June 30 CE deadline -Answer-June 1 Failure to renew license means -Answer-License is expired Failure to complete CE then -Answer-License inactive How many firms are involved with dual agency? -Answer-One Who can create dual agency? -Answer-Single firm or existence of Single agent Designated agency = -Answer-Dual agency When should property owners agreements be made -Answer-Initially upon agreement made How long is oral agency permitted -Answer-Until the time an offer is submitted First substantial contact require what to be given to client? -Answer-Working with an Agents brochure When must a agent or subagent disclose status to prospective buyer? -Answer-First substantial contact When does buyer's agent disclose status to seller or seller's agent? -Answer-Initial contact When must dual agency be disclosed? -Answer-The formation of the relationship When must a written disclosure exist? -Answer-prior to submission Seller is required to provide an __________ with basic information. -Answer-addendum Who is responsible for informing buyer to complete due diligence and requesting the form - Answer-The broker What is included in due diligence form? -Answer-name of association, services, contact person and dues When does provisional broker deliver earnest money? -Answer-Immediately When does cash get deposited? -Answer-Immediately Earnest money goes into trust account within ____ days. -Answer-3 BIC's may count 3 days from __________ of offer to deposit money. -Answer-acceptance How must compensation receipt be disclosed -Answer-in Writing Must disclose receipt of bonus _______ -Answer-before making or accepting offer What is a material fact? -Answer-Anything that may affect the decision to sell or buy Sex offender location, death, serious illness are -Answer-NOT material facts Broker must disclose _______ in property -Answer-interest Does a broker have to disclose their relationship to parties? -Answer-Yes If a broker does not pay license fees their license is... -Answer-expir