Property Management study guide || 100% correct answers.

Associated Licensee correct answers licensee who is affiliated with a broker in charge or a property manager in charge branch office correct answers A sub office of a company in which full-service real estate activities are conducted and at which a broker-in-charge or property manager-in-charge is licensed to conduct real estate transactions. Broker correct answers a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation broker-in-charge (BIC) correct answers Broker who is designed as having responsibility over all associated licensees and also has the responsibility and control over and liability for any trust accounts client correct answers A person with who a licensee has established an agency relationship Real Estate Commission correct answers A state board that advises and sets policies regarding real estate licensees and transaction procedures customer correct answers Person with who a licensee has NOT established a agency relationship with Department of LLR correct answers Department of labor licensing and regulations Licensee correct answers Individual currently under this chapter office correct answers The principal office location where a BIC or PMIC is licensed to conduct real estate business Property Manager correct answers A person or company hired to maintain and manage property on behalf of the property owner Property manager in charge correct answers Responsibility over associated Property Managers and Real Estate Trust Accounts Trust Account correct answers escrow account maintained by a real estate broker for the deposit of other peoples money How many members of the real estate commission and who elects them? correct answers 6 who actively practice real estate from congressional districts 2 appointed by the governor-non real estate 1 elected by the other 8- real estate member What are the powers and duties of the real estate commission? correct answers 1. Determine standards for licensure 2. Enforce standards for licensure with disciplinary hearings and etc