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BOB HOGUE EXAM QUESTIONS AND ANSWERS
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BOB HOGUE EXAM QUESTIONS AND ANSWERS
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BOB HOGUE EXAM QUESTIONS ANDANSWERS
Antitrust laws - Answer-State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answer-The act of having a third party render a binding decision in a
dispute between two parties.
Blind advertisement - Answer-An Advertisement that provides only a telephone number,
a PO Box, and or an address without the license name of the brokerage firm.
commingle - Answer-To mix together money or a deposit with peesonal funds; combine;
intermingle.
conflicting demands - Answer-When different parties each make claims that are
inconsistent with one another.
Corporation - Answer-An artificial or fictitious person formed to conduct specified types
of business activities.
Declatory Judgement - Answer-A course of action declaring rights claimed under a
contract or statue intended to prevent loss or to guide performance by the party or
parties affected.
deposit - Answer-Earnest money or some other valuable consideration given as
evidence of good faith to accompany an offer to purchase or rent. See also binder and
earnest money.
Earnest Money - Answer-A type of money that a broker may handle for others in the
ordinary course of business; also called a good-faith deposit or binder deposit.
escrow account - Answer-An account in a bank, title company, credit union, savings
association, or trust company used solely for safekeeping customer funds and not for
deposit of personal funds; impound account or trust account.
Escrow disbursement order (EDO) - Answer-A course of action for determining the
disposition of a contested deposit.
General Partnership - Answer-An association of two or more persons for the purpose of
jointly conducting a business, each being responsible for all the debts incurred in the
conducting of that business.
, good-faith doubt - Answer-A broker's uncertainty as to which party should receive the
escrowed property.
immediately - Answer-The time period during which a broker must deposit escrow
funds; no later than the end of the third business day after the broker sales associate or
an employee has received the funds.
Interpleader - Answer-A course of action when two contesting parties cannot reach an
arbitrated agreement; A legal proceeding whereby the broker, having no financial
interest in the disputed funds, deposits with the court the disputed escrow deposit so
that the court can determine who is the rightful claimant.
kickback - Answer-Payment of money from someone other than the buyer or seller
associated with real estate business.
Limited Liability Company (LLC) - Answer-An alternative, hybrid business entity with the
combined characteristics and benefits of both limited partnerships and S corporations.
Limited Liability Partnership (LLP) - Answer-A business entity that features protection
from personal liability but with fewer legal restrictions compared with other business
entities.
limited partnership - Answer-A business entity consisting of one or more general
partners and one or more limited partners.
litigation - Answer-A lawsuit; the act of carrying on a lawsuit; a case before a court of
law.
market allocation - Answer-An agreement between brokers to split up competitive
market areas among themselves and not compete in each other's areas.
Mediation - Answer-The act of having a third-party attempt to reconcile a dispute
between two parties
Ostensible Partnership - Answer-One or more parties cause a third-party to be deceived
into believing that a business relationship exist when no such arrangement exists
personal assistant - Answer-An individual hired by a licensee to perform administrative
tasks associated with real estate transactions. Whether a personal assistant must be a
real estate licensee is determined by the tasks the assistant performs.
Point of contact information - Answer-Any means by which to contact the brokerage firm
or individual licensee including mailing address(es), physical street address(es), e-mail
address(es), telephone number(s), or facsimile telephone number(s).
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