Real estate recovery fund - Study guides, Class notes & Summaries

Sue the broker - Answer- Sales associate, Tim, received a signed contract from a buyer and ailed it to the seller. The seller agreed to the terms and the escrow deposit was deposited safely in the brokers escrow account. Tim has a disagreement with his broker and quits. The broker refuses to pau a commission since tim was not in his employ when the contact was actually received and signed. What should tim to? The one who engages the broker in a single agency relationship - Answer- Who is the ...

Rhode Island General Real Estate Study Guide with Complete Solution Real estate recovery act Dept of business regulation establishes this account Covers anyone aggrieved by an act, misrepresentation, transaction or conduct of a licensed real estate broker upon the grounds of fraud, misrepresentation or deceit may recover no more than 50000 per one license Can't be used to reimburse any broker or salesperson Agents pay a fee for the deposit in the real estate recovery fund when they first...

Gold Coast Real Estate Practice Final Exam (Questions/Answers) Realtor Correct Ans - 100 test A 40,000 mortgage for a term of 20 years was originated at an 8%interest rate,with monthly mortgage payments of 334.58 what is the principal balance remaining after the second monthly payment ? Correct Ans - $39,863.72 If the price of a lot $9 per square food how many square feet are contained in a lot that sells for 27000 Correct Ans - 3,000 what i...

CO REAL ESTATE CONTRACTS & REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ Real Estate Recovery Funds - -This is a fund maintained specifically for reimbursing members of the public who have been injured by a licensee's actions or omissions in a real estate transaction, and who have no other recourse against the licensee. A recovery fund is usually funded with a portion of the license application and renewal fees collected by the state's real estate licensing agency Transact...

* Arizona Property Taxes and Assessments (Delinquent) - ● Penalty for delinquency 16% and tax lien ● Purchaser of tax liens gets a certificate of purchase ● May foreclose in 3yrs if taxes are not paid by the property owner. * Arizona Property Taxes - ● Charged "ad valorem" (A Latin phrase meaning "according to value"; used to refer to taxes assessed on the value of property) or assessed value ● Levied once (Jan. 1st) and paid twice a year ● Oh No More Money (Oct, Nov, Mar,...

The Board Of Realty Regulation Consists of how many members and how are the members appointed? → 7 members and are appointed by the governor What are the Civil and Criminal Penalties for those engaging in real estate without a license? → Guilty of a misdemeanor First Offense will be fined b/t $100-$500 or imprisoned for 90 days or BOTH Subsequent Offense will be fined b/t $500-$2,000 or imprisoned for 6 months or BOTH What is the Real Estate Recovery Account? → -Within the st...

KENTUCKY PORTION - REAL ESTATE FINAL EXAM 2024/ FULL UPDATE EXAM WITH COMPLETE SOLUTION WITH RATIONALES/100% VERIFIED How often is continuing education required for Kentucky real estate salespersons? - Every year. An individual obtaining their first, original Kentucky license is exempt for the first two calendar years. When a licensee pays back the Recovery Fund: - He/she must pay back all the reimbursed funds plus 10% interest on the amount.

Kentucky Portion — Real Estate Exam Questions and Answers Already Passed How often is continuing education required for Kentucky real estate salespersons? Every year. An individual obtaining their first, original Kentucky license is exempt for the first two calendar years. When a licensee pays back the Recovery Fund: He/she must pay back all the reimbursed funds plus 10% interest on the amount. Who appoints the members of the Kentucky real estate commission (KREC)? The Governor Which of the...

Pete is a sole proprietor broker and has six salespeople who he employs. On June 9th, Pete is killed in a car accident. Tom is one of the salespeople and his listing is set to close on June 20th. What will happen to the proposed closing? A). Nothing will happen. Business will go on as usual with the salespeople in charge until a new broker is found. B). The estate will notify the Commission within 15 days of death and tell the Commission that a new termination broker has been found. The clos...

What must happen with all funds in a sale - ️️All money that belongs to clients or customers must be deposited in the brokerage trust fund as soon as possible ASAP after receipt . A property's value is $ 125,000 and its land value is $ 10,000 . Assuming a depreciation term of 35 years , what is the amount of annual depreciation ? - ️️depreciation ? Total value $ 125,000- $ 10,000 land = $115,000 improvements / 35 years = $ 3,286 annual depreciation 21. MATH PROBLEM : GROSS RENT MU...