FREE Real Estate Review for Alumni – State Section
August 11, 2019 @ 8:30 am - 4:30 pm UTC-6
SALESPERSON/BROKER STATE PORTION
| Powers and Duties of the Real Estate Commission (Salesperson 4 Items, Broker 4 Items) |
| 1. Hearings, including subpoena power |
| 2. Purpose and jurisdiction |
| 3. Violations |
| 4. Penalties MREC can impose |
| Licensing Requirements and License Maintenance (Salesperson 4 Items, Broker 4 Items) |
| 1. General licensing requirements |
| 2. Continuing and Post-licensing ed req |
| 3. E & O insurance |
| 4. Disqualifying issues |
| 5. Activities Requiring License (incl. time shares, auctions, prop mgmnt) |
| 6. Exemptions from licensure |
| 7. Inactive license |
| 8. Rules about receiving and Sharing Commissions. |
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Property Condition Disclosures (Salesperson 4 Items, Broker 6 Items) |
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1. Disclosure form (delivery, who completes) |
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2. Stigmatizing factors |
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3. Licensee responsibility to advise client, ensure completeness |
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4. Exemptions from Disclosure – no exemption for new construction |
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5. Disclosure form is not part of contract (see form) but is attached to listing |
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6. Material changes allow buyer to void contract |
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Agency Disclosure and Duties to Parties (Salesperson 8 Items, Broker 8 Items) |
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1. Dual Agency Disclosure |
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2. Working with a Real Estate Broker |
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3. Disclosure of licensed status if a principal |
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4. Timing of disclosure, Rules about parties to whom disclosure must be made |
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5. Buyer may withdraw from Buyer-Broker agreement w 15 days’ notice |
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6. General Duties to all Parties |
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Out-of-State Brokers and Developers (Salesperson 4 Items, Broker 3 Items) |
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1. Cooperative agreements |
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2. Reciprocal licenses |
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Trust Accounts (Salesperson 4 Items, Broker 3 Items) |
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1. Handling of earnest money |
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2. General acctg practices; no commingling |
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3. Broker is account holder; Salesperson may not establish prop mgt escrow acct independent of broker |
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4. Disbursement issues (interpleader) |
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Broker Responsibilities, Including Supervision of Sales Associates (Salesperson 6 Items, Broker 5 Items) |
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1. Supervision of associated licensees |
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2. Inform MREC of change in associate status/termination |
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3. Responsibility for acts of associates |
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4. License display; place of business |
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5. Broker Price Opinion |
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6. Associates’ Compensation |
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Records and Documents (Salesperson 3 Items, Broker 4 Items) |
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1. Length of time to keep (Routine, if litigation) |
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2. Records that are included in this requirement |
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3. Disposition of records after close of a business |
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4. Electronic records OK |
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Advertising/Marketing/Internet (Salesperson 3 Items, Broker 3 Items) |
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1. Social media and internet are advertising (part of “ALL advertising”) |
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2. Must advertise in broker’s name |
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3. Broker must permit/approve advertising |
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4. Private controls |
