Which of the following is true of a licensee who is selling or buying property for himself?

If a licensee is selling or buying property for himself, which of the following is true? The licensee’s ownership of the property must be disclosed to all parties to the transaction.

Which is true related to a licensee marketing his/her own property?

An incompetent act. Which is true related to a licensee marketing his/her own property? The broker is responsible for all licensee’s transactions.

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What must be true for a business to perform real estate activities?

the business under which real estate activities are performed, all must have at least one licensed real estate broker under whom all activities of the business are conducted. Certain individuals in certain roles do not need to obtain a real estate license to fulfill that role.

Which of the following can the commission not do with respect to a nonresident license?

Which of the following can the commission NOT do with respect to a nonresident license? Require the nonresident licensee to move to Tennessee. A property’s taxes are $9,540 and are paid for in arrears.

Which of the following is true regarding a broker’s commission in a real estate transaction?

Which statement is true regarding a broker’s commission in a real estate transaction? The commission must be stated in the listing agreement and is set by the broker.

Which of the following is true regarding trust account disbursals?

Which of the following is true regarding trust account disbursals? … Trust accounts must always be a balance equal to the security deposits total. The broker must review the monthly reconciliation statement and maintain copies in his files for a period of. three years.

Which of the following is true regarding ministerial acts performed by the sellers broker for the buyer?

Which is true regarding ministerial acts performed by the seller’s broker for the buyer? Performing ministerial acts for the buyer cannot be construed to form a brokerage engagement with the buyer.

What does real estate company do?

On the other side, real estate business is the process of buying, selling or renting a property, building, home or land. Real estate agents assist homeowners, businesses and investors buy and sell all four types of properties.

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When a licensee first meets a person that person is called a?

When a licensee first meets a person, that person is called a. buyer.

What are the duties of a real estate agent?

Real Estate Agent Responsibilities

  • Generate client leads to buy, sell, and rent a property.
  • Counsel clients on market conditions, prices, and mortgages.
  • Develop a competitive market price by comparing properties.
  • Create lists for real estate sale properties, with information location, features, square footage, etc.

What do NC real estate commission rules say about a broker accepting a check payable to the seller?

General Rules

Don’t accept checks payable to someone other than the broker/company unless it’s a check: A) payable to an owner for a due diligence fee or option fee or B) payable to a third party escrow agent in a sales transaction.

Who is responsible for filling in the effective date of a contract after the last party signs?

The effective date should always be filled in on page 8 of the contract and the responsibility for completion falls to the Realtors involved in the transaction.

Which is not a condition for a broker’s maintaining an action to collect a commission or other compensation for an act as a broker or sales agent?

Which is NOT a condition for a broker’s maintaining an action to collect a commission or other compensation for an act as a broker or sales agent? The answer is the agreement to pay had a definite termination date and stipulated the listing price and an acceptable date for closing and transfer of possession.

Which statement is true regarding the federal telemarketing law?

Which statement is TRUE regarding the federal telemarketing law? Real estate licensees may contact their former customers for up to 18 months following the closing of a transaction, even if the customer’s name is on the National Do not call registry.

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Which of these statements about duties is true if a South Carolina licensee is acting as a dual agent?

Which of these statements about duties is true if a South Carolina licensee is acting as a dual agent? Agency duties may be limited. Clients receive the same duties whether the licensee is acting as a single agent or dual agent or not.

Which of the following is true about a Brokers recordkeeping responsibilities?

Which of the following is true about a broker’s recordkeeping responsibilities? Brokers must keep records of signed dual agency consent forms for three years. … Notify your current brokerage and file a transfer request with the VREB containing both your and your new broker’s signatures.