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Exam Review Course Manual – Page 7

Exam Review Course Manual – Page 7. IV. REAL ESTATE LAW –. Commissioner promulgates rules & regulations. A. ILLEGAL ACTS –. District Attorney prosecutes. Misrepresentation –. Obvious, knowledge, caused. No expenses on income property. Exam Review Course Manual – Page 7.

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Exam Review Course Manual – Page 7

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  1. Exam Review Course Manual – Page 7 • IV. REAL ESTATE LAW – Commissioner promulgates rules & regulations A. ILLEGAL ACTS – District Attorney prosecutes • Misrepresentation – Obvious, knowledge, caused No expenses on income property

  2. Exam Review Course Manual – Page 7 • 2. Commission to Buyer – Must inform seller 3. Blind Ad – No broker’s name 4. Misleading Advertising – Misleading map Move right in – major repairs 5. Secret Profit by Non-Licensee – No cause for action

  3. Exam Review Course Manual – Page 8 • 6. Referral Fees – Both broker and salesperson 7. Gifts – Microwaves are OK – reveal to all $50 is OK 8. Commingling – Funds from broker’s own property 9. Not a Member – Not a REALTOR®

  4. Exam Review Course Manual – Page 8 • B. BROKER RELATIONSHIPS • 1. Salesperson as independent contractor – Broker still liable for conduct 2. Unlicensed assistant – Broker must read advertising Must be supervised on Internet Both guilty if solicits buyers or sellers

  5. Exam Review Course Manual – Page 8 • C. MANAGE PROPERTY – Broker D. LOAN BROKER LAWS – Disclosure given to borrower when signed • Advertisement – Not 1-800-FOR-A-LOAN E. DESK COST – Total expenses ÷ Number of salespersons

  6. Exam Review Course Manual – Page 8 • F. COMPANY DOLLAR – Income minus only commissions G. TRUST FUND ACCOUNT – Separate trust funds Any employee

  7. Exam Review Course Manual – Page 8 • H. ETHICAL PRACTICES – Honesty & Fairness I. RECOVERY ACCOUNT – Only pay recovery account plus interest J. SELLING TRUST DEEDS – Advertising must include interest rate and discount

  8. Exam Review Course Manual – Page 9 • K. MOBILE HOMES • 1. Can Sell – Only if registered 2. Must remove signs – Within 48 hours 3. Notice of transfer – Within 10 calendar days

  9. Exam Review Course Manual – Page 9 • L. REAL ESTATE LICENSE • 1. Expired license – Can be renewed within 2 years after expiration 2. Temporary (150 day) License – Delinquent child support M. ADVANCE FEE CONTRACT – No guarantee of sale or lease

  10. End of session

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