There are three requirements: The sales associate must hold a real estate license, have a gross income based on production rather than on the number of hours worked, and work based on a written contract that states, among other things, that the sales associate is not considered an employee for federal tax purposes. the Commission may deny an application for licensure, registration, permit or renewal. By end of business on which day must the funds be deposited into the escrow (trust) account? A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. Pass a 40 question real estate exam with a great 75% or higher. C. The applicant must apply for a broker license under mutual recognition. A broker projects that her office expenses will be $346,000 this year. What best describes subpoena powers? The board member must be a licensed real estate broker. The court awarded damages of $15,000 to the defendant against the broker. All monies or other compensation earned by sales associates as a result of any real estate services must be paid to the sales associates by their employers and not directly by a buyer or seller. D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. A broker comparing like properties and averaging the results to get a market value. As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. Prior to having a conversation of any kind, A Notice of No Brokerage Relationship is not necessary. Real estate escrow funds may NOT be placed in which type of depository? A broker uses the houses most similar to do a CMA. A real estate agent has been licensed in Texas for one year. What principle did the appraiser use to give Hal a lesser value on his home? FREC rules require the broker to be a signatory on all brokerage escrow accounts. Which is NOT one of the three areas that are reviewed by the IRS to indicate that the broker is controlling sales associates? Which statement is TRUE regarding interest-bearing escrow accounts? When must the Notice of No Brokerage Relationship be given? c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. A person who is empowered to act on behalf of another is called: The obligations of a transaction broker include all EXCEPT: Disclosing that the buyer will pay a higher price than offered. D) The real estate value must exceed $1 million. The purpose is to establish, improve and promote appraisal standards. Which statement applies to this arrangement? Why is this so important? The penalty for a first-time offense of a broker employing a sales associate who is not the holder of a valid and current license is an administrative fine of $250 to $1,000 and license suspension to revocation. Sales associates must have their license issued in their legal name. Your answer: B The most common services of real estate requiring a real estate license are appraising (in a non-federally related transaction), buying, auctioning, renting, selling, advertising real estate services, leasing, and exchanging.
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