LEARNING OBJECTIVES
At the end of this chapter, the student will be able to
• identify the standards set by license law and commission rules regarding the brokerage business,
• explain Commission regulations for broker business relationships and advertising, and
• describe violations and penalties of the license law.
KEY TERMS
• branch office
• commingling
• duplicate original
• escrow account
• guilty knowledge
• letter of intent
• probation
• revocation
• suspension
• trust account
• Waiver of Broker Cooperation
PRESENTATION OUTLINE
I. License Law and Rules—three prohibitions
II. Place of Business
A. Main Office
B. Branch Office
III. Trust Account (Escrow Account)
A. Advance Fees
B. Cash Deposits or Withdrawals
C. Permanent Records
IV. Regulation of Documents
A. Sales Contracts
B. Other Documents
V. Broker Business Relationships
A. Listing Broker and Seller/Principal
B. Broker and Buyer/Principal
C. Broker as Disclosed Dual Agent
D. Broker as Transaction Broker
VI. Broker and Salesperson
VII. Advertising
VIII. Commission Rebates
IX. Price-Fixing
X. Probation, Suspension, and Revocation
A. Procedure
B. Violations
* IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME
For access to more videos and help passing the exam:
https://www.asktherealestateinstructor.com
Or
If you are in New Jersey and looking to change careers go to:
https://newdirection.school