MS Real Estate State Portion
Columbia Practice Exams
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MS Real Estate State Portion Columbia Practice Exams 2024-2025, Exams of Real Estate Management
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MS Real Estate State Portion Columbia Practice Exams
Special situations, where unusual facts exist or where one or more partic involved are especially vulnerable, could require additional disclosures not contemplated. in such cases, brokers — ANS-should seek legal advice prior lo entering into an agency relationship Tf a broker, as escrow agent, accepts a check and later finds that such check has not been honored by the bank on wh it was drawn, the broker shall - ANS- immediately notify all partics involved in the transaction Monies received in a trust account on behalf of clients or cuslomers are not assets of the broker, however, a broker May deposil and keep in each escrow account or rental accounl some personal funds for the express purpose — ANS—ol! covering service charges and other bank debits related to each account When the broker is Agent for the seller and for any reason the seller fails or is unable to consummate the transaction, the broker has no right to any portion of the moncy deposited by the purchaser, even if the commission has been carned. The money must be returned lo the purchaser and the broker — ANS-should look to the seller for compensation Earnest money accepted by the broker or any licensee for which the broker is responsible and upon acceptance of a mutually agreeable contract is required to deposit the money — ANS—into a trust account prior lo the close of business of the next banking day An agent Made Real Estate signs to put in the front yard of his clients home. Tle did not put the name of is responsible broker or name of his real eslale firm on the side. - ANS-this is a “Blind Ad" and is in violation When an licensee is advertising their own properly for sale, purchase or exchange which is not listed with a broker, the licensee must — ANS—the licensee must indicate he or she is licensed