Trust escrow accounts - Study guides, Class notes & Summaries

licensee who is affiliated with a broker in charge or a property manager in charge - Answer-Associated Licensee A sub office of a company in which full-service real estate activities are conducted and at which a broker-in-charge or property manager-in-charge is licensed to conduct real estate transactions. - Answer-branch office a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation - Answer-Broker Broker who is...

Deposits - *Must deliver to the broker and deposit earnest money (or any money) into a trust account either*: • within 3 business days or • within 4 calendar days after acceptance as stated in the REPC, or as otherwise noted in the REPC. Broker will have a non-interest bearing trust account and an interest bearing trust account. The interest on the one account will go to the Utah Affordable Housing program. *Must be reconciled monthly* *Unlimited number of trust accounts* Real Estate...

SC Property Management License Exam with Complete & Verified Solutions | 2024 Update PM & PMIC licenses need to renewed biennially - Answer ️️ -June 30th (end of state's fiscal year) Conversion - Answer ️️ -to use trust funds for the purpose other than the purpose of which they are held. Unlawful use of funds. Customer - Answer ️️ -a buyer, seller, landlord or tenant who uses the services of a real estate licensee but does not establish an agency relationship through a writte...

What is the purpose of an escrow account? correct answer: Keep money that doesn't belong to you SEPARATE from personal account/money Who is responsible for looking after Escrow Accounts for property? correct answer: Broker Another name for Escrow Money (earnest money, security deposits) is_________? correct answer: Trust Money When a Broker gets Escrow/Trust money and deposit into the Escrow Account they MUST do what as well? correct answer: The Broker must write on the check and t...

Massachusetts Real Estate Salesperson License Questions and Answers 100% Pass RE Salesperson License requirements? 18 years old, 40 hour class, pass the exam, must affiliate with a broker to practice and may not accept direct client payments Broker's License requirements? 3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee. What is MLS? Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings. Difference between RE Salesp...

Property Manager Eligibility Requirements Able to read, write, and understand English Real Estate Broker Practice May engage in building housing and selling housing, or may sell or negotiate the sale of any lot in any subdivision of land comprising of 5 or more lots. Agent Eligibility Requirements 1. Able to read, write, and understand English 2. Is a high school graduate or GED holder 3. Has successfully completed course of study (60 hours) prescribed by the Commission at an ...

SC Property Management License Exam with Complete & Verified Solutions | 2024 Update PM & PMIC licenses need to renewed biennially - Answer ️️ -June 30th (end of state's fiscal year) Conversion - Answer ️️ -to use trust funds for the purpose other than the purpose of which they are held. Unlawful use of funds. Customer - Answer ️️ -a buyer, seller, landlord or tenant who uses the services of a real estate licensee but does not establish an agency relationship through a writte...

MO Real Estate Exam Practice Questions and Answers Mo Statute 339 - Correct Answer ️️ -License Law RSMO 1986 License Law - Correct Answer ️️ -Any person who performs a RE service on behalf of another party for CONSIDERATION must be licensed; i.e. broker transactions, managing property, appraising, counseling, syndicating, auctioning Consideration - Correct Answer ️️ -Includes $ compensation, exchange of free services, or any other valuable good or service that a person expects...

What is the purpose of an escrow account? - correct answer Keep money that doesn't belong to you SEPARATE from personal account/money Who is responsible for looking after Escrow Accounts for property? - correct answer Broker Another name for Escrow Money (earnest money, security deposits) is_________? - correct answer Trust Money When a Broker get...

Kovats NJ Real Estate Exam Review Questions with Correct Answers advertising - Answer-- must have broker/brokerage firm name on all advertisings - websites must link to brokerage website and mention broker contact info - licensee name has to be equal in prominence if not less to broker name - mass emails must have unsubscribe buttons - broker has to review and approve realtor - Answer-A member of the National Association of Realtors licensees may offer a free estimate of value a...