If a licensee wishes to terminate affiliation with a firm and enter affiliation with another, how is this accomplished?

A - The licensee can start working as soon as the new principal broker approves the licensee.

B - The licensee must first submit a letter of resignation to the current firm, and can then begin working for the new principal broker.

C - Upon the signing of a release by the principal broker, the licensee must complete and submit the appropriate documentation with the proper fee to the commission.

D - The licensee can work with both principal brokers as long as each principal broker is aware that the licensee is affiliated elsewhere.

2

A licensee he has found a buyer for a listed property and the buyer wishes to use a valuable ring as the earnest money deposit. He has two professional appraisals of the ring, both of which appraise it at a higher value than the amount the seller wants as earnest money. Under what circumstances can the licensee accept the ring as earnest money?

A - he can accept it as long as he informs the seller that the deposit is a ring rather than cash

B - he can accept it if it’s acceptance is acknowledge in the sales agreement signed by both parties.

C - he can accept it only if the buyer agrees, in writing, to sell the ring and pay the seller the stated value in cash before closing.

D - he cannot accept it under any circumstances.

3

which of the following is not required to apply for a broker’s license?

A - at least 36 months experience as an active real estate licensee, if a licensed as an affiliate broker after May 12, 1988.

B - completion of 120 classroom hours in real estate ( before or after receipt of an affiliate broker’s license ) at a commission-approved school, college, or university.

C - Evidence of passing the brokers examination within the preceding 6 months.

D - A detailed record of all real estate transactions for the preceding 24 months.

4

A licensee list a property and later discovers that her sister is interested in buying it. The sister ask that her offer be presented without acknowledging that she is related to the licensee. The Licensee should

A - Honor the prospective buyers right to privacy.

B - Refer her sister to another agent.

C - Disclosed to the seller that the prospective buyer is in relative.

D - Write an offer with a third-party and then transfer title to her sister.

5

Which of the following could legally be offered to a prospective seller as an incentive to enter into a listing contract?

A - $500 in cash.

B - A visa or American Express gift card.

C - Payment of the premium for a home warranty.

D - A Bank certificate of deposit with a value of $1,000.