Real Estate Broker Records Keeping Quiz

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1. Does your office have a record of deposit receipts, canceled checks, trust records on every transaction?

Explanation

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About This Quiz
Real Estate Broker Records Keeping Quiz - Quiz

The Real Estate Broker Records Keeping Quiz assesses the compliance of record-keeping practices in real estate. It evaluates if agents properly handle offers, lease applications, and correspondence, ensuring... see moreall transactions are documented and stored as per industry standards. see less

2. Does your office store all the records for a min of 3 years

Explanation

Many agents and Brokers are not aware that B&P code 10148 requires you to retain copies of all licensed activity. This includes offers or applications that were never accepted.

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3. Do they turn in a copy of all text or email correspondence?

Explanation

This is something you will be hearing a lot about this summer from N.A.R. & C.A.R. The saving or documenting of emails and text conversations. They both feel this is an area of upcoming litigation against agents.

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4. Do your agents turn in every lease application written or received?

Explanation

Many agents and Brokers are not aware that B&P code 10148 requires you to retain copies of all licensed activity. This includes applications that were never accepted.

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5. Do your agents turn in every offer they write or receive regardless of outcome?

Explanation

Many agents and Brokers are not aware that B&P code 10148 requires you to retain copies of all licensed activity. This includes offers or applications that were never accepted.

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6. Does your office issue the Denial of Rental Application "DRA" or a similar form on rejected lease applications?

Explanation

While the importance of this disclosure is often overlooked, it is very important for you to issue some sort of Notice of Action when an application is declined, especially when credit is pulled.
We are looking for the CFPB to extend its reach into your business for compliance in consumer privacy.

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7. What is the #1 complaint received by the BRE from licensees and consumers?

Explanation

This is directly from the Cal BRE Investigative Operations & Enforcement Division.
Quote from WCR fraud luncheon.2/12/14

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Does your office have a record of deposit receipts, canceled checks,...
Does your office store all the records for a min of 3 years
Do they turn in a copy of all text or email correspondence?
Do your agents turn in every lease application written or received?
Do your agents turn in every offer they write or receive regardless of...
Does your office issue the Denial of Rental Application...
What is the #1 complaint received by the BRE from licensees and...
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