Real Estate Broker Records Keeping Quiz

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| By Linqco

Linqco

Community Contributor

Quizzes Created: 1 | Total Attempts: 179

Questions: 7 | Attempts: 179 | Updated: Mar 17, 2023

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Questions and Answers

1.

Do your agents turn in every offer they write or receive regardless of outcome?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

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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2.

Do your agents turn in every lease application written or received?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

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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3.

Does your office issue the Denial of Rental Application "DRA" or a similar form on rejected lease applications?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

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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4.

Do they turn in a copy of all text or email correspondence?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

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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5.

Does your office have a record of deposit receipts, canceled checks, trust records on every transaction?
- A.
  
  Yes
- B.
  
  No
- C.
  
  I think so
Correct Answer
A. Yes

Explanation
You are doing this.

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6.

Does your office store all the records for a min of 3 years
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

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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7.

What is the #1 complaint received by the BRE from licensees and consumers?
- A.
  
  Agents working with expired licenses
- B.
  
  Improper handling of trust funds
- C.
  
  My offer was never presented to the seller
Correct Answer
C. My offer was never presented to the seller

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

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Current Version
Mar 17, 2023

Quiz Edited by
ProProfs Editorial Team
Mar 13, 2014

Quiz Created by
Linqco

Real Estate Broker Records Keeping Quiz

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

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

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

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

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

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

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