Real Estate Broker Records Keeping Quiz

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| By Linqco
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Linqco
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Quizzes Created: 1 | Total Attempts: 185
| Attempts: 185
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  • 1/7 Questions

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

    • Yes
    • No
    • I think so
Please wait...
About This 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 all transactions are documented and stored as per industry standards.

Real Estate Broker Records Keeping Quiz - Quiz

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  • 2. 

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

    • Yes

    • 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.

    Rate this question:

  • 3. 

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

    • Yes

    • 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.

    Rate this question:

  • 4. 

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

    • Yes

    • 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.

    Rate this question:

  • 5. 

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

    • Yes

    • 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.

    Rate this question:

  • 6. 

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

    • Yes

    • 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.

    Rate this question:

  • 7. 

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

    • Agents working with expired licenses

    • Improper handling of trust funds

    • My offer was never presented to the seller

    Correct Answer
    A. 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

    Rate this question:

Quiz Review Timeline (Updated): Oct 28, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Oct 28, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 13, 2014
    Quiz Created by
    Linqco
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