Lesson 11 – Ch 10 Vocabulary Quiz

A state statute that governs the licensing and business practices of real estate agents

A person who is licensed to represent others for compensation in real estate transactions

A broker who works for another broker.

A person who is licensed to work for and represent a broker in real estate transactions

Any real estate licensee who works for a broker, whether licensed as a broker, associate broker, or salesperson

Legal action taken by the director of the real estate licensing agency against a licensee for violations of the license law, which may lead to license suspension or revocation

In some states, an account funded by license fees that is used to compensate members of the public injured by the unlawful acts of a real estate licensee, when they can’t collect a judgment from the licensee

Funds held by a broker on behalf of clients or customers

Mixing trust funds together with a broker’s personal funds or general business funds

A bank account used to keep trust funds segregated from the broker’s personal funds and general business funds

When a real estate licensee takes trust funds and uses them for her own purposes

An advertisement placed by a licensee that fails to disclose the name of the licensee’s broker and/or fails to indicate that the ad was placed by a real estate agent

A prize, gift, or rebate used to encourage a member of the public to attend a sales presentation

The cooperative setting of prices by competing firms

An agreement between two or more real estate brokers to exclude other brokers from fair participation in real estate activities

An agreement to sell one product only on the condition that the buyer also purchases a different product

An agreement between broker not compete with each other in certain areas or markets

Match the following words to their correct definition

Match the following words to their correct definitions