Real Estate Regulation Quiz: Records, Books, and Trust Accounting
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Questions and Answers

What is required of a broker or agency regarding the keeping of registers and records?

  • To destroy all records and registers after a certain period of time
  • To keep and maintain up to date the prescribed registers and records (correct)
  • To keep the registers and records only when requested by a client
  • To send all required information to the agency at their convenience

When a broker acts for an agency, who is responsible for the keeping of registers and records?

  • Both the agency and the broker independently
  • The client requesting the records
  • The agency (correct)
  • The broker

What must the broker do if acting for an agency in regard to keeping registers and records?

  • Keep all information confidential and not share with the agency
  • Send only partial information to the agency
  • Wait for the agency to request the necessary information
  • Send all the required information to the agency without delay (correct)

What should be done with the prescribed registers and records as per the Chapter?

<p>Preserve, use, and maintain them up to date (C)</p> Signup and view all the answers

What is the purpose of the Register of real estate brokerage contracts?

<p>To list the numbers attributed by the licence holder to each real estate brokerage contract (D)</p> Signup and view all the answers

What must be recorded in the Register of real estate brokerage contracts for each contract?

<p>The address of the immovable or enterprise, and the date the contract was entered into with the broker (C)</p> Signup and view all the answers

What is included in the Register of transactions for each transaction?

<p>The sum received in trust and the name of the broker who was awarded the transaction proposal (C)</p> Signup and view all the answers

In what order should the numbers be listed in the Register of real estate brokerage contracts?

<p>Ascending order based on a series of consecutive numbers used only by the licence holder (D)</p> Signup and view all the answers

What is not applicable for brokers working on their own in relation to Register of real estate brokerage contracts?

<p>Including names of brokers acting for the agency for the performance of the contract (D)</p> Signup and view all the answers

What details should be included in the Register of transactions for each transaction?

<p>The sum received in trust and the number of the broker’s or agency licence (D)</p> Signup and view all the answers

What should be recorded in ascending order in the Register of transactions?

<p>The numbers attributed to each transaction (A)</p> Signup and view all the answers

What is not included in the Register of real estate brokerage contracts?

<p>'All rights reserved' copyright statement (B)</p> Signup and view all the answers

Which type of register contains details such as 'the date when a contract was entered into with a broker'?

Signup and view all the answers

What is the responsibility of a broker when acting for an agency in relation to maintaining registers and records?

<p>The broker must send all the required information to the agency without delay (A)</p> Signup and view all the answers

What details should be included in the Register of transactions for each transaction?

<p>Date, description, and value of the transaction (C)</p> Signup and view all the answers

What is the requirement for maintaining the registers and records by a broker or agency as per the Chapter?

<p>Keeping and maintaining up-to-date the registers and records prescribed by the Chapter (B)</p> Signup and view all the answers

What should be done with the prescribed registers and records as per the Chapter?

<p>They should be kept for an indefinite period without any destruction or alteration (A)</p> Signup and view all the answers

What is the primary purpose of the Register of real estate brokerage contracts?

<p>To record the date when each contract was entered into with the broker (A)</p> Signup and view all the answers

What is a key requirement for maintaining the Register of transactions?

<p>Providing a series of consecutive numbers used only by the license holder for each transaction (D)</p> Signup and view all the answers

What should be included in the Accounting registers related to amounts held in trust by the broker or agency?

<p>Documentation of the money received in trust as an advance on remuneration or costs (A)</p> Signup and view all the answers

What is not applicable for brokers working on their own in relation to the Register of real estate brokerage contracts?

<p>Recording the name of the broker acting for the agency for each contract (D)</p> Signup and view all the answers

In relation to maintaining registers and records, who is responsible when a broker acts for an agency?

<p>Both the broker and the agency share equal responsibility (D)</p> Signup and view all the answers

What type of information should be included in the Register of disclosure notices required by section 18 of the Regulation?

<p>Documents related to disclosure notices required by section 18 of the Regulation (D)</p> Signup and view all the answers

What must be recorded in ascending order in the Register on the accounting of the broker or the agency (business)?

<p>The sum received in trust for each transaction (A)</p> Signup and view all the answers

What details should be included in the Register of transactions for each transaction?

<p>The sum received in trust, where applicable (C)</p> Signup and view all the answers

What is a requirement for maintaining the registers and records by a broker or agency as per Chapter 4?

<p>Providing a series of consecutive numbers used only by the license holder for each transaction (D)</p> Signup and view all the answers

What is included in the Register on disclosure notices required by section 18 of the Regulation?

<p>Documents related to disclosure notices required by section 18 of the Regulation (A)</p> Signup and view all the answers

In what order should numbers be listed in the Register of real estate brokerage contracts according to Art. 3?

<p>In ascending order based on dates of contract entry (C)</p> Signup and view all the answers

What is a key detail that must be recorded in regard to each contract in the Register of real estate brokerage contracts?

<p>Date on which each contract was entered into with the broker (A)</p> Signup and view all the answers

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