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

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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?

Preserve, use, and maintain them up to date Signup and view all the answers

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

To list the numbers attributed by the licence holder to each real estate brokerage contract Signup and view all the answers

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

The address of the immovable or enterprise, and the date the contract was entered into with the broker Signup and view all the answers

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

The sum received in trust and the name of the broker who was awarded the transaction proposal Signup and view all the answers

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

Ascending order based on a series of consecutive numbers used only by the licence holder 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?

Including names of brokers acting for the agency for the performance of the contract Signup and view all the answers

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

The sum received in trust and the number of the broker’s or agency licence Signup and view all the answers

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

The numbers attributed to each transaction Signup and view all the answers

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

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?

The broker must send all the required information to the agency without delay Signup and view all the answers

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

Date, description, and value of the transaction 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?

Keeping and maintaining up-to-date the registers and records prescribed by the Chapter Signup and view all the answers

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

They should be kept for an indefinite period without any destruction or alteration Signup and view all the answers

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

To record the date when each contract was entered into with the broker Signup and view all the answers

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

Providing a series of consecutive numbers used only by the license holder for each transaction 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?

Documentation of the money received in trust as an advance on remuneration or costs 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?

Recording the name of the broker acting for the agency for each contract Signup and view all the answers

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

Both the broker and the agency share equal responsibility 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?

Documents related to disclosure notices required by section 18 of the Regulation 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)?

The sum received in trust for each transaction Signup and view all the answers

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

The sum received in trust, where applicable 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?

Providing a series of consecutive numbers used only by the license holder for each transaction Signup and view all the answers

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

Documents related to disclosure notices required by section 18 of the Regulation 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?

In ascending order based on dates of contract entry 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?

Date on which each contract was entered into with the broker Signup and view all the answers

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?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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