TEST YOUR KNOWLEDGE

In My Different Classes, There Are Many Questions That A Majority Of The Students Fail To Answer Correctly

I would like to present a few of them here for your enjoyment. The answers follow the questions.

1. Which is worse in a trust fund, commingling or conversion?
2. An IRS lien would be a junior or a senior lien?
3. You are a Notary and I come into your office to get my Trust Deed notarized.  I had signed it last night.  Do you ask me to sign it again?
4. There is a two year experience requirement to become a broker. Can a person who has two years of experience as an escrow officer qualify?
5. All written offers must be submitted promptly?
6. If the cap rate on a property goes from 6% to 7% does the price go up or down?
7. Which Real Estate specialty has the most problems on DRE Trust Fund?
8. Which existing education company was the first one authorized by DRE?

Answers

1. Conversion is stealing the money from the fund.
2. An IRS lien would probably be a junior lien. No one would lend behind an IRS lien.
3. A document to be acknowledged does not have to be signed in front of a notary.
4. Yes, it is called equivalent experience.
5. You do not have to present patently frivolous offers, offers received after an escrow has closed, or when a seller says no more.
6. When a cap rate goes up, the price goes down, etc.
7. Property Managers.
8. Duane Gomer, Inc. #0054.