Real Estate & Property Management Exam: Associated Licensee, Branch Office,
Broker, Broker-in-Charge (BIC), Client vs Customer, Real Estate Commission,
Department of LLR, Licensee, Office, Property Manager & PMIC Duties, Trust
Account Management, Escrow Procedures, Commingling, Licensing
Requirements, Education & Renewal, Civil Rights Act of 1866, Fair Housing Act &
Protected Classes, Blockbusting, Steering, Redlining, SC & DC Landlord-Tenant
Law, Rental Agreements, Tenants & Roomers, Single-Family vs Multi-Family
Residential, Essential Services, Abandonment, Unconscionability, Agency Duties
(COALD), Disclosure Obligations, BOMA Standards, Real Property & Fair Market
Value Exam Questions Verified and Provided with Complete A+ Graded
Rationales Latest Updated 2026
Associated Licensee
licensee who is affiliated with a broker in charge or a property manager in charge
branch office
A sub office of a company in which full-service real estate activities are conducted and at which
a broker-in-charge or property manager-in-charge is licensed to conduct real estate
transactions.
Broker
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers
together and assist in negotiation
broker-in-charge (BIC)
,Broker who is designed as having responsibility over all associated licensees and also has the
responsibility and control over and liability for any trust accounts
client
A person with who a licensee has established an agency relationship
Real Estate Commission
A state board that advises and sets policies regarding real estate licensees and transaction
procedures
customer
Person with who a licensee has NOT established a agency relationship with
Department of LLR
Department of labor licensing and regulations
Licensee
Individual currently under this chapter
office
The principal office location where a BIC or PMIC is licensed to conduct real estate business
, Property Manager
A person or company hired to maintain and manage property on behalf of the property owner
Property manager in charge
Responsibility over associated Property Managers and Real Estate Trust Accounts
Trust Account
escrow account maintained by a real estate broker for the deposit of other peoples money
How many members of the real estate commission and who elects them?
6 who actively practice real estate from congressional districts
2 appointed by the governor-non real estate
1 elected by the other 8- real estate member
What are the powers and duties of the real estate commission?
1. Determine standards for licensure
2. Enforce standards for licensure with disciplinary hearings and etc.
3. Establishing fee schedule
Broker, Broker-in-Charge (BIC), Client vs Customer, Real Estate Commission,
Department of LLR, Licensee, Office, Property Manager & PMIC Duties, Trust
Account Management, Escrow Procedures, Commingling, Licensing
Requirements, Education & Renewal, Civil Rights Act of 1866, Fair Housing Act &
Protected Classes, Blockbusting, Steering, Redlining, SC & DC Landlord-Tenant
Law, Rental Agreements, Tenants & Roomers, Single-Family vs Multi-Family
Residential, Essential Services, Abandonment, Unconscionability, Agency Duties
(COALD), Disclosure Obligations, BOMA Standards, Real Property & Fair Market
Value Exam Questions Verified and Provided with Complete A+ Graded
Rationales Latest Updated 2026
Associated Licensee
licensee who is affiliated with a broker in charge or a property manager in charge
branch office
A sub office of a company in which full-service real estate activities are conducted and at which
a broker-in-charge or property manager-in-charge is licensed to conduct real estate
transactions.
Broker
a wholesaler who does not take title to goods and whose function is to bring buyers and sellers
together and assist in negotiation
broker-in-charge (BIC)
,Broker who is designed as having responsibility over all associated licensees and also has the
responsibility and control over and liability for any trust accounts
client
A person with who a licensee has established an agency relationship
Real Estate Commission
A state board that advises and sets policies regarding real estate licensees and transaction
procedures
customer
Person with who a licensee has NOT established a agency relationship with
Department of LLR
Department of labor licensing and regulations
Licensee
Individual currently under this chapter
office
The principal office location where a BIC or PMIC is licensed to conduct real estate business
, Property Manager
A person or company hired to maintain and manage property on behalf of the property owner
Property manager in charge
Responsibility over associated Property Managers and Real Estate Trust Accounts
Trust Account
escrow account maintained by a real estate broker for the deposit of other peoples money
How many members of the real estate commission and who elects them?
6 who actively practice real estate from congressional districts
2 appointed by the governor-non real estate
1 elected by the other 8- real estate member
What are the powers and duties of the real estate commission?
1. Determine standards for licensure
2. Enforce standards for licensure with disciplinary hearings and etc.
3. Establishing fee schedule
