Supervising Licensees' Real Estate Transaction Files

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the purpose of a real estate transaction file?

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1. In the event that a seller claims the real estate agent mishandled the sale of his or her house, what may the agent need?

2. How long are real estate records typically kept?

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About This Quiz & Worksheet

Make sure you understand the uses of real estate transaction files with these assessments. Questions in this resource ask you about audits, documents and purpose of these transaction files.

Quiz & Worksheet Goals

With this resource, you can measure your understanding of:

  • Records a real estate agent may need if the seller claims a house sale was mishandled
  • The length of time real estate records are typically kept
  • The purpose of the real estate transaction file
  • Who conducts audits of a real estate office
  • A document often found in the real estate transaction file

Skills Practiced

By using this quiz you can practice these skills:

  • Information recall - access the knowledge you've gained regarding the length of time real estate records are kept
  • Knowledge application - use your knowledge to answer questions about the contents of the real estate transaction file
  • Interpreting information - verify that you can read information regarding the record audits of a real estate office and interpret it correctly

Additional Learning

Supervising Licensees' Real Estate Transaction Files is the partner lesson that can help you learn more about these files. Review it now to study the following:

  • Why certain real estate documentation must be kept
  • The definition of E & O and related advice
  • Information on commission audits and what can be undertaken during the audit
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