Help me with industry sign banking new jersey word easy
[Music] [Music] alright guys we're back is everyone back all right let's see make sure your cameras are on all right Chad tells me Heather's gonna be back momentarily it's okay I mean oh she's there okay I don't know I mean one is that the beach the other ones in the kitchen what's going on there alright so there's a lot of things here guys let me see people are still going back so there's a lot of things here guys that are going to be repeated from the first chapter there's other things I'm gonna go really fast because tomorrow we're gonna go in detail and tomorrow is a long chapter so be ready for that it's a very long chapter I'm gonna break it down into two parts but it's a very very long chapter alright so and it's a very important chapter that's why for me it's it's long because I take my time explaining it so just be ready again today we're gonna this chapter is going to fly by really fast alright let's see what we got David I need you on Anthony need you on Joseph did you wanna burn esse well alright Gil is here cool alright guys so here we go alright pearl I understand so here we go Commission rules and regulations this you guys already know right here this you already know that a salesperson may not accept any form of compensation except from his or her supervising broker everybody knows this by now right great you cannot maintain an escrow account or hold funds that belong to others we're gonna talk about that in a little bit and you can now work for more than one New Jersey broker at a time so here's my question how many brokers can you work for let me know in the chat how many brokers can you work for I need to get out of the way let me sit here alright and the answer is 1 1 1 1 1 you're wrong wrong wrong wrong wrong you're all wrong alright lose great answer always best answer always Carlos says to Connie says one at a time you merely says 3 all right guys ready ready for the answer if you guys paid attention to my question I'm sorry we just got back from from recess right if you guys paid attention to my question my question was how many brokers can you work for look at the answer that mean that just gave you meaning it says as many as you want as long as they're in different areas no different states now different areas different states it was a good answer just changed area to state you see I told you how our brain works I just read to you guys that you can only work for one New Jersey broker at a time that's if we're addressing Jersey but when I asked you the question I asked you how many brokers could you work for us I generalized again you guys understand these are a few things you need to pay attention to before before answering is what are they really asking don't jump at the answers figure out what they're really asking and I mean that just wrote needs a hurry before it before you answer uh-huh oh I like that one Chad goes like how many doors are on the four-door sedan well there's actually five there's four doors and then there's a luggage it's adorable but if you want to can consider the hood too so there's there's a six doors again just pay attention to the questions very very important next we're going to talk about place of business there's a few things I want to I'm going to point out here and then we're gonna skip right through to branch office because it's very similar but if it's the main office look right here it says every broker every broker who is a resident of New Jersey must maintain a place of business in the state so let's break this down real quick it says every broker I told you already every time you see broker by itself what are we talking about we're talking about the broker of record right see if it's a broker salesperson do you think they need to have an office no they need to be appointed to an office with a broker of record but what it says here is that every broker that is a resident of New Jersey must have an office so obviously we're talking about the broker of record okay now they do allow that office to be in your own home so the only thing that they require in exchange for that saving right for having your own home the only thing that they require is they have a separate area with its own entrance visible from the streets separate area with its own entrance visible from the street okay so let's say you have a two family you can use the the first floor to be the office and then the second floor to be where you reside just got to make sure that it's separate from your living space okay hether a lot of cables there what's going on is that a gaming computer or data mining computer or Bitcoin computer what is it I just see cables and colors Sarah says even though it's a commercial business listen Sarah you could beat you have your own office in your own home and do whatever you want you could be commercial it could be residential could be industrial understand that the business is done outside of the office right so it doesn't matter what it is okay Heather says gaming used for instructional and graphic design all right I might need some of your helped in all right next it says the brokers name and the words licensed real estate broker this is very important right here this is guaranteed exam question guaranteed or your money back all right the good thing is that you won't remember that I give you a guarantee or your money back and second thing you might not even remember this question when you get there so either way I'm safe now here's the thing it says the brokers name must be conspicuously displayed on the exterior as well as the words licensed real estate broker so you guys remember who's responsible for the whole organization for the whole office you guys remember that it's the broker of record right so let's say Linda Linda Valero right let's say you're bringing a buyer so you're bringing let's see you're bringing Flavio to the office he's your buyer before you get into the office before you guys arrived to the to the actual office space outside you must be very clear of who your broker of record is so if Flavio needs to sue because you made a mistake he knows that he needs to sue you and your broker does that make sense so the brokers name must be displayed on the exterior everybody must know who's the one responsible for your actions that's pretty much what we're saying okay next thing we got a next page is that the main office and the person's working in it this is the same thing for the branch office must be under the full time direct supervision of either the broker or a qualified broker salesperson that means that somebody must be physically present and must not be employed otherwise okay so whoever is the managing broker can I have a separate job do you guys understand right here not otherwise employee whoever is the managing broker must be the person responsible therefore available during normal business hours for the branch office is exactly the same thing must be under the direct supervision of the broker or a broker salesperson and you must have a duplicate license okay you guys good again some things I'm just gonna go real brief on it because tomorrow we go in details so a few things I'm gonna slow down like this one right now trust account or escrow account can anybody tell me what trust account or escrow account means let me know in the chat what is trust or escrow account trust or escrow account I froze it's not that cool here did I freeze for anybody Perla says I froze am i frozen I only see your eyes moving or perla so maybe you froze eyes moving okay so where the money is held in a trust account third-party accounts okay the broker creates an account for the the fund that the customer gives as a deposit someone else's money clients money cannot be commingled with operating account janessa you're a little bit of advanced here easy I'll get there Perla says I'm back I didn't go anywhere I know it was your connection all right very very important every time you see trust or escrow account I'm gonna talk about this in chapter 21 there's another type of escrow but if it says account it's where we put other people's money okay get other people's money I always say it's my favorite drug OPM okay other people's money isn't that what we do when we go to the bank we borrow other people's money to buy our own house okay you get into real estate somebody brings the money somebody brings the house you just matchmaking and you make money in the process great so other people's money is very very important here you're Dennis I'm gonna charge two times for this you got more people watching what is this all right see who else I got cool alright so that's it for the escrow account you know it's for other people's money now a broker must dispatch establish a special separate trust account for other people's money right and the name of that financial institution and the account must be reported to the Commission both at license application and time of renewal there's no need to keep a separate account for each transaction right well we need to have as proper bookkeeping so we show who what belongs to which transaction right very important the account must be clearly labeled so you cannot be claimed by creditors in the event of bankruptcy or by heirs or the brokers death why because it's other people's money it's not the business money is not the brokers money it's other people's money so if there's a bankruptcy of the business or if the broker dies nobody can touch that money that's what we're saying that's why must be clearly labeled as escrow account now brokers are required to deposit the funds coming in - coming in - they're keeping promptly which the real estate commission defines as within five business days of acceptance okay so guys let me see we got 42 people 41 people on the line right so see if everybody participates ready I gave you the money on the Thursday you brought it to your broker on Monday when must you deposit the money by I gave you the money on Thursday you gave it to your broker on Monday when must you deposit the money by you are all wrong by the way all wrong I gave you the money as a buyer I give you the money on the Thursday you're a gift you gave it to your broker on Monday when must you deposit it bye now the answers are coming correctly you don't the broker does it you guys remember I told you that the real estate exam is gonna trick you see you don't deposit the broker does okay so the answer will be never okay very very important so here's the thing it's not well what must you do with the money then let's say I gave you the money when should you give it to your broker now it says right here that's the other thing the other answer says right here that salesperson should give immediately so you cannot hold on to the money you give it immediately to your broker because if the question now said hey you collected on the Thursday you gave it to the broker on Monday when must a broker deposit now some of you will be correct because it will be the five business days from the day you collected the five business days start from the day of acceptance and who accepted the money on behalf of the brokerage you did all right guys that's how they trick you pay close attention okay next so where is she then you see here on my screen there you go yeah Nessa you talked about cominging right great so here we go let's address coming Lee it's a famous Chinese word don't get offended by the Chinese word here but brokers are specifically prohibited from cominging which is mixing their own funds with the money in their trust account okay so you got to remember this word Chinese word commingling okay a Anthony I need your camera on let's see Rudy I need your camera on please whoever has a camera off come back okay you guys got it Janice got it - perfect all right next thing we got we're gonna go cash deposits in withdrawals so I gave you Ana I gave you $10,000 cash you happy right you got $10,000 cash in your hands by the way Atlantic City is opening up again so what should you do with the money run down to AC right so let's say I gave you $10,000 cash one of the things you guys need to know first of all is that you got to give the customer or the client a written receipt saying yes I've received your money great now the broker keeps a copy of that receipt if it's $10,000 or more that's why I address I try to kill two birds with one stone if it's $10,000 or more you must report to i-r-s now who's been the report it's not gonna be you and that's gonna be your broker okay now the wall deals go through guys we close every single deal now in fact most deals will not go through for various reasons that's why we could have a lot of them in the pipeline so let's say Ana let's say I did not get to buy because the seller was not able to sell or because we're still not under a valid contract and I decided to cancel so what must you do with that money $10,000 what must you do with it if I gave you cash you should give me you should give me cash correct you're saying yes no never give me cash you gotta make a check payable you got to make a check payable to the specific person I know I gave you cash right I want cash back but no you got it make a check now you your broker specific to me it's my name never to cash you guys got it now why is that because I got a keep pop proper accounting of the escrow account other people's money because if at any time we get audited as an agency right we want to make sure we're not coming lean right we're not mixing people's funds so I need to prove that the money got out of the accounts how do I prove if I took out cash how do I prove you went to that person you guys are saying if it's a check then somebody's gonna cash a check or deposit a check either way there's not a trace that somebody signed that check okay as far as permanent records we addressed this earlier any permanent records you got to keep them for six years here it says trust account B guys going to learn later on that's whether it's the trust account or anything else you got to keep it for six years as long as it's permanent records we're gonna repeat this thing several times that's why I'm going a little faster regulation of documents it says here that every person who signs a listing sales contract or lease should immediately receive a duplicate original of the document what is a duplicate original key word original that means we're not signing one document and making a copy of that document to everybody it means that we have duplicate blank documents for every single party to sign so if there's ten people to the transaction there's ten different wet signatures on each contract does that make sense okay and everybody gets an actual copy of it next paragraph says Commission's pay attention guys commissions are negotiable between the client and the broker see no contracts can contain anything indicating a prescribed fee schedule in fact the Commission requires that the following statement be included in all listings or sales contracts even if there is no listing on the property for all one to four family residences and it says as a seller you have the right to individually reach an agreement on any fee commission or other valuable consideration with any broker now what is the standard hit me up in the chat right now what is the standard Commission in New Jersey you guys know in Jersey what's the standard Commission let me know ok 6% 5% Connie says none crystal says none shady says 4 5 you know 6% 3 for the listing 3 for the selling says Heather Mina says depend on the broker senator says there is none alright this was the easiest trick ever by the way let's go back to this that's why I say pay attention commissions are negotiable there's no standard my question was what was the standard there's no standard Commission there's what we hear on the streets to be acceptable as a five or six percent it's acceptable right everybody understands that around five or six percent is an acceptable number but the seller I just read to you guys right the seller you have the rights to individually reach an agreement on the fee Commission or other valid consideration No Fee Commission or the valid consideration has been affixed by any governmental authority or by any trade association or Multiple Listing Service you ne
d to remember guys commissions are negotiable between the broker and the seller they are negotiable the broker in the climb sorry okay therefore if you can get ten percent that's a great negotiation if you get one percent you will not be working for that broker anymore okay but everything is negotiable nice save Janice nice save so Janice on YouTube answered one thing and then she corrected before I saw it alright next it says right here licensees can prepare sales contracts only for one to four family homes and single building Lots okay guys we can prepare contracts for one to four family doesn't mean that's all we can work on okay we can do commercial we can do industrial if you guys read right below it says all we have to do if it's commercial industrial it's called the letter of intent so you can still participate we can still get pay the Commission but we don't prepare the contract ourselves attorneys do okay we're gonna repeat this a lot of times next page see all these contracts that we prepare the the one to four families or the residential contracts right we have to give an opportunity because we're the ones preparing we have to give an opportunity for the seller in the buyer to get their own attorneys therefore we have something called attorney review clause and attorney free Claus means that we have to give them at least we'll go over this better on Chapter eleven we got to give them at least three business days after delivery of signed contract to both parties after delivery of signed contract to both parties we have to give them three business days to review the contract with the attorneys and initiate any disputes we're not saying contract is over after three business days we're saying that they have to initiate a dispute if they don't then it's a binding contract after the third business day but until then we have to give them the opportunity to dispute you got it Nexus says all written offers must be forwarded to the cells within 24 hours and at the time of listing owners of properties must be furnished with a copy of the Attorney General Memorandum of law against discrimination which we'll talk about in chapter four two days from now and also in Chapter ten when we get to listings in New Jersey's not required to have an attorney that's what it says here I'm gonna skip this because we'll talk about it better in Chapter eleven but New Jersey you're not required to have an attorney to represent you in the residential real estate transaction and then we get to other dockings now it says here that the broker must keep copies of all unaccepted offers to purchase for six months from the date of the initial offer so guys how long do we have to keep the offers how long let me know in the chat how long do we have to the offers Wow now you're thinking before answering I see that how long do we have to keep the offers let's go to the chat see Avenue is the one that has the correct answer right now because he's like hey unaccepted offers yes guys pay attention before you answer anything else six months if it's unaccepted if they're accepted they became contracts so now it's six years so you need to pay attention in the State Exam if they're asking about unaccepted offers or if they're asking about accepted offers what they do sometimes what they do sometimes is ask a generic question like I did and then there's four answers because it's multiple choice right and in those four answers we'll say for instance five years if it's a contract now it's not five years at six right we got this okay but then the correct answer will probably say unaccepted all for six months boom sometimes they say unaccepted offers six years and then underneath accepted offers six years so you need to know the difference if it's unaccepted offers we need to keep them for six months if it's accepted offers they became contracts they're for a permanent records they're for six years you guys got it give me a thumbs up on this you got it great day one and I'm tricking you so much right you're like I'm quitting that's it all right this is just the beginning I'm just warming up I'm not as warm as Chad over there you know but warming up all right next where it says broker business relationship we're going to skip all this because we're going to talk about it tomorrow I just want you to pay attention real quick to this I'm still on page to the 13 on the right-hand side brokers there our obligation is to put the principal's interest first so it fits the listing broker that means you represent the seller we talked about this earlier we put the principal which is the sellers interest first then ours and everybody else's tomorrow we go in detail but right here right above waiver of broker cooperation form you need to know that the real estate commission requires you salespeople requires you to do whatever your broker tells you to do right but it requires the broker sorry you're gonna hear a lot of this sorry so but it requires the broker to cooperate with other brokers so let's say for instance that Moses let's say your K W right okay so Moses is from Keller Williams and he brings a buyer I'm not from Keller Williams so I'm gonna say hey I don't want to work with this guy and tell my buyer or my seller whatever whoever I'm representing hey let's not work with him because he's from a different agency real estate commission says no you have to work with whoever has a buyer unless the seller signs a waiver if the seller is the one that wants this to happen if the seller says hey Bruno listen keep it in-house don't tell anybody don't advertise keep it within your group of people and your buyers nobody else if the seller says that then I have to explain this to him or her this is what you're going to have to sign this or sell it that you understand that cooperation amounts of the brokers will actually bring a wider exposure of your property making itself faster probably sell faster and at a higher price if not then only in-house it might take longer to sell and it might be at a lower price so pretty much we're saying is the more we expose your property to other agencies the more probabilities of finding a buyer if they still choose to keep it in-house then they do have to sign this right here at the bottom they do have to sign and date it that they are aware of these things okay so for it to be strictly in-house it has to be signed by the by the seller okay next this will be tomorrow as well if you represent the buyer then again it's the buyers interest first than yours then everybody else's if you are a dual agent as it says if your dual that means you represent both the seller and the buyer okay but you have to have a written informed consent we'll talk about this tomorrow as well a written informed consent that the seller agrees for you to work with a buyer and the buyer agrees for you to work with a seller okay if your transaction broker then you represent the transaction only so you are not creating any relationship with either party again tomorrow in Chapter three as it says right here I hope you guys are good just like I said going a little fast because tomorrow it's in detail all right right here broker and sales person now before you start working for an agency one of the things you have to have is an independent contractor agreement otherwise you're not part of their agency yet okay so an independent contractor agreements is called a broker salesperson independent contractor agreement and in this agreement it will state number one how much you're gonna get paid is it gonna be a salary and/or commission or split for example or strictly Commission also it must state the brokers promise I know you cannot see it clearly but it's the brokers promise to give you your money whatever your cut is according to whatever is here your cut within ten days after the commission is received or soon thereafter as a check is cleared so when do you get paid within ten days of closing simple and finally they must include also what I call the prenup clause what is a prenup clause the prenup clause is very simple hey I love you you love me you're gonna be my agent I'm gonna be your broker and this is gonna be an amazing relationship forever until the day that it's not okay so since with Daphne don't look like that like that at me because I was not okay it was not a proposal I'm just saying when you go work for an agency she's like this guy loves me already like this all right what I'm trying to say is very simple when you go work for an agency like I said earlier everybody's the best right everybody's gonna say they're the best and you're gonna fall in love with one agency and you're gonna start working at that agency but then tomorrow you realize maybe they're not the best or maybe they're not fit for you or you not fit for them so all we're saying with the prenup clause is very simple if you ever leave it I love you now and I'll pay 70% I'll pay 80% I'll pay you a hundred percent every agency has different pay schedules right but if you leave me at one point instead of getting a hundred percent or 70 or whatever I'll give you 25% or some agencies will give you 10% or some agencies will give you no percent okay but it has to be there the clause that says if you ever leave right and everything is negotiable if you ever leave it's a prenup we're not gonna battle over this if you ever leave this is how it is and you're aware of it you guys got it that's why it won't be in the State Exam saying what's the prenup clause no the only reason why I'm saying prenup is for you guys to understand you get into this marriage with your broker and you're preparing already if you ever get divorced from your broker this is how we're gonna split whatever spending you guys got it any questions all right Perla it's five dollars more okay visitors to the to the classrooms five dollars more all right you guys got it or no next thing we've got is advertising we're really almost done advertising now obviously there are rules for advertisement right the real estate Commission wants to make sure that the public knows exactly what whom they're dealing that's why all your advertisements and this talks about media like publications broadcasts stationery business cards email web pages even social media okay every single advertisement you make is not about you okay when you see people for instance you guys I'm pretty sure you see everywhere Rob sales New Jersey right you've seen it everywhere okay it's not Rob it's his company so if you guys notice he never does Rob sells New Jersey and then puts a difference agency name or his own name only he has to keep his agency name but there are other people that will say for instance I don't alpha cells New Jersey or Omega cells New Jersey and they keep it as as their own you cannot do that alright so let's see here Who am I gonna pick on Brian see Brian you cannot say Brian salesmen and just keep it yourself you always always always have to include your brokerage name okay always because who do you represent who's doing the business it's the brokerage you're working on behalf of the brokerage you guys remember this from earlier so all your advertisement if you work for Remax its Remax advertisement with your face on it with your contact on it and there's okay if you work for Weikart it's white great advertisement with your face on it with your name your contact and there's very very important you must include in fact it must be in a larger type or more prominently that information must stand out more than your information very very very important for State Exam and in real life if you don't want to get sued keep to these standards okay next on the next page it says all ads must specify must specify the properties municipal location so you can cannot have an advertisement that says in the vicinity of okay I'm in the middle of Newark right now but I cannot say a property's located in the vicinity of Elizabeth or vicinity of Belleville or anything like that unless I specify that the property is located in Newark so now people will know okay it's a Newark closer to Elizabeth area so I know exactly where it is it's a newer closer to the Belleville area so I know exactly where it is does that make sense the advertisement could save vicinity of but it must include municipal location very very important if the ad talks about the MLS which will mention that in chapter 10 if the ad talks about the MLS then you must have completely spelled out so let's say G s MLS is garden state's Multiple Listing Service you don't have to spell out Multiple Listing Service but the garden state portion yes there's NJ MLS New Jersey MLS there's Hudson County MLS there's Central Jersey MLS all these cannot go by their acronym they have to go in full unless you only have 20 lines or fewer and know why there's in one column or if it's for business cards or whatever those could be shorter this one you guys already know it's part of almost every advertisement to buy a house or buy a car or anything that's financed it says that you cannot indiscriminately promise financing first of all and second you must contain the words right here contain the words to call my buyer right in really tiny letters or said very fast but he must contain those words why because not everybody qualifies in the same way so if I promise that the payment for this house is fourteen hundred a month then it has to be based on some type of quality or everybody regardless of qualification will pay 1,400 a month does that make sense after this close these things at the bottom any offer of a free item or service must be generally free and it cannot be contingent upon the purchase or listing of the property so if you have an open house as an example and you have free beverages and let's say you have doughnuts as well right you cannot say hey don't touch the doughnuts or don't touch the coffee unless you buy this house you cannot do that if it's for he gets free all right also you cannot have a some type of lottery contest game or drawing this one we're going to repeat a bunch of times we cannot offer free appraisals we can offer CMAs we cannot offer free appraisals we can offer CMAs okay we'll talk about in Chapter ten and then chapter 16 which is appraisals now my question to you guys is what is the difference did you like that question almost froze my screen what is the difference come on between the free and fee what is the difference between these two let me know in the chat what is the difference between free and fee let me know in the chat we're almost done all right so some of you already took my class before we have a few pirates that's what it is Carlos says one-cent Avenue who you're wrong Lida you're wrong even Janice over YouTube she's giving me the right answer alright guys very simple it is the are the only difference is the our look right here people are thinking like what is it trying to get it all right why is the difference the arm because in the State Exam we all know that fee you pay for free you don't pay for it simple I know you know that but while you're reading a question have you guys noticed how you jump at assumptions or conclusions based on my questions you just jump at it right imagine if you're reading and you skip the R or your brain puts an R in it it changes completely the meaning of the question that's why I'm going to show you as we go to slow down as you're reading to break down the questions very very important because if one letter can change everything imagine the whole words that you skipped okay and this happens a lot okay next any advertisement that mentions a specific commission rate or amount must also state that in New Jersey Commission's are 6% everybody knows that right so every advertisement must include that a statement that commissions are six percent now the next thing nobody you guys didn't pay attention I know you guys are dying it's first day you guys are dying but make sure you get it chat absolutely ten percent absolutely alright Commission rebates yep Janice negotiable Commission rebates I want you guys to right in front of this to the buyer we already addressed earlier but Commission rebates are only to a buyer correct we cannot give any type of money to the seller we shouldn't even give any type of mo
ey to anybody right but that's that's not licensed but this law just 2009 law that was came into effect in 2010 in early 2010 allows you to rebate part of your commission you guys remember when I said you have 1500 that your buyer needs but your commission is ten thousand you can rebate or credits part of your commission towards the closing okay so rebates are to the buyer we already went over this the very last thing we got is probation suspension revocation so this is things that can happen to you you could actually get your license on probation so it's like a slap in the hand if you do this again you lose it right they could suspend your license or they can even revoke your license completely also they can charge you between two fifty and fifty thousand dollar fines whatever they feel like that day before they do revoke your license they have to give you at least ten days advance notice of a hearing what does that mean it means that today is the sixth right so your license is gonna be suspended by the seventeenth you have until tomorrow to show up at the real estate commission and say hey listen I'm sorry will never happen again I promise give me a chance right so you have ten days before suspension up to 10 days before the suspension to show up and plea your case alright hopefully you'll never have to but you never know now if your license gets suspended salespeople if your license does get suspended the brokers license might always also be suspended if the broker had guilty knowledge what is guilty knowledge it means the broker knew what was going on and did not attempt to stop it alright so for instance Chad was charging 10% commission but never told the seller right then it was 10% negotiable he made a statement that is 10% or I'll walk away right so you gotta let him know that it's negotiable so if Chad said 10% and he always brings ten percent commissions and you never question how he got it alright and I'm gonna tell you another thing that some some Realtors do they tell the seller hey just sign here I'll fill it out later right and then here comes a 10 percent or the 15 percent or just because he's going wild he wants a hundred percent commission and like it's all mine right how do you think he can afford that that background he has so so this is what happens if I'm his broker and I see these deals coming in all the time shouldn't I question like how do you get 10% all the time should not question that I should my car Carlos jr. is saying nope nope don't question just go with the flow it's 10 percent commission just do it no guys if it's something is weird nobody gets 10% commission and now comes Chad always gets it first of all I want to know how you do it so I can do it as well if you're doing in the legal way I want to find out how because I'm always learning right but if I see that it's something that's being done wrong like he's filling out paperwork on behalf of the seller right then I know he's doing it wrong I have guilty knowledge if the seller ever sues or a seller ever sues Chad they're suing me as well if you can be proven that I knew about it then my license will also be suspended we'll also be affected the problem is guys you all we all work together in the same agency so when my license gets suspended I'm the broker when my license gets suspended all your licenses get suspended because if you guys remember from the first chapter you got to have a sponsoring broker if my license is inactive then who's sponsoring you do you guys understand so because of what chad is doing you all get affected but it's not because of what chad was doing is because what i was allowing him to do chad lost his license I lose my license and all of you become inactive or suspended because of my actions or lack of action ok now what you can do during that time that you're suspended right what you can do is you can find another broker and the real estate commission forgives you and doesn't charge you anything to transfer your license or to reassure your license otherwise it's a $25 fee to transfer from agency to agency you guys got it any questions nope all right cool Carlos says chad is gonna have to change his name and move out of the country hey I think he's ready if you see his background all right guys this you guys can study at home because we the covered some of these already or we gonna cover tomorrow or over the next few days which is the potential violations that will lead you to lose your license you guys got it all right with that being said all these violations could lead you to that with that being said I'm sorry for the delay guys it's now 922 but we've reached summary and this means we are done if you guys have any questions guys make sure you're part of the whatsapp group already if not go to your student portal login class replay maybe not this one but from the previous session is there so if you have any questions go there don't forget to activate your quizlets if you have trouble communicating the in the chat in the not it not here in the zoom chat but in the whatsapp or the Facebook group chats and I mean any questions you guys have if I don't answer right away keep on sending me messages Janice thank you so much those are kind words I try to be I try to give out the best thank you alright so for everybody I'll see you tomorrow at 5:30 please try to be on time so we start 5:40 sharp okay thank you guys you have a great night [Music]
