A licensed real estate salesperson places the following advertisement in a local newspaper: 'Beautiful 3BR/2BA home, great location, $250,000. Call Sarah at 404-555-1234.' No other identifying information is included. Which GREC advertising requirement does this advertisement violate?
Correct Answer
B) The advertisement fails to include the name of the brokerage firm with which the licensee is affiliated.
GREC advertising rules (520-1-.09) require that all real estate advertisements placed by or on behalf of a licensee clearly identify the brokerage firm name. An ad that displays only the agent's first name and phone number without the firm name violates this requirement, as consumers must be able to identify the licensed brokerage responsible for the advertisement.
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Broker Johnson receives a $5,000 earnest money check from buyer Smith for a property purchase. The closing is scheduled for 30 days later. According to GREC rules, what must Broker Johnson do with this earnest money?
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