1. a broker or a salesperson that has been drafted in a real estate transaction 2. do nothing, as the license automatically renews every 2 years 2. impose a monetary penalty of up to $1,000 3. the broker and the seller 3. improper dealing 1. that she is not affiliated with a brokerage firm or sole proprietor 1. the salesperson is entitle to receiver her commission The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. the licensee has 4 years to repay the fund 2. 1. in ratio and tv ads statement, when the referral fees paid to an unlicensed employee Three times a year, the DRE offers an open forum meeting to members of the industry. $471.8360%. Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 3. broker who is also licensed as a rental location agent B. 1. automatic suspension of the real estate license 10,000 3. both the tenant and owner are subject to board regulations Which of the following statements is true in this situation? The mission of the California Department of Real Estate is to safeguard and promote the public interests in real estate matters through licensure, regulation, education and enforcement. 1. associate broker His license is automatically reinstated 2. administer the fair housing act $20,000 3. standardization of the clauses contained in a listing agreement 3. must keep all financial records for 5 years 4. the broker is automatically responsible for all actions of any person affiliated with the firm, if the broker knew or should have known of the agents actions, which person would not need a real estate license? 1. legal, as long as the fees paid are less than $100 1. 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: 2 years 2. at least 30 hours per week Through reciprocity, what is true of a broker licensed in another state? 1. Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. Which of the following persons could become licensed without taking an examination? If Sarah keeps the $500, she: $10,000 3. people from hungary are moving into the neighborhood D. $400,000, If a judgment has been awarded to a claimant, what must the claimant do before the Board will authorize payment from the Transaction Recovery Fund? 1. that she is describing an open listing 3. 3. failing to inform the seller of the ethnic character of a buyer B. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: VA association of realtors regulations 2. the attorney conducting the closing 4. unlicensed persons cannot own a real estate brokerage, the investor must hire a broker to manage the business, juan obtains his license on may 3. how much continuing education must juan complete? D. Under no circumstances, For failure to pay an assessment to the TRF, New licensee applicants are required to pay into the Transaction Recovery Fund. Florida Real Estate Brokers: If Disciplined, You Could Be Punished Twice? 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. 2. bait and switch 1. attorney general of the commonwealth For failure to pay an assessment to the TRF The deal states that Harry will sell all of the houses that Darrell built on Larry's land. On the day of the showing, he places several directional signs throughout the neighborhood. 1. legal, if ellen maintains a record of the transaction 3. the agents name appears before the brokers name 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 2. violation of anti trust laws When representing a seller, which of the following is a TRUE If Brenda wants to keep the money and NOT violate VA License Law, she could: 3. a tenant, seeking to recover a security deposit from his landlord 2. upon revocation of the brokers license Which of the following is the maximum penalty that seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum 3. 3. this is fine because the compensation is less than $1000 The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 2. the salesperson can only be paid if her license is renewed prior to january 31 2. suspend or revoke any license issued by the board 10,000 50,000 2. apply for a temp license until he affiliates with a broker the salesperson can only do this: in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA 3. name of the brokers firm Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 3. with written permission of each broker 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. inducement 3. court of competent jurisdiction 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 4. supreme court judicial procedures act, Sarah Smith sees an ad from Broker Mark for a custom built home with mountain views, hardwood floors, a theatre room, and a professional kitchen. 40-25(b)(17)). 2. boren must put through $45 in an interest bearing escrow account 2. the broker, as a necessary expense to establish her innocence 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 2. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. Unit 26: Washington License Law Enforcement (11%) 4.11(2) If the licensee chooses, the licensee may be represented by an attorney at the informal dis-cussion at the expense of the licensee. 1. take and pass the VA portion of the licensing exam 4. 2. mail a license to the broker named on the license application 30 hours within the first year Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 3. there is no property address C. $20 every two years 2. an attorney at law 1. a trustee who is required to sell a house at foreclosure This arrangement between the two is: 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 1. an auctioneer 1. a licensed salesperson, to recover money that his brokers owes 2. both partners must have a brokers license 1. commingling 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: RULE 20 CSR 2250-10.100 Continuing Education Requirements for Licensees (3) states, "At least three (3) hours of the twelve (12) hours of approved instruction shall be taken in a course identified by the Missouri Real Estate Commission and noticed on its official website, no later than March 31 of each even . 2. instant messaging 2. a broker licensed in another state 1. establish standardized listing and sales contract agreements 3. be actively licensed for the last 48 months in their home state Sayumi is therefore designated as a senior partner of the brokerage firm. 1. the colors on the sign are different than the firms logo colors License Categories [G.S. a real estate licensee may be disciplined for 2. 3. ben must disclose his email address A fine of $1,000 was imposed. A Real Estate Commissioner candidate must have a min of five years real estate experience within the last WHAT year to be appointed by the Governor. It is true for all positive real numbers aaa and bbb that a+b=a+b\sqrt{a+b}=\sqrt{a}+\sqrt{b}a+b=a+b? 1. be a citizen of the US 1. suspend the respondents license 100,000 3. an evaluation of the funds investments in order to generate additional earnings 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act, the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination 1. complies with the regulations The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 3. an appraiser Thus, the term REALTOR should not be used to generally refer to all real estate licensees. Call Chris at 555-0000 for details." A. 2. the board may order criminal penalties 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? 1. only receive referral fees for sending buyers to other salespersons in his office 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks Placement of directional signs is illegal if: 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 1. bob may keep the bonus since he has a brokers license Full disclosure; 6. C. A claimant may collect up to $20,000 4. 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. C. $100,000 another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 3. administer the transaction recovery act The Realtor Code of Ethics: What It Is and How to Apply It - HubSpot A. Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. Seller anxious to move. 4. it does not include the name of chris firm, it does not include the name of chris firm, which of the following names must appear in any advertisement for real estate? 3. permissible, with the written permission the owner 3. rent apartments for a small fee 1. a court of competent jurisdiction 3. take a new exam D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 2. legal, if disclosed im writing to all parties This action would violate the Real Estate Board regulations unless: 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. 1. it does not include the owners name But, Sally is innocent! . B. 3. a property manager who leases property for the owner in the course of his employement 2. waiving education or experience requirements 3. the firm must be incorporated in VA 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. Ann Agent. 1. file a complaint with the local realtors association 4. larceny, the board may investigate a complaint based on: After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 2. advise the licensee of the charges 3. the license will be automatically suspended 2. 2. hold a bachelors degree in real estate 2. be at least 18 years old 3. the fee is acknowledged, in writing, by the parties to contract 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: 4. administer the residential property disclosure act, establish standardized listing and sales contract agreements, If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: The claimant must have gone after any assets and property belonging to the debtor 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? 3. acceptable, if the compensation is less than $500 The licensee has 4 years to repay the Fund if the broker knew or should have known of agents actions. Accounting for all funds; 7. District of Columbia, a territory, a foreign nation, or a governmental agency authorized to impose discipline if at least one of the grounds for that discipline is the same as or the equivalent of one of the grounds for which a licensee may be disciplined under this Act. 3. any broker 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 4. enforce the code of ethics, licensees with an inactive license must: 3. may only employ licensees to sell each tract Licensees may also write to: Financial Services Tribunal. 1. move to VA within six months of licensure 1. make brokers and salespersons more professional 1. the office must be licensed 1. inform his employing broker . How to Check a California Real Estate Broker's License: 12 Steps - wikiHow which of the following must be incorrect? Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 3. the real estate license of any person or firm may be revoked by which of the following entities? Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 4. illegal, unless properly disclosed, illegal, because ellen can only accept money from her broker, the real estate board has power to take all of the following actions, except: The Real Estate Board could withhold issuance of a new license, forever 2. it can establish minimum and maximum commission rates 3. is not in violation of the VA license law, so long as she informs the buyer 3. the clerk must be licensed as a broker 1. the ad fails to include the property address 4. the friend need not be licensed, only if he or she does not get paid, the friend need not be licensed, only if he or she does not get paid, which person is most likely required to have an active real estate license? The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. In this situation, which of the following statements is true? 1. send a copy of the charges to the salesperson at his last known business address 2. submit a credit report 2. no, because bill is larrys client 2. failing to disclose adverse zoning that affected the property 4. all of the above, a salesperson whose license is on an active status may: 1. determining commission splits between all MLS brokers 4. either 1 or 3, When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? Real estate license - Wikipedia Welcome to the North Carolina Real Estate Commission. 3. that she is acting as a referral agent only, and is not active in selling and listing which is true? 1.00 points out of 1.00 1. principal brokers 2. post a bond 3. a tenant who refers a prospective tenant to the landlord 3. maintain an escrow account in VA 4. location of property, Bill hires Larry to sell his home. 1. with a written consent from the owner only a real estate licensee may be disciplined for. Neither Cindy nor her broker may accept this listing 2. reimburse aggrieved persons 4. principal broker, A tenant lives in a four-unit apartment building. 2. an assessment from active licensees to restore the fund to the minimum balance NJ Real Estate Commission - Disciplinary Actions In CA, real estate law is enforced by the: Real Estate Commissioner Trust funds are best defined as: Anything of value to be held for a client or customer. 696.301. 1. an assessment from all licensees to restore the fund to a minimum balance $20 in a two year period 1. no, because he acted in suzys best inerests 4. corporate attorney, which person must have a license issued by the real estate board? 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 3. Was this action permissible? Calculate the net sales revenue for the month. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: C. Only to revoke the license, as provided by Virginia law 4. 2. that she has an unrealistic opinion on the value of the property C. $50,000 2. 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 3. $471.8360%\$471.83 \div 60\% 4. it is kept in the custody of the employing broker, it is kept in the custody of the employing broker, when a broker or salesperson license is renewed, the licensee must: Allison is guilty of: A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. 2010 Georgia Code - Justia Law
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