3. attend at least 3 seminars conducted by the board 3. it must be supervised by an on premises principal or associate broker 1. no, because he acted in suzys best inerests 3. put the check in her escrow C. $100,000 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 2. should have known about the improper dealings performed by his salespersons 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 3. An unlicensed real estate assistant may do which of the following without a license? 2. the investor must hire a broker to manage the business 2. an attorney at law 4. Jack's email: A. 2. enforcing the license law In terms of law, real is in relation to land property and is different from personal property while estate means the . Fiduciary duties are owed to both buyer and seller. 2. only upon receipt of a written complaint setting forth the alleged violation You'll need the following information to search for a real estate license. 3. his license will expire Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. Broker XYZ. Evans told her that he would not return her license until the money had been repaid. 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 . 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. Ben suggests that he may be able to help. 4. all of the above, a salesperson whose license is on an active status may: Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. apply to, a. a trustee who participates in real estate transactions under 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? 2. it can establish minimum and maximum commission rates 2. 1. attest to a prescribed level of competency 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? what must be included in this property advertisement? 1. a broker or a salesperson that has been drafted in a real estate transaction 1. that she is describing an open listing 1. the business name must include the name of the investor Has Larry violated the rules? File a claim against the licensee to recover the judgement amount awarded by the court 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? 2. the friend must have a law degree 1. only receive referral fees for sending buyers to other salespersons in his office CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. An investment in a limited real estate partnership near schools, shops and trains. D. Schedule a hearing to determine guilt or innocence, Automatically revoke the broker's license, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? Thus, the term REALTOR should not be used to generally refer to all real estate licensees. In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? 2. can only conclude the transactions in the process to facilitate the termination of the business Sayumi is therefore designated as a senior partner of the brokerage firm. 1. 2. at least 21 years 5 years, licensees must respond to board inquiries within: 3. the board, using money from the transaction recovery fund 2. the renewal fee, plus $20 payment for the transaction recovery fund 2. an appraiser 3. ben must disclose his email address 1. must be carried at all times to establish that she is licensed 1. commingling He now owns a small bakery in Tuscaloosa. 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: Seller anxious to move. 2. sell or rent property through a foreclosure process 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. a salesperson who holds a business entity license 2. submit a credit report However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 2. 3. apply for inactive status for the salesperson A fine of $1,000 was imposed. VA association of realtors 1. establish standardized listing and sales contract agreements Why is this ad in violation of Board regulations? 2. have a desk for every 5 agents 2. the real estate board within 30 days 4. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: 1. 2. automatically fine the licensee for $1000, then schedule a hearing 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. 2. the VA real estate board 400,000 1. an investigation will be conducted unless the law specifically provides otherwise Most states administer the tests in two parts, and require that the candidate pass both. 2. bob may accept the bonus if more than 30 days have passed since closing 3. the real estate board when his license is renewed 4. 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. What can Sally do to force Evans to return the license to the Board? 1. gene should send his license to the board and request an associate brokers license payment received, license revocation and in order to perform community 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. Divide. Through reciprocity, what is true of a broker licensed in another state? 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. Calculate the net sales revenue for the month. Why is this ad in violation of Board regulations? 3. the license will be automatically suspended 3. 2. no, because billy is a broker If Sarah keeps the $500, she: 3. upon the request from the salesperson to transfer to another broker B. Darrell, the contractor In order for Kathy to collect, she must have already: In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 1. 2. placed on private property without permission of the owner 4. a 20% decrease in the maximum payment one may receive from the fund, an assessment from all licensees to restore the fund to the minimum balance, What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period? 2. be at least 18 years old 2. the manager of a branch real estate office B. 3. take and pass a test within 12 months of application 6 months B. 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 1. creative marketing Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 4. grounds for suspension or revocation of a license, grounds for suspension or revocation of a license, the board may take disciplinary action against a: 3. the code of ethics for real estate professionals 2. no property location specified Loyalty; 3. C. Does not pay the Transaction Recovery Fund assessment 1. either buyer or seller, based on their agreement 1. maintain an office in the state of VA 2. the partnership must have a separate license issued by the board 1. an attorney at law 2. bait and switch 4. accepting a referral fee from an out of state broker, through his employing broker, paying a finders fee to an unlicensed person, a broker placed one of her signs on property without permission from the owner. B. 2. maintain an escrow account at an insured depository in the state 3. inducement C. A claimant may collect up to $20,000 3. name of the brokers firm Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his sale closes, signs Mark's name to an addendum extending the closing. 1. responsible for all escrow accounts 2. that she has an unrealistic opinion on the value of the property 1. a personal loan if the broker knew or should have known of agents actions. 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. 1. was aware of the improper dealings performed by his salespersons Welcome to the North Carolina Real Estate Commission. The DRE also handles the renewal of the licenses. Automatically fine the licensee for $1,000, then schedule a hearing administrators, selling property under court order and for a fee A licensee has been found to have committed acts prohibited by Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 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. if the broker knew or should have known of the agents actions 3. must keep all financial records for 5 years 1. be retained by the principal broker indefinitely 2. post office box A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. A. 3. an appraiser 2. the VA real estate board Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 2. an auctioneer 3. less than 20 hours per week 1. D. No one, A real estate license could be suspended without investigation if the licensee: 1. kept for a period of 7 years 3. 1. an assessment from all licensees to restore the fund to a minimum balance Pennsylvania split a Commission or pay a referral fee to a person All real estate licensees are subject to discipline by the REEB as well as litigation. 1. the friend must be licensed as a broker the authority of a court order, b. an attorney at law who participates in real estate After that, Tony would handle the mortgages of any buyers through his bank. 3. acceptable, if the compensation is less than $500 Encourage higher education in real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. 3. A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is: (1) a license holder; or (2) a real estate broker licensed in another state who does not conduct in this state any of the negotiations for which the commission or other compensation is . 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. If you wish to consult the most up-to-date licensing information, y ou may utilize the boards check a license feature which will immediately reflect any changes in licensing status. VA association of realtors 2. hold a bachelors degree in real estate Gene, an independent broker, lists a property. B. 2. pay a $200 fee and reapply for the license 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: PO Box 9425 Stn Prov Govt. 3. a college grad Main: 919-875-3700. 1. the board may take disciplinary action I am a. 2. have all earned commissions placed in an escrow account 2. advise the licensee of the charges 2. a rental location agent that is also licensed as a broker 2. it must be in the name of the firm 2. the salesperson is entitled to a jury trial before any action can be taken If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 1. make brokers and salespersons more professional 2. the ad fails to disclose that the owner is a licensee 1. 1.00 points out of 1.00 1. the colors on the sign are different than the firms logo colors 1. send the salespersons license to the new broker 2. failing to identify the type of services offered in a general property description 1. a trustee who is required to sell a house at foreclosure Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. The licensee named in the claim must post a bond in order to continue practicing real estate . 50,000 3. she may handle up to 6 transactions (listing or sales) in VA transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 1. raising the price on a contract in order to influence a lender She goes to the address and finds that the listed property is actually a motor home. The business will be operated as a sole proprietorship. 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 2. the office can be managed by a salesperson with 3 years experience D. Kerra must wait until there is sufficient money in the Fund before payment, Kerra filed suit against the local Association of Realtors, The Real Estate Board can re-assess licensees if the Transaction Recovery Fund's balance falls below: 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? 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. If Brenda wants to keep the money and NOT violate VA License Law, she could: 4. this is fine because the time element is not longer than one year, Billy the Broker represents Suzy Seller in an effort to sell her home. 3. 3. a claimant may collect up to 20,000 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? A. Susan, also an independent broker, sells the property. 2. a person receiving a gift certificate to sell a property 1. a fictitious name 20 every two years 2. 1. the price is not mentioned Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 3. any broker A. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 30 hours within the first year 2. gives a reduced commission rate to a family member A. 2. a salaried property manager is employed to manage the apartment and lease individual units 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: B. They give Ellen $500 as compensation for all of her hard work. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 4. all of the above, a license may be suspended without benefit of a hearing: 3. operate profitably for at least one year 2. mary should apply for reinstatement of her license 3. yes, because suzy must communicate directly with billy 3. only with the approval of the principal broker 2. the VA association of realtors 1. yes, because deposits are held to cover the cost of repairs 4. all of the above, which of the following is true about a branch office? 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: 43-40-1(2)(B)). B. 4. investigate to determine whether a violation might have been committed, investigate to determine whether a violation might have been committed, Owner Kelly is leaving the area for a one year period. 3. be furnished to the board every 3 years For failure to pay an assessment to the TRF within 10 days judgement, The Provisions of the Real Estate Licensing and Registration Act 2. local association of realtors 4. The deal states that Harry will sell all of the houses that Darrell built on Larry's land. A. Larry, the developer 2. if the licensee admits guilt 1. place where real estate business is regularly transacted Which of the following statements is correct? 1. a broker that is active in more than one brokerage firm 100,000 3. kept indefinitely Can be a corporation, partnership, etc. 2. mail a license to the broker named on the license application 3. chat D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 1. by having his license returned to the board a new license issued to the new broker 15,000 2. encourage higher education in real estate 2. darrell the contractor 2. failing to disclose adverse zoning that affected the property 1. be at least 18 years old 1. yes, because the rules require specified disclosures in emails 1. a written complaint 1. she must retake the exam 1. 1. failing to get a clients written consent to advertise his property 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 2. designate one location as the main office The actual misuse of trust funds by converting them to the broker's own use. 1. a member of the national association of realtors In the situation described, which of the following statement is true? No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 2. a consumer that has been defrauded in a real estate transaction seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum
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