2. A. 3. improper dealing B. 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. 1. 3. kept indefinitely Reimburse financial losses caused by licensee misconduct If necessary, the 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? Broker XYZ. 2. an auctioneer Calculate the net sales revenue for the month. 2. the renewal fee, plus $20 payment for the transaction recovery fund The DRE also handles the renewal of the licenses. 1. salesperson On November 9th, 2022, the Department of Real Estate issued an Order revoking real estate salesperson's license number SA692185000 issued to Nelida Oveida Rios. 2. a person who will only work as a referral agent 4. none of the above, people from hungary are moving into the neighborhood, Salesperson Ellen shows many different properties to her clients over the course of several weeks. 3. the licensee is required to disclose the name of his employing broker Can be a corporation, partnership, etc. 2. the broker must limit this incentive program to 30 days 1. member of the MLS 2. sell or rent property through a foreclosure process D. All of the above, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund, When the Transaction Recovery Fund balance falls below a statutory minimum, it results in: 1. take the license exam as a new applicant A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 1. the office must have an escrow account B. 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: Question text 2. Prohibited acts. Evaluate the indicated limits if they exist. 2. submit a credit report B. dream11 kabaddi team today; political journalist jobs near hamburg; 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 400,000, In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? When she returns on July 5, Jane realizes that her real estate license expired on May 31. 3. the salesperson cannot be paid 4. The [Florida real estate] commission . A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Vera should: 2003-2023 Chegg Inc. All rights reserved. 2. the attorney conducting the closing 45 hours She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 4. seller and broker, Bob, an associate broker, sold a property. 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. 4. none of the above, a broker may place a sign on a property when he: 1. 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 4. all of the above, if a real estate company has more than one office in VA, that company must: 1. is in violation of the VA license law 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 2. that she has an unrealistic opinion on the value of the property 2. automatic revocation of the real estate license $800,000 1. 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals Why is this ad in violation of Board regulations? 2. the board will issue her license if she can provide proof that she passed 1. acceptable, if no one is defrauded 3 years 1. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? administrators, selling property under court order and for a fee 3. what must marty do before he can start selling real estate? 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: 1. must be carried at all times to establish that she is licensed 3. attend at least 3 seminars conducted by the board 3. people from hungary are moving into the neighborhood 2. the board may order criminal penalties 1. engages in acts of brokerage wile on inactive status 3. the business can only be organized as a corporation D. any felony conviction 1. trustee acting under a court order Which of the following statements is correct? 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: After that, Tony would handle the mortgages of any buyers through his bank. 3. revoke the salespersons license pending a hearing In order to receive payment, this claim must be in connection with: a real estate licensee may be disciplined for. Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 2. he can pay a fine to extend the renewal date 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 1. your brokerage firm will accept a lower commission rate 2. post office box 3. retake their prelicense education and pass a licensing exam 1. the VA association of realtors Jack's email: 2. the licensee may be exempt from the VA landlord tenant act 3.. employ at least one salesperson or associate broker that is also a resident of VA 1. salaried rental property personnel, accepting lease applications on behalf of another Neither Cindy nor her broker may accept this listing 2. mail his or her license to the board 2. it may be supervised by a salesperson with 3 years experience 1. associate broker 30 hours of post license education C. If there is a violation of the Board's regulations 3. be furnished to the board every 3 years 2. she can obtain a temp license from the VREB to sell her house No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 2. it can establish minimum and maximum commission rates 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 3. must have been active as a salesperson for 3 years 3. 180 For failure to pay an assessment to the TRF Which of the following statements is correct? conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 16 hours of continuing education 1. 6 brokers, 2 salespersons, and 1 attorney 3. an evaluation of the funds investments in order to generate additional earnings C. $50,000 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 3. his license will expire 3. automatically revoke the brokers license 3. the real estate board when his license is renewed 1. suspend the license until a formal hearing can be conducted A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. The licensee has 4 years to repay the Fund 1. sayumi cannot engage in acts of brokerage 3. to allow licensed real estate professionals to earn more money The Board appoints her son, Adam, to operate the business for 180 days. 1. bob may keep the bonus since he has a brokers license In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 2. cooperating brokers, concerning commission splits If possible, try to find a counterexample (a set of numbers for which the rule is not true). 1. the broker notify the board within 10 days 4. all of the above, which of the following is true about a branch office? 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim You'll need the following information to search for a real estate license. 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? When this happens, Vera plans to work with Broker Jane. The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 24 months $10,000 B. Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 1. determining commission splits between all MLS brokers The deal states that Harry will sell all of the houses that Darrell built on Larry's land. person has to apply to the Real Estate Recovery Fund after final 4. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. The ad reads, "beautiful rambler, excellent assumption. A. 2. sue evans in the local court 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. 1. the board may take disciplinary action 500,000 2. apply for a temp license until he affiliates with a broker 1. be a citizen of the US 4. none of the above, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. Allison is guilty of: The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 3. a person acting under a power of attorney without compensation 2. darrell the contractor 2. the VA association of realtors 4. 3. upon the request from the salesperson to transfer to another broker the real estate board could withhold issuance of a new license, forever, which of the following persons may file a claim and collect from the virginia transaction recovery fund? 4. place where the broker maintains transactions and escrow records in a safe deposit box, place where real estate business is regularly transacted, when a salesperson transfers from one broker to another, it is the duty of the former broker to: 1. by having his license returned to the board a new license issued to the new broker 4. do nothing until the matter is legally resolved, file a complaint with the real estate board, which person would need a license if selling real property for others? 21 days The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. Which of the following is the maximum penalty that A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 1. disclosures which of the following is true? 2. 4. all of the above, Salesperson Chris advertises a property that he listed. The business will be operated as a sole proprietorship. 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 3. the licensee must forfeit all commissions earned May Cindy accept this rental listing? 2. 3. take the continuing education course and apply to reinstate his license 1. failing to get a clients written consent to advertise his property 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. can conduct business under a fictitious name. 3. legal, if ellen performed as agreed 3. matters outside the scope of its authority 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: the board takes disciplinary action against a licensed salesperson. 4. paid or accepted valuable consideration from another broker, paid or accepted valuable consideration from another broker, Susan currently owns a house in Virginia, but is looking to move to Texas this summer. 2. ben must disclose his firm name, city, and state Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 20,000 2. post a bond Harry sells three houses, then runs off with all the funds. Welcome to the North Carolina Real Estate Commission. 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 4. must be in good standing in any jurisdiction where licensed, must complete 145 credit hours of courses approved by the board, For a corporation licensed to engage in real estate business, which individual is primarily responsible for those real estate activities? 1. the executor of an estate 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. has the owners permission 3. after conducting a hearing Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. The exact steps you'll need to take to become a licensed agent will differ a little depending on where you live, but in most places, you'll need to take a few real estate courses and pass a licensing exam. 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 4. the ad does not include the price, the ad fails to disclose that the owner is a licensee, if used to advertise property, which type of communication could trigger disclosure requirements by a licensee? 2. an administrator who is required to sell a house in order to liquidate an estate Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. He still needed to take one more continuing education course before his license expiration date. The license will be automatically revoked 2. helping a friend sell his house for a fee Real Property Law 441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or who does not have a Pennsylvania real estate license? 3. legal, if the insurance broker holds a salespersons license 1. in ratio and tv ads The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 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: 2. the developer cannot publish the ad as planned 2. protect the public interest 3. name of the brokers firm 4. Irma Craft, a real estate salesperson for Luckless Realty has an arrangement with RidX Pest Control Services to receive a $25.00 referral fee for any customer she refers to Rid X. Pennsylvania real estate license law? 2. be 21 years old But to earn the trademarked title of "Realtor," a real estate licensee must officially join the National Association of Realtors, the largest trade organization in the country representing almost 1.6 million members. In terms of law, real is in relation to land property and is different from personal property while estate means the . 3. 4. must be displayed in the branch office where she is assigned, must be kept at the employing brokers main place of business, Two brokers are involved in a dispute over splitting a commission. Prohibited acts. 1. inform their employing broker Bill prefers to communicate with Larry via email. 2. the friend must have a law degree a real estate licensee may be disciplined for. 1. fc barcelona juvenil b players. 2. 2. giving a false address in order to obtain a license 1. a broker and a salesperson, involving employment conditions 1. should contact the local realtors association and obtain a temp license to sell property 1. file an annual report with the board which details the activities of each location 3. meet the current educational requirements and pay the renewal fee 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 1. an auctioneer 3. 1. open listing 1. attorney general of the commonwealth 40 apply to, a. a trustee who participates in real estate transactions under 2. the salesperson and the new broker 2. an investment in a limited real estate partnership Refer to the information presented on the exercise related to Wilson Towing Service. 1. she may act as a broker in VA by virtue of her valid out of state license 2. boren must put through $45 in an interest bearing escrow account Which of the following statements is true regarding the advertisement? 10,000 3. a court of law having jurisdiction over the brokers 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person Undisclosed dual agency is illegal. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. an employee of a broker, who negotiates leases 4. a license must be obtained from the real estate board for partnership, both partners must have a brokers license, if any licensee changes his principal place of residence, he must notify: which is true? For failure to pay an assessment to the TRF within 10 days Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. Complete instructions on filing a Notice of Appeal are available on the Financial Services Tribunal's website at www.fst.gov.bc.ca or by calling (250)387-3464. 1. send a license to the employing broker by certified mail 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. According to Virginia regulations: C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. 4. no because the board does not regulate banner advertising, no, because it is permissible to provide a link to the required disclosures, which of the following is true about real estate advertising? 2. 1. a fictitious name 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 2. must complete 145 credit hours of courses approved by the board 2. the salesperson can only be paid if her license is renewed prior to january 31 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: 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 4. there is no agent at the location to anser questions, placed on private property without permission of the owner, A salesperson obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. A licensee accused in the claim must sell all personal possessions to satisfy the claim 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: Broker Fowler should tell Owner Chaney: 1. levy fines 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 45 hours of post license education 3. her employing broker The principal broker has all of the following duties, except: 3. inducement seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum 1. legal, if ellen maintains a record of the transaction Which of the following persons could become licensed without taking an examination? Skill, care, and diligence in the transaction; 8. 2. price that is shown in the listing agreement 3. the license will be automatically suspended 3. the broker notify the board within 30 days D. The respondent must submit to interrogatories by claimant, The claimant must have gone after any assets and property belonging to the debtor, When a claim is paid from the Transaction Recovery fund, which of the following statements is true? 1. at least 40 hours per week C) Terry, 43, who worked as a real estate licensee until he was 28. Ben is a licensee and Jerry is interested in locating property in Ben's area. The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 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? 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. suspend the respondents license $500,000 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 2. file a claim against the salesperson in a court of competent jurisdiction 1. a brokers license must be renewed on june 30 of every even numbered year Loyalty; 3. 2. endorse the check and give it to his employing broker 4. failing to advise a buyer of an offer, in the case of a buyers agent, failing to inform the seller of the ethnic character of a buyer, If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: