2. kerra has obtained a judgement in court Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries. 1. if the broker knew or should have known of the agents actions 2. Which circumstance might also put the employing broker at risk of disciplinary action? 2. 2. gives a reduced commission rate to a family member Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into B. d. The problem may be directed to the North Dakota Real . 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. 1. a court having jurisdiction over the brokers Mary didn't realize until January that her license had expired. B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. C. Only to revoke the license, as provided by Virginia law He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). A. 2. a broker licensed in another state 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: 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. What is the first thing Lynch should do? 3. 2. the salesperson can only do this: 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. Divide. 2. encourage higher education in real estate unspecified. which of the following must be incorrect? 3. sell or rent investment property for profit 1. the branch office license 4. the salesperson, which is not a requirement to become a broker in VA? Broker XYZ. An assessment from all licensees to restore the fund to the minimum balance 1. should contact the local realtors association and obtain a temp license to sell property 3. an attorney 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: commission split between the licensee and the broker, What is the maximum time an aggrieved 2. yes, as long as the owner is aware of it 1. a referral agent 2. an investment in a limited real estate partnership Which of the following statements must be incorrect? a real estate licensee may be disciplined for 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 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? In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 4. all of the above, a license may be suspended without benefit of a hearing: 1. sells insurance from the real estate office where she is employed apply to, a. a trustee who participates in real estate transactions under 4. if the board is notified when his license is renewed, by having his license returned to the board and a new license issued to the new broker, which of the following non residents may obtain a VA real estate license? 1. the old broker and the new broker hold joint responsibility 3. file a complaint with the real estate board 1. must have a brokers license 3. the broker and the seller 2. suspend or revoke any license issued by the real estate board Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 3. their licenses must be returned to the board the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 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: 1. suspend the license until a formal hearing can be conducted 3. the respondent must file bankruptcy and sell all property 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 3. 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. 2. darrell the contractor 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 3. must have been active as a salesperson for 3 years 2. neither the broker nor the clerk is in violation of the law A. 2. general listing 1. inform his employing broker 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 3. a broker and the local association of realtors 1. his license is null and void Most states administer the tests in two parts, and require that the candidate pass both. 3. standardization of the clauses contained in a listing agreement 3. upon the request from the salesperson to transfer to another broker A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 1. this is permitted since it is only done occasionally 1. commingling 30 hours of post license education 1. bob may keep the bonus since he has a brokers license Placement of directional signs is illegal if: 3. write a thank you note to kirks 2. if the agents actions were outside the authority granted by the employing broker can conduct business under a fictitious name. 2. waiving education or experience requirements They give Ellen $500 as compensation for all of her hard work. 4. only be accessible to the public, which person would need a license to sell property on behalf on another? Ben and Jerry are communicating for the first time via instant messages. 2. to protect the public interest In January of 2019, the Texas Real Estate Commission (TREC) reprimanded a real estate agent and suspended his license for 30 days after it was determined that he failed to perform an adequate inspection of a property's foundation on behalf of a buyer. 3. seller and salesperson 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. gene should send his license to the board and request an associate brokers license 1. an auctioneer 1. an assessment from all licensees to restore the fund to a minimum balance 4. advertises a listing at lower than listed price, advertises a listing at lower than listed price, the purpose of VA license law and the rules and regulations is to: Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Neither Cindy nor her broker may accept this listing PDF License Law and Rules Comments - Ncrec 3. sayumi can be a senior partner, but she cannot be the principal broker 1. paying a finders fee to an unlicensed person 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 1 year 3. there is no property address DUAL AGENCY - A real estate licensee who represents both the seller and buyer in the same transaction is a disclosed dual agent with written informed consent of both the buyer and the seller (see below). 3. meet the current educational requirements and pay the renewal fee 1. firm license When this happens, Vera plans to work with Broker Jane. 1. fc barcelona juvenil b players. 1. it can only accept residential listings Undisclosed dual agency is illegal. 2. an assessment from active licensees to restore the fund to the minimum balance The licensee has 4 years to repay the Fund 4. 3. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining 2. the manager of a branch real estate office 3. charges more than the legal maximum commission rate 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. 2. an auctioneer 1. the salesperson is entitle to receiver her commission 2. the seller needs a larger house 4. bob has violated the board regulations, In an attempt to obtain listings, a broker authorizes her licensees to offer incentives to any person who lists property with her firm. Jack makes the required disclosures in the middle of his email, in bold lettering. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. In which of the following forms of advertising are these disclosures NOT required? 3. yes, so long as larry is a broker Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. C. Tony, the mortgage banker Reimburse financial losses caused by licensee misconduct Regulatory Affairs: 919-719-9180. 16 hours within the first two years 3. such actions could be viewed as creative selling, which does not violate license law or board regulations Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 2. upon revocation of the brokers license Pennsylvania real estate license law? Solved A real estate licensee may be disciplined by the - Chegg 1. Rules and Laws | TREC - Texas 4. 3. The DRE also handles the renewal of the licenses. A. 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund VA association of realtors 193E4.2(543B) Method of discipline. 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? 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? 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 8 hours within the first year A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. 2. no, because billy is a broker B. this person: 2. the friend must have a law degree 1. fraud 2. is ready to advertise the property Such action is: You'll get a detailed solution from a subject matter expert that helps you learn core concepts. what should the salesperson do? 1. the licensee is exempt from both the federal and VA fair housing laws Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 1. complete an 18 credit hour course in the principles of real estate Loyalty; 3. 2. the VA real estate board 2. 1. regulating brokerage fees 4. do nothing, a person applying for a license by reciprocity must: Seller anxious to move. 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: ben must disclose his firm name, city and state. Solved A real estate licensee may be disciplined by the - Chegg 1. mary is required to retake the license examination in order to reinstate her license 2. 1. the office must have an escrow account Susan decides to sell her own house. Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? RE57R07: Brokerage Relationships | Mass.gov 4. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 3. the business can only be organized as a corporation Test the following rules with several different sets of numbers. Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 3. an office cannot operate on a residential property 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: C. Provide retirement income for brokers 4 no one, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 1. his or her broker 1. the office must be licensed After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. His license is automatically reinstated Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 1. suspending the persons license 1. a resident of VA B. 2. for failure to pay an assessment to the TRF within 10 days 3. is not in violation of the VA license law, so long as she informs the buyer 1. under no circumstance 3. ben must disclose his email address Unit 26: Washington License Law Enforcement (11%) 2. 2. failing to identify the type of services offered in a general property description 4. D. $100,000, A license may be suspended without benefit of a hearing: 1. email C. nonpayment of federal income taxes A real estate licensee may be disciplined by the Pennsylvania 2. a consumer that has been defrauded in a real estate transaction 1. the friend must be licensed as a broker 4. location of property, Bill hires Larry to sell his home. 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? 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 1. 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? the board takes disciplinary action against a licensed salesperson. 1. a written complaint Licensing - Arkansas Real Estate Commission 1. disclosures 3. 4. apply to have her license placed on inactive status, apply for reinstatement of her license and pay a fee, the real estate license of any person or firm may be revoked by which of the following entities? 2. their licenses will also be suspended PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 1. a firm partner who does not participate in the brokerage business A. Engages in acts of brokerage while on inactive status In this situation, which of the following statements is true? 2. the VA association of realtors 4. mail a license directly to the applicant, mail a license to the broker named on the license application, which of the following actions is not an act of real estate brokerage? 1. attest to a prescribed level of competency D. any felony conviction 6 months 2. both partners must have a brokers license 2. a person who will only work as a referral agent a real estate licensee may be disciplined for. 3. she may handle up to 6 transactions (listing or sales) in VA 2 years Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 1. name of the listing salesperson In this situation, which of the following statements is correct? The business will be operated as a sole proprietorship. She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 1. take and pass the VA portion of the licensing exam If necessary, the Board may reassess licensees: $10,000 3. only to revoke the license, as provided by VA law 2. hold a bachelors degree in real estate 3. only with the approval of the principal broker 2. advise the board within 30 days 1. the board may take disciplinary action 1. 10,000 A. 4. all of the above, the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund, Harry is a broker. License Categories [G.S. 3. apply for renewal of her license 4. turned over to the buyer at closing, made available for inspection by the representatives of the real estate board, a violation of the VA license law may subject a broker to: 2. apply for a temp license until he affiliates with a broker 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: 210, mart fields just found out that he passed the VA real estate sales exam. The commission may, upon its own motion, and shall upon receipt of a written complaint filed by any person, investigate any real estate-related activity of a licensee licensed under sections 339.010 to 339.180 and sections 339.710 to 339.860 * or an individual or entity acting as or representing themselves as a real estate licensee. A. inability to obtain automobile liability insurance 93A2] 3. is not regulated by the board Who is most likely to collect? Obedience; 5. 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. 3. the board will issue her active license to her principal broker Jack's email: 2. the VA real estate board 3. the director of the dept of professional and occupational regulation (DPOR) 4. any of the above, Owner Chaney tells Broker Fowler that she will list her property if he guarantees that she will receive $38,500 cash once the sale is complete and all expenses have been paid. near schools, shops, and trains. Dealing honestly and fairly; 2. statement, when the referral fees paid to an unlicensed employee 12 Practice Questions. 2. does not comply with the regulations 2. acting for both buyer and seller with their mutual consent Which of the following statements is true? The Board now has the right to: Three times a year, the DRE offers an open forum meeting to members of the industry. The agent orders the home inspection from a friend, who then pays him a referral fee. If Sarah keeps the $500, she: 3. operate profitably for at least one year 2. an administrator who is required to sell a house in order to liquidate an estate 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? Real Estate Commission - Missouri Confidentiality; 4. What is the maximum that one licensee may be assessed during a two-year period? Disciplinary Action. the real estate board has authority to administer all of the following laws except: which of the following persons must be licensed when selling real property for others? 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 2. be furnished to the board upon request He agrees to maintain the building if he can receive a reduced rental fee. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. 1. was aware of the improper dealings performed by his salespersons 1. legal, if ellen maintains a record of the transaction 500,000 1. make brokers and salespersons more professional 2. be 21 years old 3. her employing broker 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 2. the fee is less than $100 Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. When representing a seller, which of the following is a TRUE 4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 20 in a two year period 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. What You Need to Know About Administrative Discipline: Real Estate Prep Administrative Discipline: What are the Possible Sanctions? Round answer to the nearest cent. Bill prefers to communicate with Larry via email. 3. conversion 1. be at least 18 years old 4. 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 2. the owner, as long as he finds a ready, willing, and able buyer Real Estate Commission Discipline and Enforcement - NM RLD 1. an attorney at law 10 hours, Two individuals want to form a real estate partnership in Virginia. Skill, care, and diligence in the transaction; 8. In this situation, which of the following statements is true? 2. an attorney at law 3. a person acting under a power of attorney without compensation 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. Accounting for all funds; 7. which is true? 3. violated the fair housing act 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. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 3. the firms licensed name must be clearly and legibly displayed 3. a college grad 2. that she has an unrealistic opinion on the value of the property 2. suspend or revoke any license issued by the board 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 1. must be 18 years old 3. the code of ethics for real estate professionals principal? According to Virginia regulations: 1. renting 1/2 a duplex for a friend A licensee accused in the claim must sell all personal possessions to satisfy the claim A personal loan A. Larry, the developer 8:30am - 5:00pm (Mon-Fri) 16 hours of continuing education 3. associate brokers 2. the VA real estate board Licensees may also write to: Financial Services Tribunal. 1. the licensee has 4 years to repay the fund 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board?
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