1. neither susan nor gene is in violation of the law File a claim against the licensee to recover the judgement amount awarded by the court statement regarding the duties a licensee owes to the 4. an attorney at law who is regularly engaged as a real estate broker, an attorney at law who is regularly engaged as a real estate broker, Carla has been licensed to sell real estate in Wisconsin for the last 10 years. what must be included in this property advertisement? Gene, an independent broker, lists a property. When representing a seller, which of the following is a TRUE 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: . The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. 2. the owner, as long as he finds a ready, willing, and able buyer C. Automatically revoke the broker's license Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 2. protect the public interest 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. 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. 2. impose a monetary penalty of up to $1,000 The Board now has the right to: 2. an assessment from active licensees to restore the fund to the minimum balance 1. acceptable, if no one is defrauded 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 1. inform their employing broker 3. automatically revoke the brokers license 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? One lot is $10,000 and all others are in the $15,000 - $20,000 price range. He agrees to maintain the building if he can receive a reduced rental fee. 3. her employing broker 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 4. principal broker, A tenant lives in a four-unit apartment building. 2. listing salesperson To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . The licensee named in the claim must post a bond in order to continue practicing real estate This ad is in violation of the Virginia License Law because: 3. a court of law having jurisdiction over the brokers The deal states that Harry will sell all of the houses that Darrell built on Larry's land. Sayumi is therefore designated as a senior partner of the brokerage firm. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. A. 2. no property location specified 2. branch license 2. is not in violation of the VA license law, so long as she informs her broker A common misconception among consumers is that real estate agent and realtor are interchangeable terms. Ellen deposits the money into her personal checking account. 1. the executor of an estate the salesperson can only do this: 1. if the broker knew or should have known of the agents actions the real estate license of any person or firm may be revoked by which of the following entities? 1. 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 2. the broker, as a necessary expense to establish her innocence 2. not exceed 500 square feet in size 1. must be 18 years old what should the salesperson do? D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to: 2. 2. with written permission of the VA real estate board 20,000 According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. In this situation, which of the following statements is true? 1. What will happen to Craig's license if he doesn't complete the required courses before renewal? 1. attorney general of the commonwealth of VA 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. 6 licensees and 1 consumer 2. if the licensee admits guilt Under what circumstances may listing real estate broker in A. Kerra filed suit against the local Association of Realtors 2. send a copy of the charges to the salespersons broker at the brokers place of business Licensees may also write to: Financial Services Tribunal. 2. have all earned commissions placed in an escrow account 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 3. the license will be automatically suspended A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 4. all of the above, a license may be suspended without benefit of a hearing: 1. was aware of the improper dealings performed by his salespersons In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 1. fraud 3. hold a hearing to allow the licensee to defend herself In this situation, which of the following statements is correct? licensee? 2. apply for a temp license until he affiliates with a broker 1. must be carried at all times to establish that she is licensed This ad is in violation of the Real Estate Board Regulations because: 1. be retained by the principal broker indefinitely A. 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: The business will be operated as a sole proprietorship. 2. waiving education or experience requirements 3. chairman of the board Why is this ad in violation of Board regulations? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Refer to the information presented on the exercise related to Wilson Towing Service. Divide. B. 3. with written permission of each broker Method 1 Verifying a Real Estate License Download Article 1 Gather information. 3. there is no property address Larry has: Exceeded the scope of his authority and violated real estate law. 1. give back all listings acquired while affiliated with the broker 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 can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 2. a salesperson with 5 years experience may run the office 4. location of property, Bill hires Larry to sell his home. 3. if he gives his current broker 30 days notice 1. to make licensed real estate agents more professional 3. may take new listings and find buyers for any listings on the books 2. on for sale signs places on specific property 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. 1. his or her broker 1. immediately present the offer 5 years, licensees must respond to board inquiries within: 1. the salesperson is entitle to receiver her commission 3. 2. automatic revocation of the real estate license 12 months Ben is a licensee and Jerry is interested in locating property in Ben's area. 100,000 1. a broker or a salesperson that has been drafted in a real estate transaction Which entity would NOT involve itself in resolving the matter? the board takes disciplinary action against a licensed salesperson. 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 2. that she has an unrealistic opinion on the value of the property 3. associate brokers 2. she can obtain a temp license from the VREB to sell her house 150 2. the license will be automatically revoked 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. sell or rent property through a foreclosure process A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 60 hours 1. take and pass the VA portion of the licensing exam 3. has a written listing agreement 1. be at least 18 years old 18VAC135-20-260. 3. standardization of the clauses contained in a listing agreement 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. Since the ad must be small, Robert makes no disclosures in the banner itself. B. A. inability to obtain automobile liability insurance 2. a rental location agent that is also licensed as a broker 3. both the tenant and owner are subject to board regulations A. a licensee's obligation of confidentiality ends at the 3. the board will issue her active license to her principal broker 3. maintain an escrow account in VA C. If there is a violation of the Board's regulations 3. the licensee must forfeit all commissions earned 1. legal, as long as the fees paid are less than $100 1. mary is required to retake the license examination in order to reinstate her license 2. the board will issue her license if she can provide proof that she passed this person: 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? 4. none of the above, a real estate licensee is required in order to: When people make estimates, they are influenced by anchors to their estimates. His license is automatically reinstated 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? The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. which of the following is true? According to the real estate commissions regulations, an another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the Deal direct w/ agent and save. 2. the fee is less than $100 7 licensees (with at least 5 years experience) and 2 consumers, 7 licensees (with at least 5 years experience) and 2 consumers, who is exempt from VA real estate license requirements? 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? 2. hold a bachelors degree in real estate 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 1. it does not include the owners name 3. listing broker D. any felony conviction 3. only if the salesperson is an employee of the broker, not an independent contractor A. 2. the licensee notify the board within 10 days 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. 2. if he gives his current broker 30 days notice 3. yes, so long as larry is a broker 3. impose a fine on any licensee The actual misuse of trust funds by converting them to the broker's own use. 1. failing to disclose to buyers that were termites in the property 3. charges more than the legal maximum commission rate 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? 1. it is mailed to the licensee for delivery to the employing broker 3. this is fine because the compensation is less than $1000 $20,000 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? 1. kerra filed suit against the local association of realtors 3. supervising broker 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 4. 2. 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: 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: 4. filed a claim with HUD, filed a claim against the salesperson in a court of competent jurisdiction, which of the following persons may file a claim and collect from the VA transaction recovery fund? Who is most likely to collect? 30 hours of post license education 400,000 You'll need the following information to search for a real estate license. The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. Visit their website for more details and the most current disciplinary action. 1. principal brokers 1. misrepresentation 3. fine not to exceed 50,000 1. investigate the dealings of any real estate broker or salesperson Deal direct w/agent and save. 1. a court of competent jurisdiction 2. the brokers name is missing 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: 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. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 3. a sheriff ordered by the court to sell a house at foreclosure 3. adjudicate disputes between licenses 20 in a two year period 3. 1. an owner who sells no more than three of her own houses in a year After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. Not flaggedFlag question 1. sells insurance from the real estate office where she is employed 1. to facilitate supervision, it must be located within a reasonable distance from the main office 2. local association of realtors B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 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. Which of the following disclosures is Ben most likely required to make? 1. renting 1/2 a duplex for a friend 2. Her long-time friend, Sayumi, is not licensed as a real estate agent. 3. conversion Prohibited acts. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. administrators, selling property under court order and for a fee 1. inform his employing broker This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. 2. the VA real estate board if the broker knew or should have known of agents actions. Patricia Plante, a licensed New Jersey real estate broker-salesperson, Somerset County - By Final Order of Determination dated July 31, 2014, the Commission administratively determined that Plante violated N.J.A.C. 2. reimburse aggrieved persons 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 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. What must she do? 3. C. The license will be automatically suspended 2. helping a friend sell his house for a fee 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board? 3. yes, because suzy must communicate directly with billy person has to apply to the Real Estate Recovery Fund after final Welcome to the North Carolina Real Estate Commission. 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. 3. net listing 3. it can refuse to accept open listings The agent orders the home inspection from a friend, who then pays him a referral fee. 3. hold a hearing in order to allow the licensee to defend himself 2. he can pay a fine to extend the renewal date $400,000 VA association of realtors regulations 3. after conducting a hearing No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 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. D. $100,000, A license may be suspended without benefit of a hearing: C. Kerra claim cannot include interest in her damages 2. 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. 2. designate one location as the main office Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 2003-2023 Chegg Inc. All rights reserved. 2. kerra has obtained a judgement in court 3. refusing to hold an open house, at the request of his broker Automatically fine the licensee for $1,000, then schedule a hearing 1. name of the listing salesperson 3. a tenant who refers a prospective tenant to the landlord 800,000 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? 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 1. the person who is active on the brokerage side of the business must have a brokers license 2. misrepresentation 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: 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 1. an auctioneer 3. principal brokers license (If there is a possibility that the Real Estate License Law has been violated, the Board will refer the complaint to the North Dakota Real Estate Commission.) 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. The principal broker has all of the following duties, except: 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 1. a resident of VA 1. commingling In order to receive payment, this claim must be in connection with: A. B. 2. the manager of a branch real estate office 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person Administrative Discipline: What are the Possible Sanctions? However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 1. file an annual report with the board which details the activities of each location The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 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. dream11 kabaddi team today; political journalist jobs near hamburg; B. 4 years In order to receive payment, this claim must be in connection with: 2. apply for reinstatement of her license and pay a fee 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. 2. administer the fair housing act 3. they direct the public through a neighborhood more desirable than the subject property 193E4.2(543B) Method of discipline. 1. suspend the respondents license 1. your brokerage firm will accept a lower commission rate May Cindy accept this rental listing? 3. advertising that a property listed by a firm is for sale by owner 4. all of the above, a real estate license is not required for a: 3. employed by another broker Such action is: 2. must be displayed in a conspicuous place in her home office 1. the branch office license 2. an investment in a limited real estate partnership 2. file a claim against the licensee to recover the judgement amount awarded by the court 3. be actively licensed for the last 48 months in their home state 3. legal, if the insurance broker holds a salespersons license 16 hours of continuing education 3. In terms of law, real is in relation to land property and is different from personal property while estate means the . If necessary, the 4. 1. she must retake the exam 1. bob may keep the bonus since he has a brokers license 1. service, license revocation and imprisonment of no more than one 2. 3. the clerk must be licensed as a broker A. 2. 1. 1. automatically suspend the brokers license Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 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? 6 brokers, 2 salespersons, and 1 attorney 2. the investor must hire a broker to manage the business 10,000 C. Provide retirement income for brokers Ben suggests that he may be able to help. 2. at least 21 years 2. illegal, because ellen can only accept money from her broker License Categories [G.S. 1. the friend must be licensed as a broker 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. determining commission splits between all MLS brokers a 12 month. 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. 12 Practice Questions. 1. kept for a period of 7 years Reimburse financial losses caused by licensee misconduct 3. it is prominently displayed in the branch office where the salesperson works 1. a member of the national association of realtors 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? 93A2] 1. reapply for her new license as a new applicant Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 1. member of the MLS 2. 3. an attorney 4. sentence the licensee to a prison term of no more than 12 months, file a claim against to the licensee to recover the amount paid from the fund, when the transaction recovery fund balance falls below a statutory minimum it results in: 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 3. the director of the dept of professional and occupational regulation (DPOR) 1. have one phone for every 5 agents 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 2. acceptable, as a result of the listing contract 2. general listing Which of the following statements is true? 600,000 2. boren must put through $45 in an interest bearing escrow account 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 2. ben must disclose his firm name, city, and state 3. the firm must be incorporated in VA 1. investigate the actions of any real estate broker or salesperson An assessment from active licensees to restore the fund to the minimum balance 1. engages in acts of brokerage wile on inactive status 2. giving a false address in order to obtain a license 2. 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 3. an attorney who is offering real property for sale under court order 2. their licenses will also be suspended Bill prefers to communicate with Larry via email. 1. the inspector is licensed in VA Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. Susan, also an independent broker, sells the property. 15 days 2. mail his or her license to the board 1. the clerk must be a licensed salesperson 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 2. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. The Provisions of the Real Estate Licensing and Registration Act apply to a. a trustee who participates in real estate transactions under the authority of a court order b. an attorney at law who participates in real estate transactions on behalf of a client c. a real estate licensee selling real estate she owns
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