1. $800,000 Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 1. at least 40 hours per week 3. she does not need a real estate to sell her own house 1. gene should send his license to the board and request an associate brokers license In the situation described, which of the following statement is true? California Real Estate Principles (Chapter 18), Chapter 16: California Real Estate License Law, Real Estate Principles - Chapter 17 (Real Est, Chapter 15: Property Management and the Landl, Chapter 17: Real Estate Residential Construct, Alexander Holmes, Barbara Illowsky, Susan Dean, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Neuro II - Exam 2 Ch. 3. 2. bob may accept the bonus if more than 30 days have passed since closing . 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. 2. revoking the persons license Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. B. Violates the Virginia Real Property Act PDF Alert to Real Estate Licensees and Others Who Solicit, Offer, and 3. gene must obtain a brokers license Pennsylvania real estate license law? Can be a corporation, partnership, etc. Placement of directional signs is illegal if: The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 2. is ready to advertise the property 4. Call Chris at 555-0000 for details." 43-40-1(2)(B)). 1. take listings over the phone 1. either buyer or seller, based on their agreement relocation service of a Corporation, when payment is in the form of entertainment goods services and 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. in VA, anyone who sells real property must have a real estate license 2. the VA real estate board 2. misrepresentation 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: 8 hours within the first year 3. B. 4. seller and broker, Bob, an associate broker, sold a property. 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: What is this requirement? what must be included in this property advertisement? 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? Under what circumstances may listing real estate broker in 800,000 B. 3. identify his place of business with an appropriate sign 4. all of the above, offer to sell, purchase, or exchange real estate o behalf of another for a fee, the principal broker must keep all of the following at the main firm office, except: fc barcelona juvenil b players. 4. Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. 3. encouraging a homeowner to sell since minorities are moving into the neighborhood One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 3. an employee of a broker, who negotiates leases When she returns on July 5, Jane realizes that her real estate license expired on May 31. 1. for failure to pay an assessment to the TRF 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? 3. attend at least 3 seminars conducted by the board 2. the tenant must establish an escrow account 4. 3. the office must have a separate license 1. determining commission splits between all MLS brokers C. A claimant may collect up to $20,000 conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 3. if there is a violation of the boards regulations 3. return all customers cards to the employing broker 3. 2. is attractive to many sellers since they dont need to get involved in the negotiation 3. standardization of the clauses contained in a listing agreement D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 3. they direct the public through a neighborhood more desirable than the subject property 3. yes, because the ad appears on another commercial site 1. regulating brokerage fees D. 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, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 3. associate brokers principal? Bill prefers to communicate with Larry via email. 3. be furnished to the board every 3 years 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 2. acting for both buyer and seller with their mutual consent A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 3. 3. a principal broker 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. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 16 hours within the first two years 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). 30 hours of post license education Real estate - Wikipedia 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. 1. she must retake the exam 1. larry the developer 120 hours A. 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. encourage higher education in real estate Illinois General Assembly - Illinois Compiled Statutes 1. must be carried at all times to establish that she is licensed 2. the VA real estate board A. inability to obtain automobile liability insurance B. habitual intoxication or drug addiction C. nonpayment of federal income taxes D. any felony conviction Expert Answer Option D is View the full answer 2. the license will be automatically revoked 1. attorney general of the commonwealth Licensing - Arkansas Real Estate Commission Who is responsible for the expenses and fees of the court-appointed receiver? 1. be a citizen of the US VA real estate board In the context of this study, what is the meaning of the Type I error? 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? C. He may apply for a new license within 30 days 2. maintain an escrow account in VA 2. the brokers name is missing d. The problem may be directed to the North Dakota Real . 1. only receive referral fees for sending buyers to other salespersons in his office The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 2. broker working for another broker 3. refusing to hold an open house, at the request of his broker You'll need the following information to search for a real estate license. 3. has a written listing agreement 2. 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? But, Sally is innocent! A. Kerra filed suit against the local Association of Realtors PDF Complaint Discipline Procedures - North Dakota Real Estate Commission Ben suggests that he may be able to help. 2. the attorney conducting the closing 1. give back all listings acquired while affiliated with the broker 6 months 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. 2. an appraiser 1. no, because he acted in suzys best inerests 1. have one phone for every 5 agents 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? 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? C. Provide retirement income for brokers 5 years, licensees must respond to board inquiries within: 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. What is the first thing Lynch should do? 5 years, the supervising broker must post which records in a conspicuous place at the branch office? In this situation, which of the following statements is true? Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 3. court of competent jurisdiction 1. make brokers and salespersons more professional 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: A. 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 1. 1. must be 18 years old How to Check a California Real Estate Broker's License: 12 Steps - wikiHow 1. is in violation of the VA license law 3. a salesperson that is also licensed as a rental location agent In order to receive payment, this claim must be in connection with: 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. 1. it is mailed to the licensee for delivery to the employing broker 1. levy fines 2. an auctioneer 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals person has to apply to the Real Estate Recovery Fund after final Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 2. be furnished to the board upon request 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 licensee has 4 years to repay the Fund 3. the firm must be incorporated in VA 3. does not pay the transaction recovery fund assessment 1. the board may take disciplinary action B. habitual intoxication or drug addiction 3. the code of ethics for real estate professionals 1. send a license to the employing broker by certified mail B. Licensees - DRE - California Department of Real Estate another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 1. disclosures Grounds for discipline. PDF License Law and Rules Comments - Ncrec 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 1. nothing 2. illegal, because ellen can only accept money from her broker 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. A. If necessary, the 3. chat 3. the real estate board when his license is renewed 3. acceptable, if the compensation is less than $500 One group was asked to do this after thinking about a calorie-laden cheesecake. 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. 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 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. must keep all financial records for 5 years 3. to allow licensed real estate professionals to earn more money Welcome to the North Carolina Real Estate Commission. 3. the business can only be organized as a corporation 4. all of the above, a real estate license is not required for a: 500,000 4. all of the above, a license may be suspended without benefit of a hearing: 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. under what circumstances would the agents employing broker be subject to disciplinary action by the board? The DRE also handles the renewal of the licenses. C. nonpayment of federal income taxes can conduct business under a fictitious name. A. 2. helping a friend sell his house for a fee Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 3. meet the current educational requirements and pay the renewal fee 3. only if the salesperson is an employee of the broker, not an independent contractor Cindy may accept this listing if her license is current, neither cindy nor her broker may accept this listing, a real estate salesperson will receive her share of the brokerage fee from which person? 3. operate profitably for at least one year 2. it does not include the property address Which of the following statements is true? 3. file a complaint with the real estate board 1. 1. was aware of the improper dealings performed by his salespersons b) A real estate broker's reliance on information by a multiple listing service is acceptable as a reasonable defense for the broker's failure to obey a licensing law. 2. illegal 4. 1. a broker or a salesperson that has been drafted in a real estate transaction 3. 8:30am - 5:00pm (Mon-Fri) the board takes disciplinary action against a licensed salesperson. 3. only with the approval of the principal broker Method 1 Verifying a Real Estate License Download Article 1 Gather information. 3. the clerk must be licensed as a broker In CA, a real estate license must be renewed every. 2. impose a monetary penalty of up to $1,000 .3. the ad makes false or misleading statements 2. post office box 2. advise the licensee of the charges 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. 3. the licensee is required to disclose the name of his employing broker 3. kerra claim cannot include interest in her damages which of the following is true? 2. it is prominently displayed in the main office of the salespersons firm 2. the office can be managed by a salesperson with 3 years experience C. A real estate transaction 2. closes her out of state office Through reciprocity, what is true of a broker licensed in another state? 2. boren must put through $45 in an interest bearing escrow account 2. ben must disclose his firm name, city, and state 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? 3. is not regulated by the board 4. any of the above, a person seeking a real estate license in VA must be: 1. complete an 18 credit hour course in the principles of real estate 2. automatic revocation of the real estate license 3. failing to inform the seller of the ethnic character of a buyer RE57R07: Brokerage Relationships | Mass.gov C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 Broker Fowler should tell Owner Chaney: 1. maintain an office in VA 1. she may act as a broker in VA by virtue of her valid out of state license 2. at least 30 hours per week 1. a court of competent jurisdiction 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. the licensee notify the board within 10 days Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 2. no, because bill is larrys client 2. approving the license exams 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. 3. person selling industrial real estate full time 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? 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? D. $100,000, A license may be suspended without benefit of a hearing: 1. get her license from tom and take it to jane Has Billy violated the VA License Law? 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: Which of the following persons could become licensed without taking an examination? Reimburse financial losses caused by licensee misconduct 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. Since the ad must be small, Robert makes no disclosures in the banner itself. 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: Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 2. the salesperson can only be paid if her license is renewed prior to january 31 2. an investment in a limited real estate partnership 4. the salesperson, which is not a requirement to become a broker in VA? 3. 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? 3. A real estate licensee may be disciplined by the Pennsylvania Dealing honestly and fairly; 2. 2. listing salesperson 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 1. a member of the national association of realtors 2. a salesperson with 5 years experience may run the office Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 4. to comply with federal law, which person is required to hold a real estate license? 1. a licensed salesperson, to recover money that his brokers owes 3. administer the transaction recovery act 1. the ad fails to include the property address 1. bob may keep the bonus since he has a brokers license 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 2. 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. Which of the following statements is correct? Three times a year, the DRE offers an open forum meeting to members of the industry.
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