2. failing to identify the type of services offered in a general property description Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. Jack makes the required disclosures in the middle of his email, in bold lettering. 1. an investigation will be conducted unless the law specifically provides otherwise 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. 3. file a complaint with the real estate board A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 1. sells insurance from the real estate office where she is employed $20 every year 3. sayumi can be a senior partner, but she cannot be the principal broker 2. should have known about the improper dealings performed by his salespersons 1. must be 18 years old 1. if a written complaint contains prima facie evidence that a violation has occurred The Board now has the right to: 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. 2. mary should apply for reinstatement of her license This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. What You Need to Know About Administrative Discipline: Real Estate Prep 3. the board will issue her active license to her principal broker 1. inform his employing broker May Cindy accept this rental listing? $10,000 Seller anxious to move. 3. if the owner is a non resident of VA 1. C. Does not pay the Transaction Recovery Fund assessment 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals what should the salesperson do? 2. independent contractors, negotiating leases on behalf of another for a fee 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 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? 1. a personal loan 3. charges more than the legal maximum commission rate 4. the listing broker, brokers must retain records of real estate transactions for at least: administrators, selling property under court order and for a fee 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. 1. 1. investigate the actions of any real estate broker or salesperson 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. 2. does not comply with the regulations 3.1.1 A public member shall not be, nor have been within the last five (5) years prior to the effective date of appointment, a real estate licensee. 4. any of the above, a person seeking a real estate license in VA must be: Main: 919-875-3700. Illinois General Assembly - Illinois Compiled Statutes 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. 3. may take new listings and find buyers for any listings on the books The California Real Estate Law provides, in pertinent part (at section 10131 of the California Business and Professions Code), that a "real estate broker" license is required for "a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? Method 1 Verifying a Real Estate License Download Article 1 Gather information. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." payment received, license revocation and in order to perform community 1. the board may take disciplinary action 2. When representing a seller, which of the following is a TRUE 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 2. must be displayed in a conspicuous place in her home office Since the ad must be small, Robert makes no disclosures in the banner itself. The ad reads, "beautiful rambler, excellent assumption. 2. if he gives his current broker 30 days notice 3. inducement 1. get her license from tom and take it to jane 2. the investor must hire a broker to manage the business 1. disclosures 4. all of the above, a license may be suspended without benefit of a hearing: 1. automatic suspension of the real estate license In CA, a real estate license must be renewed every. 1. make brokers and salespersons more professional 3. selling a business for a relative 3. kept indefinitely 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: Encourage higher education in real estate Real Estate Disciplines - Illinois REALTORS 1. file a complaint with the local realtors association 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. 3. advise the board when their license is renewed 4. plans to hold an open house, an award from the transaction recovery fund will result in: An assessment from all licensees to restore the fund to the minimum balance 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. 1. the price is not mentioned 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 Licensing - Arkansas Real Estate Commission 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: Not flaggedFlag question 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: Has Robert violated the rules? 3. an employee of a broker, who negotiates leases D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. When people make estimates, they are influenced by anchors to their estimates. 3. hold degree in real estate 3. The licensee has 4 years to repay the Fund 2. the broker must limit this incentive program to 30 days 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 3. in newspaper ads consisting of more than 28 lines of copy 3. only to revoke the license, as provided by VA law NJ Real Estate Commission - Disciplinary Actions 1. for failure to pay an assessment to the TRF Credit card sales (2% credit card fee)$250,000. 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. 2. send the salespersons license to the real estate board If Brenda wants to keep the money and NOT violate VA License Law, she could: 2. illegal, because ellen can only accept money from her broker Welcome to the North Carolina Real Estate Commission. D. When a claim is paid, the respondent's license will be automatically suspended, 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? 4. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the: 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. His license is automatically reinstated 3. legal, if ellen performed as agreed the authority of a court order, b. an attorney at law who participates in real estate 2925 Real Estate Commission Education Committee - Delaware 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. The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . 20,000 Full disclosure; 6. 1. a broker or a salesperson that has been defrauded in a real estate transaction 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct (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.) 43-40-1(2)(B)). 3. put the check in her escrow 2. misrepresentation 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 3. be actively licensed for the last 48 months in their home state 3. 2. it is prominently displayed in the main office of the salespersons firm Bob accepted the check since he worked hard and felt the bonus was deserved. 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 1. C. He may apply for a new license within 30 days Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. A. 3. fine not to exceed 50,000 Who is most likely to collect? 2. revoking the persons license Which circumstance might also put the employing broker at risk of disciplinary action? License Categories [G.S. C. Automatically revoke the broker's license under what circumstances would the agents employing broker be subject to disciplinary action by the board? 2. placed on private property without permission of the owner A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 3. must have been active as a salesperson for 3 years These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. ORS 696.301 - Grounds for discipline 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. C. $50,000 A. 3. kerra claim cannot include interest in her damages 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 3. sell or rent investment property for profit another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the C. $750,000 1. be clearly separate from the living area When she returns on July 5, Jane realizes that her real estate license expired on May 31. person has to apply to the Real Estate Recovery Fund after final 2. a consumer that has been defrauded in a real estate transaction 1. the inspector is licensed in VA 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 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. The respondent must assign all commissions and personal property to the claimant or the Board 2. illegal 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). She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 1. send a license to the employing broker by certified mail 1. a resident of VA 4. larceny, the board may investigate a complaint based on: 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 3. 2. a broker licensed in another state 1. suspend the license until a formal hearing can be conducted B. 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 1. the licensee has 4 years to repay the fund The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA 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: 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? 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 3. administrative process act Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. maintain an escrow account at an insured depository in the state C. If there is a violation of the Board's regulations 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act, the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination 3. a claimant may collect up to 20,000 3. upon the request from the salesperson to transfer to another broker 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 4. both 2 & 3, Jane has been out of town on personal business. The email describes the real estate services Jack provides and encourages Mike to call for more details. 1. maintain an office in the state of VA 3. the business can only be organized as a corporation 1. take and pass the VA portion of the licensing exam 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. bob may keep the bonus since he has a brokers license 2. the salesperson and the new broker 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? 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. 3 years B. Sayumi is therefore designated as a senior partner of the brokerage firm. Board may reassess licensees: After investigation, the Board finds that the broker is innocent of any wrong doing. If possible, try to find a counterexample (a set of numbers for which the rule is not true). 2. encourage higher education in real estate 2. principal broker 3. supervising broker Divide. 1. the renewal fee B. 4. 15,000 If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 2010 Georgia Code - Justia Law 2. boren must put through $45 in an interest bearing escrow account She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. C. A real estate transaction 3. automatically revoke the brokers license 3. it is prominently displayed in the branch office where the salesperson works I am a. 3. the friend need not be licensed 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 3. violated the fair housing act 1. determining commission splits between all MLS brokers 2. is ready to advertise the property The Realtor Code of Ethics: What It Is and How to Apply It - HubSpot 1. attorney general of the commonwealth of VA $500,000 The [Florida real estate] commission . 2. mail his or her license to the board 1. nothing which of the following must be incorrect? PDF Complaint Discipline Procedures - North Dakota Real Estate Commission 2. 3. a salesperson that is also licensed as a rental location agent A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? licensee? 2. 1. 3. the respondent must file bankruptcy and sell all property The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 1. apply for active status within 3 years 2. sue evans in the local court 2. 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. 1 year 3. a tenant, seeking to recover a security deposit from his landlord If necessary, the Board may reassess licensees: 1. this is permitted since it is only done occasionally 4. Real estate - Wikipedia 2. at least 30 hours per week 1. a member of the national association of realtors 1. B. 1. file an annual report with the board which details the activities of each location $471.8360%. 1. 3. revoke the salespersons license pending a hearing 1. associate broker A. Kerra filed suit against the local Association of Realtors Administrative Discipline: What are the Possible Sanctions? 12 Practice Questions. 3. his license will expire Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 3. return all customers cards to the employing broker 2. no, because billy is a broker 1. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: C. Tony, the mortgage banker 1. Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 1. no, because he acted in suzys best inerests 3. the firms licensed name must be clearly and legibly displayed 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. D. Kerra must wait until there is sufficient money in the Fund before payment, Kerra filed suit against the local Association of Realtors, The Real Estate Board can re-assess licensees if the Transaction Recovery Fund's balance falls below: 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. 3. an attorney who is offering real property for sale under court order 1. salaried rental property personnel, accepting lease applications on behalf of another 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 3. is illegal since it would allow the broker to take advantage of an uninformed seller 4. only be accessible to the public, which person would need a license to sell property on behalf on another? Harry sells three houses, then runs off with all the funds. 1. kept for a period of 7 years 1. the principal broker The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house.
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