C. The respondent must file bankruptcy and sell all property A personal loan 2. for failure to pay an assessment to the TRF within 10 days 3. the office must have a separate license 2. member of the MLS 3. a broker and the local association of realtors 2. to protect the public interest Mark is guilty of: 3. that she is acting as a referral agent only, and is not active in selling and listing 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? I am a. 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. Mary didn't realize until January that her license had expired. 3. inducement In the situation described, which of the following statement is true? 3. principal brokers license 2. do nothing, as the license automatically renews every 2 years statement, when the referral fees paid to an unlicensed employee 2. failing to identify the type of services offered in a general property description B. Encourage higher education in real estate 2. be 21 years old 1. move to VA within six months of licensure 2. the office can be managed by a salesperson with 3 years experience 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. automatic suspension of the real estate license 1. send the salespersons license to the new broker 1. the MLS service Allison is guilty of: 2. sell or rent property through a foreclosure process 3. associate brokers 2. director what must marty do before he can start selling real estate? Which of the following statements must be incorrect? 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: 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: 20 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. the real estate board within 30 days 2. file a claim against the salesperson in a court of competent jurisdiction 2. giving a false address in order to obtain a license Which of the following statements is true in this situation? 3. to allow licensed real estate professionals to earn more money 1. a referral agent 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: The business will be operated as a sole proprietorship. c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 1. the office must be licensed 1. complete the mandatory postlicense education requirement 750,000 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? No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 1. renting 1/2 a duplex for a friend 4. any of the above, a person seeking a real estate license in VA must be: Under what circumstances may listing real estate broker in Three times a year, the DRE offers an open forum meeting to members of the industry. Which of the following entities could become involved in settling the matter? 3. a principal broker In which of the following forms of advertising are these disclosures NOT required? 1. the claimant must have gone after any assets and property belonging to the debtor 3. keep records for a period of 10 years 4. none of the above, a broker would not be in violation of VA license law if he: 6 Common Violations for Real Estate Brokers in California 1. raising the price on a contract in order to influence a lender 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? 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. the renewal fee, plus $20 payment for the transaction recovery fund 1. principal brokers 3. standardization of the clauses contained in a listing agreement C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 A second group was asked to do this after thinking about an organic fruit salad. Jack's email: near schools, shops, and trains. 2. under what circumstances would the agents employing broker be subject to disciplinary action by the board? Has Billy violated the VA License Law? Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 2 years 3. 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 3. employed by another broker 4. 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? Calculate the net sales revenue for the month. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 1. his license is null and void 3. tony the mortgage banker 400,000 1. take the license exam as a new applicant 2. placed on private property without permission of the owner 4. 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 3. if the owner is a non resident of VA 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. The agent orders the home inspection from a friend, who then pays him a referral fee. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. Test the following rules with several different sets of numbers. 2. the respondent must assign all commissions and personal property to the claimant or the board C. Provide retirement income for brokers . C. Does not pay the Transaction Recovery Fund assessment When representing a seller, which of the following is a TRUE 3. yes, because the ad appears on another commercial site 4. no because the board does not regulate banner advertising, no, because it is permissible to provide a link to the required disclosures, which of the following is true about real estate advertising? 2925 Real Estate Commission Education Committee - Delaware 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 1. the business name must include the name of the investor 1. the principal broker 20,000 1. seller 2. their licenses will also be suspended Refer to the information presented on the exercise related to Wilson Towing Service. the license law. 1. creative marketing 1. is in violation of the VA license law 4. 3. the code of ethics for real estate professionals 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 3. filed a claim against the salespersons broker The principal broker has all of the following duties, except: Real Estate Disciplines - Illinois REALTORS North Carolina Real Estate Commission - NCREC Has Robert violated the rules? 2. the VA real estate board 3. 2. the developer cannot publish the ad as planned 1. If approved, the Virginia Real Estate Board must do which of the following actions? 3. file a complaint with the real estate board 1. president of the corporation 6 months Chapter 3 Flashcards | Quizlet which of the following is true? Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. Texas Occupations Code Section 1101.651 - Certain Practices Prohibited A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 1. the branch office license Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 2. the broker must limit this incentive program to 30 days 2. 3. apply for inactive status for the salesperson 3. chat 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: judgement, The Provisions of the Real Estate Licensing and Registration Act 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 1. determining commission splits between all MLS brokers 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? relocation service of a Corporation, when payment is in the form of entertainment goods services and In this situation, which of the following statements is correct? B. 1. 3. apply for renewal of her license 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. the clerk must be licensed as a broker 2. a person receiving a gift certificate to sell a property 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: California Department of Real Estate $471.8360%. 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: 2. 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 1. the board may take disciplinary action 3. selling a business for a relative 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? 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 120 hours File a claim against the licensee to recover the judgement amount awarded by the court 2. 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. Discipline Procedures | BCFSA 2. person selling a vacant lot for a fee 3. upon the request from the salesperson to transfer to another broker 2. Reimburse financial losses caused by licensee misconduct 1. an executor of a will Licensees - DRE - California Department of Real Estate 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. Which of the following statements is true regarding the advertisement? 1. the salesperson is entitle to receiver her commission a real estate licensee may be disciplined for - rccw.rocks 1. his or her broker 3. all licenses must be renewed biennially in odd numbered years 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 50 3. an employee of a broker, who negotiates leases licensee? 1. in ratio and tv ads 4. the salesperson, which is not a requirement to become a broker in VA? C. If there is a violation of the Board's regulations 4. sign an affidavit that they understand the laws in the state of VA, take and pass the VA portion of the licensing exam, the real estate board is responsible for: A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 1. reapply for her new license as a new applicant The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. C. $750,000 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. 1. that she is describing an open listing 2. a person acting as a trustee in bankruptcy 2. automatic revocation of the real estate license 3. a salesperson that is also licensed as a rental location agent Chapter 16: CA Real Estate License Law Flashcards | Quizlet 2. apply for reinstatement of her license and pay a fee real estate commission for which of the following reasons? D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: After investigation, the Board finds that the broker is innocent of any wrong doing. 1. suspend the respondents license 2. with written permission of the VA real estate board He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 4. be maintained in a federally insured bank, every resident broker licensed in VA must: The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. In order to receive payment, this claim must be in connection with: In order for Kathy to collect, she must have already: A. 2. the owner, as long as he finds a ready, willing, and able buyer When this information leads to a sale, Berry pays her $100 for the tip. 1. pay a license reinstatement fee administrators, selling property under court order and for a fee 2. 1. give back all listings acquired while affiliated with the broker 3. enable licensed real estate professionals to earn more money 3. this is fine because the compensation is less than $1000 1. it is mailed to the licensee for delivery to the employing broker 1. yes, because deposits are held to cover the cost of repairs State whether you think the rule is true. 3. she may handle up to 6 transactions (listing or sales) in VA 1. attorney general of the commonwealth the regulations specify that: 2. by written contract between the owner and the principal broker Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. a person that is not licensed in another state C. Automatically revoke the broker's license Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . The Board now has the right to: 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 1. firm license 2. submit a credit report The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following: 1. Real Estate Agent License Practice Test (2022 Current) - Tests.com Welcome to the North Carolina Real Estate Commission. 2. be a US citizen Mark is in Europe for two weeks and cannot be reached. 2. the list of licensees assigned to that office 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 16 hours within the first two years 3. 2. closes her out of state office A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is: (1) a license holder; or (2) a real estate broker licensed in another state who does not conduct in this state any of the negotiations for which the commission or other compensation is . 1. commingling the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 3. the firm must be incorporated in VA 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. 1. Regulatory Affairs: 919-719-9180. 2. the fee is less than $100 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 2. automatically fine the licensee for $1000, then schedule a hearing 1. an investigation will be conducted unless the law specifically provides otherwise 1. inform his employing broker C. $100,000 2. the licensee may be exempt from the VA landlord tenant act 1. suspend the license until a formal hearing can be conducted 2. a broker licensed in another state Ben suggests that he may be able to help. Harry sells three houses, then runs off with all the funds. 1. it must be supervised by the principal or supervising broker 2. the seller needs a larger house 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 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. 1. get her license from tom and take it to jane This arrangement between the two is: B. 3. a property manager who leases property for the owner in the course of his employement Has Larry violated the rules? Seller anxious to move. 1. 3. if there is a violation of the boards regulations 2. the friend must have a law degree Larry has: Exceeded the scope of his authority and violated real estate law. 1. take the continuing education course Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. 1. to facilitate supervision, it must be located within a reasonable distance from the main office 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: 4. none of the above, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. the authority of a court order, b. an attorney at law who participates in real estate 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. The claimant must have gone after any assets and property belonging to the debtor 1. levy fines Which of the following is the maximum penalty that Why is this ad in violation of Board regulations? What is the first thing Lynch should do? 1. legal, as long as the fees paid are less than $100 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. 3. fine not to exceed 50,000 d. The problem may be directed to the North Dakota Real . 1. a written complaint An unlicensed real estate assistant may do which of the following without a license? Ben and Jerry are communicating for the first time via instant messages. 2. legal, if disclosed im writing to all parties 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. Who is most likely to collect? if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 18VAC135-20-260. Prohibited acts. - Virginia How to Check a California Real Estate Broker's License: 12 Steps - wikiHow 3. ben must disclose his email address 1. gene should send his license to the board and request an associate brokers license B. A. 1. 3. the friend need not be licensed 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: 2. associate brokers and salespersons 4. 3. 3. the names and address of all salespersons must be sent to the real estate board Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. The Real Estate Board could withhold issuance of a new license, forever Which entity would NOT involve itself in resolving the matter? 800,000 120 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. 2. file a claim against the licensee to recover the judgement amount awarded by the court This ad is in violation of the Real Estate Board Regulations because: attempting to change employing brokers more than three times in 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. 2. an investment in a limited real estate partnership C. $50,000 Arizona Department of Real Estate 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 which of the following must be incorrect? Real Estate Commission - Missouri 3. provide retirement income for brokers 1. disclosures 2. instant messaging 4. either 1 or 3, When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. real estate commission for which of the following reasons? 2. the salesperson can only be paid if her license is renewed prior to january 31 payment received, license revocation and in order to perform community 3. put the check in her escrow Justia US Law US Codes and Statutes Georgia Code 2010 Georgia Code TITLE 43 - PROFESSIONS AND BUSINESSES CHAPTER 11 - DENTISTS, DENTAL HYGIENISTS, AND DENTAL ASSISTANTS ARTICLE 2 - LICENSES FOR THE PRACTICE OF DENTISTRY 43-11-47 - Refusal to grant, or revocation of, licenses; disciplining licensees; subpoenas; judicial review; investigations; immunity; failure to appear; voluntary surrender 2. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 2. have all earned commissions placed in an escrow account An investment in a limited real estate partnership A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate.
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