In the situation described, which of the following statement is true? 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. A common misconception among consumers is that real estate agent and realtor are interchangeable terms. B. 2. both partners must have a brokers license The DRE grants licenses to Real Estate Brokers and Salespersons. 1. the VA association of realtors attempting to change employing brokers more than three times in 3. standardization of the clauses contained in a listing agreement Ann Agent. 1. a fictitious name 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: 4. failing to advise a buyer of an offer, in the case of a buyers agent, failing to inform the seller of the ethnic character of a buyer, If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: 3. a salesperson that is also licensed as a rental location agent File a claim against to the licensee to recover the amount paid from the Fund 120 hours 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 1. an auctioneer 20,000 3. attend at least 3 seminars conducted by the board C. The license will be automatically suspended Disciplinary Action. 2. any property owner 2. placed on private property without permission of the owner Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: 2. for failure to pay an assessment to the TRF within 10 days 4. prepare and file papers for tenant eviction for non payment of rent, prepare and file papers for tenant eviction for non payment of rent, an associate broker is described as a: C. Kerra claim cannot include interest in her damages 1. 1. the friend must be licensed as a broker 20,000 3. file a complaint with the real estate board 1. A. 1. creative marketing D. $100,000, A license may be suspended without benefit of a hearing: 3. 2. a salaried property manager is employed to manage the apartment and lease individual units A. 4. all of the above, a license may be suspended without benefit of a hearing: 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. 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: 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: 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 2. darrell the contractor A personal loan Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. Larry has: Exceeded the scope of his authority and violated real estate law. 2. by written contract between the owner and the principal broker C. He may apply for a new license within 30 days 1. under no circumstance the salesperson can only do this: 3. take and pass a test within 12 months of application 1. file a complaint with the local realtors association unspecified. 3. retake their prelicense education and pass a licensing exam 3. impose a fine 2. this is a questionable business practice and may constitute mail fraud 1. president of the corporation The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 2. the list of licensees assigned to that office Which of the following actions by a licensee is a violation of 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 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 . B. 3. kerra claim cannot include interest in her damages Undisclosed dual agency is illegal. 1. if a written complaint contains prima facie evidence that a violation has occurred 1. an attorney who is licensed to practice law in VA 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. the inspector is licensed in VA 1. investigate the actions of any real estate broker or salesperson When representing a seller, which of the following is a TRUE 3. provide retirement income for brokers 2. does not comply with the regulations 1. take the continuing education course When she returned on January 6, she realized that her license had expired on December 31. 4. 2. a govt employee selling land owned by the govt 2. send the salespersons license to the real estate board 2. she may operate in the role of a salesperson in VA 4. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: 93A2] 3. her license will be temporarily suspended until the board can hold a hearing 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 1. disclosures 4. Not flaggedFlag question C. $750,000 What is this requirement? 2. that she had no sales or listings during the preceding 12 months B. 4.11(2) If the licensee chooses, the licensee may be represented by an attorney at the informal dis-cussion at the expense of the licensee. 2. director Bill prefers to communicate with Larry via email. 4. larceny, the board may investigate a complaint based on: 3. advise the board when their license is renewed 1. should contact the local realtors association and obtain a temp license to sell property 1. make brokers and salespersons more professional 3. there is no property address 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. has the owners permission 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 4. 1. 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 2. a salesperson who holds a business entity license 20 every year Has Larry violated the rules? 2. bait and switch 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? 3. apply for renewal of her license 3. after conducting a hearing C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 Her long-time friend, Sayumi, is not licensed as a real estate agent. Neither Cindy nor her broker may accept this listing 2. tell the buyer it will have to wait until monday 2. the friend must have a law degree Which of the following persons could become licensed without taking an examination? He still needed to take one more continuing education course before his license expiration date. 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: . 3. it must be supervised by an on premises principal or associate broker 1. acceptable, if no one is defrauded This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. 2. a fine only If Sarah keeps the $500, she: The Board appoints her son, Adam, to operate the business for 180 days. Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 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. a lender, to recover losses sustained due to a real estate agents misrepresentation near schools, shops and trains. Which of the following disclosures must Ben make? 3. with written permission of each broker 3. administer the transaction recovery act D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years, The Real Estate Board could withhold issuance of a new license, forever, If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 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? Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. Confidentiality; 4. 1. failing to get a clients written consent to advertise his property 3. the broker notify the board within 30 days 2. the board may order criminal penalties $800,000 Skill, care, and diligence in the transaction; 8. 2. the VA real estate board 3. 2. that she has an unrealistic opinion on the value of the property 2. the VA real estate board 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: 1. is in violation of the VA license law 1. sayumi cannot engage in acts of brokerage 2. the VA association of realtors 2. the seller needs a larger house Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. A. Reimburse financial losses caused by licensee misconduct The Board now has the right to: 3. selling a business for a relative If necessary, the 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 1. file an annual report with the board which details the activities of each location 1. be at least 18 years old 2. automatic revocation of the real estate license 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? B. Kerra has obtained a judgement in court 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 750,000 3. the licenses of all salespersons working in the office 1. it is mailed to the licensee for delivery to the employing broker 1. levy fines 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). Allison is guilty of: 3. a trustee, appointed by a court 1. at any time 1. their licenses are not affected which of the following is true? She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 4. all of the above, a real estate license is not required for a: 2. have a desk for every 5 agents 1. raising the price on a contract in order to influence a lender 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. 45 hours of post license education 4. principal broker, A tenant lives in a four-unit apartment building. B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. Main: 919-875-3700. 2. must be displayed in a conspicuous place in her home office 50 Refer to the information presented on the exercise related to Wilson Towing Service. transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 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? 2. person selling a vacant lot for a fee $10,000 3. the names and address of all salespersons must be sent to the real estate board 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: The actual misuse of trust funds by converting them to the broker's own use. 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. 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 1. renting 1/2 a duplex for a friend 2. giving a false address in order to obtain a license 2. reimburse aggrieved persons 3. advertising that a property listed by a firm is for sale by owner 1. neither susan nor gene is in violation of the law B. A public member shall have a high school diploma, or the equivalent, and shall have a minimum of five (5) years experience in a professional capacity, other than as a real estate licensee. 1. the old broker and the new broker hold joint responsibility statement regarding the duties a licensee owes to the Which of the following statements is true? After that, Tony would handle the mortgages of any buyers through his bank. 1. a person acting without compensation under power of attorney 1. send the salespersons license to the new broker 4. all of the above, a salesperson whose license is on an active status may: In this situation, which of the following statements is true? 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 3. matters outside the scope of its authority 2 years 2. encourage higher education in real estate 2. a person acting as a trustee in bankruptcy 1. a broker and a salesperson, involving employment conditions According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. In order to receive payment, this claim must be in connection with: The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 2. may allow unlicensed employees (on a regular salary) to sell the tracts Which of the following statements is true regarding the advertisement? The ad reads, "beautiful rambler, excellent assumption. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 1. failing to disclose to buyers that were termites in the property A. 4. 10,000 2. sue evans in the local court commission rates charged by members of the MLS are established by: In order for Kathy to collect, she must have already: 2. uniform commercial code This ad is in violation of the Real Estate Board Regulations because: 500,000 2. 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. 1. bob may keep the bonus since he has a brokers license 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 3. a property manager who leases property for the owner in the course of his employement 4. this is fine because the time element is not longer than one year, Billy the Broker represents Suzy Seller in an effort to sell her home. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. C. $20 every two years In terms of law, real is in relation to land property and is different from personal property while estate means the . 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: 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. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 1. kerra filed suit against the local association of realtors 1. either buyer or seller, based on their agreement 3. bob may keep the money because of the fiduciary relationship between himself and the seller 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 1. engages in acts of brokerage wile on inactive status 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. 2. at least 30 hours per week One group was asked to do this after thinking about a calorie-laden cheesecake. I am a. 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. 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. 1. take and pass the VA portion of the licensing exam Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 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? 3. revocation of his license and a fine what must marty do before he can start selling real estate? Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 4. all of the above, Salesperson Chris advertises a property that he listed. 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 2. be at least 18 years old 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 1. responsible for all escrow accounts Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 2. protect the public interest When people make estimates, they are influenced by anchors to their estimates. 2. give additional info to callers about available listings The Real Estate Board could withhold issuance of a new license, forever Dealing honestly and fairly; 2. The DRE also handles the renewal of the licenses. 3. upon the request from the salesperson to transfer to another broker 20 3. 2. post a bond 3. Under what circumstances may listing real estate broker in 3. they direct the public through a neighborhood more desirable than the subject property 2. revoking the persons license Which of the following statements is correct? 4 years A. Kerra filed suit against the local Association of Realtors 3. a real estate transaction 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 1. the executor of an estate 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. 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. Has Robert violated the rules? Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. 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: Not flaggedFlag question Loyalty; 3. 3. apply for inactive status for the salesperson 3. does not pay the transaction recovery fund assessment commission split between the licensee and the broker, What is the maximum time an aggrieved 2. enforcing the license law Under the circumstances, which of the following statements is true? 1 year 2. 2. a salesperson with 5 years experience may run the office 1. a person who, for compensation, helps to sell his neighbors home 3. be furnished to the board every 3 years The salesperson can pay this referral bonus to: 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 . 1. cash the check if she deserves it 2. illegal At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 If necessary, the Board may reassess licensees: 3. the real estate board 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. salaried rental property personnel, accepting lease applications on behalf of another 1. misrepresentation 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. 3. administrative process act fc barcelona juvenil b players. Fred thought Sarah did such a good job, he sent her a $500 bonus. 2. an auctioneer 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. send a copy of the charges to the salespersons broker at the brokers place of business 1. a member of the national association of realtors 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. 3. the agents name appears before the brokers name Ben and Jerry are communicating for the first time via instant messages. 2. the VA real estate board 3. take a new exam This ad is in violation of the Virginia License Law because: 4. none of the above, a broker may place a sign on a property when he: 1. at least 40 hours per week 2. maintain an escrow account in VA A. 1. yes, because the required disclosures must appear in the ad itself 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: 180 3. refusing to hold an open house, at the request of his broker 4. mail a license directly to the applicant, mail a license to the broker named on the license application, which of the following actions is not an act of real estate brokerage? Phone 123-4567"? 3. hold a hearing to allow the licensee to defend herself 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? 400,000, In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? 4. a 20% decrease in the maximum payment one may receive from the fund, an assessment from all licensees to restore the fund to the minimum balance, What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period? 3. write a thank you note to kirks A. 4. accepting a referral fee from an out of state broker, through his employing broker, paying a finders fee to an unlicensed person, a broker placed one of her signs on property without permission from the owner. 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. 3. any broker 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: 3. identify his place of business with an appropriate sign This action would violate the Real Estate Board regulations unless: The Board now has the right to: 3. hold degree in real estate 1. gene should send his license to the board and request an associate brokers license Fiduciary duties are owed to both buyer and seller. B. 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: Mary didn't realize until January that her license had expired. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. 3. an attorney 3. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. Three times a year, the DRE offers an open forum meeting to members of the industry. 2. should have known about the improper dealings performed by his salespersons Find, (A) limxf(x)\lim\limits_{x\rightarrow\infty}f(x)\qquadxlimf(x)(B) limxf(x)\lim\limits_{x\rightarrow-\infty}f(x)\qquadxlimf(x) (C ) limx2f(x)\lim\limits_{x\rightarrow2}f(x)x2limf(x), Production opportunities; time preferences for consumption; risk; inflation. the board takes disciplinary action against a licensed salesperson. 1. mary is required to retake the license examination in order to reinstate her license the real estate license of any person or firm may be revoked by which of the following entities? 18VAC135-20-260. near schools, shops, and trains. 1. upon demand by the board 3. 2. the partnership must have a separate license issued by the board 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? What is the first thing Lynch should do? (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.) 3. the licensee is required to disclose the name of his employing broker 3. associate brokers Which of the following statements is NOT true? 2. listing salesperson For failure to pay an assessment to the TRF A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. Ben suggests that he may be able to help. 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law.
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