Which of the following statements is correct? 4. a broker and a salesperson, but only if there is a violation of license law, a broker and a salesperson, but only if there is a violation of license law, Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? Call Chris at 555-0000 for details." 1. raising the price on a contract in order to influence a lender 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. 3. the renewal fee, plus proof of membership in the association of realtors In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 2. a salesperson with 5 years experience may run the office 45 hours of post license education 1. have one phone for every 5 agents Before applying for the real estate license, all the formalities of education and experience must be cleared. 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. 3. return all customers cards to the employing broker 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. Vera should: 11:5-4.5 by failing to properly supervise as the branch office manager. Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 150 1. 1. the office must have an escrow account 20 3. adjudicate disputes between licenses 4. enforce the code of ethics, licensees with an inactive license must: $20 every year 3. ben must disclose his email address She goes to the address and finds that the listed property is actually a motor home. 1. take and pass the VA portion of the licensing exam what must marty do before he can start selling real estate? statement, when the referral fees paid to an unlicensed employee 2. 3. yes, so long as larry is a broker 4. 2. endorse the check over to bob 6 licensees and 1 consumer Such action is: 2. price that is shown in the listing agreement 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 1. commingling The exact steps you'll need to take to become a licensed agent will differ a little depending on where you live, but in most places, you'll need to take a few real estate courses and pass a licensing exam. 1. apply for active status within 3 years C. Only to revoke the license, as provided by Virginia law 1. 2. the respondent must assign all commissions and personal property to the claimant or the board A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 2. acting for both buyer and seller with their mutual consent 2. the ad fails to disclose that the owner is a licensee 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? 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 4. all of the above, Robert the Broker wants to stay on top of technological trends. Who is most likely to collect? According to Virginia regulations: 1. in ratio and tv ads 1. nothing 3. improper dealing 2. local association of realtors 2. post a bond 1. 1. the broker notify the board within 10 days 93A2] 3. if the owner is a non resident of VA 3. put the check in her escrow 1. only receive referral fees for sending buyers to other salespersons in his office Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. Welcome to the North Carolina Real Estate Commission. 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. in VA, anyone who sells real property must have a real estate license B. Kerra has obtained a judgement in court administrators, selling property under court order and for a fee 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 3. people from hungary are moving into the neighborhood 2. not exceed 500 square feet in size 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: 2. apply for reinstatement of her license and pay a fee 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 What You Need to Know About Administrative Discipline: Real Estate Prep 4. location of property, Bill hires Larry to sell his home. 3. 2. enforcing the license law 3. hold degree in real estate 1. open listing Susan, also an independent broker, sells the property. 1. inform his employing broker 1. gene should send his license to the board and request an associate brokers license 1. attorney general of the commonwealth of VA 3. refusing to hold an open house, at the request of his broker 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 1. will be issued a temp license by board A. Engages in acts of brokerage while on inactive status 2. pay a $200 fee and reapply for the license 180 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: A. Kerra filed suit against the local Association of Realtors 1. complete an 18 credit hour course in the principles of real estate 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 1. no, because he acted in suzys best inerests 1. salaried rental property personnel, accepting lease applications on behalf of another 3. a college grad 3. matters outside the scope of its authority 3. advertising that a property listed by a firm is for sale by owner c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 3. if he gives his current broker 30 days notice 339.100 - Missouri Revisor of Statutes To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . 2. 2. impose a monetary penalty of up to $1,000 1. a broker or a salesperson that has been drafted in a real estate transaction 2. waiving education or experience requirements 3. retake their prelicense education and pass a licensing exam 2. neither the broker nor the clerk is in violation of the law For failure to pay an assessment to the TRF 3. has a written listing agreement 3. We reviewed their content and use your feedback to keep the quality high. 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. only if the salesperson is an employee of the broker, not an independent contractor 3. supervising broker 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. 2. a consumer that has been defrauded in a real estate transaction Round answer to the nearest cent. 3. filed a claim against the salespersons broker 6 months 2. the broker must limit this incentive program to 30 days 3. 1. trustee acting under a court order 1. their licenses are not affected 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? 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing Obedience; 5. what must be included in this property advertisement? 2. the board will issue her license if she can provide proof that she passed 2. can only conclude the transactions in the process to facilitate the termination of the business 1. has the owners permission 3. does not pay the transaction recovery fund assessment 1. be at least 18 years old 3. an office cannot operate on a residential property 3. gene must obtain a brokers license Pennsylvania real estate license law? 1. failing to disclose to buyers that were termites in the property The DRE also handles the renewal of the licenses. RULE 20 CSR 2250-10.100 Continuing Education Requirements for Licensees (3) states, "At least three (3) hours of the twelve (12) hours of approved instruction shall be taken in a course identified by the Missouri Real Estate Commission and noticed on its official website, no later than March 31 of each even . 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: 3. the office must have a separate license 24 months 4. the salesperson, which is not a requirement to become a broker in VA? another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 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. 2. maintain an escrow account at an insured depository in the state 2. encourage higher education in real estate After that, Tony would handle the mortgages of any buyers through his bank. 2. 2. is attractive to many sellers since they dont need to get involved in the negotiation Question text 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 12 Practice Questions. 4. must register with the real estate board, may allow unlicensed employees (on a regular salary) to sell the tracts, to obtain a VA real estate license, it is necessary to: 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. This ad is in violation of the Virginia License Law because: 1. paying a finders fee to an unlicensed person 2. its own initiative, without any written consent 20,000 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. 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 4. Dealing honestly and fairly; 2. D. any felony conviction I am a. 1. acceptable, if no one is defrauded 4. all of the above, a license may be suspended without benefit of a hearing: D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 4. seller and broker, Bob, an associate broker, sold a property. A second group was asked to do this after thinking about an organic fruit salad. Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 2. suspend or revoke any license issued by the real estate board Seller anxious to move. 2. Bob accepted the check since he worked hard and felt the bonus was deserved. 1. principal brokers service, license revocation and imprisonment of no more than one 2. must be displayed in a conspicuous place in her home office 1. take the license exam as a new applicant $471.8360%\$471.83 \div 60\% in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? The [Florida real estate] commission . One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 1. kept for a period of 7 years 2. automatically fine the licensee for $1000, then schedule a hearing D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 3. name of the brokers firm 1. the colors on the sign are different than the firms logo colors 4. all of the above, claims for payment from the transaction recovery fund are filed with the: statement regarding the duties a licensee owes to the 1. the licensee has 4 years to repay the fund 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: . She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. D. $100,000, A license may be suspended without benefit of a hearing: the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving judgement, The Provisions of the Real Estate Licensing and Registration Act 1. send a copy of the charges to the salesperson at his last known business address 2. a person acting as a trustee in bankruptcy 4. Fiduciary duties are owed to both buyer and seller. Which of the following is the maximum penalty that Since the ad must be small, Robert makes no disclosures in the banner itself. PDF License Law and Rules Comments - Ncrec 3. all licenses must be renewed biennially in odd numbered years 3. it does not include a statement that the owner is licensed Visit their website for more details and the most current disciplinary action. 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 3. a principal broker 3. his license will expire Grounds for discipline. C. He may apply for a new license within 30 days 3. inducement 1. salesperson 1. the price is not mentioned Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 2. apply for a temp license until he affiliates with a broker The Board appoints her son, Adam, to operate the business for 180 days. 1. at any time 3. the code of ethics for real estate professionals PDF Alert to Real Estate Licensees and Others Who Solicit, Offer, and 1. neither susan nor gene is in violation of the law 1. a licensed salesperson, to recover money that his brokers owes 1. his or her broker 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? 1. place where real estate business is regularly transacted 2. if the agents actions were outside the authority granted by the employing broker 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. If necessary, the Board may reassess licensees: 1. automatically suspend the brokers license 3. only with the approval of the principal broker 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 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? What must the licensee do if she wants to remain licensed? Solved A real estate licensee may be disciplined by the - Chegg 1. the MLS service Seller anxious to move. 2. acceptable, as a result of the listing contract Florida Real Estate Brokers: If Disciplined, You Could Be Punished Twice? Loyalty; 3. 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 4. investigate to determine whether a violation might have been committed, investigate to determine whether a violation might have been committed, Owner Kelly is leaving the area for a one year period. She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. This ad is in violation of the Real Estate Board Regulations because: 2. the salesperson is entitled to a jury trial before any action can be taken 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. 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. Which entity would NOT involve itself in resolving the matter? C) Terry, 43, who worked as a real estate licensee until he was 28. The licensee named in the claim must post a bond in order to continue practicing real estate 2. salesperson's employing broker 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. 1. mary is required to retake the license examination in order to reinstate her license 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. continue to use cards and stationary which state that he is a licensee 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? 1. Call Paula after 5 at 123-4567." The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 1. get her license from tom and take it to jane Three times a year, the DRE offers an open forum meeting to members of the industry. 3. meet the current educational requirements and pay the renewal fee 1. larry the developer 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 3. yes, because suzy must communicate directly with billy Pennsylvania split a Commission or pay a referral fee to a person B. 3. a court of law having jurisdiction over the brokers In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 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. Ben and Jerry are communicating via instant messages. 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. 3. the friend need not be licensed 3. the broker notify the board within 30 days 2. 100,000 2. a fine only 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. Real Estate Disciplines - Illinois REALTORS 1. the ad fails to include the property address 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? 1. suspend the license until a formal hearing can be conducted 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. Which of the following statements is true? The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. (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.) the license law. Which of the following statements is correct? Which of the following entities could become involved in settling the matter? A licensee has been found to have committed acts prohibited by 2. the VA real estate board 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. C. Tony, the mortgage banker 2. placed on private property without permission of the owner 50,000 At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. 2. have all earned commissions placed in an escrow account The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. Neither Cindy nor her broker may accept this listing North Carolina Real Estate Commission - NCREC 3. an evaluation of the funds investments in order to generate additional earnings 2. person has to apply to the Real Estate Recovery Fund after final A. The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. Not flaggedFlag question 2. at least 30 hours per week