400,000 The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 2. the licensee may be exempt from the VA landlord tenant act 4. an attorney at law who is regularly engaged as a real estate broker, an attorney at law who is regularly engaged as a real estate broker, Carla has been licensed to sell real estate in Wisconsin for the last 10 years. 2. instant messaging Regulatory Affairs: 919-719-9180. Which entity would NOT involve itself in resolving the matter? If Sarah keeps the $500, she: If approved, the Virginia Real Estate Board must do which of the following actions? 2. an auctioneer 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 . 4. is in violation of the VA license law, unless she fails to inform the board, according to VA license law and the regulations of the board, a salesperson may accept a net listing: Ben and Jerry are communicating via instant messages. Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 2. the owner, as long as he finds a ready, willing, and able buyer 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 A. Ellen deposits the money into her personal checking account. 2. it must be in the name of the firm Which circumstance might also put the employing broker at risk of disciplinary action? Ben and Jerry are communicating for the first time via instant messages. 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: which is true? 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 3. legal, if ellen performed as agreed 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 3. the names and address of all salespersons must be sent to the real estate board 3. a real estate developer that has been defrauded in a real estate transaction 1. if the broker knew or should have known of the agents actions California Real Estate Principles (Chapter 18), Chapter 16: California Real Estate License Law, Real Estate Principles - Chapter 17 (Real Est, Chapter 15: Property Management and the Landl, Chapter 17: Real Estate Residential Construct, Alexander Holmes, Barbara Illowsky, Susan Dean, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Neuro II - Exam 2 Ch. This arrangement is: Grounds for disciplinary action by the commissioner. 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: 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 1. send the salespersons license to the new broker Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 4. none of the above, a real estate licensee is required in order to: His license is automatically reinstated B. attempting to change employing brokers more than three times in Allison is guilty of: 3. must keep all financial records for 5 years 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 3. standardization of the clauses contained in a listing agreement 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. 10 hours, Two individuals want to form a real estate partnership in Virginia. 2. the office can be managed by a salesperson with 3 years experience 2. it can establish minimum and maximum commission rates 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 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? exemption to the real estate licensing law. 20,000 4.. all of the above, which person does not require a brokers license? 1. a broker or a salesperson that has been drafted in a real estate transaction The general part of the exam is broken into . In this situation, which of the following statements is correct? This ad is in violation of the Virginia License Law because: A. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. Full disclosure; 6. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 1. legal, if ellen maintains a record of the transaction C. $100,000 4. the listing broker, brokers must retain records of real estate transactions for at least: 2. both partners must have a brokers license the authority of a court order, b. an attorney at law who participates in real estate 3. kept indefinitely 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. An investment in a limited real estate partnership 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. c. The local Real Estate Board might be approached. CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. determining commission splits between all MLS brokers 3. the firms licensed name must be clearly and legibly displayed 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. Accounting for all funds; 7. 2. this is proper as long as jan remains the senior partner 3. the office must have a separate license Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 1. the salesperson is entitle to receiver her commission Loyalty; 3. 3. a person that is not licensed in another state B. 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. A. When this happens, Vera plans to work with Broker Jane. 1. attorney general of the commonwealth 2. its own initiative, without any written consent 1. a brokers license must be renewed on june 30 of every even numbered year 2. made available for inspection by the representatives of the real estate board Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 1. it does not include the owners name 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 2. director 2. only upon receipt of a written complaint setting forth the alleged violation 1. bob may keep the bonus since he has a brokers license B. habitual intoxication or drug addiction 1. the colors on the sign are different than the firms logo colors 1. neither susan nor gene is in violation of the law 1. she may act as a broker in VA by virtue of her valid out of state license 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 2. violation of anti trust laws 750,000 4. principal broker, A tenant lives in a four-unit apartment building. 3. advertising that a property listed by a firm is for sale by owner in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 1. open listing service, license revocation and imprisonment of no more than one 2. automatic revocation of the real estate license 3. place that is managed by a senior salesperson A real estate licensee may be disciplined by the Pennsylvania 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 1. an attorney who is licensed to practice law in VA 1. the board may take disciplinary action $471.8360%. A. 2. the real estate license of any person or firm may be revoked by which of the following entities? 2. a person receiving a gift certificate to sell a property 1. creative marketing Who is responsible for the expenses and fees of the court-appointed receiver? 3. may take new listings and find buyers for any listings on the books if the broker knew or should have known of agents actions. 2. no property location specified The principal broker has all of the following duties, except: D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? 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. 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: 3. broker who is also licensed as a rental location agent Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 1. yes, because deposits are held to cover the cost of repairs ben must disclose his firm name, city and state. 120 hours 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: 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. 3. it is prominently displayed in the branch office where the salesperson works 1. the executor of an estate 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 2. apply for reinstatement of her license and pay a fee VA association of realtors The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 2. the real estate board within 30 days 2. kerra has obtained a judgement in court 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. 2. send the salespersons license to the real estate board 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 . 3. acceptable, if the compensation is less than $500 4. all of the above, a license may be suspended without benefit of a hearing: 3. susan is guilty of accepting money from someone other than her employing broker 1. it must be supervised by the principal or supervising broker 1. 696.301. 2. legal, if disclosed im writing to all parties 3. the board, using money from the transaction recovery fund 3. the salesperson cannot be paid Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. The DRE also handles the renewal of the licenses. 1. inform his employing broker 210, mart fields just found out that he passed the VA real estate sales exam. 1. 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 1. get her license from tom and take it to jane Divide. 3. ask tom to return her license to the board and apply for a transfer 2. submit a credit report 3. the old broker 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. 2. C. The respondent must file bankruptcy and sell all property Which of the following statements is correct? 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: 1. 2. mary should apply for reinstatement of her license Round answer to the nearest cent. 3. a salesperson that is also licensed as a rental location agent 1. an investigation will be conducted unless the law specifically provides otherwise 1. a broker and a salesperson, involving employment conditions In terms of law, real is in relation to land property and is different from personal property while estate means the . 3 years In the context of this study, what is the meaning of the Type I error? person has to apply to the Real Estate Recovery Fund after final 1. a written complaint 4. 3. 1. misrepresentation 3. hold a hearing to allow the licensee to defend herself 10 days 2. the friend must have a law degree 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 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund Can be a corporation, partnership, etc. If possible, try to find a counterexample (a set of numbers for which the rule is not true). 1. the MLS service Question text Ben suggests that he may be able to help. 1. in ratio and tv ads 20 3. a tenant, seeking to recover a security deposit from his landlord 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: Call Paula after 5 at 123-4567." 2. it is prominently displayed in the main office of the salespersons firm 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 1. the office must be licensed 2. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund What is the maximum that one licensee may be assessed during a two-year period? Evans told her that he would not return her license until the money had been repaid. 3. ben must disclose his email address 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. Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. Seller anxious to move. One group was asked to do this after thinking about a calorie-laden cheesecake. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 2. automatically fine the licensee for $1000, then schedule a hearing 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. do nothing, as the license automatically renews every 2 years They give Ellen $500 as compensation for all of her hard work. 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 2. acceptable, as a result of the listing contract Bill prefers to communicate with Larry via email. 1. suspending the persons license A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 8:30am - 5:00pm (Mon-Fri) 3. the renewal fee, plus proof of membership in the association of realtors 1. investigate the actions of any real estate broker or salesperson 1. to make licensed real estate agents more professional 3. take and pass a test within 12 months of application 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 3. sell or rent investment property for profit 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. This type of agreement: 3. a court of law having jurisdiction over the brokers D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? A fine of $1,000 was imposed. Prohibited acts. 2. is attractive to many sellers since they dont need to get involved in the negotiation The actual misuse of trust funds by converting them to the broker's own use. Fiduciary duties are owed to both buyer and seller. This ad is in violation of the Real Estate Board Regulations because: 4. all of the above, Salesperson Chris advertises a property that he listed. 3. 1. the friend must be licensed as a broker 1. 10,000 1. place where real estate business is regularly transacted 2. a person acting as a trustee in bankruptcy 1. suspend the license until a formal hearing can be conducted 2. a broker licensed in another state 2. placed on private property without permission of the owner 3. the licensee is required to disclose the name of his employing broker 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). 3. yes, because the ad appears on another commercial site 2. a consumer that has been defrauded in a real estate transaction 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. 2. enforcing the license law 3. affiliate with a broker and submit an application for licensure 1. an auctioneer another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 1. firm license 3. the code of ethics for real estate professionals 40-25(b)(17)). 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 3. conversion Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). A. File a claim against the licensee to recover the judgement amount awarded by the court 3. court of competent jurisdiction 2. be a US citizen Licensees may also write to: Financial Services Tribunal. 3. a rental location agent What must she do? 1. sayumi cannot engage in acts of brokerage $10,000 apply to, a. a trustee who participates in real estate transactions under 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. 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. 3. administrative process act 2. general listing All real estate licensees are subject to discipline by the REEB as well as litigation. This action would violate the Real Estate Board regulations unless: 1. make brokers and salespersons more professional $10,000 Method 1 Verifying a Real Estate License Download Article 1 Gather information. 2. by written contract between the owner and the principal broker 1. must have a brokers license 1. larry the developer 3. if the owner is a non resident of VA 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? 2. return his or her license to the board 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. 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. sells insurance from the real estate office where she is employed 4. 1. has the owners permission Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. unspecified. 1. failing to disclose to buyers that were termites in the property 3. an appraiser 1. an executor of a will Pennsylvania real estate license law? 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.