3. that she is acting as a referral agent only, and is not active in selling and listing 4. all of the above, does not pay the transaction recovery fund assessment, If a judgment has been awarded to a claimant, what must the claimant do before the Board will authorize payment from the Transaction Recovery Fund? C. Kerra claim cannot include interest in her damages The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. C. A claimant may collect up to $20,000 1. 1. a personal loan 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. 2. must complete 145 credit hours of courses approved by the board A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 1. 3. sayumi can be a senior partner, but she cannot be the principal broker 3. a salesperson that is also licensed as a rental location agent In the end, these clients decide to stay where they are and to quit looking for a home. Ben and Jerry are communicating for the first time via instant messages. 12 months 400,000 2. a rental location agent that is also licensed as a broker Fiduciary duties are owed to both buyer and seller. 2. closes her out of state office On the day of the showing, he places several directional signs throughout the neighborhood. 3. matters outside the scope of its authority 3. administrative process act 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. sells insurance from the real estate office where she is employed 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. the firms licensed name must be clearly and legibly displayed Most states administer the tests in two parts, and require that the candidate pass both. Under what circumstances may listing real estate broker in 4. B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. During this period, Adam: 2925 Real Estate Commission Education Committee - Delaware 2. the licensee notify the board within 10 days 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. Mary didn't realize until January that her license had expired. 2. on for sale signs places on specific property 696.301. The DRE also handles the renewal of the licenses. 3. Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep 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: 4. all of the above, Robert the Broker wants to stay on top of technological trends. 2. no, because bill is larrys client 3. a real estate transaction 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? 2. illegal, because ellen can only accept money from her broker 2. bob may accept the bonus if more than 30 days have passed since closing Illinois General Assembly - Illinois Compiled Statutes Has Robert violated the rules? Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 2. encourage higher education in real estate Call Chris at 555-0000 for details." 2. this is a questionable business practice and may constitute mail fraud At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 can conduct business under a fictitious name. 3. advise the board when their license is renewed 3. associate brokers 1. make brokers and salespersons more professional 2. a person receiving a gift certificate to sell a property agreement of sale MUST contain the. 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 1. 3. maintain an escrow account in VA 2. Test the following rules with several different sets of numbers. 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act, the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 1. 3. if there is a violation of the boards regulations 1. firm license Prohibited acts. 2. uniform commercial code 1. in ratio and tv ads 3. a claimant may collect up to 20,000 The email describes the real estate services Jack provides and encourages Mike to call for more details. 1. move to VA within six months of licensure d. The problem may be directed to the North Dakota Real . North Carolina Real Estate Commission - NCREC Prohibited acts. 2. the seller needs a larger house 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? Jack makes the required disclosures in the middle of his email, in bold lettering. 2. the board may order criminal penalties The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? PDF Alert to Real Estate Licensees and Others Who Solicit, Offer, and 2. no property location specified C. nonpayment of federal income taxes Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." Fowler may have anything over that amount as commission. 180 2. an attorney at law Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 1. should contact the local realtors association and obtain a temp license to sell property 3. failing to inform the seller of the ethnic character of a buyer year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 1. kerra filed suit against the local association of realtors 1. the licensee is exempt from both the federal and VA fair housing laws 15,000 Dealing honestly and fairly; 2. 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 1. it is mailed to the licensee for delivery to the employing broker 2. not exceed 500 square feet in size 6 licensees and 1 consumer 1. was aware of the improper dealings performed by his salespersons 2. give additional info to callers about available listings 3. one of the partners may be unlicensed 24 months Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 3. a trustee, appointed by a court 4. the salesperson, which is not a requirement to become a broker in VA? 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. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. Her long-time friend, Sayumi, is not licensed as a real estate agent. 1. the claimant must have gone after any assets and property belonging to the debtor Was this action permissible? Victoria BC V8W 9V1. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 3. 1. cash the check if she deserves it 3. such actions could be viewed as creative selling, which does not violate license law or board regulations Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 1. seller According to Virginia regulations: He now owns a small bakery in Tuscaloosa. 3. Placement of directional signs is illegal if: Which of the following statements is correct? 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. 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. PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 3. the real estate board A. Kerra filed suit against the local Association of Realtors In which of the following forms of advertising are these disclosures NOT required? C. Does not pay the Transaction Recovery Fund assessment 2. misrepresentation C. A real estate transaction Seller anxious to move. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 339.100 - Missouri Revisor of Statutes 2. their licenses will also be suspended 4. it is kept in the custody of the employing broker, it is kept in the custody of the employing broker, when a broker or salesperson license is renewed, the licensee must: 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 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. apply to, a. a trustee who participates in real estate transactions under 4. 3. selling a business for a relative 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: When this happens, Vera plans to work with Broker Jane. $10,000 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. what should the salesperson do? 2. advise the licensee of the charges 2. endorse the check and give it to his employing broker 20,000 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: When she returned on January 6, she realized that her license had expired on December 31. 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. 3. the broker and the seller 2. the fee is less than $100 In this situation, which of the following statements is true? 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. 3. court of competent jurisdiction According to the real estate commissions regulations, an Which of the following statements is correct? 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? 4. none of the above, how much experience should a salesperson have before applying for a brokers license? Which of the following statements is true regarding the advertisement? The deal states that Harry will sell all of the houses that Darrell built on Larry's land. Method 1 Verifying a Real Estate License Download Article 1 Gather information. A. 2. acting for both buyer and seller with their mutual consent The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 1. a written complaint 1. the person who is active on the brokerage side of the business must have a brokers license 1. commingling
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