4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 1. it does not include the owners name 3. legal, if ellen performed as agreed 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: Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 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? 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. 1. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: A second group was asked to do this after thinking about an organic fruit salad. She goes to the address and finds that the listed property is actually a motor home. 1. if the broker knew or should have known of the agents actions 2. an auctioneer 1. a personal loan 4. location of property, Bill hires Larry to sell his home. If necessary, the Board may reassess licensees: 2. mail a license to the broker named on the license application 1. move to VA within six months of licensure Susan decides to sell her own house. 210, mart fields just found out that he passed the VA real estate sales exam. 2. to protect the public interest A. 2. misrepresentation Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 3. However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 1. their licenses are not affected 1. disclosures 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 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: 2. administer the fair housing act 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? The Board appoints her son, Adam, to operate the business for 180 days. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: C. An evaluation of the Fund's investments in order to generate additional earnings 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 3. improper dealing 3. the salesperson cannot be paid 40-25(b)(17)). Which of the following statements is correct? 1. will be issued a temp license by board . The property sells on December 20 and closing takes place on January 15. 3. standardization of the clauses contained in a listing agreement . highest paid nba player 2022 salary; datcha beach guadeloupe; a real estate licensee may be disciplined for. 1. the person who is active on the brokerage side of the business must have a brokers license 3. must be kept at the employing brokers main place of business Which of the following disclosures must Ben make? A. 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: 4. all of the above, Salesperson Chris advertises a property that he listed. 3. a trustee, appointed by a court When representing a seller, which of the following is a TRUE 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. 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. Since the ad must be small, Robert makes no disclosures in the banner itself. After that, Tony would handle the mortgages of any buyers through his bank. 1. the developer may publish the ad as planned Mark is guilty of: 2. in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 3. only to revoke the license, as provided by VA law VA real estate board 2. the board will issue her license if she can provide proof that she passed 3. ben must disclose his email address Welcome to the North Carolina Real Estate Commission. D. $400,000, 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? 2. a person who will only work as a referral agent What must she do? 1. 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. In CA, a real estate license must be renewed every. In the situation described, which of the following statement is true? administrators, selling property under court order and for a fee 2. only upon receipt of a written complaint setting forth the alleged violation 2. she may operate in the role of a salesperson in VA 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. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: Encourage higher education in real estate 2. the investor must hire a broker to manage the business 2. the brokers name is missing 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. 1. the renewal fee A. 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. 3. apply for renewal of her license Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 1. levy fines Seller anxious to move. 1. file a claim against to the licensee to recover the amount paid from the fund 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. 2. the owner, as long as he finds a ready, willing, and able buyer A. inability to obtain automobile liability insurance 3. 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. 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. What is the maximum that one licensee may be assessed during a two-year period? 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). Divide. In order for Kathy to collect, she must have already: 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 . Question text 4. Which of the following statements must be incorrect? May Cindy accept this rental listing? $471.8360%\$471.83 \div 60\% C. Does not pay the Transaction Recovery Fund assessment 1. be a citizen of the US 2. give additional info to callers about available listings 1. bob may keep the bonus since he has a brokers license 1. a fictitious name 1. apply for active status within 3 years A. 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: 3. the respondent must file bankruptcy and sell all property 50,000 3. the firms licensed name must be clearly and legibly displayed A common misconception among consumers is that real estate agent and realtor are interchangeable terms. Vera should: 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 2. be 21 years old 1. the executor of an estate 1. the clerk must be a licensed salesperson B. Darrell, the contractor 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 43-40-1(2)(B)). Thus, the term REALTOR should not be used to generally refer to all real estate licensees. A real estate licensee may be disciplined by the Pennsylvania Ellen deposits the money into her personal checking account. 1. the office must have an escrow account A personal loan If possible, try to find a counterexample (a set of numbers for which the rule is not true). 3. the licensee must forfeit all commissions earned 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? This ad is in violation of the Virginia License Law because: 3. enable licensed real estate professionals to earn more money 50 3. 696.301. 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 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. 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: 3. the board, using money from the transaction recovery fund 3. failing to inform the seller of the ethnic character of a buyer 2. the ad fails to disclose that the owner is a licensee Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. The Real Estate Board could withhold issuance of a new license, forever 3. apply for inactive status until the new broker has business cards printed The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 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 1. the owner and the tenant are exempt from the real estate license law 3. that she is describing an exclusive agency listing 2. if he gives his current broker 30 days notice 12 months On the day of the showing, he places several directional signs throughout the neighborhood. 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. Fiduciary duties are owed to both buyer and seller. 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. In this situation, which of the following statements is correct? 3. provide retirement income for brokers A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 2. at least 21 years 3. the real estate board 1. that she is not affiliated with a brokerage firm or sole proprietor 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? VA association of realtors 1. have one phone for every 5 agents 2. no, because billy is a broker 2. no property location specified 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: What is this requirement? 3. only with the approval of the principal broker What will happen to Craig's license if he doesn't complete the required courses before renewal? She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 180 A. Which of the following statements is true? 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? Skill, care, and diligence in the transaction; 8. Which of the following statements is true? 3. acceptable, if the compensation is less than $500 4. the listing broker, brokers must retain records of real estate transactions for at least: Regulatory Affairs: 919-719-9180. 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? 2. the seller needs a larger house 150 2. designate one location as the main office 2. general listing Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. Which of the following statements is correct? 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 2. Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 3. a sheriff ordered by the court to sell a house at foreclosure Licensees may also write to: Financial Services Tribunal. A. Larry, the developer 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. gene must obtain a brokers license 1. this is permitted since it is only done occasionally 2. member of the MLS 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? Automatically fine the licensee for $1,000, then schedule a hearing 2. endorse the check over to bob After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 3. the license will be automatically suspended Pennsylvania real estate license law? 1. to facilitate supervision, it must be located within a reasonable distance from the main office
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