12 months 4. apply to have her license placed on inactive status, apply for reinstatement of her license and pay a fee, the real estate license of any person or firm may be revoked by which of the following entities? In order for Kathy to collect, she must have already: 3. there is no property address fc barcelona juvenil b players. 3. susan is guilty of accepting money from someone other than her employing broker 3.. employ at least one salesperson or associate broker that is also a resident of VA Which circumstance might also put the employing broker at risk of disciplinary action? 2. the fee is less than $100 Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. 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: 3. the clerk must be licensed as a broker She goes to the address and finds that the listed property is actually a motor home. 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: 3. the licensee must forfeit all commissions earned Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. Licensees - DRE - California Department of Real Estate 18VAC135-20-260. Prohibited acts. - Virginia 1. take the continuing education course 4. any of the above, a person seeking a real estate license in VA must be: District of Columbia, a territory, a foreign nation, or a governmental agency authorized to impose discipline if at least one of the grounds for that discipline is the same as or the equivalent of one of the grounds for which a licensee may be disciplined under this Act. 2. a govt employee selling land owned by the govt 1. the friend must be licensed as a broker 2. a person receiving a gift certificate to sell a property 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. When representing a seller, which of the following is a TRUE another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the B. 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: 1. 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 150 Licensing - Arkansas Real Estate Commission 1. must be carried at all times to establish that she is licensed 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: 1. the business name must include the name of the investor 4. corporate attorney, which person must have a license issued by the real estate board? 2. do nothing, as the license automatically renews every 2 years Divide. 2. enforcing the license law 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. 20,000 3. a person that is not licensed in another state 6 Common Violations for Real Estate Brokers in California D. any felony conviction C. $20 every two years 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. $20,000 4. administer the residential property disclosure act, establish standardized listing and sales contract agreements, If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: 1. suspending the persons license No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee B. 1 year 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 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. 2. 3. keep records for a period of 10 years the broker is guilty of: c. The local Real Estate Board might be approached. 1. no, because he acted in suzys best inerests 3. the firms licensed name must be clearly and legibly displayed 3. after conducting a hearing apply to, a. a trustee who participates in real estate transactions under 3. an attorney 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 3. his license will expire 2. illegal, because ellen can only accept money from her broker May Cindy accept this rental listing? what must marty do before he can start selling real estate? 3. a rental location agent 2. their licenses will also be suspended 2. apply for reinstatement of her license and pay a fee 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? Was this action permissible? In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. His license is automatically reinstated The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 120 3. imposing a fine of $5000 for each violation 2. an appraiser Pennsylvania split a Commission or pay a referral fee to a person 2. bob may accept the bonus if more than 30 days have passed since closing 1. the MLS service VA real estate board 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. 3. $471.8360%\$471.83 \div 60\% 3. put the check in her escrow 1. only receive referral fees for sending buyers to other salespersons in his office 3. 2. if the licensee admits guilt 2. 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? 2. can only conclude the transactions in the process to facilitate the termination of the business In terms of law, real is in relation to land property and is different from personal property while estate means the . 2. is attractive to many sellers since they dont need to get involved in the negotiation 2. Evans told her that he would not return her license until the money had been repaid. d. The problem may be directed to the North Dakota Real . They give Ellen $500 as compensation for all of her hard work. The mission of the California Department of Real Estate is to safeguard and promote the public interests in real estate matters through licensure, regulation, education and enforcement. 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? What must she do? 2. if the agents actions were outside the authority granted by the employing broker 2. post a bond The email describes the real estate services Jack provides and encourages Mike to call for more details. Legal Memorandum LI01: Discipline of Real Estate Brokers and Has Robert violated the rules? Administrative Discipline: What are the Possible Sanctions? 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. A. 3. 3. seller and salesperson 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? What is the maximum that one licensee may be assessed during a two-year period? C. $600,000 Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 193E4.2(543B) Method of discipline. 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. 3. is illegal since it would allow the broker to take advantage of an uninformed seller 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 1. it must be supervised by the principal or supervising broker 4. seller and broker, Bob, an associate broker, sold a property. If possible, try to find a counterexample (a set of numbers for which the rule is not true). 1. your brokerage firm will accept a lower commission rate 1. must have a brokers license 1. the ad fails to include the property address 3. advise the board when their license is renewed 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 agents name appears before the brokers name 20 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 3. yes, so long as larry is a broker 3. their licenses must be returned to the board 3. a tenant who refers a prospective tenant to the landlord 2. a broker licensed in another state 1. was aware of the improper dealings performed by his salespersons 2. reimburse aggrieved persons The property sells on December 20 and closing takes place on January 15. 1. 3 years 1. 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 2. ben must disclose his firm name, city, and state 2. meet the current educational requirements 1. statement, when the referral fees paid to an unlicensed employee 20 every year Harry sells three houses, then runs off with all the funds. 2. it is prominently displayed in the main office of the salespersons firm 1. a broker and a salesperson, involving employment conditions 1. this is permitted since it is only done occasionally If necessary, the 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? Illinois General Assembly - Illinois Compiled Statutes $10,000 1. yes, because the rules require specified disclosures in emails North Carolina Real Estate Commission - NCREC According to Virginia regulations: 1. it does not include the owners name 4. 1. name of the listing salesperson 1. a broker that is active in more than one brokerage firm After investigation, the Board finds that the broker is innocent of any wrong doing. The Board now has the right to: 2. is not in violation of the VA license law, so long as she informs her broker 1. place where real estate business is regularly transacted 3. publish a list of persons that have been granted licenses 1. acceptable, if no one is defrauded Bill prefers to communicate with Larry via email. 1. be retained by the principal broker indefinitely 1. she may act as a broker in VA by virtue of her valid out of state license This ad is in violation of the Virginia License Law because: 1. under no circumstance 1. levy fines Not flaggedFlag question 2. a salaried property manager is employed to manage the apartment and lease individual units Alabama Real Estate License- Practice Exam Flashcards 1. maintain an office in VA 2. a fine only A. 2. bait and switch 3. operate profitably for at least one year payment received, license revocation and in order to perform community 1. the court that appointed the receiver 2. that she had no sales or listings during the preceding 12 months Which of the following statements is true? VA association of realtors 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. paying a finders fee to an unlicensed person 1. establish standardized listing and sales contract agreements 3. The DRE grants licenses to Real Estate Brokers and Salespersons. 3. an evaluation of the funds investments in order to generate additional earnings A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 2. on for sale signs places on specific property 2. it does not include the property address C. $750,000 2. no, because it is permissible to provide a link to the required disclosures In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 3. a real estate transaction 2. the broker, as a necessary expense to establish her innocence 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 1. failing to disclose to buyers that were termites in the property File a claim against the licensee to recover the judgement amount awarded by the court 16 hours within the first two years 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 1. the executor of an estate Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 1. a court of competent jurisdiction 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. Unit 26: Washington License Law Enforcement (11%) PDF Alert to Real Estate Licensees and Others Who Solicit, Offer, and Why is this ad in violation of Board regulations? 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. 2. 2. that she has an unrealistic opinion on the value of the property Neither Cindy nor her broker may accept this listing 2. an auctioneer Most states administer the tests in two parts, and require that the candidate pass both. Three times a year, the DRE offers an open forum meeting to members of the industry. 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? PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 3. does not pay the transaction recovery fund assessment 12 Practice Questions. 4. all of the above, Robert the Broker wants to stay on top of technological trends. State whether you think the rule is true. Upon request, the court appoints a receiver to manage the account. 1. determining commission splits between all MLS brokers 4. all of the above, a real estate license could be suspended without investigation if the licensee: what must be included in this property advertisement? 4. location of property, Bill hires Larry to sell his home. 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? B. Kerra has obtained a judgement in court 2. with written permission of the VA real estate board 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 . a real estate licensee may be disciplined for - rccw.rocks Ann Agent. 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 3. may take new listings and find buyers for any listings on the books 15,000 Ben and Jerry are communicating via instant messages. 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: Solved A real estate licensee may be disciplined by the - Chegg 1. Which of the following statements is true regarding the advertisement? This type of agreement: 1. the salesperson is entitle to receiver her commission B. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. Refer to the information presented on the exercise related to Wilson Towing Service. 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. $800,000 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: Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." 3. the old broker 2. the owner, as long as he finds a ready, willing, and able buyer 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: 2. the salesperson is entitled to a jury trial before any action can be taken B. 3. the office must have a separate license 2. an assessment from active licensees to restore the fund to the minimum balance 3. name of the brokers firm 2. be 21 years old 1. reapply for her new license as a new applicant 2. the license will be automatically revoked 1. bob may keep the bonus since he has a brokers license 1. file a claim against to the licensee to recover the amount paid from the fund 20 every two years If approved, the Virginia Real Estate Board must do which of the following actions? The principal broker has all of the following duties, except: 1. kept for a period of 7 years 2. revoking the persons license At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 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: 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. a real estate licensee may be disciplined for 10,000 Full disclosure; 6. 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 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? Who is most likely to collect? 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. 40-25(b)(17)). 1. Which of the following statements is correct? Susan decides to sell her own house. 3. affiliate with a broker and submit an application for licensure 2. is ready to advertise the property 1. investigate the actions of any real estate broker or salesperson 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 2. he can pay a fine to extend the renewal date The Board now has the right to: 3. 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. Seller anxious to move. Fowler may have anything over that amount as commission. How to Check a California Real Estate Broker's License: 12 Steps - wikiHow transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 2. director 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 4. turned over to the buyer at closing, made available for inspection by the representatives of the real estate board, a violation of the VA license law may subject a broker to: 2. the seller needs a larger house Can be a corporation, partnership, etc. 2. the developer cannot publish the ad as planned Seller anxious to move. 2. send a copy of the charges to the salespersons broker at the brokers place of business 3. attend at least 3 seminars conducted by the board Who is most likely to collect? a 12 month. 50 3. it is prominently displayed in the branch office where the salesperson works VA association of realtors regulations 2. the VA real estate board 3. One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 4. all of the above, which of the following is true about a branch office? 2. illegal A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. Susan, also an independent broker, sells the property. 4 no one, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 3. listing broker Main: 919-875-3700. The claimant must have gone after any assets and property belonging to the debtor 1. a referral agent 1. seller C. $50,000 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: a real estate licensee may be disciplined for 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 3. it does not include a statement that the owner is licensed 2. suspend or revoke any license issued by the board Question text 500,000 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 3. retake their prelicense education and pass a licensing exam 2. member of the MLS A. D. Schedule a hearing to determine guilt or innocence, Automatically revoke the broker's license, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions 45 hours of post license education 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 3. the firm must be incorporated in VA 3. a sheriff ordered by the court to sell a house at foreclosure 1. must be 18 years old Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 3. ask tom to return her license to the board and apply for a transfer 2. apply for a temp license until he affiliates with a broker 2. the VA real estate board Chapter 3 Flashcards | Quizlet 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals A. a licensee's obligation of confidentiality ends at the 3. in newspaper ads consisting of more than 28 lines of copy RE57R07: Brokerage Relationships | Mass.gov 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker Phone 123-4567"? 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? B. c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. Automatically fine the licensee for $1,000, then schedule a hearing 2 years It will attempt to resolve the problem without the necessity of legal expense. 1. a fictitious name 4. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. inducement 180 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements? 2. give additional info to callers about available listings 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 3. hold a hearing to allow the licensee to defend herself 3. 2. have a desk for every 5 agents 1. it is mailed to the licensee for delivery to the employing broker 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board? near schools, shops and trains. 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: licensee? 3. principal brokers license 1. their licenses are not affected the Pennsylvania real estate Commission can impose on that 3. Deal direct w/agent and save. Vera should: 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 1.00 points out of 1.00 2. 3. if there is a violation of the boards regulations 1. yes, because the required disclosures must appear in the ad itself 4. none of the above, a broker would not be in violation of VA license law if he:

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