attempting to change employing brokers more than three times in 1. a personal loan 2. apply for a temp license until he affiliates with a broker 1. legal, if ellen maintains a record of the transaction 4. none of the above, a broker would not be in violation of VA license law if he: 1. a court having jurisdiction over the brokers In order to receive payment, this claim must be in connection with: 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 3. 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 3. refusing to hold an open house, at the request of his broker 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. In which of the following forms of advertising are these disclosures NOT required? 2. may accept the listing by virtue of her current wisconsin license 2. be at least 18 years old 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. 3. all licenses must be renewed biennially in odd numbered years 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 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 . Pennsylvania split a Commission or pay a referral fee to a person 2. the manager of a branch real estate office B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 4. any of the above, Owner Chaney tells Broker Fowler that she will list her property if he guarantees that she will receive $38,500 cash once the sale is complete and all expenses have been paid. 20 A. 1. gene should send his license to the board and request an associate brokers license 2. the office can be managed by a salesperson with 3 years experience 1. a member of the national association of realtors After that, Tony would handle the mortgages of any buyers through his bank. $400,000 3. 2. broker working for another broker The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. According to Virginia regulations: 3. only to revoke the license, as provided by VA law Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). One group was asked to do this after thinking about a calorie-laden cheesecake. 2. be 21 years old 1. the colors on the sign are different than the firms logo colors 2. the list of licensees assigned to that office Susan, also an independent broker, sells the property. statement regarding the duties a licensee owes to the 1. that she is not affiliated with a brokerage firm or sole proprietor 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? 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 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. Grounds for discipline. 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: 3. selling a business for a relative 2. a person acting as a trustee in bankruptcy 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 93A2] 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? What should he do? 1. an attorney who is licensed to practice law in VA A second group was asked to do this after thinking about an organic fruit salad. 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 3. tony the mortgage banker 2. she can obtain a temp license from the VREB to sell her house 2. hold a bachelors degree in real estate Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 1. the board may take disciplinary action 1. suspend the respondents license 2. sue evans in the local court 3. 2. neither the broker nor the clerk is in violation of the law 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 2. may allow unlicensed employees (on a regular salary) to sell the tracts 3. sell or rent investment property for profit 2. on for sale signs places on specific property 1. 3. the office must have a separate license 3. the firms licensed name must be clearly and legibly displayed 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 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. 1. the broker notify the board within 10 days 1. it can only accept residential listings 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. Her long-time friend, Sayumi, is not licensed as a real estate agent. 3. an evaluation of the funds investments in order to generate additional earnings 1. engages in acts of brokerage wile on inactive status She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 1. the ad fails to include the property address 3.. employ at least one salesperson or associate broker that is also a resident of VA 4. principal broker, A tenant lives in a four-unit apartment building. 2. he can pay a fine to extend the renewal date C. A claimant may collect up to $20,000 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. Sayumi is therefore designated as a senior partner of the brokerage firm. 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 2. the license will be automatically revoked 3. 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. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the: 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. 3.1.1 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. encourage higher education in real estate 1. for failure to pay an assessment to the TRF Fowler may have anything over that amount as commission. 2. does not comply with the regulations 40-25(b)(17)). 1. boren must work through his broker 3. a real estate developer that has been defrauded in a real estate transaction 3. rent apartments for a small fee 2. if the agents actions were outside the authority granted by the employing broker 3. acceptable, if the compensation is less than $500 2. the ad fails to disclose that the owner is a licensee 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 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. paying a finders fee to an unlicensed person 11:5-4.5 by failing to properly supervise as the branch office manager. Calculate the net sales revenue for the month. 4. none of the above, a broker may place a sign on a property when he: 1. failing to get a clients written consent to advertise his property 3. an attorney who is offering real property for sale under court order 3. the old broker In this situation, which of the following statements is true? A Real Estate Commissioner candidate must have a min of five years real estate experience within the last WHAT year to be appointed by the Governor. 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: 3. impose a fine on any licensee 1. complete an 18 credit hour course in the principles of real estate 3. a real estate transaction According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. 2. mail a license to the broker named on the license application 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 1. firm license C. If there is a violation of the Board's regulations . 20 in a two year period A. 2. illegal, because ellen can only accept money from her broker 2. send a copy of the charges to the salespersons broker at the brokers place of business 20,000 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. 1. acceptable, if no one is defrauded 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 3. a person that is not licensed in another state $500,000 2. it may be supervised by a salesperson with 3 years experience Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 2. 3. meet the current educational requirements and pay the renewal fee 1. 1. with a written consent from the owner only 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: 2. bait and switch 600,000 1. member of the MLS B. 1. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 2. a broker licensed in another state 2. a fine only 3. a tenant, seeking to recover a security deposit from his landlord 3. one of the partners may be unlicensed 2. instant messaging Ann Agent. The DRE also handles the renewal of the licenses. 1. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 3. court of competent jurisdiction 1. assures a quick sale because the broker knows the sellers exact position 4. Can be a corporation, partnership, etc. C) Terry, 43, who worked as a real estate licensee until he was 28. 1. yes, because deposits are held to cover the cost of repairs 3. filed a claim against the salespersons broker 4. all of the above, the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund, Harry is a broker. 4. the salesperson, which is not a requirement to become a broker in VA? 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? 4. grounds for suspension or revocation of a license, grounds for suspension or revocation of a license, the board may take disciplinary action against a: 21 days not cash, when the recipient of the payment is licensed broker in another 2. should have known about the improper dealings performed by his salespersons $20 in a two year period Thus, the term REALTOR should not be used to generally refer to all real estate licensees. 4.11(2) If the licensee chooses, the licensee may be represented by an attorney at the informal dis-cussion at the expense of the licensee. 3. a principal broker state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 3. in newspaper ads consisting of more than 28 lines of copy 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: Mark is guilty of: 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: 1. a salesperson licensed in another state 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect In order to receive payment, this claim must be in connection with: 1. $20,000 1. is in violation of the VA license law 3. the firm must be incorporated in VA 1. take listings over the phone 3. take and pass a test within 12 months of application 12 Practice Questions. A. Larry, the developer 24 months 3. if there is a violation of the boards regulations Harry sells three houses, then runs off with all the funds. 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 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. 4. advertises a listing at lower than listed price, advertises a listing at lower than listed price, the purpose of VA license law and the rules and regulations is to: During this period, Adam: 2. designate one location as the main office The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 3. ben must disclose his email address After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 1. kept for a period of 7 years 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 1. larry the developer 1. by having his license returned to the board a new license issued to the new broker Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. any property owner 150 1. employs a resident broker to represent her 4. any of the above, a person seeking a real estate license in VA must be: A. 3. renew his license every 2 years by paying the renewal fee if the broker knew or should have known of agents actions. Find, (A) limxf(x)\lim\limits_{x\rightarrow\infty}f(x)\qquadxlimf(x)(B) limxf(x)\lim\limits_{x\rightarrow-\infty}f(x)\qquadxlimf(x) (C ) limx2f(x)\lim\limits_{x\rightarrow2}f(x)x2limf(x), Production opportunities; time preferences for consumption; risk; inflation. 3. take the continuing education course and apply to reinstate his license 3. administer the transaction recovery act A. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee A. 1. investigate the dealings of any real estate broker or salesperson The licensee has 4 years to repay the Fund The DRE grants licenses to Real Estate Brokers and Salespersons. 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. $750,000 750,000 1. cash the check if she deserves it 3. the friend need not be licensed Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 3. an attorney 3. the respondent must file bankruptcy and sell all property 3. write a thank you note to kirks 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? Unfortunately, the salesperson forgot to renew her license when it expired on December 31. Not flaggedFlag question Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. Neither Cindy nor her broker may accept this listing highest paid nba player 2022 salary; datcha beach guadeloupe; a real estate licensee may be disciplined for. D. All of the above, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund, When the Transaction Recovery Fund balance falls below a statutory minimum, it results in: He still needed to take one more continuing education course before his license expiration date. Loyalty; 3. 3. there is no property address 1. a firm partner who does not participate in the brokerage business 3. listing broker 4. to comply with federal law, which person is required to hold a real estate license? Larry has: Exceeded the scope of his authority and violated real estate law. Welcome to the North Carolina Real Estate Commission. 2. no, because billy is a broker 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. 3. she does not need a real estate to sell her own house dream11 kabaddi team today; political journalist jobs near hamburg; 1. yes, because the rules require specified disclosures in emails License Categories [G.S. Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare 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: 3. apply for renewal of her license 3. the real estate board when his license is renewed 3. if the owner is a non resident of VA 1. seller 1. kerra filed suit against the local association of realtors This action would violate the Real Estate Board regulations unless: In this situation, which of the following statements is true? 2. pay a $200 fee and reapply for the license 4. location of property, Bill hires Larry to sell his home. 1 year 4. none of the above, a real estate licensee is required in order to: 2 years 3. apply to, a. a trustee who participates in real estate transactions under 4. 3. chairman of the board 3. less than 20 hours per week 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. 800,000 Fiduciary duties are owed to both buyer and seller. 2. the licensee may be exempt from the VA landlord tenant act B. Darrell, the contractor 2. endorse the check over to bob When she returns on July 5, Jane realizes that her real estate license expired on May 31. 1. the office must be licensed 1. his or her broker State whether you think the rule is true. 1. inform their employing broker 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3. impose a fine 3. automatically revoke the brokers license 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 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. 3. be furnished to the board every 3 years 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 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. A fine of $1,000 was imposed. 2. legal, if disclosed im writing to all parties The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 3. legal, if ellen performed as agreed The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 2. a consumer that has been defrauded in a real estate transaction 2. both partners must have a brokers license 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 1. complies with the regulations 1. the claimant must have gone after any assets and property belonging to the debtor 2. maintain an escrow account in VA 1. the court that appointed the receiver 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 3. it does not include a statement that the owner is licensed 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? 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. all of the above, a salesperson whose license is on an active status may: 2. post office box 1. a referral agent 1. in ratio and tv ads 2. director 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. Allison is guilty of: 3. her license will be temporarily suspended until the board can hold a hearing D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 2. no, because it is permissible to provide a link to the required disclosures 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: 3. identify his place of business with an appropriate sign 2. must be displayed in a conspicuous place in her home office 2. 3. gene must obtain a brokers license 1. the licensee is exempt from both the federal and VA fair housing laws 1. the executor of an estate 4. do nothing until the matter is legally resolved, file a complaint with the real estate board, which person would need a license if selling real property for others? 2. 2. have a desk for every 5 agents 3. fine not to exceed 50,000 Which of the following statements is true regarding the advertisement? 3. permissible, with the written permission the owner 4. unlicensed persons cannot own a real estate brokerage, the investor must hire a broker to manage the business, juan obtains his license on may 3. how much continuing education must juan complete? In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 3. name of the brokers firm Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. Since the ad must be small, Robert makes no disclosures in the banner itself. 3. failing to inform the seller of the ethnic character of a buyer 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: 16 hours within the first two years $800,000 10,000 1. his license is null and void 31 days, The Board determines that a licensee misrepresented information on her license application. . 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 3 years 1. send a license to the employing broker by certified mail what must be included in this property advertisement? 1. president of the corporation 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 3. inducement 3. a broker and the local association of realtors When representing a seller, which of the following is a TRUE 3. apply for inactive status for the salesperson 2. the licensee notify the board within 10 days C. $50,000 Deal direct w/agent and save. Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 2. If Sarah keeps the $500, she: If Brenda wants to keep the money and NOT violate VA License Law, she could: C. The license will be automatically suspended 10,000 3. an appraiser The respondent must assign all commissions and personal property to the claimant or the Board exemption to the real estate licensing law. This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. 3. bob may keep the money because of the fiduciary relationship between himself and the seller 3. if he gives his current broker 30 days notice 1. give back all listings acquired while affiliated with the broker 2. an appraiser 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. The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 7 licensees (with at least 5 years experience) and 2 consumers, 7 licensees (with at least 5 years experience) and 2 consumers, who is exempt from VA real estate license requirements? 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 1. fraud When people make estimates, they are influenced by anchors to their estimates. Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent the salesperson can only do this: The agent orders the home inspection from a friend, who then pays him a referral fee. 1. at any time Question text 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 100,000 2. mail his or her license to the board 2. 4. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: