PDF 10 Things REALTORS Should Know About License Law $10,000 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. the seller needs a larger house $10,000 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: 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. Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 1. principal brokers 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 3. the renewal fee, plus proof of membership in the association of realtors 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 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: Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. Licensees - DRE - California Department of Real Estate 1. your brokerage firm will accept a lower commission rate 3. keep records for a period of 10 years In which of the following forms of advertising are these disclosures NOT required? 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? 1. gene should send his license to the board and request an associate brokers license 2. must supervise all firm advertising What will happen to Craig's license if he doesn't complete the required courses before renewal? 1. the branch office license In order for Kathy to collect, she must have already: 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 2. the license will be automatically revoked 1. an owner who sells no more than three of her own houses in a year Undisclosed dual agency is illegal. A. Which of the following statements is correct? 3. the respondent must file bankruptcy and sell all property 1. with a written consent from the owner only Licensees may also write to: Financial Services Tribunal. 2. sue evans in the local court B. Deal direct w/ agent and save. 2. failing to disclose adverse zoning that affected the property 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 3. be furnished to the board every 3 years 3. the code of ethics for real estate professionals 2. mail his or her license to the board In this situation, which of the following statements is true? PDF Complaint Discipline Procedures - North Dakota Real Estate Commission 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 2. the office can be managed by a salesperson with 3 years experience The DRE also handles the renewal of the licenses. 2. have all earned commissions placed in an escrow account 2. violates the VA real property act This action would violate the Real Estate Board regulations unless: 2. be a US citizen 1. renting 1/2 a duplex for a friend 1. his license is null and void They give Ellen $500 as compensation for all of her hard work. Jack's email: 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 2. this is proper as long as jan remains the senior partner 4. the salesperson, which is not a requirement to become a broker in VA? 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 6 licensees and 1 consumer 3. a salesperson that is also licensed as a rental location agent In the context of this study, what is the meaning of the Type I error? Texas Occupations Code Section 1101.651 - Certain Practices Prohibited 2010 Georgia Code - Justia Law 2. an appraiser 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 3. 3. operate profitably for at least one year 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. 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. 3. the broker notify the board within 30 days 1. engages in acts of brokerage wile on inactive status 8 hours within the first year 3. inducement Reimburse financial losses caused by licensee misconduct 1. 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 1. disclosures Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 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? . 3. 3. net listing 4. 3. apply for renewal of her license Real estate license - Wikipedia 3. standardization of the clauses contained in a listing agreement Florida Real Estate Brokers: If Disciplined, You Could Be Punished Twice? 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? attempting to change employing brokers more than three times in 1. assures a quick sale because the broker knows the sellers exact position 3. a broker and the local association of realtors 1. acceptable, if no one is defrauded 1. if the broker knew or should have known of the agents actions 1. make brokers and salespersons more professional 2. send the salespersons license to the real estate board $471.8360%. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. Deal direct w/agent and save. 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: 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? Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. real estate commission for which of the following reasons? Real Estate Commission - Missouri 1. legal, if ellen maintains a record of the transaction 3. a property manager who leases property for the owner in the course of his employement 3. is illegal since it would allow the broker to take advantage of an uninformed seller 2. should have known about the improper dealings performed by his salespersons 2. made available for inspection by the representatives of the real estate board The Board now has the right to: 3. adjudicate disputes between licenses 4. enforce the code of ethics, licensees with an inactive license must: 1. it can only accept residential listings 2. a person acting as a trustee in bankruptcy Lesson 17 Questions | Real Estate Agent | AssignGuru Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 2. revoking the persons license 1. Licensing - Arkansas Real Estate Commission 3. hold a hearing in order to allow the licensee to defend himself D. No one, A real estate license could be suspended without investigation if the licensee: 2. the board will issue her license if she can provide proof that she passed 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: what must be included in this property advertisement? Susan, also an independent broker, sells the property. 2. a rental location agent that is also licensed as a broker Automatically suspend the broker's license 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. 1. be at least 18 years old Phone 123-4567"? 1. suspending the persons license C. Does not pay the Transaction Recovery Fund assessment Which of the following statements must be incorrect? 3. may only employ licensees to sell each tract 1. a person who, for compensation, helps to sell his neighbors home 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 3. the business can only be organized as a corporation The DRE grants licenses to Real Estate Brokers and Salespersons. 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. 2. on for sale signs places on specific property 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? the authority of a court order, b. an attorney at law who participates in real estate PO Box 9425 Stn Prov Govt. C. The respondent must file bankruptcy and sell all property Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 1. 2. placed on private property without permission of the owner 4. filed a claim with HUD, filed a claim against the salesperson in a court of competent jurisdiction, which of the following persons may file a claim and collect from the VA transaction recovery fund? 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 . 3. yes, because the ad appears on another commercial site 3. acceptable, if the compensation is less than $500 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? seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum B. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 0.00 points out of 1.00 3. 16 hours within the first two years 4. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund Why is this ad in violation of Board regulations? 4. After that, Tony would handle the mortgages of any buyers through his bank. 4. a 20% decrease in the maximum payment one may receive from the fund, an assessment from all licensees to restore the fund to the minimum balance, 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? 30 hours of post license education 3. 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 1. 4. all of the above, a license may be suspended without benefit of a hearing: 3. less than 20 hours per week
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