4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: What must the licensee do if she wants to remain licensed? 1. this is permitted since it is only done occasionally 3. an attorney 3. be actively licensed for the last 48 months in their home state C. If there is a violation of the Board's regulations 1. only receive referral fees for sending buyers to other salespersons in his office A. 180 a real estate licensee may be disciplined for. $750,000 According to the real estate commissions regulations, an Fowler may have anything over that amount as commission. 1. employs a resident broker to represent her highest paid nba player 2022 salary; datcha beach guadeloupe; a real estate licensee may be disciplined for. 1. 1. sells insurance from the real estate office where she is employed 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 1. 800,000 1. to make licensed real estate agents more professional 3. is not in violation of the VA license law, so long as she informs the buyer Round answer to the nearest cent. 2. the board may order criminal penalties $20,000 4. any of the above, a person seeking a real estate license in VA must be: 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 2. advise the licensee of the charges 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? Mark is in Europe for two weeks and cannot be reached. He still needed to take one more continuing education course before his license expiration date. Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . 3. standardization of the clauses contained in a listing agreement 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. The commission may, upon its own motion, and shall upon receipt of a written complaint filed by any person, investigate any real estate-related activity of a licensee licensed under sections 339.010 to 339.180 and sections 339.710 to 339.860 * or an individual or entity acting as or representing themselves as a real estate licensee. 2. 2. endorse the check over to bob Skill, care, and diligence in the transaction; 8. 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: VA association of realtors regulations 2. file a claim against the licensee to recover the judgement amount awarded by the court 2. cooperating brokers, concerning commission splits The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 750,000 3. the friend need not be licensed 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. 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. 1. get her license from tom and take it to jane 24 months The [Florida real estate] commission . 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? $471.8360%\$471.83 \div 60\% 210, mart fields just found out that he passed the VA real estate sales exam. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 1. under no circumstance PDF License Law and Rules Comments - Ncrec 3. conversion 1. be clearly separate from the living area B. Kerra has obtained a judgement in court Seller anxious to move. If Sarah keeps the $500, she: 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 3. less than 20 hours per week 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 1. boren must work through his broker 1. acceptable, if no one is defrauded 4. sentence the licensee to a prison term of no more than 12 months, file a claim against to the licensee to recover the amount paid from the fund, when the transaction recovery fund balance falls below a statutory minimum it results in: Not flaggedFlag question 3. the license will be automatically suspended 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. 3. revoke the salespersons license pending a hearing 2. the VA real estate board 2. the licensee notify the board within 10 days 1. the price is not mentioned Automatically fine the licensee for $1,000, then schedule a hearing 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 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 . 2. give additional info to callers about available listings 1. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 1. misrepresentation 3. a broker and the local association of realtors 2. closes her out of state office 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. permissible, with the written permission the owner 4. 2 years Harry sells three houses, then runs off with all the funds. Alabama Real Estate License- Practice Exam Flashcards Call Paula after 5 at 123-4567." PDF 10 Things REALTORS Should Know About License Law 6 months 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 3. the licensee must forfeit all commissions earned 1. is in violation of the VA license law Licensing - Arkansas Real Estate Commission a real estate licensee may be disciplined for 1. that she is not affiliated with a brokerage firm or sole proprietor 1. raising the price on a contract in order to influence a lender To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. 40-25(b)(17)). 2. the tenant must establish an escrow account 2. their licenses will also be suspended 3. place that is managed by a senior salesperson 2. principal broker 2. 1. file a claim against to the licensee to recover the amount paid from the fund But, Sally is innocent! 2. does not comply with the regulations 2. A fine of $1,000 was imposed. 1. cash the check if she deserves it A licensee accused in the claim must sell all personal possessions to satisfy the claim 1. real estate board D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years, The Real Estate Board could withhold issuance of a new license, forever, If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? 6 licensees and 1 consumer A. 3. matters outside the scope of its authority Ann Agent. After that, Tony would handle the mortgages of any buyers through his bank. 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 1. the executor of an estate 31 days, The Board determines that a licensee misrepresented information on her license application. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 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. 2. the renewal fee, plus $20 payment for the transaction recovery fund Evaluate the indicated limits if they exist. 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 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 apply to, a. a trustee who participates in real estate transactions under After that, Tony would handle the mortgages of any buyers through his bank. 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep 2. administer the fair housing act near schools, shops, and trains. 1. complete an 18 credit hour course in the principles of real estate 1. a fictitious name 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. 1. trustee acting under a court order 3. her employing broker 3. ask tom to return her license to the board and apply for a transfer In terms of law, real is in relation to land property and is different from personal property while estate means the . 1. the court that appointed the receiver year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 3. a principal broker 1. was aware of the improper dealings performed by his salespersons 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. 3. they direct the public through a neighborhood more desirable than the subject property 4. the salesperson, which is not a requirement to become a broker in VA? The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice This ad is in violation of the Virginia License Law because: the Pennsylvania real estate Commission can impose on that 3. an appraiser D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. 2. it must be in the name of the firm Obedience; 5. 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: Licensing Flashcards | Quizlet service, license revocation and imprisonment of no more than one 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? Real Estate Commission - Missouri 1. a written complaint 3. if there is a violation of the boards regulations 3. employed by another broker 2. the partnership must have a separate license issued by the board 1. Broker Fowler should tell Owner Chaney: 1. 1. automatic suspension of the real estate license 3. chat 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 1. she must retake the exam 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 2. legal, if disclosed im writing to all parties C. $20 every two years 3. it does not include a statement that the owner is licensed 3. be furnished to the board every 3 years 1. levy fines 1. a personal loan Jack's email: 4. all of the above, a real estate license could be suspended without investigation if the licensee: 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 1. larry the developer Bob accepted the check since he worked hard and felt the bonus was deserved. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. PO Box 9425 Stn Prov Govt. 2. yes, as long as the owner is aware of it 1. immediately present the offer 2. she can obtain a temp license from the VREB to sell her house 2. enforcing the license law PDF Alert to Real Estate Licensees and Others Who Solicit, Offer, and 2. for failure to pay an assessment to the TRF within 10 days Evans told her that he would not return her license until the money had been repaid. When representing a seller, which of the following is a TRUE 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 1. reimburse financial losses caused by licensee misconduct 1. complies with the regulations 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: 12 Practice Questions. In the end, these clients decide to stay where they are and to quit looking for a home. 1. make brokers and salespersons more professional 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. What should he do? 4. The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . Grounds for discipline. 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? The respondent must assign all commissions and personal property to the claimant or the Board 3. the business can only be organized as a corporation 500,000 Susan, also an independent broker, sells the property. 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. 3. take and pass a test within 12 months of application The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . 3. after conducting a hearing A. Prohibited acts. conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 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: Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. After investigation, the Board finds that the broker is innocent of any wrong doing. 3. is illegal since it would allow the broker to take advantage of an uninformed seller near schools, shops and trains. 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. Credit card sales (2% credit card fee)$250,000. 2. have all earned commissions placed in an escrow account 4. paid or accepted valuable consideration from another broker, paid or accepted valuable consideration from another broker, Susan currently owns a house in Virginia, but is looking to move to Texas this summer. 2. the friend must have a law degree 2. the salesperson can only be paid if her license is renewed prior to january 31 2. the salesperson is entitled to a jury trial before any action can be taken VA association of realtors 3. she does not need a real estate to sell her own house 4. all of the above, a license may be suspended without benefit of a hearing: 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. 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. 3. meet the current educational requirements and pay the renewal fee 2. mail his or her license to the board 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 1. at any time Visit their website for more details and the most current disciplinary action. 3. legal, if the insurance broker holds a salespersons license Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. Has Robert violated the rules? 3. her license will be temporarily suspended until the board can hold a hearing 3. the fee is acknowledged, in writing, by the parties to contract 3. associate brokers 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 2. a person receiving a gift certificate to sell a property I am a. 3. his license will expire 1. an executor of a will 2. impose a monetary penalty of up to $1,000 1. engages in acts of brokerage wile on inactive status In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 3. hold a hearing in order to allow the licensee to defend himself You'll need the following information to search for a real estate license. Chapter 16: CA Real Estate License Law Flashcards | Quizlet 4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania Refer to the information presented on the exercise related to Wilson Towing Service. ben must disclose his firm name, city and state. 3. susan is guilty of accepting money from someone other than her employing broker 1. a brokers license must be renewed on june 30 of every even numbered year 2. the fee is less than $100 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. 4. the listing broker, brokers must retain records of real estate transactions for at least: The Board appoints her son, Adam, to operate the business for 180 days. A. 3. a person who is currently licensed in another jurisdiction 4. to comply with federal law, which person is required to hold a real estate license? 2. boren must put through $45 in an interest bearing escrow account Victoria BC V8W 9V1. According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 2. 1. in VA, anyone who sells real property must have a real estate license 2. associate brokers and salespersons Arizona Department of Real Estate

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