3. legal, if ellen performed as agreed 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? 1. take and pass the VA portion of the licensing exam 3. meet the current educational requirements and pay the renewal fee $20,000 C. Does not pay the Transaction Recovery Fund assessment 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? Mark is in Europe for two weeks and cannot be reached. 3. a broker and the local association of realtors A. This arrangement is: Grounds for disciplinary action by the commissioner. 1. the person who is active on the brokerage side of the business must have a brokers license 2. ben must disclose his firm name, city, and state 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. Phone 123-4567"? 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? D. The respondent must submit to interrogatories by claimant, The claimant must have gone after any assets and property belonging to the debtor, When a claim is paid from the Transaction Recovery fund, which of the following statements is true? 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 1. associate broker D. Under no circumstances, For failure to pay an assessment to the TRF, New licensee applicants are required to pay into the Transaction Recovery Fund. The claimant must have gone after any assets and property belonging to the debtor 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 3. failing to inform the seller of the ethnic character of a buyer You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 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? 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: 4. 3. her license will be temporarily suspended until the board can hold a hearing 2. file a claim against the salesperson in a court of competent jurisdiction 3. imposing a fine of $5000 for each violation Visit their website for more details and the most current disciplinary action. 2. it may be supervised by a salesperson with 3 years experience 1. a court of competent jurisdiction .3. the ad makes false or misleading statements At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 1. disclosures 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? 3. the office must have a separate license 2. the developer cannot publish the ad as planned 3. rent apartments for a small fee A common misconception among consumers is that real estate agent and realtor are interchangeable terms. The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 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. 1. by having his license returned to the board a new license issued to the new broker 1. a written complaint VA real estate board 2. protect the public interest File a claim against the licensee to recover the judgement amount awarded by the court Call Paula after 5 at 123-4567." 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 2. general listing 3. the licensee is required to disclose the name of his employing broker 3. may only employ licensees to sell each tract North Carolina Real Estate Commission - NCREC Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. On the day of the showing, he places several directional signs throughout the neighborhood. 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 2. approving the license exams 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. 3. take a new exam 1. with a written consent from the owner only 3. the firms licensed name must be clearly and legibly displayed 3. violated the fair housing act 1. principal brokers Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 2. to protect the public interest a 12 month. 1. the broker notify the board within 10 days 3. susan is guilty of accepting money from someone other than her employing broker 3. sayumi can be a senior partner, but she cannot be the principal broker 2. is not in violation of the VA license law, so long as she informs her broker 2. any property owner 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. 1. investigate the actions of any real estate broker or salesperson 1. she may act as a broker in VA by virtue of her valid out of state license 4. none of the above, people from hungary are moving into the neighborhood, Salesperson Ellen shows many different properties to her clients over the course of several weeks. 2. at least 30 hours per week Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 3. chairman of the board A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 1. 3. is illegal since it would allow the broker to take advantage of an uninformed seller The ad reads, "beautiful rambler, excellent assumption. 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 2. the friend must have a law degree 2. 1. inform their employing broker Victoria BC V8W 9V1. Which of the following statements must be incorrect? 1. only receive referral fees for sending buyers to other salespersons in his office the real estate board could withhold issuance of a new license, forever, which of the following persons may file a claim and collect from the virginia transaction recovery fund? 20,000 Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. File a claim against to the licensee to recover the amount paid from the Fund 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? 2. boren must put through $45 in an interest bearing escrow account Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). licensee? What is the maximum that one licensee may be assessed during a two-year period? 3. a property manager who leases property for the owner in the course of his employement 3. yes, because suzy must communicate directly with billy 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date Ben is a licensee and Jerry is interested in locating property in Ben's area. 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. 60 hours 150 5 years, licensees must respond to board inquiries within: When representing a seller, which of the following is a TRUE 2. 3. the renewal fee, plus proof of membership in the association of realtors 4. seller and broker, Bob, an associate broker, sold a property. 1. a broker and a salesperson, involving employment conditions 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 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: She goes to the address and finds that the listed property is actually a motor home. commission rates charged by members of the MLS are established by: 2. send a copy of the charges to the salespersons broker at the brokers place of business 3. associate brokers 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 3. does not pay the transaction recovery fund assessment 3. if he gives his current broker 30 days notice Which of the following is the maximum penalty that 3. only to revoke the license, as provided by VA law 1. under no circumstance 3. retake their prelicense education and pass a licensing exam 1. 2. 2. violation of anti trust laws the broker is guilty of: 2. a salesperson who holds a business entity license 15 days Seller anxious to move. 1. cash the check if she deserves it Upon request, the court appoints a receiver to manage the account. 2. darrell the contractor Accounting for all funds; 7. Why is this ad in violation of Board regulations? B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 2. placed on private property without permission of the owner A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. In CA, a real estate license must be renewed every. 2. advise the board within 30 days 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: 1.00 points out of 1.00 4. do nothing, a person applying for a license by reciprocity must: C. A real estate transaction A real estate licensee may be disciplined by the Pennsylvania 3. put the check in her escrow 3. standardization of the clauses contained in a listing agreement 3. 1. the salesperson is entitle to receiver her commission To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. 1. the office must have an escrow account 2. an investment in a limited real estate partnership In order to receive payment, this claim must be in connection with: Was this action permissible? 3. the real estate board A personal loan 3. it must be supervised by an on premises principal or associate broker After investigation, the Board finds that the broker is innocent of any wrong doing. RE57R07: Brokerage Relationships | Mass.gov 3. a real estate developer that has been defrauded in a real estate transaction Which of the following statements is true regarding the advertisement? 1. salesperson 1. suspend the respondents license 3. must have been active as a salesperson for 3 years 2. the salesperson can only be paid if her license is renewed prior to january 31 1. Illinois General Assembly - Illinois Compiled Statutes 2. the VA real estate board B. Darrell, the contractor License Categories [G.S. Who is most likely to collect? 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 20 2. maintain an escrow account in VA 1. a licensed salesperson, to recover money that his brokers owes 2. an auctioneer 3. apply for renewal of her license 1. 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 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? 3. the salesperson cannot be paid Regulatory Affairs: 919-719-9180. In this situation, which of the following statements is true? 2003-2023 Chegg Inc. All rights reserved. 3. a tenant who refers a prospective tenant to the landlord 1. determining commission splits between all MLS brokers 2. closes her out of state office One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 3. advertising that a property listed by a firm is for sale by owner 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 They give Ellen $500 as compensation for all of her hard work. 10 days Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 3. must be kept at the employing brokers main place of business 2. advise the licensee of the charges Call Paula after 5 at 123-4567." 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? the board takes disciplinary action against a licensed salesperson. 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: C. Only to revoke the license, as provided by Virginia law What is this requirement? The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 3. she may handle up to 6 transactions (listing or sales) in VA Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 2. a govt employee selling land owned by the govt in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 2. uniform commercial code 3. any broker $10,000 B. 2. apply for a temp license until he affiliates with a broker 3. a college grad 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. 1. legal, if ellen maintains a record of the transaction 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: service, license revocation and imprisonment of no more than one Rules and Laws | TREC - Texas 1. if the broker knew or should have known of the agents actions May Cindy accept this rental listing? 3 years 93A2] 1. a trustee who is required to sell a house at foreclosure 2. the partnership must have a separate license issued by the board 3. a principal broker Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 2925 Real Estate Commission Education Committee - Delaware 2. waiving education or experience requirements 3. an attorney who is offering real property for sale under court order 2. have a desk for every 5 agents 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. salaried rental property personnel, accepting lease applications on behalf of another 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 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: 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: 1. an investigation will be conducted unless the law specifically provides otherwise 2. must supervise all firm advertising 1. commingling 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. 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 fee is less than $100 1. the friend must be licensed as a broker 3. net listing 1. suspension of his license and a fine 1. send a copy of the charges to the salesperson at his last known business address The licensee named in the claim must post a bond in order to continue practicing real estate Experts are tested by Chegg as specialists in their subject area. 3. yes, so long as larry is a broker 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. 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 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. 2. it does not include the property address 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. attempting to change employing brokers more than three times in C. $750,000 50 a real estate licensee may be disciplined for - rccw.rocks 4. all of the above, a salesperson whose license is on an active status may: 3. the broker and the seller 4. 2. for failure to pay an assessment to the TRF within 10 days Skill, care, and diligence in the transaction; 8. 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. Obedience; 5. 1. take the license exam as a new applicant 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker A. 4 years 1. an assessment from all licensees to restore the fund to a minimum balance 3. impose a fine on any licensee 1. 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: 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: 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 1. inform his employing broker The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. Calculate the net sales revenue for the month. 180 20 in a two year period 3. refusing to hold an open house, at the request of his broker All real estate licensees are subject to discipline by the REEB as well as litigation. 3. the friend need not be licensed 2. return his or her license to the board 2. send the salespersons license to the real estate board Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid.