The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. Arizona Department of Real Estate 2. post a bond Evans told her that he would not return her license until the money had been repaid. The business will be operated as a sole proprietorship. Which of the following actions by a licensee is a violation of 1. employs a resident broker to represent her 3. a claimant may collect up to 20,000 1. if a written complaint contains prima facie evidence that a violation has occurred Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: The Board now has the right to: 1. inform their employing broker 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. 4. a broker and a salesperson, but only if there is a violation of license law, a broker and a salesperson, but only if there is a violation of license law, Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? 2. an attorney at law A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 3. it is prominently displayed in the branch office where the salesperson works Fred thought Sarah did such a good job, he sent her a $500 bonus. D. $30 in a two year period, Harry is a broker. Question text At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 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. a person that is not licensed in another state Question text 2. be furnished to the board upon request 3. upon the request from the salesperson to transfer to another broker 1. an owner who sells no more than three of her own houses in a year 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: 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. Pennsylvania real estate license law? 1. 2. illegal, because ellen can only accept money from her broker 3. may only employ licensees to sell each tract Which of the following statements must be incorrect? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. $500,000 1. complete the mandatory postlicense education requirement These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. 4. 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: 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? The deal states that Harry will sell all of the houses that Darrell built on Larry's land. Texas Occupations Code Section 1101.651 - Certain Practices Prohibited 5 years, licensees must respond to board inquiries within: 3. be actively licensed for the last 48 months in their home state 31 days, The Board determines that a licensee misrepresented information on her license application. Mark is guilty of: 1. the price is not mentioned Which of the following statements is true regarding the advertisement? 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. 3. can conduct business under a fictitious name. 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. If possible, try to find a counterexample (a set of numbers for which the rule is not true). 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 3. sayumi can be a senior partner, but she cannot be the principal broker 50,000 2. be at least 18 years old Fowler may have anything over that amount as commission. 4. the respondent must submit to interrogatories by claimant, the claimant must have gone after any assets and property belonging to the debtor, If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. 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. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania In CA, a real estate license must be renewed every. 1. that she is describing an open listing 1. sells insurance from the real estate office where she is employed 2. maintain an escrow account in VA 3. the business can only be organized as a corporation In the end, these clients decide to stay where they are and to quit looking for a home. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 1. attorney general of the commonwealth of VA 2. cooperating brokers, concerning commission splits C. A real estate transaction 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. 2. acceptable, as a result of the listing contract An assessment from active licensees to restore the fund to the minimum balance 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 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. 3. conversion In terms of law, real is in relation to land property and is different from personal property while estate means the . 4. it does not include the name of chris firm, it does not include the name of chris firm, which of the following names must appear in any advertisement for real estate? 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: 3. to allow licensed real estate professionals to earn more money It is true for all positive real numbers aaa and bbb that a+b=a+b\sqrt{a+b}=\sqrt{a}+\sqrt{b}a+b=a+b? Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 2. independent contractors, negotiating leases on behalf of another for a fee $20,000 a real estate licensee may be disciplined for Which entity would NOT involve itself in resolving the matter? 3. the board will issue her active license to her principal broker According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. 3. seller and salesperson 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? 2. bait and switch 3. affiliate with a broker and submit an application for licensure The Board appoints her son, Adam, to operate the business for 180 days. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: Phone 123-4567"? The license will be automatically revoked 1. at least 40 hours per week 3. associate brokers 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 3. such actions could be viewed as creative selling, which does not violate license law or board regulations Was this action permissible? apply to, a. a trustee who participates in real estate transactions under 2. mail his or her license to the board The respondent must assign all commissions and personal property to the claimant or the Board 4. larceny, the board may investigate a complaint based on: The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund Call Paula after 5 at 123-4567." He now owns a small bakery in Tuscaloosa. 1. 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 3 years 2. no, because billy is a broker 2. a salesperson who holds a business entity license 1. 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? 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 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? The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 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. 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 100,000 4. all of the above, a license may be suspended without benefit of a hearing: 4. a broker may mange two separate office if they are within three miles of one aother, it must be supervised by an on premises principal or associate broker, an applicant must meet which of the following in order to become a salesperson or broker? 2. post office box 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 100% (1 rating) A real estate licensee Ben and Jerry are communicating for the first time via instant messages. 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? 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 2. apply for a temp license until he affiliates with a broker 1. investigate the dealings of any real estate broker or salesperson Before applying for the real estate license, all the formalities of education and experience must be cleared. Real Estate Commission - Missouri 2. advise the licensee of the charges Harry sells three houses, then runs off with all the funds. 2. the office can be managed by a salesperson with 3 years experience 3. the fee is acknowledged, in writing, by the parties to contract A licensee accused in the claim must sell all personal possessions to satisfy the claim 1. fraud Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 3. provide retirement income for brokers Licensees may also write to: Financial Services Tribunal. Disciplinary Action. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 1. a broker or a salesperson that has been drafted in a real estate transaction D. 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, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 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. she does not need a real estate to sell her own house 3. publish a list of persons that have been granted licenses 4. none of the above, a broker would not be in violation of VA license law if he: Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 2. if the agents actions were outside the authority granted by the employing broker 1. a trustee who is required to sell a house at foreclosure 1. yes, because deposits are held to cover the cost of repairs 2. failing to disclose adverse zoning that affected the property $20 in a two year period 120 1. the principal broker The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. C. $50,000 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. his license will expire 1. a court having jurisdiction over the brokers Round answer to the nearest cent. 2. 2. no, because bill is larrys client 3. is illegal since it would allow the broker to take advantage of an uninformed seller near schools, shops, and trains. 2. if the licensee admits guilt highest paid nba player 2022 salary; datcha beach guadeloupe; a real estate licensee may be disciplined for. 3. an evaluation of the funds investments in order to generate additional earnings Larry has: Exceeded the scope of his authority and violated real estate law. 3. 3. a rental location agent Full disclosure; 6. 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. 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: Call Paula after 5 at 123-4567." Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 750,000 1. the clerk must be a licensed salesperson 10 days 3. only with the approval of the principal broker 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. 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? A. Real Estate Commission Discipline and Enforcement - NM RLD A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 1. a broker that is active in more than one brokerage firm 3.. employ at least one salesperson or associate broker that is also a resident of VA 1. place where real estate business is regularly transacted 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals . 1. neither susan nor gene is in violation of the law 2. local association of realtors 1. 4 years An unlicensed real estate assistant may do which of the following without a license? 3. retake their prelicense education and pass a licensing exam 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: a real estate licensee may be disciplined for. 30 hours of post license education 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing When this happens, Vera plans to work with Broker Jane. 4. all of the above, offer to sell, purchase, or exchange real estate o behalf of another for a fee, the principal broker must keep all of the following at the main firm office, except: However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 3. put the check in her escrow 3. the real estate board C. $20 every two years 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 3. a broker and the local association of realtors How to Check a California Real Estate Broker's License: 12 Steps - wikiHow under what circumstances would the agents employing broker be subject to disciplinary action by the board? 1. immediately present the offer 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 3. improper dealing The [Florida real estate] commission . 3. name of the brokers firm 1. yes, because the rules require specified disclosures in emails 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? 1. the ad fails to include the property address 3. a real estate licensee may be disciplined for near schools, shops and trains. 400,000 1. the branch office license 1. suspend the license until a formal hearing can be conducted 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. nothing The Provisions of the Real Estate Licensing and Registration Act apply to a. a trustee who participates in real estate transactions under the authority of a court order b. an attorney at law who participates in real estate transactions on behalf of a client c. a real estate licensee selling real estate she owns NJ Real Estate Commission - Disciplinary Actions Since the ad must be small, Robert makes no disclosures in the banner itself. 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: 3. person selling industrial real estate full time 3. 1. must be carried at all times to establish that she is licensed A. 12 Practice Questions. B. 2. VA association of realtors regulations A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 40 Encourage higher education in real estate 2. the VA association of realtors 2. by written contract between the owner and the principal broker 4. the listing broker, brokers must retain records of real estate transactions for at least: A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. The general part of the exam is broken into . 1. at any time 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? Placement of directional signs is illegal if: A real estate licensee may be disciplined by the Pennsylvania Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: B. 1. responsible for all escrow accounts A. 2. ben must disclose his firm name, city, and state 3. court of competent jurisdiction 1. creative marketing Real estate - Wikipedia A. a licensee's obligation of confidentiality ends at the 1. suspend the respondents license 3. a court of law having jurisdiction over the brokers B. For failure to pay an assessment to the TRF 4. the salesperson, which is not a requirement to become a broker in VA? 1. the VA association of realtors 20 May Cindy accept this rental listing? 3. a real estate developer that has been defrauded in a real estate transaction 1. the licensee named in the claim must post a bond in order to continue practicing real estate D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 21 days When representing a seller, which of the following is a TRUE 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: 3. filed a claim against the salespersons broker 3. 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. 2. advise the board within 30 days 4. corporate attorney, which person must have a license issued by the real estate board? 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: The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 2. endorse the check and give it to his employing broker 120 hours 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. If necessary, the Board may reassess licensees: C. Tony, the mortgage banker 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? DUAL AGENCY - A real estate licensee who represents both the seller and buyer in the same transaction is a disclosed dual agent with written informed consent of both the buyer and the seller (see below). 2. their licenses will also be suspended 2. an assessment from active licensees to restore the fund to the minimum balance 1. regulating brokerage fees $20,000 C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 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 . The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . License Categories [G.S. 2. waiving education or experience requirements 2. it must be in the name of the firm 3. return all customers cards to the employing broker PDF License Law and Rules Comments - Ncrec Allison is guilty of: which is true? Board may reassess licensees: 12 months 3. standardization of the clauses contained in a listing agreement 1. legal, if ellen maintains a record of the transaction 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 6 months 1. will be issued a temp license by board 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. Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 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. all of the above, a salesperson whose license is on an active status may: 1. by having his license returned to the board a new license issued to the new broker 3. imposing a fine of $5000 for each violation 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? 3. hold degree in real estate A. 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. must keep all financial records for 5 years 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 6 licensees and 1 consumer 3 years 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 3. legal, if the insurance broker holds a salespersons license 2. instant messaging 1. the claimant must have gone after any assets and property belonging to the debtor fc barcelona juvenil b players. Licensing Flashcards | Quizlet 3. file a complaint with the real estate board 3. the clerk must be licensed as a broker 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 2. its own initiative, without any written consent 1. firm license Not flaggedFlag question 1. the person who is active on the brokerage side of the business must have a brokers license 1. this is permitted since it is only done occasionally 2. made available for inspection by the representatives of the real estate board 2. an administrator who is required to sell a house in order to liquidate an estate real estate commission for which of the following reasons? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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: 1. failing to get a clients written consent to advertise his property 1. 1. a person who, for compensation, helps to sell his neighbors home Ann Agent. 2. general listing C. Automatically revoke the broker's license This action would violate the Real Estate Board regulations unless: 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 10,000 3. acceptable, if the compensation is less than $500 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 1. in VA, anyone who sells real property must have a real estate license
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