3. hold a hearing to allow the licensee to defend herself 4. 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? Sayumi is therefore designated as a senior partner of the brokerage firm. $471.8360%. 3. A. One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 12 months 2. advise the board within 30 days 3. court of competent jurisdiction 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. 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: The California Real Estate Law provides, in pertinent part (at section 10131 of the California Business and Professions Code), that a "real estate broker" license is required for "a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or 1. the executor of an estate The DRE grants licenses to Real Estate Brokers and Salespersons. 1. president of the corporation 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. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). The licensee has 4 years to repay the Fund 2. this is proper as long as jan remains the senior partner 3. be furnished to the board every 3 years in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 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. no property location specified 1. be clearly separate from the living area 1. member of the MLS Which of the following statements is true in this situation? Which of the following entities could become involved in settling the matter? 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? $500,000 In CA, a real estate license must be renewed every. What must the licensee do if she wants to remain licensed? Jack's email: 2. bob may accept the bonus if more than 30 days have passed since closing 2. pay a $200 fee and reapply for the license 2. submit a credit report a real estate licensee may be disciplined for Upon request, the court appoints a receiver to manage the account. 1. a personal loan 4 years Discipline Procedures | BCFSA 50,000 2. 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. You'll need the following information to search for a real estate license. In the end, these clients decide to stay where they are and to quit looking for a home. Broker XYZ. 3. has a written listing agreement RE57R07: Brokerage Relationships | Mass.gov 3. the respondent must file bankruptcy and sell all property 3. return all customers cards to the employing broker 2. that she has an unrealistic opinion on the value of the property 2. an appraiser 8:30am - 5:00pm (Mon-Fri) Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 1. a licensed salesperson, to recover money that his brokers owes 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. 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 . 1. cash the check if she deserves it 30 hours within the first year apply to, a. a trustee who participates in real estate transactions under 3. a person acting under a power of attorney without compensation 2. broker working for another broker 3. yes, because suzy must communicate directly with billy 4. principal broker, A tenant lives in a four-unit apartment building. 3. the real estate board when his license is renewed 2. the office can be managed by a salesperson with 3 years experience 1. to facilitate supervision, it must be located within a reasonable distance from the main office 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. Alabama Real Estate License- Practice Exam Flashcards 2. the list of licensees assigned to that office 339.100 - Missouri Revisor of Statutes ORS 696.301 - Grounds for discipline 2. salesperson's employing broker D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? 2. the fee is less than $100 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 1. yes, because deposits are held to cover the cost of repairs 1. legal, as long as the fees paid are less than $100 4. do nothing, a person applying for a license by reciprocity must: B. 3. publish a list of persons that have been granted licenses A. a licensee's obligation of confidentiality ends at the seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum 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? (If there is a possibility that the Real Estate License Law has been violated, the Board will refer the complaint to the North Dakota Real Estate Commission.) 193E4.2(543B) Method of discipline. According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. When representing a seller, which of the following is a TRUE 60 hours 3. an office cannot operate on a residential property 1. only receive referral fees for sending buyers to other salespersons in his office 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 . B. 1. the office must have an escrow account 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 3. bob may keep the money because of the fiduciary relationship between himself and the seller 1. his license is null and void When this happens, Vera plans to work with Broker Jane. 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 2. a broker licensed in another state 1. be at least 18 years old North Carolina Real Estate Commission - NCREC Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. This arrangement between the two is: $20,000 1. the renewal fee B. 2. sell or rent property through a foreclosure process what should the salesperson do? Which of the following statements is correct? The deal states that Harry will sell all of the houses that Darrell built on Larry's land. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. an executor of a will 2. with written permission of the VA real estate board 10 hours, Two individuals want to form a real estate partnership in Virginia. 2. post a bond Question text 3. violated the fair housing act 3. net listing this person: fc barcelona juvenil b players. 3. their licenses must be returned to the board 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: 4. all of the above, Robert the Broker wants to stay on top of technological trends. 1. suspend the license until a formal hearing can be conducted 3. a person that is not licensed in another state 3. 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: 1. under no circumstance Ann Agent. Round answer to the nearest cent. 3. under what circumstances would the agents employing broker be subject to disciplinary action by the board? 1. she may act as a broker in VA by virtue of her valid out of state license Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA Which of the following disclosures is Ben most likely required to make? Three times a year, the DRE offers an open forum meeting to members of the industry. 2. file a claim against the licensee to recover the judgement amount awarded by the court B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 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? This action would violate the Real Estate Board regulations unless: 4. 1. automatic suspension of the real estate license C) Terry, 43, who worked as a real estate licensee until he was 28. 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. During this period, Adam: 2. no, because bill is larrys client 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: another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 2. a lender, to recover losses sustained due to a real estate agents misrepresentation B. Violates the Virginia Real Property Act 4. 10 days 2. Encourage higher education in real estate 2. a govt employee selling land owned by the govt Credit card sales (2% credit card fee)$250,000. 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. 180 The licensee named in the claim must post a bond in order to continue practicing real estate In this situation, which of the following statements is true? 1. the business name must include the name of the investor Before applying for the real estate license, all the formalities of education and experience must be cleared. 1. the person who is active on the brokerage side of the business must have a brokers license 1. salaried rental property personnel, accepting lease applications on behalf of another 2. the salesperson can only be paid if her license is renewed prior to january 31 2. helping a friend sell his house for a fee 1. take and pass the VA portion of the licensing exam 2. an auctioneer 3. all licenses must be renewed biennially in odd numbered years the salesperson can only do this: 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: 1. renting 1/2 a duplex for a friend Main: 919-875-3700. 2. both partners must have a brokers license 2. apply for reinstatement of her license and pay a fee 1. the licensee named in the claim must post a bond in order to continue practicing real estate 2. he can pay a fine to extend the renewal date Mark is in Europe for two weeks and cannot be reached. A. A. 3. the firms licensed name must be clearly and legibly displayed D. When a claim is paid, the respondent's license will be automatically suspended, 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? 3. a real estate developer that has been defrauded in a real estate transaction 3. $10,000 2. made available for inspection by the representatives of the real estate board 4. What is this requirement? 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: When she returns on July 5, Jane realizes that her real estate license expired on May 31. In the situation described, which of the following statement is true? 1. determining commission splits between all MLS brokers 3. 2. the broker, as a necessary expense to establish her innocence 3. must keep all financial records for 5 years 1. reimburse financial losses caused by licensee misconduct After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. What is the first thing Lynch should do? 3. automatically revoke the brokers license Larry has: Exceeded the scope of his authority and violated real estate law. 6 Common Violations for Real Estate Brokers in California Licensing Flashcards | Quizlet 1. an investigation will be conducted unless the law specifically provides otherwise 2. be at least 18 years old 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing Fiduciary duties are owed to both buyer and seller. 2010 Georgia Code - Justia Law Automatically suspend the broker's license 2. a person receiving a gift certificate to sell a property 4. 2. their licenses will also be suspended near schools, shops, and trains. 4. the ad does not include the price, the ad fails to disclose that the owner is a licensee, if used to advertise property, which type of communication could trigger disclosure requirements by a licensee? Bill prefers to communicate with Larry via email. 3. if there is a violation of the boards regulations 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 Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. A. Kerra filed suit against the local Association of Realtors The DRE also handles the renewal of the licenses. 1. inform their employing broker 3. if the owner is a non resident of VA 2. 3. the licensee must forfeit all commissions earned An investment in a limited real estate partnership 2. enforcing the license law 1. disclosures She goes to the address and finds that the listed property is actually a motor home. 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? A licensee accused in the claim must sell all personal possessions to satisfy the claim 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? Rules and Laws | TREC - Texas 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. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 2. 3. a broker and the local association of realtors Real Estate Brokers & Salespersons - Michigan 2. the salesperson and the new broker 100,000 May Cindy accept this rental listing? A. 20 in a two year period 2. meet the current educational requirements Patricia Plante, a licensed New Jersey real estate broker-salesperson, Somerset County - By Final Order of Determination dated July 31, 2014, the Commission administratively determined that Plante violated N.J.A.C. The Real Estate Board could withhold issuance of a new license, forever 1. trustee acting under a court order 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 2. the attorney conducting the closing 1. inform his employing broker B. Prohibited acts. 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 1. 1. an owner who sells no more than three of her own houses in a year A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 120 hours 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 1. apply for active status within 3 years 4. all of the above, a license may be suspended without benefit of a hearing: C. He may apply for a new license within 30 days 400,000, In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? 150 What You Need to Know About Administrative Discipline: Real Estate Prep 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: 2. If Sarah keeps the $500, she: 2. 2. does not comply with the regulations If Brenda wants to keep the money and NOT violate VA License Law, she could: The Board now has the right to: 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. 2. be furnished to the board upon request 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. it does not include the owners name 2. its own initiative, without any written consent . 1. nothing C. $20 every two years 3. an employee of a broker, who negotiates leases The business will be operated as a sole proprietorship. 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: License Categories [G.S. 3. advertising that a property listed by a firm is for sale by owner 3. affiliate with a broker and submit an application for licensure 2. the manager of a branch real estate office 50 1. regulating brokerage fees 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: The principal broker has all of the following duties, except: 2. a salesperson with 5 years experience may run the office which of the following must be incorrect? 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. 1. 1. a written complaint 3. an evaluation of the funds investments in order to generate additional earnings His license is automatically reinstated Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. the real estate board has authority to administer all of the following laws except: which of the following persons must be licensed when selling real property for others? Why is this ad in violation of Board regulations? 4. Confidentiality; 4. 3. apply for inactive status for the salesperson 2. a person acting as a trustee in bankruptcy 1. make brokers and salespersons more professional 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. Why is this ad in violation of Board regulations? 3. a tenant, seeking to recover a security deposit from his landlord 2. revoking the persons license 1. a trustee who is required to sell a house at foreclosure 1. paying a finders fee to an unlicensed person 3. seller and salesperson 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 1. a court having jurisdiction over the brokers A licensee has been found to have committed acts prohibited by 1. the court that appointed the receiver They give Ellen $500 as compensation for all of her hard work.
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