2. $10,000 C. Only to revoke the license, as provided by Virginia law 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 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. 750,000 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? 15,000 3. the firms licensed name must be clearly and legibly displayed Test the following rules with several different sets of numbers. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund c. The local Real Estate Board might be approached. No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 3. does not pay the transaction recovery fund assessment 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 . 2. a govt employee selling land owned by the govt 11:5-4.5 by failing to properly supervise as the branch office manager. d. The problem may be directed to the North Dakota Real . 1. the clerk must be a licensed salesperson 3. 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 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: 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. In order to receive payment, this claim must be in connection with: 40-25(b)(17)). 2. the friend must have a law degree On the day of the showing, he places several directional signs throughout the neighborhood. 1. be a citizen of the US 24 months 2. impose a monetary penalty of up to $1,000 1. it is mailed to the licensee for delivery to the employing broker 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect Board may reassess licensees: 500,000 3. permissible, with the written permission the owner A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 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. 1. attest to a prescribed level of competency 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 1. filed a suit against the local realtors association 2. 1. the ad fails to include the property address 3. chat 2. 6 brokers, 2 salespersons, and 1 attorney 2. have a desk for every 5 agents 2. giving a false address in order to obtain a license 3. it can refuse to accept open listings Which of the following actions by a licensee is a violation of 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer What must the licensee do if she wants to remain licensed? 1. should contact the local realtors association and obtain a temp license to sell property Obedience; 5. 1. bob may keep the bonus since he has a brokers license The DRE also handles the renewal of the licenses. 3. kept indefinitely In CA, a real estate license must be renewed every. 3. B. A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 2. 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: C. $100,000 His license is automatically reinstated 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 1. salesperson 1. yes, because deposits are held to cover the cost of repairs Which of the following statements is true in this situation? However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 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. if there is a violation of the boards regulations Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his sale closes, signs Mark's name to an addendum extending the closing. 3. take and pass a test within 12 months of application Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). which is true? The deal states that Harry will sell all of the houses that Darrell built on Larry's land. Fowler may have anything over that amount as commission. 2. automatic revocation of the real estate license apply to, a. a trustee who participates in real estate transactions under 2. endorse the check and give it to his employing broker Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. Loyalty; 3. 4. 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. 1. give back all listings acquired while affiliated with the broker According to Virginia regulations: When she returned on January 6, she realized that her license had expired on December 31. 4. 2. is attractive to many sellers since they dont need to get involved in the negotiation 2. enforcing the license law 2. this is a questionable business practice and may constitute mail fraud 3. renew his license every 2 years by paying the renewal fee 4. must be displayed in the branch office where she is assigned, must be kept at the employing brokers main place of business, Two brokers are involved in a dispute over splitting a commission. 3. 1. the person who is active on the brokerage side of the business must have a brokers license 1. paying a finders fee to an unlicensed person 1. complies with the regulations VA real estate board 1. the owner and the tenant are exempt from the real estate license law 3. legal, if ellen performed as agreed Automatically fine the licensee for $1,000, then schedule a hearing 1. misrepresentation B. 1. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. In this situation, which of the following statements is true? Cindy may accept this listing if her license is current, neither cindy nor her broker may accept this listing, a real estate salesperson will receive her share of the brokerage fee from which person? 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 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? 1. investigate the actions of any real estate broker or salesperson You'll need the following information to search for a real estate license. 1. legal, as long as the fees paid are less than $100 4. the salesperson, which is not a requirement to become a broker in VA? 4. both 2 & 3, Jane has been out of town on personal business. PO Box 9425 Stn Prov Govt. 1. the court that appointed the receiver 3. D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? Which of the following disclosures must Ben make? 3. keep records for a period of 10 years 1. the claimant must have gone after any assets and property belonging to the debtor 2. ben must disclose his firm name, city and state. 1. file a complaint with the local realtors association 3. apply for renewal of her license 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? C. $50,000 2. may allow unlicensed employees (on a regular salary) to sell the tracts 2. a fine only $20,000 2. administer the fair housing act 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. an attorney at law 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? 1. automatic suspension of the real estate license This arrangement between the two is: 1. no, because he acted in suzys best inerests 1. an assessment from all licensees to restore the fund to a minimum balance 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 2 years 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: 4. all of the above, which of the following is true about a branch office? 1. under no circumstance 4. none of the above, a broker may place a sign on a property when he: C) Terry, 43, who worked as a real estate licensee until he was 28. 3. administer the transaction recovery act Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: 3. publish a list of persons that have been granted licenses 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. 4. it is kept in the custody of the employing broker, it is kept in the custody of the employing broker, when a broker or salesperson license is renewed, the licensee must: C. Provide retirement income for brokers 3. B. 4. Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 1. file a claim against to the licensee to recover the amount paid from the fund A. Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 2003-2023 Chegg Inc. All rights reserved. this person: 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? Why is this ad in violation of Board regulations? B. 2. return his or her license to the board She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 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 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? In which of the following forms of advertising are these disclosures NOT required? 1. for failure to pay an assessment to the TRF licensee? Grounds for discipline. 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? What is the first thing Lynch should do? 3. 2. be furnished to the board upon request 1. determining commission splits between all MLS brokers Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 6 licensees and 1 consumer 3. that she is describing an exclusive agency listing 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 2. an assessment from active licensees to restore the fund to the minimum balance 1. a person who, for compensation, helps to sell his neighbors home The agent orders the home inspection from a friend, who then pays him a referral fee. Who is responsible for the expenses and fees of the court-appointed receiver? 4. all of the above, a real estate license is not required for a: 3. be actively licensed for the last 48 months in their home state 1. a broker or a salesperson that has been drafted in a real estate transaction 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: A. Larry, the developer 3. a trustee, appointed by a court License Categories [G.S. 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. 1. the VA association of realtors 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? The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 2. person selling a vacant lot for a fee Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 2. the respondent must assign all commissions and personal property to the claimant or the board C. Kerra claim cannot include interest in her damages 3. principal brokers license 2. the list of licensees assigned to that office 2. sue evans in the local court 20,000 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? During this period, Adam: An assessment from active licensees to restore the fund to the minimum balance 3. 2. listing salesperson D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? A. If Brenda wants to keep the money and NOT violate VA License Law, she could: D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 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: Which of the following is the maximum penalty that 1. their licenses are not affected 2. the salesperson is entitled to a jury trial before any action can be taken 2. the owner, as long as he finds a ready, willing, and able buyer 2. reimburse aggrieved persons 3. 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. A. Calculate the net sales revenue for the month. 2. the board may order criminal penalties 4. larceny, the board may investigate a complaint based on: 10,000 Evaluate the indicated limits if they exist. 3. net listing 1. in ratio and tv ads 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. C. The license will be automatically suspended 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 4. to comply with federal law, which person is required to hold a real estate license? real estate commission for which of the following reasons? 2. the board will issue her license if she can provide proof that she passed 1. an executor of a will 2. the VA real estate board 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: C. $20 every two years 2. a person receiving a gift certificate to sell a property The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining
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