18VAC135-20-260. A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. 3. file a complaint with the real estate board . 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 1. salesperson 1. place where real estate business is regularly transacted 3. place that is managed by a senior salesperson 2. the salesperson can only be paid if her license is renewed prior to january 31 2. 2. an assessment from active licensees to restore the fund to the minimum balance 1. A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 2. it does not include the property address 3. a principal broker 1. a broker and a salesperson, involving employment conditions 1. Method 1 Verifying a Real Estate License Download Article 1 Gather information. 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. 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? B. 1. regulating brokerage fees 2. no, because billy is a broker 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: 3. filed a claim against the salespersons broker 1. the friend must be licensed as a broker B. habitual intoxication or drug addiction 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? 2. director 1. give back all listings acquired while affiliated with the broker 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. 1. real estate board 2. only upon receipt of a written complaint setting forth the alleged violation 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. the board will issue her active license to her principal broker 4. In this situation, which of the following statements is true? Ann Agent. 2. must supervise all firm advertising 4. all of the above, which of the following is true about a branch office? In January of 2019, the Texas Real Estate Commission (TREC) reprimanded a real estate agent and suspended his license for 30 days after it was determined that he failed to perform an adequate inspection of a property's foundation on behalf of a buyer. 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 1. fraud 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. Susan decides to sell her own house. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board? One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 2. is ready to advertise the property This arrangement between the two is: 3. a property manager who leases property for the owner in the course of his employement C. Does not pay the Transaction Recovery Fund assessment 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: 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. 1. is in violation of the VA license law 4. none of the above, a real estate licensee is required in order to: This arrangement is: Grounds for disciplinary action by the commissioner. 1. failing to get a clients written consent to advertise his property Deal direct w/ agent and save. 2. no property location specified 4. principal broker, A tenant lives in a four-unit apartment building. 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: Reimburse financial losses caused by licensee misconduct He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. In this situation, which of the following statements is correct? 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. Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 1. an owner who sells no more than three of her own houses in a year 3. permissible, with the written permission the owner conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 1. a firm partner who does not participate in the brokerage business 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: 2. their licenses will also be suspended 10 hours, Two individuals want to form a real estate partnership in Virginia. 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. 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 3. ben must disclose his email address 1. employs a resident broker to represent her 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 2. broker working for another broker 2. is attractive to many sellers since they dont need to get involved in the negotiation Which of the following entities could become involved in settling the matter? Such action is: 2. which is true? 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? 1. the ad fails to include the property address In the situation described, which of the following statement is true? 2. 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: When she returns on July 5, Jane realizes that her real estate license expired on May 31. 3. the real estate board when his license is renewed 45 hours of post license education During this period, Adam: 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing Dealing honestly and fairly; 2. Has Billy violated the VA License Law? 3. the renewal fee, plus proof of membership in the association of realtors 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? 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: service, license revocation and imprisonment of no more than one 3. associate brokers 2. closes her out of state office 3. revoke the salespersons license pending a hearing Deal direct w/agent and save. 50,000 When this happens, Vera plans to work with Broker Jane. Which of the following statements is true in this situation? 1. apply for active status within 3 years 3. the real estate board 1. attorney general of the commonwealth of VA 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. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the: 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 120 After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. Which entity would NOT involve itself in resolving the matter? 1. take and pass the VA portion of the licensing exam 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: 40-25(b)(17)). 3. standardization of the clauses contained in a listing agreement 2. may allow unlicensed employees (on a regular salary) to sell the tracts Which of the following disclosures is Ben most likely required to make? $20 every year 0.00 points out of 1.00 Undisclosed dual agency is illegal. 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 . 4. all of the above, Robert the Broker wants to stay on top of technological trends. 1. sayumi cannot engage in acts of brokerage 2. it is prominently displayed in the main office of the salespersons firm 3. 1. the licensee is exempt from both the federal and VA fair housing laws 3. in newspaper ads consisting of more than 28 lines of copy .3. the ad makes false or misleading statements 2. may accept the listing by virtue of her current wisconsin license commission rates charged by members of the MLS are established by: 1. a brokers license must be renewed on june 30 of every even numbered year According to the real estate commissions regulations, an payment received, license revocation and in order to perform community 1. larry the developer Regulatory Affairs: 919-719-9180. B. not cash, when the recipient of the payment is licensed broker in another Three times a year, the DRE offers an open forum meeting to members of the industry. 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? ben must disclose his firm name, city and state. 10,000 1. a personal loan 2. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? Skill, care, and diligence in the transaction; 8. 1. be a citizen of the US D. any felony conviction 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. 3. an attorney 1. must have a brokers license 4. all of the above, a salesperson whose license is on an active status may: Her long-time friend, Sayumi, is not licensed as a real estate agent. 3 years On the day of the showing, he places several directional signs throughout the neighborhood. 1. pay a license reinstatement fee 3. the business can only be organized as a corporation 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 1. get her license from tom and take it to jane 1. make brokers and salespersons more professional C. An evaluation of the Fund's investments in order to generate additional earnings person has to apply to the Real Estate Recovery Fund after final 4. Evans told her that he would not return her license until the money had been repaid. In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . Sayumi is therefore designated as a senior partner of the brokerage firm. 3. legal, if ellen performed as agreed What must the licensee do if she wants to remain licensed? 3. a court of law having jurisdiction over the brokers 3. seller and salesperson Full disclosure; 6. 2. helping a friend sell his house for a fee 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. a person acting under a power of attorney without compensation The Real Estate Board could withhold issuance of a new license, forever 3. listing broker 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 1. 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? 2. 3. does not pay the transaction recovery fund assessment 3. with written permission of each broker 3. people from hungary are moving into the neighborhood Harry sells three houses, then runs off with all the funds. 3. upon the request from the salesperson to transfer to another broker 2. endorse the check over to bob 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? 1. move to VA within six months of licensure Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. 3. conversion 2. sell or rent property through a foreclosure process 2. 1. the court that appointed the receiver 3. a tenant who refers a prospective tenant to the landlord 2. yes, as long as the owner is aware of it Harry sells three houses, then runs off with all the funds. 2. meet the current educational requirements If possible, try to find a counterexample (a set of numbers for which the rule is not true). In order to receive payment, this claim must be in connection with: Has Larry violated the rules? 3. her employing broker The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following: 1. a real estate licensee may be disciplined for. Bill prefers to communicate with Larry via email. Refer to the information presented on the exercise related to Wilson Towing Service. C. Only to revoke the license, as provided by Virginia law 1 year 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: The business will be operated as a sole proprietorship. C. nonpayment of federal income taxes 2. both partners must have a brokers license C. Automatically revoke the broker's license 3. retake their prelicense education and pass a licensing exam . A second group was asked to do this after thinking about an organic fruit salad. 3. near schools, shops, and trains. 2. that she had no sales or listings during the preceding 12 months the regulations specify that: He still needed to take one more continuing education course before his license expiration date. 3. rent apartments for a small fee A. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. RULE 20 CSR 2250-10.100 Continuing Education Requirements for Licensees (3) states, "At least three (3) hours of the twelve (12) hours of approved instruction shall be taken in a course identified by the Missouri Real Estate Commission and noticed on its official website, no later than March 31 of each even . 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: 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 1. send the salespersons license to the new broker principal? PO Box 9425 Stn Prov Govt. Neither Cindy nor her broker may accept this listing A common misconception among consumers is that real estate agent and realtor are interchangeable terms. Which of the following disclosures must Ben make? 4. 1. sells insurance from the real estate office where she is employed 1. immediately present the offer 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? 3. attend at least 3 seminars conducted by the board B. Darrell, the contractor 1. the business name must include the name of the investor 1. misrepresentation 3. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 3. the license will be automatically suspended The Board appoints her son, Adam, to operate the business for 180 days. 3. her license will be temporarily suspended until the board can hold a hearing 3. if the owner is a non resident of VA 2. the office can be managed by a salesperson with 3 years experience Which of the following statements is correct? 3. return all customers cards to the employing broker Experts are tested by Chegg as specialists in their subject area. Ben is a licensee and Jerry is interested in locating property in Ben's area. 1. seller Before applying for the real estate license, all the formalities of education and experience must be cleared. 2. the manager of a branch real estate office 3. C. $600,000 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 3. a claimant may collect up to 20,000 1. the owner and the tenant are exempt from the real estate license law Larry has: Exceeded the scope of his authority and violated real estate law. Divide. 1. licensee? 1. to facilitate supervision, it must be located within a reasonable distance from the main office In this situation, which of the following statements is true? 3. has a written listing agreement The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 2. she can obtain a temp license from the VREB to sell her house 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 3. a real estate transaction 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 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? 2. a govt employee selling land owned by the govt 3. the director of the dept of professional and occupational regulation (DPOR) 1. complete the mandatory postlicense education requirement VA real estate board Not flaggedFlag question 1. yes, because the rules require specified disclosures in emails 1. the clerk must be a licensed salesperson 2. if he gives his current broker 30 days notice 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: 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? 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency Disciplinary Action. 2. at least 21 years 2. illegal, because ellen can only accept money from her broker 3. a person who is currently licensed in another jurisdiction 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? An assessment from active licensees to restore the fund to the minimum balance 4. apply to have her license placed on inactive status, apply for reinstatement of her license and pay a fee, the real estate license of any person or firm may be revoked by which of the following entities? 4. either 1 or 3, When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? 1. legal, as long as the fees paid are less than $100 In the end, these clients decide to stay where they are and to quit looking for a home. 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: C) Terry, 43, who worked as a real estate licensee until he was 28. 750,000 1. yes, because the required disclosures must appear in the ad itself 4. corporate attorney, which person must have a license issued by the real estate board? 2. be at least 18 years old 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. assures a quick sale because the broker knows the sellers exact position 2. acting for both buyer and seller with their mutual consent if the broker knew or should have known of agents actions. B. 1. maintain an office in the state of VA 1. it does not include the owners name 2. the seller needs a larger house 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. person selling industrial real estate full time A. inability to obtain automobile liability insurance 1. engages in acts of brokerage wile on inactive status 3. the office must have a separate license The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 2. hold a bachelors degree in real estate 4. 3. take the continuing education course and apply to reinstate his license Standard of Practice 1-2. A. 1. disclosures 2 years C. $50,000 3. 4. . C. A claimant may collect up to $20,000 2. an investment in a limited real estate partnership In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: agreement of sale MUST contain the. 1. the licensee named in the claim must post a bond in order to continue practicing real estate 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? 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. 2. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 1. responsible for all escrow accounts 3. a tenant, seeking to recover a security deposit from his landlord 3. it does not include a statement that the owner is licensed The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. 1. email 1. a written complaint 45 hours 1. raising the price on a contract in order to influence a lender 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 100,000 Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 2. its own initiative, without any written consent 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 1.00 points out of 1.00 The property sells on December 20 and closing takes place on January 15. 3. 3. supervising broker 1. commingling a 12 month. 1. a person who, for compensation, helps to sell his neighbors home 3. chairman of the board 2. continue to use cards and stationary which state that he is a licensee 1. if the broker knew or should have known of the agents actions Thus, the term REALTOR should not be used to generally refer to all real estate licensees. Broker Fowler should tell Owner Chaney: 3. the clerk must be licensed as a broker 3. 4. all of the above, a real estate license could be suspended without investigation if the licensee: 2. the owner, as long as he finds a ready, willing, and able buyer 2. the salesperson and the new broker 1. Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 2. a salaried property manager is employed to manage the apartment and lease individual units C. Kerra claim cannot include interest in her damages real estate commission for which of the following reasons? 31 days, The Board determines that a licensee misrepresented information on her license application. 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 2. bob may accept the bonus if more than 30 days have passed since closing 3. is illegal since it would allow the broker to take advantage of an uninformed seller 15,000 4. none of the above, a broker may place a sign on a property when he: They give Ellen $500 as compensation for all of her hard work. 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 2. any property owner One group was asked to do this after thinking about a calorie-laden cheesecake. 3. A. 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. 12 months Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 3. only to revoke the license, as provided by VA law 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. 2. gives a reduced commission rate to a family member 20 every year C. $100,000 1. the broker notify the board within 10 days 1. it is mailed to the licensee for delivery to the employing broker the license law. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 20,000 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. 2. instant messaging 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 2. salesperson's employing broker A. attempting to change employing brokers more than three times in 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 4. 2. this is proper as long as jan remains the senior partner 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. What is this requirement? 2. a salesperson who holds a business entity license 4. all of the above, a license may be suspended without benefit of a hearing: The respondent must assign all commissions and personal property to the claimant or the Board b) A real estate broker's reliance on information by a multiple listing service is acceptable as a reasonable defense for the broker's failure to obey a licensing law. 2. an administrator who is required to sell a house in order to liquidate an estate what must be included in this property advertisement? 3. the code of ethics for real estate professionals 1. this is permitted since it is only done occasionally D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to:
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