Test the following rules with several different sets of numbers. 93A2] 4. 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 3. improper dealing 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. 2. 3. A licensee has been found to have committed acts prohibited by 3. fine not to exceed 50,000 2. listing salesperson Susan decides to sell her own house. 1. the friend must be licensed as a broker Through reciprocity, what is true of a broker licensed in another state? 1. that she is not affiliated with a brokerage firm or sole proprietor Susan, also an independent broker, sells the property. She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. 1. 2. the renewal fee, plus $20 payment for the transaction recovery fund 3. her license will be temporarily suspended until the board can hold a hearing B. Violates the Virginia Real Property Act 3. permissible, with the written permission the owner One group was asked to do this after thinking about a calorie-laden cheesecake. 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: The licensee named in the claim must post a bond in order to continue practicing real estate 2. the brokers name is missing Call Paula after 5 at 123-4567." 3. is not in violation of the VA license law, so long as she informs the buyer 2. at least 30 hours per week 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 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? Why is this ad in violation of Board regulations? 1. misrepresentation Ben and Jerry are communicating via instant messages. 3. 3. any broker 1. acceptable, if no one is defrauded 3. a claimant may collect up to 20,000 real estate commission for which of the following reasons? CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. sayumi cannot engage in acts of brokerage near schools, shops and trains. 1. 1. your brokerage firm will accept a lower commission rate 2. do nothing, as the license automatically renews every 2 years 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. When she returns on July 5, Jane realizes that her real estate license expired on May 31. File a claim against the licensee to recover the judgement amount awarded by the court 1. suspend the respondents license 3. failing to inform the seller of the ethnic character of a buyer 3. the broker notify the board within 30 days If necessary, the the salesperson can only do this: C. If there is a violation of the Board's regulations 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 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? 3. net listing 3. hold degree in real estate 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. 1. the person who is active on the brokerage side of the business must have a brokers license 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? 21 days 1. attest to a prescribed level of competency Ben suggests that he may be able to help. 2. This arrangement between the two is: not cash, when the recipient of the payment is licensed broker in another 2. independent contractors, negotiating leases on behalf of another for a fee We reviewed their content and use your feedback to keep the quality high. $471.8360%\$471.83 \div 60\% Confidentiality; 4. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Automatically suspend the broker's license 4. the brokers actions violate anti trust laws, such actions could be viewed as creative selling, which does not violate license law or board regulations, An owner lists property with a broker. 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 3. employed by another broker 3. they direct the public through a neighborhood more desirable than the subject property 2. that she has an unrealistic opinion on the value of the property service, license revocation and imprisonment of no more than one Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 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? C. $100,000 $500,000 50 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. D. any felony conviction 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. 3. name of the brokers firm Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. Credit card sales (2% credit card fee)$250,000. real estate commission for which of the following reasons? 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 1. email the authority of a court order, b. an attorney at law who participates in real estate 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. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 4. location of property, Bill hires Larry to sell his home. 1. it does not include the owners name 2. the licensee notify the board within 10 days 500,000 A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 400,000 2. if he gives his current broker 30 days notice 1. inform their employing broker 2. an administrator who is required to sell a house in order to liquidate an estate 2. 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 3. after conducting a hearing 3. administrative process act What is the first thing Lynch should do? Welcome to the North Carolina Real Estate Commission. A licensee accused in the claim must sell all personal possessions to satisfy the claim 2. failing to disclose adverse zoning that affected the property Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 1. Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 2. cooperating brokers, concerning commission splits 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 1. send a license to the employing broker by certified mail 2. salesperson's employing broker 2. bob may accept the bonus if more than 30 days have passed since closing 1. send a copy of the charges to the salesperson at his last known business address 2. 3. publish a list of persons that have been granted licenses $10,000 A. a licensee's obligation of confidentiality ends at the A. 4. 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 C. Only to revoke the license, as provided by Virginia law can conduct business under a fictitious name. 1. if the broker knew or should have known of the agents actions The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 2. he can pay a fine to extend the renewal date 1. a resident of VA 1. a licensed salesperson, to recover money that his brokers owes 1. a broker or a salesperson that has been drafted in a real estate transaction 2. person selling a vacant lot for a fee 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: Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. A personal loan 2. any property owner 2. local association of realtors The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 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? 1. the licensee has 4 years to repay the fund 2. the VA real estate board 2. the board may order criminal penalties 4. all of the above, if a real estate company has more than one office in VA, that company must: 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 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: 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 2. at least 21 years What should he do? 1. kept for a period of 7 years 1. a firm partner who does not participate in the brokerage business 3. put the check in her escrow Which of the following disclosures must Ben make? 3. his license will expire 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: $20,000 4. D. Kerra must wait until there is sufficient money in the Fund before payment, Kerra filed suit against the local Association of Realtors, The Real Estate Board can re-assess licensees if the Transaction Recovery Fund's balance falls below: 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. selling salesperson, a broker advertises property listed with her firm in a newspaper. 2. closes her out of state office 2. she may operate in the role of a salesperson in VA 1. complete the mandatory postlicense education requirement 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 3. renew his license every 2 years by paying the renewal fee 2. does not comply with the regulations 1. the executor of an estate Which of the following disclosures is Ben most likely required to make? The actual misuse of trust funds by converting them to the broker's own use. 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? A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 4. do nothing, a person applying for a license by reciprocity must: The principal broker has all of the following duties, except: Regulatory Affairs: 919-719-9180. 2. illegal, because ellen can only accept money from her broker 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: B. which of the following is true? 3. if there is a violation of the boards regulations 1. the business name must include the name of the investor 3. When representing a seller, which of the following is a TRUE 1. the MLS service 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. The Real Estate Board could withhold issuance of a new license, forever 1. the board may take disciplinary action 1. be retained by the principal broker indefinitely The ad reads, "beautiful rambler, excellent assumption. Complete instructions on filing a Notice of Appeal are available on the Financial Services Tribunal's website at www.fst.gov.bc.ca or by calling (250)387-3464. C. Kerra claim cannot include interest in her damages Irma Craft, a real estate salesperson for Luckless Realty has an arrangement with RidX Pest Control Services to receive a $25.00 referral fee for any customer she refers to Rid X. 1. seller 2. 3. standardization of the clauses contained in a listing agreement 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. 1. have one phone for every 5 agents Which of the following persons could become licensed without taking an examination? 1. his license is null and void 4. Experts are tested by Chegg as specialists in their subject area. 50,000 If possible, try to find a counterexample (a set of numbers for which the rule is not true). $20 every year Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 3. 1. by having his license returned to the board a new license issued to the new broker Phone 123-4567"? 8:30am - 5:00pm (Mon-Fri) C. He may apply for a new license within 30 days She goes to the address and finds that the listed property is actually a motor home. 3. the director of the dept of professional and occupational regulation (DPOR) 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 4. all of the above, a license may be suspended without benefit of a hearing: The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . VA real estate board The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. Which of the following actions by a licensee is a violation of 15 days statement regarding the duties a licensee owes to the 3. a real estate transaction 1. must be 18 years old Accounting for all funds; 7. The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 3. less than 20 hours per week New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions 2. an auctioneer 3. in newspaper ads consisting of more than 28 lines of copy 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? B. 6 licensees and 1 consumer The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 2. member of the MLS 2. the list of licensees assigned to that office 2. be at least 18 years old Which of the following statements is correct? The license will be automatically revoked person has to apply to the Real Estate Recovery Fund after final Question text After investigation, the Board finds that the broker is innocent of any wrong doing. Which circumstance might also put the employing broker at risk of disciplinary action? 16 hours of continuing education 18VAC135-20-260. 3. hold a hearing in order to allow the licensee to defend himself 2. may accept the listing by virtue of her current wisconsin license 2. illegal 1. 1. complete an 18 credit hour course in the principles of real estate What is the maximum that one licensee may be assessed during a two-year period? 2. boren must put through $45 in an interest bearing escrow account According to Virginia regulations: 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. 2. should have known about the improper dealings performed by his salespersons B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 3. meet the current educational requirements and pay the renewal fee 2. 2. sell or rent property through a foreclosure process 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: B. 3. with written permission of each broker 2. it is prominently displayed in the main office of the salespersons firm 1. a referral agent 3. that she is describing an exclusive agency listing 1. the licensee is exempt from both the federal and VA fair housing laws 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 1.00 points out of 1.00 B. habitual intoxication or drug addiction Has Billy violated the VA License Law? 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: what must marty do before he can start selling real estate? 2. an assessment from active licensees to restore the fund to the minimum balance 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 2. violates the VA real property act 4. all of the above, a salesperson whose license is on an active status may: C. The respondent must file bankruptcy and sell all property 3. apply for inactive status until the new broker has business cards printed 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. A fine of $1,000 was imposed. 2. advise the licensee of the charges 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. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. legal, if disclosed im writing to all parties 4. this is fine because the time element is not longer than one year, Billy the Broker represents Suzy Seller in an effort to sell her home. 1. a court of competent jurisdiction 2. an attorney at law 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. ben must disclose his firm name, city and state. 2. no property location specified 3. Harry sells three houses, then runs off with all the funds. 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: 3. the names and address of all salespersons must be sent to the real estate board the Pennsylvania real estate Commission can impose on that 3 years 4. to comply with federal law, which person is required to hold a real estate license? Who is responsible for the expenses and fees of the court-appointed receiver? An assessment from active licensees to restore the fund to the minimum balance Evans told her that he would not return her license until the money had been repaid. 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 . $400,000 3. the firms licensed name must be clearly and legibly displayed 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 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. An unlicensed real estate assistant may do which of the following without a license? The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 1. upon demand by the board 1. president of the corporation C. $600,000 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 3. ask tom to return her license to the board and apply for a transfer 2. misrepresentation 20,000 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 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? 1. she must retake the exam 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? payment received, license revocation and in order to perform community 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? The claimant must have gone after any assets and property belonging to the debtor 2. general listing 696.301. B. relocation service of a Corporation, when payment is in the form of entertainment goods services and 3. only to revoke the license, as provided by VA law if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? Evaluate the indicated limits if they exist. Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. File a claim against to the licensee to recover the amount paid from the Fund 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. 2. the ad fails to disclose that the owner is a licensee 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: 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 . 2. suspend or revoke any license issued by the real estate board One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 2. acceptable, as a result of the listing contract Grounds for discipline. For failure to pay an assessment to the TRF He now owns a small bakery in Tuscaloosa. Bob accepted the check since he worked hard and felt the bonus was deserved. 4. all of the above, a real estate license is not required for a: No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 2. no, because it is permissible to provide a link to the required disclosures In order for Kathy to collect, she must have already: The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. 2. the salesperson is entitled to a jury trial before any action can be taken 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? . 2. giving a false address in order to obtain a license Was this action permissible? In the end, these clients decide to stay where they are and to quit looking for a home. 2. His license is automatically reinstated 10 hours, Two individuals want to form a real estate partnership in Virginia. 2. tell the buyer it will have to wait until monday In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 3. a person acting under a power of attorney without compensation 2. protect the public interest 3. take the continuing education course and apply to reinstate his license Mark is guilty of: 2. send the salespersons license to the real estate board 3. she does not need a real estate to sell her own house 1. 15,000 4. there is no agent at the location to anser questions, placed on private property without permission of the owner, A salesperson obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 1. kerra filed suit against the local association of realtors 2. file a claim against the salesperson in a court of competent jurisdiction A second group was asked to do this after thinking about an organic fruit salad. 2. she can obtain a temp license from the VREB to sell her house Under the circumstances, which of the following statements is true? 1. an owner who sells no more than three of her own houses in a year In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. Which of the following statements is true regarding the advertisement? What will happen to Craig's license if he doesn't complete the required courses before renewal? 1. only receive referral fees for sending buyers to other salespersons in his office

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