1. apply for active status within 3 years 1. in ratio and tv ads Not flaggedFlag question Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 3. impose a fine on any licensee 2. do nothing, as the license automatically renews every 2 years The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 1. trustee acting under a court order 3. 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 2. endorse the check and give it to his employing broker 20,000 dream11 kabaddi team today; political journalist jobs near hamburg; 3. return all customers cards to the employing broker 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 150 2. upon revocation of the brokers license 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 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. 1. bob may keep the bonus since he has a brokers license 1. upon demand by the board Gene, an independent broker, lists a property. 3. the respondent must file bankruptcy and sell all property the board takes disciplinary action against a licensed salesperson. 2. no, because billy is a broker 1. that she is describing an open listing Which of the following statements must be incorrect? 3. meet the current educational requirements and pay the renewal fee D. No one, A real estate license could be suspended without investigation if the licensee: 2. gives a reduced commission rate to a family member 7 licensees (with at least 3 years experience) and 2 consumers 1. automatic suspension of the real estate license A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 1. the colors on the sign are different than the firms logo colors 2. this is a questionable business practice and may constitute mail fraud Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 3. she may handle up to 6 transactions (listing or sales) in VA 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 2. the brokers name is missing Through reciprocity, what is true of a broker licensed in another state? 2. an auctioneer 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: RE57R07: Brokerage Relationships | Mass.gov what must be included in this property advertisement? 3. less than 20 hours per week Jack's email: 4. the listing broker, brokers must retain records of real estate transactions for at least: fc barcelona juvenil b players. 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. 3. selling a business for a relative $400,000 Deal direct w/agent and save. Call Chris at 555-0000 for details." 1. the old broker and the new broker hold joint responsibility 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. Obedience; 5. 2. $10,000 2. both partners must have a brokers license 2. suspend or revoke any license issued by the real estate board Arizona Department of Real Estate 4. 3. an attorney 1. reapply for her new license as a new applicant Justia US Law US Codes and Statutes Georgia Code 2010 Georgia Code TITLE 43 - PROFESSIONS AND BUSINESSES CHAPTER 11 - DENTISTS, DENTAL HYGIENISTS, AND DENTAL ASSISTANTS ARTICLE 2 - LICENSES FOR THE PRACTICE OF DENTISTRY 43-11-47 - Refusal to grant, or revocation of, licenses; disciplining licensees; subpoenas; judicial review; investigations; immunity; failure to appear; voluntary surrender $20 in a two year period Main: 919-875-3700. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 4. do nothing, a person applying for a license by reciprocity must: What is this requirement? Calculate the net sales revenue for the month. Lesson 17 Questions | Real Estate Agent | AssignGuru 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? C. $20 every two years 2. apply for reinstatement of her license and pay a fee 3. statement regarding the duties a licensee owes to the 3. supervising broker 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: 2. 12 months the real estate board could withhold issuance of a new license, forever, which of the following persons may file a claim and collect from the virginia transaction recovery fund? C. He may apply for a new license within 30 days 3. it can refuse to accept open listings Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 4. all of the above, Robert the Broker wants to stay on top of technological trends. Which of the following statements is correct? An assessment from active licensees to restore the fund to the minimum balance 3. kept indefinitely 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 1. 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 3. the firm must be incorporated in VA 2. the friend must have a law degree 1. email 2. an administrator who is required to sell a house in order to liquidate an estate 4. the friend need not be licensed, only if he or she does not get paid, the friend need not be licensed, only if he or she does not get paid, which person is most likely required to have an active real estate license? D. $100,000, A license may be suspended without benefit of a hearing: Licensing Flashcards | Quizlet 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . Which of the following entities could become involved in settling the matter? 2 years 1. place where real estate business is regularly transacted This action would violate the Real Estate Board regulations unless: 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: Licensees may also write to: Financial Services Tribunal. 2. the salesperson is entitled to a jury trial before any action can be taken 2. price that is shown in the listing agreement Ben and Jerry are communicating for the first time via instant messages. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts A. Kerra filed suit against the local Association of Realtors 1. a broker or a salesperson that has been defrauded in a real estate transaction 2. mail his or her license to the board 2. mary should apply for reinstatement of her license 1. an executor of a will We reviewed their content and use your feedback to keep the quality high. principal? 1. was aware of the improper dealings performed by his salespersons 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 3. the broker and the seller B. Darrell, the contractor C. A real estate transaction 2. the broker must limit this incentive program to 30 days A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. Fred thought Sarah did such a good job, he sent her a $500 bonus. 2. c. The local Real Estate Board might be approached. 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 3. Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . The 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 . 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? The claimant must have gone after any assets and property belonging to the debtor . 2. helping a friend sell his house for a fee Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. if the licensee admits guilt 2925 Real Estate Commission Education Committee - Delaware Dealing honestly and fairly; 2. 696.301. 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. ask tom to return her license to the board and apply for a transfer 2. protect the public interest 1. she may act as a broker in VA by virtue of her valid out of state license 3. Which of the following disclosures must Ben make? 2. the licensee notify the board within 10 days 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 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? 1. yes, because deposits are held to cover the cost of repairs 3. broker who is also licensed as a rental location agent 2. suspend or revoke any license issued by the board 18VAC135-20-260. Prohibited acts. - Virginia Experts are tested by Chegg as specialists in their subject area. 3. keep records for a period of 10 years Broker XYZ. 1. the broker notify the board within 10 days 4. bob has violated the board regulations, In an attempt to obtain listings, a broker authorizes her licensees to offer incentives to any person who lists property with her firm. 1. kerra filed suit against the local association of realtors 3. all licenses must be renewed biennially in odd numbered years Which of the following statements is true regarding the advertisement? D. any felony conviction In order to receive payment, this claim must be in connection with: License Categories [G.S. 30 hours of post license education 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 2. 3 years B. the real estate license of any person or firm may be revoked by which of the following entities? 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 3. 2. this is proper as long as jan remains the senior partner 3. only to revoke the license, as provided by VA law 1. the business name must include the name of the investor Rules and Laws | TREC - Texas Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 1. firm license 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 1. at any time When this happens, Vera plans to work with Broker Jane. 1. suspension of his license and a fine 4. the respondent must submit to interrogatories by claimant, the claimant must have gone after any assets and property belonging to the debtor, If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 1. will be issued a temp license by board 3. after conducting a hearing 1. a salesperson licensed in another state Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. real estate commission for which of the following reasons? 3. the friend need not be licensed Reimburse financial losses caused by licensee misconduct 3. maintain an escrow account in VA 4. C. The license will be automatically suspended 1. with a written consent from the owner only 339.100 - Missouri Revisor of Statutes 2. no, because it is permissible to provide a link to the required disclosures B. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 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. 3. their licenses must be returned to the board 3. must keep all financial records for 5 years 3. person selling industrial real estate full time Such action is: Evaluate the indicated limits if they exist. 1. if a written complaint contains prima facie evidence that a violation has occurred The business will be operated as a sole proprietorship. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 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? Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." 3. a rental location agent who does not have a Pennsylvania real estate license? 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 3.. employ at least one salesperson or associate broker that is also a resident of VA C. Kerra claim cannot include interest in her damages 1. boren must work through his broker The DRE also handles the renewal of the licenses. 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 3. standardization of the clauses contained in a listing agreement 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 2. the attorney conducting the closing A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. $471.8360%. He still needed to take one more continuing education course before his license expiration date. 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 3. the real estate board 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. What is the first thing Lynch should do? A. 2. she can obtain a temp license from the VREB to sell her house 1. attorney general of the commonwealth of VA 3. this is fine because the compensation is less than $1000 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. 2. if he gives his current broker 30 days notice PDF Complaint Discipline Procedures - North Dakota Real Estate Commission Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 2. a govt employee selling land owned by the govt 3. only with the approval of the principal broker 4. all of the above, the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund, Harry is a broker. 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 4. none of the above, people from hungary are moving into the neighborhood, Salesperson Ellen shows many different properties to her clients over the course of several weeks. 2. listing salesperson C. Provide retirement income for brokers One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 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? Ellen deposits the money into her personal checking account. 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 8:30am - 5:00pm (Mon-Fri) 3. a real estate developer that has been defrauded in a real estate transaction B. Accounting for all funds; 7. He now owns a small bakery in Tuscaloosa. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. C. nonpayment of federal income taxes 3. a college grad 3. net listing 1. the board may take disciplinary action Evans told her that he would not return her license until the money had been repaid. This arrangement between the two is: 4. both 2 & 3, Jane has been out of town on personal business. 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: In CA, real estate law is enforced by the: Real Estate Commissioner Trust funds are best defined as: Anything of value to be held for a client or customer. During this period, Adam: near schools, shops and trains. 3. a principal broker The [Florida real estate] commission . 4. enforce the code of ethics, licensees with an inactive license must: Broker Fowler should tell Owner Chaney: A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 4. under what circumstances would the agents employing broker be subject to disciplinary action by the board? 2. it must be in the name of the firm D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 2. 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. Mary didn't realize until January that her license had expired. Encourage higher education in real estate 3. charges more than the legal maximum commission rate 3. take and pass a test within 12 months of application 2. B. 1. sayumi cannot engage in acts of brokerage 3. affiliate with a broker and submit an application for licensure 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 3. the licensee must forfeit all commissions earned 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. 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: Welcome to the North Carolina Real Estate Commission. 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 3. upon the request from the salesperson to transfer to another broker 1. a court having jurisdiction over the brokers A. 1.00 points out of 1.00 1. a trustee who is required to sell a house at foreclosure 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? 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 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. 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: 3. associate brokers 3. she does not need a real estate to sell her own house State whether you think the rule is true. 4. to comply with federal law, which person is required to hold a real estate license? 3. revoke the salespersons license pending a hearing 3. imposing a fine of $5000 for each violation 1. renting 1/2 a duplex for a friend 3. 24 months 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? Who is most likely to collect? B. Kerra has obtained a judgement in court The deal states that Harry will sell all of the houses that Darrell built on Larry's land. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. administrators, selling property under court order and for a fee These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. 1. send a license to the employing broker by certified mail Susan, also an independent broker, sells the property. 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. place that is managed by a senior salesperson 2. she may operate in the role of a salesperson in VA 3. 4.. all of the above, which person does not require a brokers license? 2. the renewal fee, plus $20 payment for the transaction recovery fund Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. $750,000 Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 18VAC135-20-260. 50 Licensing - Arkansas Real Estate Commission Vera should: judgement, The Provisions of the Real Estate Licensing and Registration Act 4. failing to advise a buyer of an offer, in the case of a buyers agent, failing to inform the seller of the ethnic character of a buyer, If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: 1. reimburse financial losses caused by licensee misconduct the broker is guilty of: 2. reimburse aggrieved persons 1. a firm partner who does not participate in the brokerage business North Carolina Real Estate Commission - NCREC 1. by having his license returned to the board a new license issued to the new broker 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. 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? Thus, the term REALTOR should not be used to generally refer to all real estate licensees. 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: 2. District of Columbia, a territory, a foreign nation, or a governmental agency authorized to impose discipline if at least one of the grounds for that discipline is the same as or the equivalent of one of the grounds for which a licensee may be disciplined under this Act. But to earn the trademarked title of "Realtor," a real estate licensee must officially join the National Association of Realtors, the largest trade organization in the country representing almost 1.6 million members. 4. Illinois General Assembly - Illinois Compiled Statutes