Neither Cindy nor her broker may accept this listing 2. on for sale signs places on specific property 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. 2. the ad fails to disclose that the owner is a licensee 3. a real estate developer that has been defrauded in a real estate transaction 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. 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 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. The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 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: Grounds for discipline. D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? 3. tony the mortgage banker A licensee has been found to have committed acts prohibited by 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 1. for failure to pay an assessment to the TRF When she returns on July 5, Jane realizes that her real estate license expired on May 31. Harry sells three houses, then runs off with all the funds. 2. do nothing, as the license automatically renews every 2 years payment received, license revocation and in order to perform community 4. both 2 & 3, Jane has been out of town on personal business. Disciplinary Action. In this situation, which of the following statements is true? Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. d. The problem may be directed to the North Dakota Real . After that, Tony would handle the mortgages of any buyers through his bank. Susan decides to sell her own house. 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. a rental location agent that is also licensed as a broker 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 2. sell or rent property through a foreclosure process 2. general listing 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: 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 years 3. must be kept at the employing brokers main place of business . 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 1. an attorney at law Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 193E4.2(543B) Method of discipline. 2. must complete 145 credit hours of courses approved by the board A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 2. this is proper as long as jan remains the senior partner 3. retake their prelicense education and pass a licensing exam 1.00 points out of 1.00 1. an assessment from all licensees to restore the fund to a minimum balance 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 1. legal, as long as the fees paid are less than $100 3. seller and salesperson 3. write a thank you note to kirks 3. her employing broker 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. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: They give Ellen $500 as compensation for all of her hard work. 5 years, licensees must respond to board inquiries within: B. 3. to allow licensed real estate professionals to earn more money 2. a person who will only work as a referral agent 4. 2. apply for a temp license until he affiliates with a broker 3. that she is describing an exclusive agency listing conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of Licensees may also write to: Financial Services Tribunal. 1. a trustee who is required to sell a house at foreclosure A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Under the circumstances, which of the following statements is true? 1. at least 40 hours per week 1. only receive referral fees for sending buyers to other salespersons in his office Encourage higher education in real estate 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 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 . What can Sally do to force Evans to return the license to the Board? 3. 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. 1. salesperson 1. a salesperson licensed in another state B. Kerra has obtained a judgement in court Seller anxious to move. A. 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 2. misrepresentation Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania When representing a seller, which of the following is a TRUE 3. a property manager who leases property for the owner in the course of his employement 3. 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. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 3. advertising that a property listed by a firm is for sale by owner 8:30am - 5:00pm (Mon-Fri) 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 2. post office box A licensee accused in the claim must sell all personal possessions to satisfy the claim 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? real estate commission for which of the following reasons? 2. the list of licensees assigned to that office After that, Tony would handle the mortgages of any buyers through his bank. Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 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. 2. placed on private property without permission of the owner 1. take the continuing education course 3. broker who is also licensed as a rental location agent 20,000 An assessment from active licensees to restore the fund to the minimum balance 1. gene should send his license to the board and request an associate brokers license 1. a firm partner who does not participate in the brokerage business B. 2. if the licensee admits guilt 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 3. is not in violation of the VA license law, so long as she informs the buyer 2. mail a license to the broker named on the license application 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 2. no, because it is permissible to provide a link to the required disclosures 3. the code of ethics for real estate professionals 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. take the continuing education course and apply to reinstate his license $10,000 1. upon demand by the board 3 years 2. independent contractors, negotiating leases on behalf of another for a fee 3. her license will be temporarily suspended until the board can hold a hearing Upon request, the court appoints a receiver to manage the account. A. In this situation, which of the following statements is true? person has to apply to the Real Estate Recovery Fund after final 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. 1. his license is null and void 1. if a written complaint contains prima facie evidence that a violation has occurred 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. 3. is not regulated by the board B. 2. advise the licensee of the charges 180 which of the following is true? D. 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, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. Evans told her that he would not return her license until the money had been repaid. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. can conduct business under a fictitious name. 2. the investor must hire a broker to manage the business 1. an executor of a will 3. conversion 2. an assessment from active licensees to restore the fund to the minimum balance 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 2. a person receiving a gift certificate to sell a property 24 months 2. continue to use cards and stationary which state that he is a licensee 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. 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 2. mail his or her license to the board the board takes disciplinary action against a licensed salesperson. B. 1. a referral agent A. 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 2. an attorney at law 2 years 1. a broker that is active in more than one brokerage firm A personal loan The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 3. chat 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? fc barcelona juvenil b players. C. Only to revoke the license, as provided by Virginia law service, license revocation and imprisonment of no more than one 2. the attorney conducting the closing 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? 2. the VA real estate board real estate commission for which of the following reasons? 3. principal brokers license 4. 3. a person who is currently licensed in another jurisdiction 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 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. the executor of an estate 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: A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. an appraiser 2. a broker licensed in another state 2. 15 days Question text 2. hold a bachelors degree in real estate 3. file a complaint with the real estate board Real Property Law 441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 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. the respondent must file bankruptcy and sell all property who does not have a Pennsylvania real estate license? 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. 2. acceptable, as a result of the listing contract 1. apply for active status within 3 years B. Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. the salesperson can only do this: When she returned on January 6, she realized that her license had expired on December 31. 2 years 3. supervising broker 1. a member of the national association of realtors 2. its own initiative, without any written consent 3. the director of the dept of professional and occupational regulation (DPOR) 1. failing to get a clients written consent to advertise his property 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 750,000 3. standardization of the clauses contained in a listing agreement 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 2. failing to disclose adverse zoning that affected the property Ben suggests that he may be able to help. . The deal states that Harry will sell all of the houses that Darrell built on Larry's land. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. what should the salesperson do? 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 3. gene must obtain a brokers license 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: 1. an auctioneer 2. the partnership must have a separate license issued by the board 1. take the license exam as a new applicant 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? But, Sally is innocent! 11:5-4.5 by failing to properly supervise as the branch office manager. 1. the office must be licensed 1. regulating brokerage fees 2. the respondent must assign all commissions and personal property to the claimant or the board 2. protect the public interest unspecified. 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 1. email 3. people from hungary are moving into the neighborhood Allison is guilty of: C) Terry, 43, who worked as a real estate licensee until he was 28. Which entity would NOT involve itself in resolving the matter? A. The DRE grants licenses to Real Estate Brokers and Salespersons. 45 hours 4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 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. 10 hours, Two individuals want to form a real estate partnership in Virginia. During this period, Adam: 2. pay a $200 fee and reapply for the license 2. closes her out of state office A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 3. it can refuse to accept open listings Which of the following statements is true? ben must disclose his firm name, city and state. 2. 2. the developer cannot publish the ad as planned In this situation, which of the following statements is true? Pennsylvania real estate license law?