3. affiliate with a broker and submit an application for licensure 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 A. Which of the following statements is true? Susan decides to sell her own house. 15 days 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? Test the following rules with several different sets of numbers. 2. the investor must hire a broker to manage the business One group was asked to do this after thinking about a calorie-laden cheesecake. 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. 1. creative marketing 1. suspend the respondents license 4. the salesperson, which is not a requirement to become a broker in VA? 800,000 2. sue evans in the local court 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? Real Estate Agent License Practice Test (2022 Current) - Tests.com 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. 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. 4. do nothing, a person applying for a license by reciprocity must: 500,000 1. 1. place where real estate business is regularly transacted A. In this situation, which of the following statements is true? 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. If necessary, the Board may reassess licensees: 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 3. 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 1. a firm partner who does not participate in the brokerage business 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 . 3. an employee of a broker, who negotiates leases When she returns on July 5, Jane realizes that her real estate license expired on May 31. 1. at least 40 hours per week 2. a salaried property manager is employed to manage the apartment and lease individual units 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. An investment in a limited real estate partnership 3. the broker and the seller 1. seller 2. designate one location as the main office the board takes disciplinary action against a licensed salesperson. Ben is a licensee and Jerry is interested in locating property in Ben's area. Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. Since the ad must be small, Robert makes no disclosures in the banner itself. 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: How to Check a California Real Estate Broker's License: 12 Steps - wikiHow Method 1 Verifying a Real Estate License Download Article 1 Gather information. The commission may, upon its own motion, and shall upon receipt of a written complaint filed by any person, investigate any real estate-related activity of a licensee licensed under sections 339.010 to 339.180 and sections 339.710 to 339.860 * or an individual or entity acting as or representing themselves as a real estate licensee. 3. 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. 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. only with the approval of the principal broker 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 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. 10,000 1. be retained by the principal broker indefinitely 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? The licensee named in the claim must post a bond in order to continue practicing real estate 2. a broker licensed in another state 1. be clearly separate from the living area 8:30am - 5:00pm (Mon-Fri) For failure to pay an assessment to the TRF 1. real estate board Mary didn't realize until January that her license had expired. 20 every year 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 3. the code of ethics for real estate professionals A second group was asked to do this after thinking about an organic fruit salad. 1. move to VA within six months of licensure B. 2. the ad fails to disclose that the owner is a licensee 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency Question text 1. if a written complaint contains prima facie evidence that a violation has occurred 1. automatically suspend the brokers license 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. What must she do? On November 9th, 2022, the Department of Real Estate issued an Order revoking real estate salesperson's license number SA692185000 issued to Nelida Oveida Rios. 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. 3. she may handle up to 6 transactions (listing or sales) in VA File a claim against to the licensee to recover the amount paid from the Fund Has Billy violated the VA License Law? The principal broker has all of the following duties, except: 1. misrepresentation Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA D. Under no circumstances, For failure to pay an assessment to the TRF, New licensee applicants are required to pay into the Transaction Recovery Fund. 2. placed on private property without permission of the owner Evans told her that he would not return her license until the money had been repaid. 2. the office can be managed by a salesperson with 3 years experience The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 3. may only employ licensees to sell each tract 45 hours 3 years 2. if he gives his current broker 30 days notice 1. file an annual report with the board which details the activities of each location 20,000 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 3. the business can only be organized as a corporation 2. violates the VA real property act 2. member of the MLS 2. giving a false address in order to obtain a license 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. A. The general part of the exam is broken into . 50,000 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? 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: Board may reassess licensees: B. 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. 2. a fine only 3. sell or rent investment property for profit 1. member of the MLS 3. the firms licensed name must be clearly and legibly displayed 4. all of the above, which of the following is true about a branch office? Refer to the information presented on the exercise related to Wilson Towing Service. 4. all of the above, a salesperson whose license is on an active status may: Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 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: attempting to change employing brokers more than three times in 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: Experts are tested by Chegg as specialists in their subject area. A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 2. the list of licensees assigned to that office 3. impose a fine Fowler may have anything over that amount as commission. 600,000 c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 1. get her license from tom and take it to jane 3. hold a hearing in order to allow the licensee to defend himself 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. 1. the licensee is exempt from both the federal and VA fair housing laws 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? A public member shall have a high school diploma, or the equivalent, and shall have a minimum of five (5) years experience in a professional capacity, other than as a real estate licensee. 2. Pennsylvania real estate license law? 2. 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: A. 1. immediately present the offer He still needed to take one more continuing education course before his license expiration date. D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. The Board appoints her son, Adam, to operate the business for 180 days. Licensees may also write to: Financial Services Tribunal. . PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 1. gene should send his license to the board and request an associate brokers license C. A real estate transaction Which of the following actions by a licensee is a violation of 2. give additional info to callers about available listings 1. filed a suit against the local realtors association Discipline Procedures | BCFSA 4 years 2. administer the fair housing act B. Kerra has obtained a judgement in court A. a licensee's obligation of confidentiality ends at the 2. she can obtain a temp license from the VREB to sell her house 1. the developer may publish the ad as planned 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. Lesson 17 Questions | Real Estate Agent | AssignGuru The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. the real estate license of any person or firm may be revoked by which of the following entities? . 3. write a thank you note to kirks Ben and Jerry are communicating for the first time via instant messages. 1. open listing 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? 2. a consumer that has been defrauded in a real estate transaction 1. maintain an office in the state of VA 43-40-1(2)(B)). 1 year If necessary, the 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 4. grounds for suspension or revocation of a license, grounds for suspension or revocation of a license, the board may take disciplinary action against a: 2. price that is shown in the listing agreement administrators, selling property under court order and for a fee What can Sally do to force Evans to return the license to the Board? 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 30 hours within the first year 1. a court having jurisdiction over the brokers d. The problem may be directed to the North Dakota Real . 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 4. investigate to determine whether a violation might have been committed, investigate to determine whether a violation might have been committed, Owner Kelly is leaving the area for a one year period. 1. yes, because the required disclosures must appear in the ad itself Before applying for the real estate license, all the formalities of education and experience must be cleared. The DRE also handles the renewal of the licenses. Unit 26: Washington License Law Enforcement (11%) D. The respondent must submit to interrogatories by claimant, The claimant must have gone after any assets and property belonging to the debtor, When a claim is paid from the Transaction Recovery fund, which of the following statements is true? 1. yes, because the rules require specified disclosures in emails 3. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation Which of the following statements is true? 4. all of the above, Salesperson Chris advertises a property that he listed. The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 3. be furnished to the board every 3 years 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 2. an administrator who is required to sell a house in order to liquidate an estate C. $750,000 Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. Dealing honestly and fairly; 2. 4. Skill, care, and diligence in the transaction; 8. Thus, the term REALTOR should not be used to generally refer to all real estate licensees. 16 hours of continuing education 2. illegal Which of the following statements is true in this situation? 1. an attorney at law North Carolina Real Estate Commission - NCREC 3. the respondent must file bankruptcy and sell all property 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 1. complies with the regulations If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 1. boren must work through his broker 3. refusing to hold an open house, at the request of his broker C. Does not pay the Transaction Recovery Fund assessment 4. all of the above, a real estate license is not required for a: $10,000 May Cindy accept this rental listing? 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: When this information leads to a sale, Berry pays her $100 for the tip. 1. the claimant must have gone after any assets and property belonging to the debtor Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 1. an auctioneer The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. attend at least 3 seminars conducted by the board 2. send a copy of the charges to the salespersons broker at the brokers place of business Pennsylvania split a Commission or pay a referral fee to a person Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. Real Estate Disciplines - Illinois REALTORS 2. closes her out of state office 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 2. return his or her license to the board 2. apply for reinstatement of her license and pay a fee 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 1. 1. raising the price on a contract in order to influence a lender 3. 3. that she is acting as a referral agent only, and is not active in selling and listing 2. 2. tell the buyer it will have to wait until monday 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. Has Larry violated the rules? D. No one, A real estate license could be suspended without investigation if the licensee: Automatically fine the licensee for $1,000, then schedule a hearing

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