1. in ratio and tv ads Three times a year, the DRE offers an open forum meeting to members of the industry. A common misconception among consumers is that real estate agent and realtor are interchangeable terms. B. 3. an evaluation of the funds investments in order to generate additional earnings 1. make brokers and salespersons more professional 1. assures a quick sale because the broker knows the sellers exact position Calculate the net sales revenue for the month. 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 2. mail his or her license to the board 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. Jack's email: 1. that she is describing an open listing 1. firm license 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 3. is not in violation of the VA license law, so long as she informs the buyer 1. fraud 3. 1. gene should send his license to the board and request an associate brokers license 1. an auctioneer 1. a licensed salesperson, to recover money that his brokers owes 2. the salesperson can only be paid if her license is renewed prior to january 31 real estate commission for which of the following reasons? the Pennsylvania real estate Commission can impose on that 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: the broker is guilty of: 2. violates the VA real property act A. inability to obtain automobile liability insurance B. habitual intoxication or drug addiction C. nonpayment of federal income taxes D. any felony conviction Expert Answer Option D is View the full answer 3. a claimant may collect up to 20,000 2. can only conclude the transactions in the process to facilitate the termination of the business 2. maintain an escrow account in VA 3. advertising that a property listed by a firm is for sale by owner An investment in a limited real estate partnership A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. What is the maximum that one licensee may be assessed during a two-year period? 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. have a desk for every 5 agents Call Chris at 555-0000 for details." 2. no, because bill is larrys client 2. acceptable, as a result of the listing contract 1. bob may keep the bonus since he has a brokers license 3. sayumi can be a senior partner, but she cannot be the principal broker 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 3. ask tom to return her license to the board and apply for a transfer 3. that she is describing an exclusive agency listing 1. neither susan nor gene is in violation of the law 3. if there is a violation of the boards regulations 50,000 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. 2. a person who will only work as a referral agent Licensing - Arkansas Real Estate Commission 8:30am - 5:00pm (Mon-Fri) Was this action permissible? 3. the board will issue her active license to her principal broker A. a licensee's obligation of confidentiality ends at the 1. the price is not mentioned Mark is in Europe for two weeks and cannot be reached. 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 1. either buyer or seller, based on their agreement 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 3. 3. associate brokers In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 3. Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 1. the licensee is exempt from both the federal and VA fair housing laws Upon request, the court appoints a receiver to manage the account. a real estate licensee may be disciplined for When this information leads to a sale, Berry pays her $100 for the tip. A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 16 hours within the first two years 2. made available for inspection by the representatives of the real estate board 750,000 1. a broker and a salesperson, involving employment conditions 2. principal broker 2. encourage higher education in real estate 2. be 21 years old 1. sells insurance from the real estate office where she is employed Which of the following entities could become involved in settling the matter? 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. 3. she does not need a real estate to sell her own house 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 3. does not pay the transaction recovery fund assessment a real estate licensee may be disciplined for - rccw.rocks An assessment from active licensees to restore the fund to the minimum balance Which of the following disclosures must Ben make? 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? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Not flaggedFlag question When representing a seller, which of the following is a TRUE A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Neither Cindy nor her broker may accept this listing 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: C. $600,000 3. only if the salesperson is an employee of the broker, not an independent contractor 2. the license will be automatically revoked The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. it can refuse to accept open listings 1. mary is required to retake the license examination in order to reinstate her license After that, Tony would handle the mortgages of any buyers through his bank. 3. a salesperson that is also licensed as a rental location agent 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 1. reapply for her new license as a new applicant C. The license will be automatically suspended 1. take listings over the phone 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? 3. revoke the salespersons license pending a hearing 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 2. an appraiser 2. a govt employee selling land owned by the govt Obedience; 5. 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. In this situation, which of the following statements is true? 30 hours of post license education Has Billy violated the VA License Law? Vera should: 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: Not flaggedFlag question 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 3. the firms licensed name must be clearly and legibly displayed 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 1. boren must work through his broker 4. all of the above, a real estate license could be suspended without investigation if the licensee: 3. the licensee is required to disclose the name of his employing broker 1. at least 40 hours per week 2. a rental location agent that is also licensed as a broker 3. maintain an escrow account in VA 3. publish a list of persons that have been granted licenses 4. none of the above, a broker may place a sign on a property when he: 3. after conducting a hearing 4. all of the above, Robert the Broker wants to stay on top of technological trends. 1. no, because he acted in suzys best inerests PDF License Law and Rules Comments - Ncrec 2. ben must disclose his firm name, city, and state 1. member of the MLS 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 2. the friend must have a law degree 1. give back all listings acquired while affiliated with the broker 3. employed by another broker Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 1. it can only accept residential listings 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? A. 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: 4. the salesperson, which is not a requirement to become a broker in VA? which is true? $20,000 Automatically suspend the broker's license 1. 2. giving a false address in order to obtain a license 1. the old broker and the new broker hold joint responsibility 2. an investment in a limited real estate partnership 1. by having his license returned to the board a new license issued to the new broker 2. 1. she must retake the exam 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. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 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? 2. 2. designate one location as the main office 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Why is this ad in violation of Board regulations? C. nonpayment of federal income taxes A. inability to obtain automobile liability insurance B. habitual intoxication or drug addiction C. nonpayment of federal income taxes D. any felony conviction Expert Answer 100% (1 rating) A real estate licensee 2. local association of realtors 1. the licensee named in the claim must post a bond in order to continue practicing real estate 1. a broker or a salesperson that has been defrauded in a real estate transaction 2. a broker licensed in another state 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 1. open listing 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. judgement, The Provisions of the Real Estate Licensing and Registration Act 3. an office cannot operate on a residential property 2. he can pay a fine to extend the renewal date 4. plans to hold an open house, an award from the transaction recovery fund will result in: dream11 kabaddi team today; political journalist jobs near hamburg; 3. filed a claim against the salespersons broker 1. yes, because deposits are held to cover the cost of repairs statement, when the referral fees paid to an unlicensed employee What will happen to Craig's license if he doesn't complete the required courses before renewal? statement regarding the duties a licensee owes to the 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? 1. take the license exam as a new applicant b) A real estate broker's reliance on information by a multiple listing service is acceptable as a reasonable defense for the broker's failure to obey a licensing law. 2. instant messaging In this situation, which of the following statements is true? 3. gene must obtain a brokers license To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 3. return all customers cards to the employing broker If you wish to consult the most up-to-date licensing information, y ou may utilize the boards check a license feature which will immediately reflect any changes in licensing status. After that, Tony would handle the mortgages of any buyers through his bank. 3. the licensee must forfeit all commissions earned Has Robert violated the rules? 2. uniform commercial code 1. sayumi cannot engage in acts of brokerage 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. 3. the renewal fee, plus proof of membership in the association of realtors 2. to protect the public interest 3. keep records for a period of 10 years 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: Chapter 3 Flashcards | Quizlet which of the following is true? 2. sell or rent property through a foreclosure process 1. 4. all of the above, which of the following is true about a branch office? How to Check a California Real Estate Broker's License: 12 Steps - wikiHow The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." Fowler may have anything over that amount as commission. The salesperson can pay this referral bonus to: apply to, a. a trustee who participates in real estate transactions under May Cindy accept this rental listing? Test the following rules with several different sets of numbers. 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing C) Terry, 43, who worked as a real estate licensee until he was 28. Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 2. impose a monetary penalty of up to $1,000 1. suspension of his license and a fine 3. selling a business for a relative 1. investigate the dealings of any real estate broker or salesperson 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. Fred thought Sarah did such a good job, he sent her a $500 bonus. 2. is ready to advertise the property 2. the attorney conducting the closing Bill prefers to communicate with Larry via email. 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. The deal states that Harry will sell all of the houses that Darrell built on Larry's land. When she returns on July 5, Jane realizes that her real estate license expired on May 31. 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. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 2. the fee is less than $100 1. 4. 1. that she is not affiliated with a brokerage firm or sole proprietor The property sells on December 20 and closing takes place on January 15. 3. their licenses must be returned to the board 2. tell the buyer it will have to wait until monday 2. the office can be managed by a salesperson with 3 years experience 2. the brokers name is missing 3. be actively licensed for the last 48 months in their home state 3. the broker and the seller 2. the owner, as long as he finds a ready, willing, and able buyer 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 C. $750,000 2. yes, as long as the owner is aware of it 18VAC135-20-260. Prohibited acts. - Virginia 3. there is no property address Loyalty; 3. 3. an attorney who is offering real property for sale under court order 2. a fine only 4. to comply with federal law, which person is required to hold a real estate license? 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 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. A. Larry, the developer 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. 3. adjudicate disputes between licenses 4. 1. kept for a period of 7 years 2. no, because it is permissible to provide a link to the required disclosures RE57R07: Brokerage Relationships | Mass.gov The exact steps you'll need to take to become a licensed agent will differ a little depending on where you live, but in most places, you'll need to take a few real estate courses and pass a licensing exam. Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). Ben and Jerry are communicating for the first time via instant messages. 1. a person who, for compensation, helps to sell his neighbors home 2. person selling a vacant lot for a fee . Jack makes the required disclosures in the middle of his email, in bold lettering. Broker Fowler should tell Owner Chaney: Call Paula after 5 at 123-4567." Arizona Department of Real Estate 600,000 1. his license is null and void 4 Ways to Become a Real Estate Agent - wikiHow In order for Kathy to collect, she must have already: Divide. The principal broker has all of the following duties, except: 3. file a complaint with the real estate board In the end, these clients decide to stay where they are and to quit looking for a home. 3. standardization of the clauses contained in a listing agreement 2. do nothing, as the license automatically renews every 2 years 2. protect the public interest 3. On the day of the showing, he places several directional signs throughout the neighborhood. 2. its own initiative, without any written consent 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 2. it must be in the name of the firm A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 1. determining commission splits between all MLS brokers 4. accepting a referral fee from an out of state broker, through his employing broker, paying a finders fee to an unlicensed person, a broker placed one of her signs on property without permission from the owner. VA real estate board The Board now has the right to: What must she do? 100,000 2. the ad fails to disclose that the owner is a licensee 2. be at least 18 years old 1. automatically suspend the brokers license In this situation, which of the following statements is true? 1. be at least 18 years old 2. a salaried property manager is employed to manage the apartment and lease individual units This arrangement between the two is: 3. advise the board when their license is renewed transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 1. trustee acting under a court order 4. 1. maintain an office in VA 1. creative marketing 1. under no circumstance 3. kerra claim cannot include interest in her damages 1. the colors on the sign are different than the firms logo colors 1 year 45 hours of post license education 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker Fiduciary duties are owed to both buyer and seller. Which of the following statements is correct? 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 1. investigate the actions of any real estate broker or salesperson 120 hours 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? The general part of the exam is broken into . 4. all of the above, a real estate license is not required for a: 3. 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. A. inability to obtain automobile liability insurance 696.301. 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? Unit 26: Washington License Law Enforcement (11%)