This type of agreement: 1. attorney general of the commonwealth D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 3. advertising that a property listed by a firm is for sale by owner 16 hours of continuing education 2. a salesperson with 5 years experience may run the office 1. she may act as a broker in VA by virtue of her valid out of state license When she returned on January 6, she realized that her license had expired on December 31. 2. waiving education or experience requirements On the day of the showing, he places several directional signs throughout the neighborhood. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 1. assures a quick sale because the broker knows the sellers exact position Which of the following statements is correct? In this situation, which of the following statements is correct? A. 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? 2. What should he do? 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. 2. it is prominently displayed in the main office of the salespersons firm Visit their website for more details and the most current disciplinary action. which of the following must be incorrect? 2. giving a false address in order to obtain a license DUAL AGENCY - A real estate licensee who represents both the seller and buyer in the same transaction is a disclosed dual agent with written informed consent of both the buyer and the seller (see below). Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 1. take listings over the phone 2. have a desk for every 5 agents 2. encourage higher education in real estate All real estate licensees are subject to discipline by the REEB as well as litigation. 4. the salesperson, which is not a requirement to become a broker in VA? 1. 3. the salesperson cannot be paid a real estate licensee may be disciplined for B. 4. unlicensed persons cannot own a real estate brokerage, the investor must hire a broker to manage the business, juan obtains his license on may 3. how much continuing education must juan complete? 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? 2. reimburse aggrieved persons PDF License Law and Rules Comments - Ncrec 4. an individual employed by the owner of rental property, an employee of a broker, who negotiates leases, Broker Takahashi wants to open her own partnership. 1. 2. the developer cannot publish the ad as planned 100,000 Which of the following statements is true in this situation? Which of the following disclosures is Ben most likely required to make? After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 1. suspending the persons license Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 2. continue to use cards and stationary which state that he is a licensee 2. 2. do nothing, as the license automatically renews every 2 years Method 1 Verifying a Real Estate License Download Article 1 Gather information. 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. 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 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? 2. an administrator who is required to sell a house in order to liquidate an estate what should the salesperson do? $10,000 2. the renewal fee, plus $20 payment for the transaction recovery fund 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 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 . 3. 1. the friend must be licensed as a broker After that, Tony would handle the mortgages of any buyers through his bank. B. c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 4. all of the above, a license may be suspended without benefit of a hearing: 3. net listing 3. 2. have all earned commissions placed in an escrow account 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 . 1. the colors on the sign are different than the firms logo colors 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? 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 1. either buyer or seller, based on their agreement 4. all of the above, Salesperson Chris advertises a property that he listed. Why is this ad in violation of Board regulations? 1. real estate board One group was asked to do this after thinking about a calorie-laden cheesecake. 3. the fee is acknowledged, in writing, by the parties to contract 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? The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 10,000 1. complete the mandatory postlicense education requirement 1. should contact the local realtors association and obtain a temp license to sell property 2. can only conclude the transactions in the process to facilitate the termination of the business Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. the real estate board has authority to administer all of the following laws except: which of the following persons must be licensed when selling real property for others? The agent orders the home inspection from a friend, who then pays him a referral fee. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 1. Alabama Real Estate License- Practice Exam Flashcards 3. her employing broker 3. operate profitably for at least one year A. The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. Board may reassess licensees: 2. automatic revocation of the real estate license The respondent must assign all commissions and personal property to the claimant or the Board 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. What is the first thing Lynch should do? 1 year B. 3. A. 3. employed by another broker licensee? 2. be 21 years old d. The problem may be directed to the North Dakota Real . 600,000 1. an executor of a will California Department of Real Estate Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 3. take and pass a test within 12 months of application 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. 2. must complete 145 credit hours of courses approved by the board 2. the board may order criminal penalties 3. the board, using money from the transaction recovery fund 2. should have known about the improper dealings performed by his salespersons C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 3. 3. the code of ethics for real estate professionals 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? 2. the salesperson and the new broker Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 1. misrepresentation 3. the real estate board The actual misuse of trust funds by converting them to the broker's own use. 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 4. sign an affidavit that they understand the laws in the state of VA, take and pass the VA portion of the licensing exam, the real estate board is responsible for: 1. a salesperson licensed in another state 15,000 3. a person that is not licensed in another state 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: 1. that she is not affiliated with a brokerage firm or sole proprietor 2. an auctioneer 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 1. by having his license returned to the board a new license issued to the new broker 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 2. an auctioneer 3. a rental location agent 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. His license is automatically reinstated commission split between the licensee and the broker, What is the maximum time an aggrieved 2. return his or her license to the board 2. designate one location as the main office 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. 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 1. take the continuing education course Ben and Jerry are communicating for the first time via instant messages. 2. mary should apply for reinstatement of her license They give Ellen $500 as compensation for all of her hard work. In the context of this study, what is the meaning of the Type I error? Regulatory Affairs: 919-719-9180. 2. the manager of a branch real estate office 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: 3. may only employ licensees to sell each tract