3. place that is managed by a senior salesperson the regulations specify that: B. Kerra has obtained a judgement in court 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. 2. failing to identify the type of services offered in a general property description A. 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. VA association of realtors regulations 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. 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 1. the colors on the sign are different than the firms logo colors D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 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 3. if there is a violation of the boards regulations 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? When this information leads to a sale, Berry pays her $100 for the tip. 2. a salaried property manager is employed to manage the apartment and lease individual units 1. an attorney who is licensed to practice law in VA 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. 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? 3. she may handle up to 6 transactions (listing or sales) in VA 3. keep records for a period of 10 years 2. the investor must hire a broker to manage the business 2. administer the fair housing act A second group was asked to do this after thinking about an organic fruit salad. Mary didn't realize until January that her license had expired. 3. retake their prelicense education and pass a licensing exam 3. a trustee, appointed by a court 2. a person receiving a gift certificate to sell a property 6 licensees and 1 consumer B. 2. to protect the public interest 3. is not regulated by the board Who is responsible for the expenses and fees of the court-appointed receiver? You'll need the following information to search for a real estate license. 2. 3. all licenses must be renewed biennially in odd numbered years 1. larry the developer 2. gives a reduced commission rate to a family member 1. complies with the regulations 4. place where the broker maintains transactions and escrow records in a safe deposit box, place where real estate business is regularly transacted, when a salesperson transfers from one broker to another, it is the duty of the former broker to: Full disclosure; 6. 1. a fictitious name Such action is: Which of the following disclosures is Ben most likely required to make? The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 5 years, licensees must respond to board inquiries within: 3. rent apartments for a small fee conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 3. the salesperson cannot be paid 2. 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. 1. c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. the broker is guilty of: 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 $10,000 400,000 Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 1. the branch office license 3. publish a list of persons that have been granted licenses 2. acting for both buyer and seller with their mutual consent 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 1. the executor of an estate A personal loan 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? 1. the person who is active on the brokerage side of the business must have a brokers license 1. the principal broker the salesperson can only do this: The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 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: 1. is in violation of the VA license law 2. hold a bachelors degree in real estate In this situation, which of the following statements is true? C. Only to revoke the license, as provided by Virginia law 3. people from hungary are moving into the neighborhood 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. 1. either buyer or seller, based on their agreement 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? During this period, Adam: 1. file an annual report with the board which details the activities of each location 1. firm license 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? 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. attempting to change employing brokers more than three times in C. A claimant may collect up to $20,000 2. illegal 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. 3. both the tenant and owner are subject to board regulations 2. a salesperson who holds a business entity license 2. that she has an unrealistic opinion on the value of the property 2. be at least 18 years old 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? 1. get her license from tom and take it to jane B. 1. the VA association of realtors All real estate licensees are subject to discipline by the REEB as well as litigation. The Real Estate Board could withhold issuance of a new license, forever A licensee accused in the claim must sell all personal possessions to satisfy the claim C. Provide retirement income for brokers 1. name of the listing salesperson 4. the brokers actions violate anti trust laws, such actions could be viewed as creative selling, which does not violate license law or board regulations, An owner lists property with a broker. 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 2. giving a false address in order to obtain a license 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 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. 3. be furnished to the board every 3 years 1. paying a finders fee to an unlicensed person 1. complete an 18 credit hour course in the principles of real estate Larry has: Exceeded the scope of his authority and violated real estate law. The principal broker has all of the following duties, except: 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 2. helping a friend sell his house for a fee 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: When she returned on January 6, she realized that her license had expired on December 31. Which of the following is the maximum penalty that 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. C. $50,000 18VAC135-20-260. Broker Fowler should tell Owner Chaney: 1. apply for active status within 3 years 2. pay a $200 fee and reapply for the license year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . Encourage higher education in real estate 1. must be 18 years old 3. tony the mortgage banker 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? The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 3. a court of law having jurisdiction over the brokers The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 2. this is a questionable business practice and may constitute mail fraud 1. principal brokers A. Engages in acts of brokerage while on inactive status 2. automatically fine the licensee for $1000, then schedule a hearing 3. take and pass a test within 12 months of application 3. fine not to exceed 50,000 1. fraud 3. renew his license every 2 years by paying the renewal fee 3. impose a fine on any licensee the license law. Evaluate the indicated limits if they exist. 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? An unlicensed real estate assistant may do which of the following without a license? 2. both partners must have a brokers license Deal direct w/agent and save. After that, Tony would handle the mortgages of any buyers through his bank. 1. his license is null and void 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 2. file a claim against the salesperson in a court of competent jurisdiction Automatically fine the licensee for $1,000, then schedule a hearing C. Tony, the mortgage banker 1. maintain an office in the state of VA 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. 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 3. a tenant, seeking to recover a security deposit from his landlord 1. 2. principal broker 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 3. the real estate board the real estate license of any person or firm may be revoked by which of the following entities? principal? A. Larry, the developer 4. is in violation of the VA license law, unless she fails to inform the board, according to VA license law and the regulations of the board, a salesperson may accept a net listing: 4. 2. post a bond 50 93A2] 2. maintain an escrow account in VA 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. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. In order to receive payment, this claim must be in connection with: 2. if he gives his current broker 30 days notice 3. there is no property address 1. the court that appointed the receiver 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. 1. move to VA within six months of licensure Main: 919-875-3700. 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? service, license revocation and imprisonment of no more than one 3. is not in violation of the VA license law, so long as she informs the buyer Board may reassess licensees: She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. Fiduciary duties are owed to both buyer and seller. 1. the owner and the tenant are exempt from the real estate license law 3. the firms licensed name must be clearly and legibly displayed C. The license will be automatically suspended 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 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: 3. take the continuing education course and apply to reinstate his license if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 210, mart fields just found out that he passed the VA real estate sales exam. 3. apply for renewal of her license who does not have a Pennsylvania real estate license? 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? 1. this is permitted since it is only done occasionally Has Larry violated the rules? Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 3. one of the partners may be unlicensed 1. a licensed salesperson, to recover money that his brokers owes What is this requirement? 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: B. 2. endorse the check and give it to his employing broker 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. 2. a broker licensed in another state what should the salesperson do? 3. only with the approval of the principal broker A. inability to obtain automobile liability insurance Harry sells three houses, then runs off with all the funds. 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. 3. broker who is also licensed as a rental location agent 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? 2. a consumer that has been defrauded in a real estate transaction 2. an assessment from active licensees to restore the fund to the minimum balance 3. must be kept at the employing brokers main place of business 3. refusing to hold an open house, at the request of his broker judgement, The Provisions of the Real Estate Licensing and Registration Act 2. with written permission of the VA real estate board 1. pay a license reinstatement fee A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? can conduct business under a fictitious name. 1. 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true?
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