Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 1. an assessment from all licensees to restore the fund to a minimum balance 3. a trustee, appointed by a court B. 2. legal, if disclosed im writing to all parties 1. a referral agent 4. all of the above, offer to sell, purchase, or exchange real estate o behalf of another for a fee, the principal broker must keep all of the following at the main firm office, except: A. Larry, the developer agreement of sale MUST contain the. 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? 40-25(b)(17)). 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 . The Board appoints her son, Adam, to operate the business for 180 days. 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 3. failing to inform the seller of the ethnic character of a buyer 4. the salesperson, which is not a requirement to become a broker in VA? B. 4. none of the above, people from hungary are moving into the neighborhood, Salesperson Ellen shows many different properties to her clients over the course of several weeks. File a claim against to the licensee to recover the amount paid from the Fund 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. 3.1.1 A public member shall not be, nor have been within the last five (5) years prior to the effective date of appointment, a real estate licensee. $471.8360%\$471.83 \div 60\% 2. 3. any broker 1. salaried rental property personnel, accepting lease applications on behalf of another 150 A. Kerra filed suit against the local Association of Realtors 12 Practice Questions. 2. the salesperson and the new broker 1. the VA association of realtors 3. principal brokers license I am a. 1. 3. a sheriff ordered by the court to sell a house at foreclosure 4. seller and broker, Bob, an associate broker, sold a property. unspecified. A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 1. raising the price on a contract in order to influence a lender 3. permissible, with the written permission the owner D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? 2. post office box 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: Which of the following statements is true? 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. Who is most likely to collect? Susan decides to sell her own house. principal? 1. a court having jurisdiction over the brokers It will attempt to resolve the problem without the necessity of legal expense. 8 hours within the first year All real estate licensees are subject to discipline by the REEB as well as litigation. 3. a college grad 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: A. 8:30am - 5:00pm (Mon-Fri) When representing a seller, which of the following is a TRUE 2. closes her out of state office 2. misrepresentation 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 2. advise the board within 30 days 15 days This arrangement is: Grounds for disciplinary action by the commissioner. 2. it must be in the name of the firm California Real Estate Principles (Chapter 18), Chapter 16: California Real Estate License Law, Real Estate Principles - Chapter 17 (Real Est, Chapter 15: Property Management and the Landl, Chapter 17: Real Estate Residential Construct, Alexander Holmes, Barbara Illowsky, Susan Dean, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Neuro II - Exam 2 Ch. Administrative Discipline: What are the Possible Sanctions? D. Schedule a hearing to determine guilt or innocence, Automatically revoke the broker's license, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 3. may only employ licensees to sell each tract 3. impose a fine on any licensee 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 2. the broker, as a necessary expense to establish her innocence Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 11:5-4.5 by failing to properly supervise as the branch office manager. 2. mail his or her license to the board $10,000 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. Jack makes the required disclosures in the middle of his email, in bold lettering. What must she do? 2. a person receiving a gift certificate to sell a property The ad reads, "beautiful rambler, excellent assumption. 1. the clerk must be a licensed salesperson if the broker knew or should have known of agents actions. 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. A. 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? Find, (A) limxf(x)\lim\limits_{x\rightarrow\infty}f(x)\qquadxlimf(x)(B) limxf(x)\lim\limits_{x\rightarrow-\infty}f(x)\qquadxlimf(x) (C ) limx2f(x)\lim\limits_{x\rightarrow2}f(x)x2limf(x), Production opportunities; time preferences for consumption; risk; inflation. She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 7 licensees (with at least 3 years experience) and 2 consumers 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. a trustee who is required to sell a house at foreclosure 3. this is fine because the compensation is less than $1000 10,000 3. that she is describing an exclusive agency listing 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 1. file an annual report with the board which details the activities of each location 1. 60 hours 1. principal brokers 3. has a written listing agreement 1. under no circumstance 7 licensees (with at least 5 years experience) and 2 consumers, 7 licensees (with at least 5 years experience) and 2 consumers, who is exempt from VA real estate license requirements? 2. enforcing the license law 2. the renewal fee, plus $20 payment for the transaction recovery fund 1. paying a finders fee to an unlicensed person D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to: 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 3. is not in violation of the VA license law, so long as she informs the buyer 2. neither the broker nor the clerk is in violation of the law Which of the following statements is correct? 3. What is the first thing Lynch should do? 2. 120 3. refusing to hold an open house, at the request of his broker 4. 3. an evaluation of the funds investments in order to generate additional earnings 1. no, because he acted in suzys best inerests d. The problem may be directed to the North Dakota Real . 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? After that, Tony would handle the mortgages of any buyers through his bank. 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? The license will be automatically revoked 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. send the salespersons license to the real estate board 3. a rental location agent 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. an appraiser 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. 2. the respondent must assign all commissions and personal property to the claimant or the board Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 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: One group was asked to do this after thinking about a calorie-laden cheesecake. 2. person selling a vacant lot for a fee Under the circumstances, which of the following statements is true? conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 2. he can pay a fine to extend the renewal date 2. Upon request, the court appoints a receiver to manage the account. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. The claimant must have gone after any assets and property belonging to the debtor 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. 2. the VA real estate board 3. the code of ethics for real estate professionals 1. either buyer or seller, based on their agreement apply to, a. a trustee who participates in real estate transactions under 3. improper dealing statement regarding the duties a licensee owes to the 2. should have known about the improper dealings performed by his salespersons 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 1. bob may keep the bonus since he has a brokers license 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? 3. it is prominently displayed in the branch office where the salesperson works The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: If Sarah keeps the $500, she: 1. regulating brokerage fees 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: Experts are tested by Chegg as specialists in their subject area. 3. does not pay the transaction recovery fund assessment B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 1. seller 4. a broker may mange two separate office if they are within three miles of one aother, it must be supervised by an on premises principal or associate broker, an applicant must meet which of the following in order to become a salesperson or broker? 2. maintain an escrow account at an insured depository in the state Ben and Jerry are communicating for the first time via instant messages. 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: 3. keep records for a period of 10 years Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. A fine of $1,000 was imposed. A. Engages in acts of brokerage while on inactive status state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? The principal broker has all of the following duties, except: 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? In this situation, which of the following statements is true? 3. listing broker 2. helping a friend sell his house for a fee The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 1. yes, because deposits are held to cover the cost of repairs 1. determining commission splits between all MLS brokers 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer If possible, try to find a counterexample (a set of numbers for which the rule is not true). 1. maintain an office in VA In the situation described, which of the following statement is true? He still needed to take one more continuing education course before his license expiration date. 1. it is mailed to the licensee for delivery to the employing broker 3. renew his license every 2 years by paying the renewal fee 600,000 D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 1. the friend must be licensed as a broker 2. violates the VA real property act 2. the attorney conducting the closing 1. automatically suspend the brokers license Her long-time friend, Sayumi, is not licensed as a real estate agent. relocation service of a Corporation, when payment is in the form of entertainment goods services and 1 year 1. 3. it can refuse to accept open listings can conduct business under a fictitious name. 4. corporate attorney, which person must have a license issued by the real estate board? Welcome to the North Carolina Real Estate Commission. 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? 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. Who is responsible for the expenses and fees of the court-appointed receiver? 1. 3. selling a business for a relative 2. the board may order criminal penalties A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. The insurance broker pays $50 to the real estate broker for every referral that buys insurance.