3. supervising broker C) Terry, 43, who worked as a real estate licensee until he was 28. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 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? C. $50,000 She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. Which of the following statements is correct? 21 days 2. hold a bachelors degree in real estate 3. hold a hearing in order to allow the licensee to defend himself 1. the office must be licensed 4. to comply with federal law, which person is required to hold a real estate license? License Categories [G.S. 4. it is kept in the custody of the employing broker, it is kept in the custody of the employing broker, when a broker or salesperson license is renewed, the licensee must: 1. principal brokers judgement, The Provisions of the Real Estate Licensing and Registration Act 2. encourage higher education in real estate Which of the following entities could become involved in settling the matter? In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 3. commission rates charged by members of the MLS are established by: 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? 6 licensees and 1 consumer 5 years, licensees must respond to board inquiries within: 3. listing broker Phone 123-4567"? $10,000 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. adjudicate disputes between licenses 1. will be issued a temp license by board 2. give additional info to callers about available listings 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. A. 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? 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. 3. a court of law having jurisdiction over the brokers 1. boren must work through his broker d. The problem may be directed to the North Dakota Real . 20 every two years 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. 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 years 3. an attorney who is offering real property for sale under court order 3. Under the circumstances, which of the following statements is true? 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: When representing a seller, which of the following is a TRUE 3. 2. the brokers name is missing The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 1. president of the corporation 1. make brokers and salespersons more professional No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 1. the licensee named in the claim must post a bond in order to continue practicing real estate 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. B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 2. if the agents actions were outside the authority granted by the employing broker In the end, these clients decide to stay where they are and to quit looking for a home. 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: 3. 3. operate profitably for at least one year 16 hours within the first two years 3. the firms licensed name must be clearly and legibly displayed 1. take and pass the VA portion of the licensing exam 3. if he gives his current broker 30 days notice 2. cooperating brokers, concerning commission splits 43-40-1(2)(B)). 4. A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 2. the renewal fee, plus $20 payment for the transaction recovery fund 2. send a copy of the charges to the salespersons broker at the brokers place of business She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 1. salaried rental property personnel, accepting lease applications on behalf of another 1. member of the MLS 2. enforcing the license law 3. people from hungary are moving into the neighborhood Round answer to the nearest cent. In order for Kathy to collect, she must have already: 1. a firm partner who does not participate in the brokerage business 1. responsible for all escrow accounts Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 2. yes, as long as the owner is aware of it C. The respondent must file bankruptcy and sell all property 3. the license will be automatically suspended 1. the licensee has 4 years to repay the fund 1. suspend the license until a formal hearing can be conducted not cash, when the recipient of the payment is licensed broker in another D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? The property sells on December 20 and closing takes place on January 15. 2. the real estate board within 30 days 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. 3. 2. bait and switch He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 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. 2. the salesperson can only be paid if her license is renewed prior to january 31 Ben suggests that he may be able to help. Which of the following statements is correct? Has Billy violated the VA License Law? 4. the salesperson, which is not a requirement to become a broker in VA? 2. only upon receipt of a written complaint setting forth the alleged violation 2. apply for a temp license until he affiliates with a broker 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: 3. person selling industrial real estate full time a 12 month. 2. the board may order criminal penalties 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. He still needed to take one more continuing education course before his license expiration date. To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . During this period, Adam: C. Tony, the mortgage banker 2. the seller needs a larger house 2. maintain an escrow account in VA 3. may take new listings and find buyers for any listings on the books A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 1. salesperson Gene, an independent broker, lists a property. 2. made available for inspection by the representatives of the real estate board 1. larry the developer 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer Call Paula after 5 at 123-4567." 3. apply for inactive status for the salesperson 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. Under what circumstances may listing real estate broker in 1. neither susan nor gene is in violation of the law Susan decides to sell her own house. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 2. automatically fine the licensee for $1000, then schedule a hearing The general part of the exam is broken into . Ben suggests that he may be able to help. 3. a real estate transaction 1. be a citizen of the US Question text 100,000 2. an administrator who is required to sell a house in order to liquidate an estate 4. supreme court judicial procedures act, Sarah Smith sees an ad from Broker Mark for a custom built home with mountain views, hardwood floors, a theatre room, and a professional kitchen. 4. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the: Victoria BC V8W 9V1. 45 hours of post license education 2. the VA association of realtors 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: 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements? Regulatory Affairs: 919-719-9180. 2. a person who will only work as a referral agent In order to receive payment, this claim must be in connection with: Neither Cindy nor her broker may accept this listing 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: You'll need the following information to search for a real estate license. which of the following is true? 1. commingling 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: A personal loan 2. be furnished to the board upon request 3. the friend need not be licensed 750,000 c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following: 1. 3. renew his license every 2 years by paying the renewal fee 1. misrepresentation 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 2. the fee is less than $100 A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. B. 1. complete the mandatory postlicense education requirement 1. kept for a period of 7 years 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. File a claim against to the licensee to recover the amount paid from the Fund VA association of realtors 1. name of the listing salesperson She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 2. the partnership must have a separate license issued by the board 400,000 2. to protect the public interest D. $100,000, A license may be suspended without benefit of a hearing: 1. the business name must include the name of the investor 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 1. employs a resident broker to represent her C. Automatically revoke the broker's license PO Box 9425 Stn Prov Govt. 1. is in violation of the VA license law 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? 1. regulating brokerage fees 1. send the salespersons license to the new 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. When she returns on July 5, Jane realizes that her real estate license expired on May 31. 1. complies with the regulations 15,000 1. the court that appointed the receiver Who is responsible for the expenses and fees of the court-appointed receiver? 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: 2. by written contract between the owner and the principal broker 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. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 3. is not in violation of the VA license law, so long as she informs the buyer 1. renting 1/2 a duplex for a friend 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. 2. the VA real estate board 4. all of the above, a salesperson whose license is on an active status may: 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 1 year 1. attorney general of the commonwealth of VA 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). 2. broker working for another broker the broker is guilty of: Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 2. boren must put through $45 in an interest bearing escrow account 1. the ad fails to include the property address 3. the board, using money from the transaction recovery fund Mark is guilty of: 1. investigate the actions of any real estate broker or salesperson 1. upon demand by the board C. $100,000 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. 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: state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 4. any of the above, a person seeking a real estate license in VA must be: 2. a person acting as a trustee in bankruptcy Test the following rules with several different sets of numbers. 4. plans to hold an open house, an award from the transaction recovery fund will result in: If approved, the Virginia Real Estate Board must do which of the following actions? 2. the VA real estate board 2. kerra has obtained a judgement in court 3. improper dealing 2. that she had no sales or listings during the preceding 12 months A. 2. post office box 2. ben must disclose his firm name, city, and state 1. she must retake the exam 2. the broker must limit this incentive program to 30 days Why is this ad in violation of Board regulations? 3. ben must disclose his email address Who is most likely to collect? 1. with a written consent from the owner only If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 3. it does not include a statement that the owner is licensed 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 750,000 Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 2. mail his or her license to the board 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 1. a court having jurisdiction over the brokers A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. Broker Fowler should tell Owner Chaney: 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. When this happens, Vera plans to work with Broker Jane. 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. is ready to advertise the property 2. the tenant must establish an escrow account 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 2. the investor must hire a broker to manage the business 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 1. seller 1. a licensed salesperson, to recover money that his brokers owes transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 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. illegal Automatically fine the licensee for $1,000, then schedule a hearing 2. the office can be managed by a salesperson with 3 years experience C. He may apply for a new license within 30 days .3. the ad makes false or misleading statements Three times a year, the DRE offers an open forum meeting to members of the industry. What will happen to Craig's license if he doesn't complete the required courses before renewal? 3. yes, because suzy must communicate directly with billy $10,000 120 hours 3. she does not need a real estate to sell her own house Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 3. their licenses must be returned to the board 1. email Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? A Real Estate Commissioner candidate must have a min of five years real estate experience within the last WHAT year to be appointed by the Governor. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker).
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