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a real estate licensee may be disciplined for 20 every two years 4. the salesperson, which is not a requirement to become a broker in VA? 1. 4. failing to advise a buyer of an offer, in the case of a buyers agent, failing to inform the seller of the ethnic character of a buyer, If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: 3. the friend need not be licensed A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is: (1) a license holder; or (2) a real estate broker licensed in another state who does not conduct in this state any of the negotiations for which the commission or other compensation is . Which of the following statements is correct? 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. gene must obtain a brokers license 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. 1. a fictitious name 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 4. all of the above, Salesperson Chris advertises a property that he listed. 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 2. reimburse aggrieved persons 3. an office cannot operate on a residential property 1. a person acting without compensation under power of attorney Broker Fowler should tell Owner Chaney: When this information leads to a sale, Berry pays her $100 for the tip. Through reciprocity, what is true of a broker licensed in another state? When representing a seller, which of the following is a TRUE Real estate - Wikipedia She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 4. both 2 & 3, Jane has been out of town on personal business. 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? C. nonpayment of federal income taxes 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board? In order to receive payment, this claim must be in connection with: 1. has the owners permission Licensees may also write to: Financial Services Tribunal. 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. 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? C. $600,000 3. renew his license every 2 years by paying the renewal fee 4. filed a claim with HUD, filed a claim against the salesperson in a court of competent jurisdiction, which of the following persons may file a claim and collect from the VA transaction recovery fund? 3. net listing 3. after conducting a hearing Statutes & Constitution :View Statutes : Online - Florida Legislature 2. director 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: D. All of the above, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund, When the Transaction Recovery Fund balance falls below a statutory minimum, it results in: state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition $10,000 3. is not in violation of the VA license law, so long as she informs the buyer 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 2. maintain an escrow account in VA Experts are tested by Chegg as specialists in their subject area. 11:5-4.5 by failing to properly supervise as the branch office manager. 2. does not comply with the regulations Neither Cindy nor her broker may accept this listing 4. agreement of sale MUST contain the. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 2. the board will issue her license if she can provide proof that she passed For failure to pay an assessment to the TRF 3. legal, if the insurance broker holds a salespersons license 2. the board may order criminal penalties 1. this is permitted since it is only done occasionally 3. does not pay the transaction recovery fund assessment 3. their licenses must be returned to the board 2. suspend or revoke any license issued by the board In the end, these clients decide to stay where they are and to quit looking for a home. 1. reimburse financial losses caused by licensee misconduct The general part of the exam is broken into . 3. court of competent jurisdiction 3. may take new listings and find buyers for any listings on the books 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 1. the principal broker 2. giving a false address in order to obtain a license 3. imposing a fine of $5000 for each violation Why is this ad in violation of Board regulations? Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. What is the first thing Lynch should do? 1. sells insurance from the real estate office where she is employed Susan decides to sell her own house. In this situation, which of the following statements is correct? D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years, The Real Estate Board could withhold issuance of a new license, forever, If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? Discipline Procedures | BCFSA 3. the salesperson cannot be paid 2. local association of realtors 3. the fee is acknowledged, in writing, by the parties to contract May Cindy accept this rental listing? 2. have all earned commissions placed in an escrow account 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. 3. a person that is not licensed in another state 2. it is prominently displayed in the main office of the salespersons firm Mary didn't realize until January that her license had expired. 1. their licenses are not affected 1. 2. on for sale signs places on specific property A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 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. 4. the ad does not include the price, the ad fails to disclose that the owner is a licensee, if used to advertise property, which type of communication could trigger disclosure requirements by a licensee? 3. selling a business for a relative The respondent must assign all commissions and personal property to the claimant or the Board 1. the developer may publish the ad as planned 3. 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 2. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 3. any broker 2. the broker must limit this incentive program to 30 days 3. keep records for a period of 10 years 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). 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? this person: 1. engages in acts of brokerage wile on inactive status 1. in ratio and tv ads C. Automatically revoke the broker's license 3. return all customers cards to the employing broker $800,000 If Brenda wants to keep the money and NOT violate VA License Law, she could: 3. a trustee, appointed by a court We reviewed their content and use your feedback to keep the quality high. In this situation, which of the following statements is true? $10,000 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. creative marketing 6 months 1. the executor of an estate 31 days, The Board determines that a licensee misrepresented information on her license application. This type of agreement: Under what circumstances may listing real estate broker in An assessment from all licensees to restore the fund to the minimum balance a real estate licensee may be disciplined for Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. After investigation, the Board finds that the broker is innocent of any wrong doing. 1. the colors on the sign are different than the firms logo colors administrators, selling property under court order and for a fee 3. his license will expire However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 2. advise the licensee of the charges 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: File a claim against the licensee to recover the judgement amount awarded by the court 3. there is no property address 1. file an annual report with the board which details the activities of each location 1. move to VA within six months of licensure Board may reassess licensees: 2. hold a bachelors degree in real estate 2. can only conclude the transactions in the process to facilitate the termination of the business exemption to the real estate licensing law. Unit 26: Washington License Law Enforcement (11%) Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. 2. the salesperson can only be paid if her license is renewed prior to january 31 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: 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. 2. the list of licensees assigned to that office 3. the agents name appears before the brokers name 3. file a complaint with the real estate board 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: 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: 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? Full disclosure; 6. Lesson 17 Questions | Real Estate Agent | AssignGuru 3. take the continuing education course and apply to reinstate his license 21 days attempting to change employing brokers more than three times in transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 1. an owner who sells no more than three of her own houses in a year 2. mail his or her license to the board 2. may allow unlicensed employees (on a regular salary) to sell the tracts 2. submit a credit report The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. Prohibited acts. 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. 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. 18VAC135-20-260. 2. apply for a temp license until he affiliates with a broker 3. violated the fair housing act Real Estate Agent License Practice Test (2022 Current) - Tests.com Call Chris at 555-0000 for details." 1. take the license exam as a new applicant Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 3. that she is describing an exclusive agency listing the salesperson can only do this: 4. 1. the broker notify the board within 10 days 3. the firm must be incorporated in VA 2. a person receiving a gift certificate to sell a property 3. if there is a violation of the boards regulations 2. file a claim against the salesperson in a court of competent jurisdiction 2. the real estate board within 30 days if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 1. the claimant must have gone after any assets and property belonging to the debtor 3. apply for inactive status until the new broker has business cards printed Automatically fine the licensee for $1,000, then schedule a hearing 1. kept for a period of 7 years 93A2] At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 the broker is guilty of: The Board now has the right to: 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: 3. the real estate board when his license is renewed 1. his or her broker 2. instant messaging 1. The DRE grants licenses to Real Estate Brokers and Salespersons. 3. impose a fine on any licensee Call Paula after 5 at 123-4567." 3. rent apartments for a small fee 3. is not regulated by the board 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. 2. be a US citizen . 3. hold a hearing to allow the licensee to defend herself $471.8360%\$471.83 \div 60\% Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018.