A fine of $1,000 was imposed. . 2. illegal 1. seller A. 1. the board may take disciplinary action We reviewed their content and use your feedback to keep the quality high. 3. associate brokers 2. the broker must limit this incentive program to 30 days 1. attorney general of the commonwealth of VA 2. upon revocation of the brokers license 16 hours of continuing education 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? 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. 1. According to Virginia regulations: this person: Standard of Practice 1-2. 4. the salesperson, which is not a requirement to become a broker in VA? 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 2. a broker 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: Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. Fred thought Sarah did such a good job, he sent her a $500 bonus. 2. to protect the public interest 20 every year 1. should contact the local realtors association and obtain a temp license to sell property 1. immediately present the offer 2. she may operate in the role of a salesperson in VA I am a. An assessment from active licensees to restore the fund to the minimum balance 3. take a new exam 1. 3. must be kept at the employing brokers main place of business The Board appoints her son, Adam, to operate the business for 180 days. 1. have one phone for every 5 agents 2. a consumer that has been defrauded in a real estate transaction 1. 3. the friend need not be licensed 3. maintain an escrow account in VA the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 1. by having his license returned to the board a new license issued to the new broker 2. a rental location agent that is also licensed as a broker A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 4. accepting a referral fee from an out of state broker, through his employing broker, paying a finders fee to an unlicensed person, a broker placed one of her signs on property without permission from the owner. 4. 2. the fee is less than $100 Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania They give Ellen $500 as compensation for all of her hard work. 2. must supervise all firm advertising Such action is: 2. neither the broker nor the clerk is in violation of the law 1. it must be supervised by the principal or supervising broker 1. disclosures 4. none of the above, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: the broker is guilty of: 3. an appraiser The ad reads, "beautiful rambler, excellent assumption. 1. legal, as long as the fees paid are less than $100 2. file a claim against the salesperson in a court of competent jurisdiction 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 4. enforce the code of ethics, licensees with an inactive license must: 4. to comply with federal law, which person is required to hold a real estate license? 2. the respondent must assign all commissions and personal property to the claimant or the board 3. 4. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 4. 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. Under these circumstances, Carla: another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 3. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 3. ben must disclose his email address 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 4 years (If there is a possibility that the Real Estate License Law has been violated, the Board will refer the complaint to the North Dakota Real Estate Commission.) 1. the MLS service 3. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice Reimburse financial losses caused by licensee misconduct 3. it is prominently displayed in the branch office where the salesperson works Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 3. 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. 2. associate brokers and salespersons 2. is not in violation of the VA license law, so long as she informs her broker 2. price that is shown in the listing agreement 1. reimburse financial losses caused by licensee misconduct 2. at least 21 years 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 3. is not regulated by the board 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. advertising that a property listed by a firm is for sale by owner 3. upon the request from the salesperson to transfer to another broker 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 3. write a thank you note to kirks 3. retake their prelicense education and pass a licensing exam When representing a seller, which of the following is a TRUE 1. be clearly separate from the living area 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. a person acting without compensation under power of attorney 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 1. the price is not mentioned 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. Licensees may also write to: Financial Services Tribunal. 3 years The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 4. 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: 3. adjudicate disputes between licenses A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 2. should have known about the improper dealings performed by his salespersons 1. an assessment from all licensees to restore the fund to a minimum balance 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 3. renew his license every 2 years by paying the renewal fee 3. failing to inform the seller of the ethnic character of a buyer 1. the court that appointed the receiver In CA, a real estate license must be renewed every. A. 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. 2. it is prominently displayed in the main office of the salespersons firm 4. all of the above, if a real estate company has more than one office in VA, that company must: 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. 2. enforcing the license law A. Larry, the developer D. 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, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 1. a personal loan Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries. May Cindy accept this rental listing? 3. 1. yes, because the required disclosures must appear in the ad itself 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 3. imposing a fine of $5000 for each violation 2. mary should apply for reinstatement of her license 3. 3. person selling industrial real estate full time 2. broker working for another broker Can be a corporation, partnership, etc. 3. the code of ethics for real estate professionals 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. yes, because the ad appears on another commercial site 3. is not in violation of the VA license law, so long as she informs the buyer if the broker knew or should have known of agents actions. unspecified. 1. an auctioneer 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. 2. 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? Fowler may have anything over that amount as commission. New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions 3. 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 1. complies with the regulations 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 2. violation of anti trust laws 3. name of the brokers firm The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 2. a person receiving a gift certificate to sell a property 2. 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 1. his license is null and void She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. One group was asked to do this after thinking about a calorie-laden cheesecake. Calculate the net sales revenue for the month. under what circumstances would the agents employing broker be subject to disciplinary action by the board? Ann Agent. 8 hours within the first year which is true? 3. any broker 3. affiliate with a broker and submit an application for licensure 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 1. send a copy of the charges to the salesperson at his last known business address 2. advise the board within 30 days Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. In order to receive payment, this claim must be in connection with: Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 3. must have been active as a salesperson for 3 years In the end, these clients decide to stay where they are and to quit looking for a home. B. Kerra has obtained a judgement in court 2. it may be supervised by a salesperson with 3 years experience 31 days, The Board determines that a licensee misrepresented information on her license application. 4. none of the above, a broker would not be in violation of VA license law if he: 1. a person who, for compensation, helps to sell his neighbors home Jack makes the required disclosures in the middle of his email, in bold lettering. Which of the following entities could become involved in settling the matter? 1. an investigation will be conducted unless the law specifically provides otherwise 1. either buyer or seller, based on their agreement Susan, also an independent broker, sells the property. 3. after conducting a hearing Which of the following statements is correct? 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. Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 2. can only conclude the transactions in the process to facilitate the termination of the business 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 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. 1. failing to disclose to buyers that were termites in the property 18VAC135-20-260. Has Billy violated the VA License Law? 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. Call Chris at 555-0000 for details." 3. yes, so long as larry is a broker 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: 1. 4. 1. name of the listing salesperson 2. tell the buyer it will have to wait until monday 3. acceptable, if the compensation is less than $500 3. the office must have a separate license 3. that she is describing an exclusive agency listing 2. the developer cannot publish the ad as planned 120 hours 2. misrepresentation 3. all licenses must be renewed biennially in odd numbered years 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 3. the director of the dept of professional and occupational regulation (DPOR) 750,000 2. the VA real estate board 1. mary is required to retake the license examination in order to reinstate her license 2. the attorney conducting the closing What must she do? When this information leads to a sale, Berry pays her $100 for the tip. commission rates charged by members of the MLS are established by: which of the following is true? File a claim against the licensee to recover the judgement amount awarded by the court 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. 2. both partners must have a brokers license $471.8360%\$471.83 \div 60\% 3. only to revoke the license, as provided by VA law Regulatory Affairs: 919-719-9180. 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 2. it must be in the name of the firm 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 2. the owner, as long as he finds a ready, willing, and able buyer The salesperson can pay this referral bonus to: 3. only if the salesperson is an employee of the broker, not an independent contractor 2. acting for both buyer and seller with their mutual consent 696.301. Which circumstance might also put the employing broker at risk of disciplinary action? Irma Craft, a real estate salesperson for Luckless Realty has an arrangement with RidX Pest Control Services to receive a $25.00 referral fee for any customer she refers to Rid X. B. Violates the Virginia Real Property Act 1. boren must work through his broker 3. the names and address of all salespersons must be sent to the real estate board 1. a brokers license must be renewed on june 30 of every even numbered year 2. an attorney at law Bill prefers to communicate with Larry via email. Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: 1. the old broker and the new broker hold joint responsibility 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. a firm partner who does not participate in the brokerage business If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. 1. that she is not affiliated with a brokerage firm or sole proprietor 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? B. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 10 hours, Two individuals want to form a real estate partnership in Virginia. C. He may apply for a new license within 30 days 3. 30 hours within the first year 3. may only employ licensees to sell each tract 2. bait and switch 1. under no circumstance 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 10 days 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. the board, using money from the transaction recovery fund Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. apply for inactive status until the new broker has business cards printed the authority of a court order, b. an attorney at law who participates in real estate It is true for all positive real numbers aaa and bbb that a+b=a+b\sqrt{a+b}=\sqrt{a}+\sqrt{b}a+b=a+b? 2. have a desk for every 5 agents 1. an attorney who is licensed to practice law in VA 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. what should the salesperson do? 1. email 1. get her license from tom and take it to jane 1. no, because he acted in suzys best inerests 1. give back all listings acquired while affiliated with the broker 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? 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 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: B. Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. Allison is guilty of: 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 2. advise the licensee of the charges A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 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. 3. hold degree in real estate A. a licensee's obligation of confidentiality ends at the 2. revoking the persons license 2 years 2. automatic revocation of the real estate license 1. renting 1/2 a duplex for a friend The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. This ad is in violation of the Real Estate Board Regulations because: a 12 month. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 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: A. 2. In January of 2019, the Texas Real Estate Commission (TREC) reprimanded a real estate agent and suspended his license for 30 days after it was determined that he failed to perform an adequate inspection of a property's foundation on behalf of a buyer. 1. must have a brokers license In CA, real estate law is enforced by the: Real Estate Commissioner Trust funds are best defined as: Anything of value to be held for a client or customer. 1. attorney general of the commonwealth 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 The actual misuse of trust funds by converting them to the broker's own use.