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. 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: 4. 1. levy fines 3. Victoria BC V8W 9V1. Chapter 3 Flashcards | Quizlet 210, mart fields just found out that he passed the VA real estate sales exam. 1. The agent orders the home inspection from a friend, who then pays him a referral fee. In the situation described, which of the following statement is true? The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund When representing a seller, which of the following is a TRUE 1. determining commission splits between all MLS brokers Has Larry violated the rules? Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." B. Has Billy violated the VA License Law? C. The license will be automatically suspended 3. impose a fine on any licensee 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 193E4.2(543B) Method of discipline. Not flaggedFlag question 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? 2. 4. a 20% decrease in the maximum payment one may receive from the fund, an assessment from all licensees to restore the fund to the minimum balance, 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? 4. plans to hold an open house, an award from the transaction recovery fund will result in: Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 2. maintain an escrow account at an insured depository in the state Welcome to the North Carolina Real Estate Commission. 2. boren must put through $45 in an interest bearing escrow account 3. kept indefinitely 1. an attorney at law 1. complies with the regulations 1. kerra filed suit against the local association of realtors 1. only receive referral fees for sending buyers to other salespersons in his office 2. an appraiser 1. 1. if the broker knew or should have known of the agents actions 3. may take new listings and find buyers for any listings on the books A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 2. associate brokers and salespersons 20 every year 1. immediately present the offer Susan decides to sell her own house. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 1. a salesperson licensed in another state 31 days, The Board determines that a licensee misrepresented information on her license application. $20 every year 2. have all earned commissions placed in an escrow account 20,000 3. must be kept at the employing brokers main place of business North Carolina Real Estate Commission - NCREC D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 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. 3. only with the approval of the principal broker 3. impose a fine 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. What must she do? 3. an evaluation of the funds investments in order to generate additional earnings Arizona Department of Real Estate 2. if the agents actions were outside the authority granted by the employing broker 1. in VA, anyone who sells real property must have a real estate license 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 2. an administrator who is required to sell a house in order to liquidate an estate Which of the following statements is true? 2. mary should apply for reinstatement of her license 4.. all of the above, which person does not require a brokers license? 1. investigate the actions of any real estate broker or salesperson Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. He still needed to take one more continuing education course before his license expiration date. 1. a firm partner who does not participate in the brokerage business C. nonpayment of federal income taxes 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. Full disclosure; 6. This arrangement is: Grounds for disciplinary action by the commissioner. 1. a member of the national association of realtors the salesperson can only do this: 2. must supervise all firm advertising 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 4. all of the above, which of the following is true about a branch office? 3. the broker notify the board within 30 days 1. Which of the following statements is correct? The property sells on December 20 and closing takes place on January 15. 2. at least 21 years Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 2. the ad fails to disclose that the owner is a licensee A. 100,000 2. that she had no sales or listings during the preceding 12 months May Cindy accept this rental listing? 1. an investigation will be conducted unless the law specifically provides otherwise 1. a broker or a salesperson that has been drafted in a real estate transaction 2. enforcing the license law Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? For failure to pay an assessment to the TRF within 10 days 3. yes, because suzy must communicate directly with billy 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 2. an assessment from active licensees to restore the fund to the minimum balance 1. president of the corporation 5 years, licensees must respond to board inquiries within: 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. 1. maintain an office in the state of VA 4. all of the above, a real estate license could be suspended without investigation if the licensee: 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 1. get her license from tom and take it to jane 3. an attorney 2. post office box 3. the fee is acknowledged, in writing, by the parties to contract 1. upon demand by the board 1. file a claim against to the licensee to recover the amount paid from the fund 2. helping a friend sell his house for a fee File a claim against the licensee to recover the judgement amount awarded by the court 3. this is fine because the compensation is less than $1000 2. yes, as long as the owner is aware of it 3. one of the partners may be unlicensed 20,000 4. the listing broker, brokers must retain records of real estate transactions for at least: You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3. chairman of the board 1. paying a finders fee to an unlicensed person 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? 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 4. all of the above, a real estate license is not required for a: Mary didn't realize until January that her license had expired. 3. be actively licensed for the last 48 months in their home state 2. protect the public interest A. 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: For failure to pay an assessment to the TRF 3. less than 20 hours per week 20 every two years 2. kerra has obtained a judgement in court D. any felony conviction In the end, these clients decide to stay where they are and to quit looking for a home. Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. a person acting under a power of attorney without compensation 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. agreement of sale MUST contain the. 1. a person acting without compensation under power of attorney 2. placed on private property without permission of the owner A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 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. Broker Fowler should tell Owner Chaney: Texas Occupations Code Section 1101.651 - Certain Practices Prohibited 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 . 3.. employ at least one salesperson or associate broker that is also a resident of VA 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 . 1. regulating brokerage fees Which of the following is the maximum penalty that 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? attempting to change employing brokers more than three times in Calculate the net sales revenue for the month. 2. Question text This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. . 4. mail a license directly to the applicant, mail a license to the broker named on the license application, which of the following actions is not an act of real estate brokerage? 2. revoking the persons license 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. Unit 26: Washington License Law Enforcement (11%) 2. the VA real estate board Grounds for discipline. We reviewed their content and use your feedback to keep the quality high. 1. Seller anxious to move. The licensee has 4 years to repay the Fund This action would violate the Real Estate Board regulations unless: Licensing Flashcards | Quizlet 2. giving a false address in order to obtain a license A. Larry, the developer B. habitual intoxication or drug addiction When this information leads to a sale, Berry pays her $100 for the tip. 2. must complete 145 credit hours of courses approved by the board An investment in a limited real estate partnership 1. take and pass the VA portion of the licensing exam 4. all of the above, if a real estate company has more than one office in VA, that company must: 2. does not comply with the regulations Licensees - DRE - California Department of Real Estate 1. a referral agent 2. automatic revocation of the real estate license 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. give additional info to callers about available listings 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: 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. 12 Practice Questions. 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: The DRE grants licenses to Real Estate Brokers and Salespersons. All real estate licensees are subject to discipline by the REEB as well as litigation. 1. a broker that is active in more than one brokerage firm 1. she must retake the exam B. 1. be a citizen of the US 2. no property location specified 2. send a copy of the charges to the salespersons broker at the brokers place of business They give Ellen $500 as compensation for all of her hard work. 1. attorney general of the commonwealth of VA 3. kerra claim cannot include interest in her damages 1. establish standardized listing and sales contract agreements 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? Bill prefers to communicate with Larry via email. Since the ad must be small, Robert makes no disclosures in the banner itself. 2. a person receiving a gift certificate to sell a property Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 3. seller and salesperson 4. principal broker, A tenant lives in a four-unit apartment building. under what circumstances would the agents employing broker be subject to disciplinary action by the board? C. He may apply for a new license within 30 days 2 years ben must disclose his firm name, city and state. Which of the following statements is correct? A personal loan Encourage higher education in real estate Three times a year, the DRE offers an open forum meeting to members of the industry. 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. 3. matters outside the scope of its authority 3. legal, if ellen performed as agreed An assessment from active licensees to restore the fund to the minimum balance The license will be automatically revoked 3. publish a list of persons that have been granted licenses 3. the licensee is required to disclose the name of his employing broker 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 1. is in violation of the VA license law What must the licensee do if she wants to remain licensed? 2. may allow unlicensed employees (on a regular salary) to sell the tracts What should he do? 4. corporate attorney, which person must have a license issued by the real estate board? 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? If Brenda wants to keep the money and NOT violate VA License Law, she could: The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." In terms of law, real is in relation to land property and is different from personal property while estate means the . A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. 4 years Lesson 17 Questions | Real Estate Agent | AssignGuru 1. legal, as long as the fees paid are less than $100 2. the office can be managed by a salesperson with 3 years experience 1. at any time 1. file a complaint with the local realtors association 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 12 months 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. a real estate licensee may be disciplined for. 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. 2. a person acting as a trustee in bankruptcy 3. the office must have a separate license 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: 3. apply for renewal of her license Such action is: 1. a court having jurisdiction over the brokers 1. an assessment from all licensees to restore the fund to a minimum balance In this situation, which of the following statements is true? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 3. a tenant, seeking to recover a security deposit from his landlord A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. But to earn the trademarked title of "Realtor," a real estate licensee must officially join the National Association of Realtors, the largest trade organization in the country representing almost 1.6 million members. 1. if a written complaint contains prima facie evidence that a violation has occurred 2. 2. legal, if disclosed im writing to all parties 4. 3. 3. it is prominently displayed in the branch office where the salesperson works A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. tell the seller that there is an offer, but it will have to wait until monday to be presented This arrangement between the two is: 2. have a desk for every 5 agents An unlicensed real estate assistant may do which of the following without a license? 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. Sayumi is therefore designated as a senior partner of the brokerage firm. 4. both 2 & 3, Jane has been out of town on personal business. 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: Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. D. $100,000, A license may be suspended without benefit of a hearing: 2. if the licensee admits guilt 1. engages in acts of brokerage wile on inactive status 3. sell or rent investment property for profit 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? which of the following is true? The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 2. administer the fair housing act 15 days 4. must be displayed in the branch office where she is assigned, must be kept at the employing brokers main place of business, Two brokers are involved in a dispute over splitting a commission. Authorized Real Estate Schools | Mass.gov 2. file a claim against the licensee to recover the judgement amount awarded by the court 1. the branch office license 1. real estate board 1. in ratio and tv ads 1. reimburse financial losses caused by licensee misconduct 3. that she is describing an exclusive agency listing 3. a sheriff ordered by the court to sell a house at foreclosure 2. no, because it is permissible to provide a link to the required disclosures 1. the licensee has 4 years to repay the fund 1. complete the mandatory postlicense education requirement Which of the following entities could become involved in settling the matter? An assessment from all licensees to restore the fund to the minimum balance 1. member of the MLS 3. 2. this is a questionable business practice and may constitute mail fraud $471.8360%. 1. the person who is active on the brokerage side of the business must have a brokers license A. 3. her license will be temporarily suspended until the board can hold a hearing 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 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? 4. administer the residential property disclosure act, establish standardized listing and sales contract agreements, If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: 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: 1. salaried rental property personnel, accepting lease applications on behalf of another According to Virginia regulations: 2. acceptable, as a result of the listing contract 1. responsible for all escrow accounts 1. must be 18 years old 3. conversion $20,000 The respondent must assign all commissions and personal property to the claimant or the Board Jack's email: 1. the salesperson is entitle to receiver her commission 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. 3. is not regulated by the board Under these circumstances, Carla: 3. 4. this is fine because the time element is not longer than one year, Billy the Broker represents Suzy Seller in an effort to sell her home. 3. is illegal since it would allow the broker to take advantage of an uninformed seller 1. yes, because the required disclosures must appear in the ad itself Reimburse financial losses caused by licensee misconduct 3. revocation of his license and a fine 1. automatically suspend the brokers license 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 2. maintain an escrow account in VA 1. under no circumstance The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 2. waiving education or experience requirements State whether you think the rule is true. 2. a broker licensed in another state Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 3. any broker 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 600,000 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. Under the circumstances, which of the following statements is true? Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. Why is this ad in violation of Board regulations? The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. The California Real Estate Law provides, in pertinent part (at section 10131 of the California Business and Professions Code), that a "real estate broker" license is required for "a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or 1. 2. should have known about the improper dealings performed by his salespersons 3. it does not include a statement that the owner is licensed