2. by written contract between the owner and the principal broker According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. The Board now has the right to: 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 3. the office must have a separate license 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 . 3. the broker and the seller 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 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? Round answer to the nearest cent. Licensees - DRE - California Department of Real Estate 3. all licenses must be renewed biennially in odd numbered years 3. a college grad 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 1. the authority of a court order, b. an attorney at law who participates in real estate 2. misrepresentation 1. an auctioneer 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. . The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 2. encourage higher education in real estate 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: Full disclosure; 6. 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? 180 Regulatory Affairs: 919-719-9180. 2. a consumer that has been defrauded in a real estate transaction D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. 3. 2. be furnished to the board upon request 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: 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? The Provisions of the Real Estate Licensing and Registration Act apply to a. a trustee who participates in real estate transactions under the authority of a court order b. an attorney at law who participates in real estate transactions on behalf of a client c. a real estate licensee selling real estate she owns 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 3. legal, if ellen performed as agreed 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 7 licensees (with at least 3 years experience) and 2 consumers 1. nothing a 12 month. 3. administrative process act Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. C. A real estate transaction 1.00 points out of 1.00 3. impose a fine on any licensee B. habitual intoxication or drug addiction 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 1. levy fines which of the following must be incorrect? 3. hold a hearing in order to allow the licensee to defend himself 1. member of the MLS Real Estate Commission - Missouri Was this action permissible? A. 1. The salesperson can pay this referral bonus to: Harry sells three houses, then runs off with all the funds. 3. operate profitably for at least one year B. 4. larceny, the board may investigate a complaint based on: 2. advise the licensee of the charges dream11 kabaddi team today; political journalist jobs near hamburg; 120 800,000 30 hours of post license education 1. a trustee who is required to sell a house at foreclosure 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. 2. only upon receipt of a written complaint setting forth the alleged violation A. inability to obtain automobile liability insurance 2. the licensee notify the board within 10 days 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? 1. take the license exam as a new applicant What is this requirement? Rules and Laws | TREC - Texas 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: 1. the licensee named in the claim must post a bond in order to continue practicing real estate 1. reapply for her new license as a new applicant 2. an auctioneer C. An evaluation of the Fund's investments in order to generate additional earnings 2. salesperson's employing broker 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 2. with written permission of the VA real estate board 2. Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. C. Tony, the mortgage banker 1. file an annual report with the board which details the activities of each location 4. commission rates charged by members of the MLS are established by: 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. $750,000 3. file a complaint with the real estate board 1. yes, because deposits are held to cover the cost of repairs 1. the clerk must be a licensed salesperson 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. apply for reinstatement of her license and pay a fee 3. must be kept at the employing brokers main place of business what should the salesperson do? Main: 919-875-3700. licensee? in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 100,000 3. advertising that a property listed by a firm is for sale by owner Her long-time friend, Sayumi, is not licensed as a real estate agent. 3. must have been active as a salesperson for 3 years 11:5-4.5 by failing to properly supervise as the branch office manager. What is the first thing Lynch should do? 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? When this happens, Vera plans to work with Broker Jane. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee Texas Occupations Code Section 1101.651 - Certain Practices Prohibited 3. may take new listings and find buyers for any listings on the books 20,000 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? According to the real estate commissions regulations, an 3. the old broker Question text 4. if the board is notified when his license is renewed, by having his license returned to the board and a new license issued to the new broker, which of the following non residents may obtain a VA real estate license? A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. Patricia Plante, a licensed New Jersey real estate broker-salesperson, Somerset County - By Final Order of Determination dated July 31, 2014, the Commission administratively determined that Plante violated N.J.A.C. 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 3. sell or rent investment property for profit 2. the investor must hire a broker to manage the business 12 Practice Questions. 1. send a copy of the charges to the salesperson at his last known business address 1. a firm partner who does not participate in the brokerage business 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: 1. have one phone for every 5 agents One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 2. violation of anti trust laws 3. listing broker 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. filed a claim against the salespersons broker 2. listing salesperson Deal direct w/ agent and save. In the end, these clients decide to stay where they are and to quit looking for a home. Legal Memorandum LI01: Discipline of Real Estate Brokers and 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: 2. the respondent must assign all commissions and personal property to the claimant or the board 1. an attorney at law During this period, Adam: 1. the renewal fee A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. Pennsylvania real estate license law? Fiduciary duties are owed to both buyer and seller. B. Darrell, the contractor 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? 1. an executor of a will 3. the salesperson cannot be paid A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. A fine of $1,000 was imposed. In which of the following forms of advertising are these disclosures NOT required? 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. Which of the following disclosures must Ben make? 3. the clerk must be licensed as a broker 3. name of the brokers firm $800,000 Phone 123-4567"? 2. 4. none of the above, a broker would not be in violation of VA license law if he: Prohibited acts. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. Which of the following actions by a licensee is a violation of The actual misuse of trust funds by converting them to the broker's own use. What must she do? 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 2. darrell the contractor 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund A. Engages in acts of brokerage while on inactive status which is true? Larry has: Exceeded the scope of his authority and violated real estate law. What can Sally do to force Evans to return the license to the Board? 3. supervising broker 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. price that is shown in the listing agreement 2. the real estate board within 30 days the Pennsylvania real estate Commission can impose on that $10,000 Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 3. apply for renewal of her license File a claim against the licensee to recover the judgement amount awarded by the court 3. a real estate developer that has been defrauded in a real estate transaction 2. mary should apply for reinstatement of her license 1. legal, if ellen maintains a record of the transaction 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? 3. administer the transaction recovery act 3. an evaluation of the funds investments in order to generate additional earnings 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. 2. the office can be managed by a salesperson with 3 years experience North Carolina Real Estate Commission - NCREC Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 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: In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . Test the following rules with several different sets of numbers. 2. impose a monetary penalty of up to $1,000 3. maintain an escrow account in VA A. 3. is not in violation of the VA license law, so long as she informs the buyer 3. her employing broker 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. 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." The license will be automatically revoked 20,000 2. enforcing the license law 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: 2. the partnership must have a separate license issued by the board 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. 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? C. Only to revoke the license, as provided by Virginia law
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