1. principal brokers The insurance broker pays $50 to the real estate broker for every referral that buys insurance. B. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. Prohibited acts. 1. move to VA within six months of licensure In which of the following forms of advertising are these disclosures NOT required? Question text 3. be furnished to the board every 3 years 3. the business can only be organized as a corporation 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 1. a personal loan 1 year 3. yes, so long as larry is a broker B. Which entity would NOT involve itself in resolving the matter? 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 2. post a bond 2. be 21 years old 3. ask tom to return her license to the board and apply for a transfer A. a licensee's obligation of confidentiality ends at the 3. return all customers cards to the employing broker 2. illegal, because ellen can only accept money from her broker 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. The respondent must file bankruptcy and sell all property C. Kerra claim cannot include interest in her damages 2. the broker must limit this incentive program to 30 days 2. waiving education or experience requirements Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 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. The actual misuse of trust funds by converting them to the broker's own use. Prohibited acts. In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 2. a fine only A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. statement, when the referral fees paid to an unlicensed employee Which of the following statements is NOT true? 3. all licenses must be renewed biennially in odd numbered years Dealing honestly and fairly; 2. 1. will be issued a temp license by board 3. the agents name appears before the brokers name 2. member of the MLS D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 3. impose a fine on any licensee 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund Automatically suspend the broker's license year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 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 . 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 20,000 3. has a written listing agreement 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 2. no property location specified 2. cooperating brokers, concerning commission splits 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: The Board appoints her son, Adam, to operate the business for 180 days. 2. ben must disclose his firm name, city, and state 100,000 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. filed a claim against the salespersons broker The business will be operated as a sole proprietorship. B. 1. to facilitate supervision, it must be located within a reasonable distance from the main office In CA, a real estate license must be renewed every. What must the licensee do if she wants to remain licensed? 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 3. acceptable, if the compensation is less than $500 1. the office must be licensed Bill prefers to communicate with Larry via email. 3. the license will be automatically suspended 2. the list of licensees assigned to that office A licensee has been found to have committed acts prohibited by 3. the fee is acknowledged, in writing, by the parties to contract $500,000 this person: State whether you think the rule is true. C. Does not pay the Transaction Recovery Fund assessment 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. Which of the following statements is correct? 2. Not flaggedFlag question 2. its own initiative, without any written consent 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. 2. uniform commercial code Under these circumstances, Carla: 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. 24 months 1. bob may keep the bonus since he has a brokers license The commission may, upon its own motion, and shall upon receipt of a written complaint filed by any person, investigate any real estate-related activity of a licensee licensed under sections 339.010 to 339.180 and sections 339.710 to 339.860 * or an individual or entity acting as or representing themselves as a real estate licensee. During this period, Adam: However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 2. send a copy of the charges to the salespersons broker at the brokers place of business 1. get her license from tom and take it to jane Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent We reviewed their content and use your feedback to keep the quality high. fc barcelona juvenil b players. 3. a claimant may collect up to 20,000 1. firm license 2. made available for inspection by the representatives of the real estate board 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct In the situation described, which of the following statement is true? The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 1.00 points out of 1.00 Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. a real estate licensee may be disciplined for. 2. be furnished to the board upon request 3. the director of the dept of professional and occupational regulation (DPOR) Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." 2. no, because bill is larrys client 4.. all of the above, which person does not require a brokers license? 4. illegal, unless properly disclosed, illegal, because ellen can only accept money from her broker, the real estate board has power to take all of the following actions, except: 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. the salesperson is entitled to a jury trial before any action can be taken One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. B. habitual intoxication or drug addiction 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. Who is responsible for the expenses and fees of the court-appointed receiver? 2 years 1. a written complaint 2. failing to disclose adverse zoning that affected the property 1. the inspector is licensed in VA 2. neither the broker nor the clerk is in violation of the law 30 hours within the first year 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. 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 1. file a claim against to the licensee to recover the amount paid from the fund 2. 4. an attorney at law who is regularly engaged as a real estate broker, an attorney at law who is regularly engaged as a real estate broker, Carla has been licensed to sell real estate in Wisconsin for the last 10 years. 3. 1. the renewal fee C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 3. may take new listings and find buyers for any listings on the books 2. suspend or revoke any license issued by the real estate board 1. a trustee who is required to sell a house at foreclosure 3. 1. 3. The email describes the real estate services Jack provides and encourages Mike to call for more details. 50,000 2. designate one location as the main office 1. pay a license reinstatement fee 4. the salesperson, which is not a requirement to become a broker in VA? 4. all of the above, offer to sell, purchase, or exchange real estate o behalf of another for a fee, the principal broker must keep all of the following at the main firm office, except: 43-40-1(2)(B)). This arrangement between the two is: After that, Tony would handle the mortgages of any buyers through his bank. 3. 2. instant messaging Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. Welcome to the North Carolina Real Estate Commission. 3. apply for inactive status for the salesperson 2. the licensee notify the board within 10 days 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 45 hours of post license education 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: No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee A licensee accused in the claim must sell all personal possessions to satisfy the claim 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: 1. 1. at least 40 hours per week A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 1. a broker and a salesperson, involving employment conditions which of the following must be incorrect? 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 1. your brokerage firm will accept a lower commission rate 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? 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 1. an attorney who is licensed to practice law in VA 2. the license will be automatically revoked 3. selling a business for a relative 1. email 3. real estate commission for which of the following reasons? Which of the following statements is correct? B. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 2. only upon receipt of a written complaint setting forth the alleged violation C. Automatically revoke the broker's license the salesperson can only do this: 2. impose a monetary penalty of up to $1,000 1. under no circumstance 3. administrative process act 3. kept indefinitely 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. associate broker According to the real estate commissions regulations, an Her long-time friend, Sayumi, is not licensed as a real estate agent. 2. 20,000 2. a salesperson with 5 years experience may run the office . 4. a broker may mange two separate office if they are within three miles of one aother, it must be supervised by an on premises principal or associate broker, an applicant must meet which of the following in order to become a salesperson or broker? 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: 10,000 3. the office must have a separate license I am a. 15,000 2. he can pay a fine to extend the renewal date 1. trustee acting under a court order 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. salaried rental property personnel, accepting lease applications on behalf of another 1. an assessment from all licensees to restore the fund to a minimum balance 2. This type of agreement: the license law. 2. give additional info to callers about available listings 2. meet the current educational requirements 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? Ben and Jerry are communicating via instant messages. Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 2. automatically fine the licensee for $1000, then schedule a hearing 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: 1. suspend the respondents license 120 hours 2. administer the fair housing act the Pennsylvania real estate Commission can impose on that 3. court of competent jurisdiction 2. giving a false address in order to obtain a license 3. a sheriff ordered by the court to sell a house at foreclosure 18VAC135-20-260. But, Sally is innocent! 3. provide retirement income for brokers Method 1 Verifying a Real Estate License Download Article 1 Gather information. 1. regulating brokerage fees near schools, shops and trains. 2. bob may accept the bonus if more than 30 days have passed since closing 1. take the continuing education course A. 4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. Susan decides to sell her own house. 3. it must be supervised by an on premises principal or associate broker 1. renting 1/2 a duplex for a friend 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 50 Loyalty; 3. 3. keep records for a period of 10 years Which of the following entities could become involved in settling the matter? 2. a person receiving a gift certificate to sell a property 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: 3. if there is a violation of the boards regulations 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. 3. that she is describing an exclusive agency listing if the broker knew or should have known of agents actions. D. $400,000, 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? 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals real estate commission for which of the following reasons? What must she do? 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 1. the business name must include the name of the investor 1. sells insurance from the real estate office where she is employed 3. her license will be temporarily suspended until the board can hold a hearing 1. suspension of his license and a fine 3. take a new exam 3. 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. commission split between the licensee and the broker, What is the maximum time an aggrieved 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 3. the code of ethics for real estate professionals 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? Bob accepted the check since he worked hard and felt the bonus was deserved. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. What will happen to Craig's license if he doesn't complete the required courses before renewal? 1. be a citizen of the US 3. legal, if the insurance broker holds a salespersons license 3. must keep all financial records for 5 years 15 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? 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? In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 2. hold a bachelors degree in real estate B. 3. imposing a fine of $5000 for each violation 1. the licensee has 4 years to repay the fund If Sarah keeps the $500, she: 2. must complete 145 credit hours of courses approved by the board B. Violates the Virginia Real Property Act 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. principal brokers license 2. sell or rent property through a foreclosure process Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 Automatically fine the licensee for $1,000, then schedule a hearing When she returned on January 6, she realized that her license had expired on December 31. 2. the friend must have a law degree A. Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? 3. permissible, with the written permission the owner Which of the following actions by a licensee is a violation of 1. that she is describing an open listing 3. 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 20 every year $471.8360%. 4. none of the above, a real estate licensee is required in order to: 3. kerra claim cannot include interest in her damages 1. an attorney at law 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. The principal broker has all of the following duties, except: 2. the investor must hire a broker to manage the business 3. is not regulated by the board B. 4. apply to have her license placed on inactive status, apply for reinstatement of her license and pay a fee, the real estate license of any person or firm may be revoked by which of the following entities? 2. a rental location agent that is also licensed as a broker 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.