3. hold a hearing to allow the licensee to defend herself 1. an auctioneer Larry has: Exceeded the scope of his authority and violated real estate law. 3. the board will issue her active license to her principal broker 1. must be carried at all times to establish that she is licensed If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 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. Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 4. 3. with written permission of each broker Question text Welcome to the North Carolina Real Estate Commission. Rules and Laws | TREC - Texas 2. an investment in a limited real estate partnership 4. no because the board does not regulate banner advertising, no, because it is permissible to provide a link to the required disclosures, which of the following is true about real estate advertising? Discipline Procedures | BCFSA 2. have a desk for every 5 agents A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 1. kept for a period of 7 years 4. 4. location of property, Bill hires Larry to sell his home. PO Box 9425 Stn Prov Govt. A. 1. the inspector is licensed in VA 3. gene must obtain a brokers license 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 1. it must be supervised by the principal or supervising broker 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: If you wish to consult the most up-to-date licensing information, y ou may utilize the boards check a license feature which will immediately reflect any changes in licensing status. 3 years I am a. 3. a real estate developer that has been defrauded in a real estate transaction 3. a person that is not licensed in another state 3. she does not need a real estate to sell her own house 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. 4. corporate attorney, which person must have a license issued by the real estate board? This ad is in violation of the Real Estate Board Regulations because: 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? 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 3. an attorney who is offering real property for sale under court order 4. the salesperson, which is not a requirement to become a broker in VA? VA association of realtors 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? In this situation, which of the following statements is true? 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. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 2. the licensee may be exempt from the VA landlord tenant act Placement of directional signs is illegal if: Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 1. send a copy of the charges to the salesperson at his last known business address 1. yes, because deposits are held to cover the cost of repairs 2. that she had no sales or listings during the preceding 12 months 3. Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep 3. ben must disclose his email address the license law. 1.00 points out of 1.00 2. both partners must have a brokers license 4. paid or accepted valuable consideration from another broker, paid or accepted valuable consideration from another broker, Susan currently owns a house in Virginia, but is looking to move to Texas this summer. Harry sells three houses, then runs off with all the funds. He still needed to take one more continuing education course before his license expiration date. 3. encouraging a homeowner to sell since minorities are moving into the neighborhood seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum 31 days, The Board determines that a licensee misrepresented information on her license application. 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. who does not have a Pennsylvania real estate license? Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. which of the following must be incorrect? 3. an office cannot operate on a residential property 1. the ad fails to include the property address 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 3. a property manager who leases property for the owner in the course of his employement 2. is not in violation of the VA license law, so long as she informs her broker In which of the following forms of advertising are these disclosures NOT required? 1. with a written consent from the owner only 1. his license is null and void 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? $10,000 2. general listing 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. 4. all of the above, claims for payment from the transaction recovery fund are filed with the: According to the real estate commissions regulations, an Solved A real estate licensee may be disciplined by the - Chegg 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: During this period, Adam: 2. darrell the contractor 1. to facilitate supervision, it must be located within a reasonable distance from the main office 2. legal, if disclosed im writing to all parties Ben suggests that he may be able to help. 2. waiving education or experience requirements If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund What can Sally do to force Evans to return the license to the Board? Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 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. 2. may allow unlicensed employees (on a regular salary) to sell the tracts Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 2. it can establish minimum and maximum commission rates 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 2. at least 21 years 2. protect the public interest 1. acceptable, if no one is defrauded 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. 2. helping a friend sell his house for a fee Which of the following disclosures is Ben most likely required to make? A. inability to obtain automobile liability insurance B. habitual intoxication or drug addiction C. nonpayment of federal income taxes D. any felony conviction Expert Answer 100% (1 rating) A real estate licensee 3. provide retirement income for brokers Confidentiality; 4. 2. Which of the following is the maximum penalty that C. Provide retirement income for brokers A. 4. both 2 & 3, Jane has been out of town on personal business. 3. person selling industrial real estate full time A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. Seller anxious to move. 4. 1. a referral agent 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. 1. a broker or a salesperson that has been drafted in a real estate transaction 1. reimburse financial losses caused by licensee misconduct 3. a college grad 3. in newspaper ads consisting of more than 28 lines of copy 2. the board will issue her license if she can provide proof that she passed In this situation, which of the following statements is true? 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 1. determining commission splits between all MLS brokers Deal direct w/agent and save. 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? An investment in a limited real estate partnership 3. imposing a fine of $5000 for each violation 3. 3. 3. seller and salesperson 3. retake their prelicense education and pass a licensing exam Mark is in Europe for two weeks and cannot be reached. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. the board may order criminal penalties 2. with written permission of the VA real estate board 1. file an annual report with the board which details the activities of each location 2. automatically fine the licensee for $1000, then schedule a hearing 2. it must be in the name of the firm B. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. Real estate license - Wikipedia 3. the broker notify the board within 30 days A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. 45 hours of post license education Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. the salesperson can only do this: 3. permissible, with the written permission the owner $20 every year 4. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: 2. an administrator who is required to sell a house in order to liquidate an estate 1. 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 2. The licensee named in the claim must post a bond in order to continue practicing real estate 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. 2. placed on private property without permission of the owner May Cindy accept this rental listing? 2. send the salespersons license to the real estate board 4. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: apply to, a. a trustee who participates in real estate transactions under Which of the following statements is correct? 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). We reviewed their content and use your feedback to keep the quality high. a real estate licensee may be disciplined for. 2. failing to identify the type of services offered in a general property description 1. an executor of a will B. 3. 1. a trustee who is required to sell a house at foreclosure 3. all licenses must be renewed biennially in odd numbered years 6 licensees and 1 consumer Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press Call Paula after 5 at 123-4567." 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 2. person selling a vacant lot for a fee 2. endorse the check over to bob 4. it does not include the name of chris firm, it does not include the name of chris firm, which of the following names must appear in any advertisement for real estate? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 1. 3. the renewal fee, plus proof of membership in the association of realtors 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. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 500,000 2. The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 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? Automatically suspend the broker's license Sayumi is therefore designated as a senior partner of the brokerage firm. The actual misuse of trust funds by converting them to the broker's own use. 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. under what circumstances would the agents employing broker be subject to disciplinary action by the board? 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 1. to make licensed real estate agents more professional 1. a written complaint 1. have one phone for every 5 agents 2. a broker licensed in another state 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 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. 3. name of the brokers firm When representing a seller, which of the following is a TRUE 3. yes, because the ad appears on another commercial site Alabama Real Estate License- Practice Exam Flashcards Illinois General Assembly - Illinois Compiled Statutes 1. the claimant must have gone after any assets and property belonging to the debtor Credit card sales (2% credit card fee)$250,000. 21 days 3. the salesperson cannot be paid 2. the salesperson is entitled to a jury trial before any action can be taken 1. yes, because the rules require specified disclosures in emails Disciplinary Action. 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? 2. ben must disclose his firm name, city, and state 1. 2. an appraiser 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. 1. the developer may publish the ad as planned Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). He agrees to maintain the building if he can receive a reduced rental fee. 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. Administrative Discipline: What are the Possible Sanctions? 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. 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? Skill, care, and diligence in the transaction; 8. D. $100,000, A license may be suspended without benefit of a hearing: You'll need the following information to search for a real estate license. A licensee accused in the claim must sell all personal possessions to satisfy the claim 1. name of the listing salesperson This arrangement between the two is: 3. sayumi can be a senior partner, but she cannot be the principal broker 3. kept indefinitely 1. give back all listings acquired while affiliated with the broker 4. principal broker, A tenant lives in a four-unit apartment building. In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 3. impose a fine on any licensee 4. all of the above, the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund, Harry is a broker. 2. a salaried property manager is employed to manage the apartment and lease individual units 1. assures a quick sale because the broker knows the sellers exact position 1. automatically suspend the brokers license Her long-time friend, Sayumi, is not licensed as a real estate agent. 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. maintain an office in the state of VA 3. take and pass a test within 12 months of application the broker is guilty of: PDF 10 Things REALTORS Should Know About License Law 3. standardization of the clauses contained in a listing agreement 40-25(b)(17)). Prohibited acts. Real Estate Disciplines - Illinois REALTORS 3. ask tom to return her license to the board and apply for a transfer 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 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. If Brenda wants to keep the money and NOT violate VA License Law, she could: 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 1. for failure to pay an assessment to the TRF 20,000 20 6 months 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: 2. yes, as long as the owner is aware of it Which of the following statements is true? 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? Seller anxious to move. 2. not exceed 500 square feet in size 2. 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: 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: 3. 2. it is prominently displayed in the main office of the salespersons firm 3. a broker and the local association of realtors 4. enforce the code of ethics, licensees with an inactive license must: 4. none of the above, a broker may place a sign on a property when he: 1. bob may keep the bonus since he has a brokers license 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 attorney at law 1. an investigation will be conducted unless the law specifically provides otherwise Real Estate Brokers & Salespersons - Michigan 1. a person acting without compensation under power of attorney 3. revocation of his license and a fine 2. the manager of a branch real estate office The general part of the exam is broken into . The mission of the California Department of Real Estate is to safeguard and promote the public interests in real estate matters through licensure, regulation, education and enforcement. A. another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 2. 1. gene should send his license to the board and request an associate brokers license 3. an attorney 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 2. After that, Tony would handle the mortgages of any buyers through his bank. 1. engages in acts of brokerage wile on inactive status Ann Agent. 1. under no circumstance 2. giving a false address in order to obtain a license 2 years 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. 1. the MLS service The business will be operated as a sole proprietorship. $750,000 Texas Occupations Code Section 1101.651 - Certain Practices Prohibited 1. trustee acting under a court order Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 1 year 3. the old broker 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . c. The local Real Estate Board might be approached. 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. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 2. a consumer that has been defrauded in a real estate transaction RE57R07: Brokerage Relationships | Mass.gov 24 months 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: 1. principal brokers The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 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. 3. susan is guilty of accepting money from someone other than her employing broker 1. investigate the actions of any real estate broker or salesperson Obedience; 5. 2. kerra has obtained a judgement in court 1. it can only accept residential listings Which of the following statements must be incorrect?