2. the partnership must have a separate license issued by the board 2. that she has an unrealistic opinion on the value of the property 2. the attorney conducting the closing 4. all of the above, a real estate license could be suspended without investigation if the licensee: 1. upon demand by the board 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. salaried rental property personnel, accepting lease applications on behalf of another 3. selling a business for a relative 1. sells insurance from the real estate office where she is employed 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 2. must complete 145 credit hours of courses approved by the board Who is responsible for the expenses and fees of the court-appointed receiver? B. habitual intoxication or drug addiction 1. paying a finders fee to an unlicensed person 1. if a written complaint contains prima facie evidence that a violation has occurred 1. that she is not affiliated with a brokerage firm or sole proprietor 2. an auctioneer B. 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? d. The problem may be directed to the North Dakota Real . 2. a person receiving a gift certificate to sell a property 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: When she returns on July 5, Jane realizes that her real estate license expired on May 31. 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. yes, because the required disclosures must appear in the ad itself $20,000 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. 2. violates the VA real property act 3. susan is guilty of accepting money from someone other than her employing broker Which of the following disclosures must Ben make? 3. kept indefinitely Experts are tested by Chegg as specialists in their subject area. 2. A. 3. the firm must be incorporated in VA C. Does not pay the Transaction Recovery Fund assessment 2. a rental location agent that is also licensed as a broker 1. inform their employing broker 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. Not flaggedFlag question 1. commingling 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act, the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination Mark is guilty of: 3. failing to inform the seller of the ethnic character of a buyer 2. endorse the check over to bob When representing a seller, which of the following is a TRUE year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 2. it must be in the name of the firm 1. email 1. engages in acts of brokerage wile on inactive status 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: Refer to the information presented on the exercise related to Wilson Towing Service. 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 1. take the continuing education course When this information leads to a sale, Berry pays her $100 for the tip. 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. standardization of the clauses contained in a listing agreement 1. renting 1/2 a duplex for a friend 3. return all customers cards to the employing broker 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 3. the office must have a separate license Prohibited acts. Susan decides to sell her own house. 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: c. The local Real Estate Board might be approached. 3. refusing to hold an open house, at the request of his broker 1. associate broker 2. for failure to pay an assessment to the TRF within 10 days 2. it does not include the property address 1. at any time 1. the court that appointed the receiver 1. move to VA within six months of licensure 2. continue to use cards and stationary which state that he is a licensee 3. improper dealing 1. she must retake the exam The Real Estate Board could withhold issuance of a new license, forever 3. the firms licensed name must be clearly and legibly displayed 3. place that is managed by a senior salesperson 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 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 . She goes to the address and finds that the listed property is actually a motor home. 1. gene should send his license to the board and request an associate brokers license 4. B. A second group was asked to do this after thinking about an organic fruit salad. $10,000 Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 1. the person who is active on the brokerage side of the business must have a brokers license 3.1.1 A public member shall not be, nor have been within the last five (5) years prior to the effective date of appointment, a real estate licensee. 1.00 points out of 1.00 1. file a claim against to the licensee to recover the amount paid from the fund 2. can only conclude the transactions in the process to facilitate the termination of the business in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 2. the seller needs a larger house 3. the real estate board when his license is renewed 1. assures a quick sale because the broker knows the sellers exact position The salesperson can pay this referral bonus to: 150 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: 40 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 2. on for sale signs places on specific property 2. a broker licensed in another state Main: 919-875-3700. 2. the board will issue her license if she can provide proof that she passed 1. failing to disclose to buyers that were termites in the property 93A2] A. 2. 2. be 21 years old Evans told her that he would not return her license until the money had been repaid. Administrative Discipline: What are the Possible Sanctions? 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? 4.. all of the above, which person does not require a brokers license? 1. 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: 100,000 1. the licensee has 4 years to repay the fund 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 4. any of the above, a person seeking a real estate license in VA must be: 1. kept for a period of 7 years 15 days 3. must be kept at the employing brokers main place of business 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: Call Paula after 5 at 123-4567." 2. violation of anti trust laws 500,000 120 Mary didn't realize until January that her license had expired. 2. acting for both buyer and seller with their mutual consent 2. neither the broker nor the clerk is in violation of the law 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: 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 2. with written permission of the VA real estate board Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 2. a salesperson who holds a business entity license state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 1. determining commission splits between all MLS brokers 2. sue evans in the local court 16 hours within the first two years 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. illegal 2. he can pay a fine to extend the renewal date 43-40-1(2)(B)). 3. Accounting for all funds; 7. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. They give Ellen $500 as compensation for all of her hard work. 2. yes, as long as the owner is aware of it 2. this is proper as long as jan remains the senior partner Call Paula after 5 at 123-4567." 2. apply for a temp license until he affiliates with a broker 1. 3. less than 20 hours per week 3. both the tenant and owner are subject to board regulations 2. automatic revocation of the real estate license 2. meet the current educational requirements 2. sell or rent property through a foreclosure process 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? 2. a salesperson with 5 years experience may run the office 3. a real estate developer that has been defrauded in a real estate transaction 1. the business name must include the name of the investor 1. yes, because the rules require specified disclosures in emails 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 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. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 3. if he gives his current broker 30 days notice 2. be furnished to the board upon request A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. 1. their licenses are not affected 3. the code of ethics for real estate professionals 2. apply for reinstatement of her license and pay a fee 3. provide retirement income for brokers 2. suspend or revoke any license issued by the real estate board 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 24 months 3. chat 3. the licensee is required to disclose the name of his employing broker 2. the licensee may be exempt from the VA landlord tenant act 3. legal, if the insurance broker holds a salespersons license 2. must be displayed in a conspicuous place in her home office 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. Fowler may have anything over that amount as commission. 3. the agents name appears before the brokers name 2. may allow unlicensed employees (on a regular salary) to sell the tracts 2. no, because billy is a broker 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 1. raising the price on a contract in order to influence a lender 3. file a complaint with the real estate board 1. a broker or a salesperson that has been drafted in a real estate transaction 3. B. May Cindy accept this rental listing? 3. charges more than the legal maximum commission rate 3. the salesperson cannot be paid 2. a consumer that has been defrauded in a real estate transaction Which of the following actions by a licensee is a violation of A. A. inability to obtain automobile liability insurance A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 2. broker working for another broker A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. C. The respondent must file bankruptcy and sell all property 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: 1. 3. is not regulated by the board Automatically fine the licensee for $1,000, then schedule a hearing 2. the licensee notify the board within 10 days 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 2. both partners must have a brokers license 3. if the owner is a non resident of VA Complete instructions on filing a Notice of Appeal are available on the Financial Services Tribunal's website at www.fst.gov.bc.ca or by calling (250)387-3464. 2. the VA association of realtors 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 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? Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 3. revoke the salespersons license pending a hearing 2. upon revocation of the brokers license 1. investigate the actions of any real estate broker or salesperson 3. rent apartments for a small fee Seller anxious to move. Ben is a licensee and Jerry is interested in locating property in Ben's area. But, Sally is innocent! which is true? Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his sale closes, signs Mark's name to an addendum extending the closing. 10,000 Automatically suspend the broker's license 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. C. An evaluation of the Fund's investments in order to generate additional earnings The insurance broker pays $50 to the real estate broker for every referral that buys insurance. Under the circumstances, which of the following statements is true? 180 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? . A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 3. supervising broker 3. violated the fair housing act Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 2. person selling a vacant lot for a fee 1. his or her broker 2. the investor must hire a broker to manage the business Confidentiality; 4. 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 If Brenda wants to keep the money and NOT violate VA License Law, she could: service, license revocation and imprisonment of no more than one the broker is guilty of: 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 3. impose a fine 2. post a bond 1. acceptable, if no one is defrauded Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 2. she may operate in the role of a salesperson in VA 3. ask tom to return her license to the board and apply for a transfer 1. suspend the license until a formal hearing can be conducted 3. 2. a salaried property manager is employed to manage the apartment and lease individual units 2. the respondent must assign all commissions and personal property to the claimant or the board Disciplinary Action. 1. be at least 18 years old What is this requirement? The respondent must assign all commissions and personal property to the claimant or the Board 3. kerra claim cannot include interest in her damages 3. it is prominently displayed in the branch office where the salesperson works 4. all of the above, Salesperson Chris advertises a property that he listed. unspecified. On November 9th, 2022, the Department of Real Estate issued an Order revoking real estate salesperson's license number SA692185000 issued to Nelida Oveida Rios. 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 2. an auctioneer A personal loan A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 4. 1. the MLS service 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. 4. 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 2. bob may accept the bonus if more than 30 days have passed since closing near schools, shops, and trains. 1. in ratio and tv ads 3. net listing A. 3. a person who is currently licensed in another jurisdiction 2. a fine only Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 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. suspend the respondents license 1. apply for active status within 3 years 1. investigate the dealings of any real estate broker or salesperson During this period, Adam: The ad reads, "beautiful rambler, excellent assumption. Which of the following statements is true? 4. the salesperson, which is not a requirement to become a broker in VA? 50,000 4. none of the above, a broker may place a sign on a property when he: 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. 1. a trustee who is required to sell a house at foreclosure what must marty do before he can start selling real estate? The Board appoints her son, Adam, to operate the business for 180 days. The [Florida real estate] commission . Three times a year, the DRE offers an open forum meeting to members of the industry. 2. the tenant must establish an escrow account 3. put the check in her escrow 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 . Fiduciary duties are owed to both buyer and seller. 3. there is no property address C. Only to revoke the license, as provided by Virginia law VA real estate board 3. person selling industrial real estate full time A. 3. administer the transaction recovery act 3. a real estate developer that has been defrauded in a real estate transaction 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. What should he do? 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing B. 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? 3. this is fine because the compensation is less than $1000 1. bob may keep the bonus since he has a brokers license 1. 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date Victoria BC V8W 9V1. Ben is a licensee and Jerry is interested in locating property in Ben's area. When this happens, Vera plans to work with Broker Jane. Board may reassess licensees: Obedience; 5. 2. send a copy of the charges to the salespersons broker at the brokers place of business 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. dream11 kabaddi team today; political journalist jobs near hamburg; 3. retake their prelicense education and pass a licensing exam 2. an appraiser c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 2. principal broker 1. be retained by the principal broker indefinitely 1. 2. mail his or her license to the board In the end, these clients decide to stay where they are and to quit looking for a home. $800,000 In the situation described, which of the following statement is true? agreement of sale MUST contain the. An investment in a limited real estate partnership 1. maintain an office in VA After that, Tony would handle the mortgages of any buyers through his bank. The licensee named in the claim must post a bond in order to continue practicing real estate The agent orders the home inspection from a friend, who then pays him a referral fee. 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. This ad is in violation of the Virginia License Law because: VA association of realtors State whether you think the rule is true. 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. any property owner 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 3. his license will expire Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. 1. in VA, anyone who sells real property must have a real estate license 3 years 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. 2. the broker, as a necessary expense to establish her innocence 1. a referral agent 3. the board will issue her active license to her principal broker In order to receive payment, this claim must be in connection with: Vera should: 4. seller and broker, Bob, an associate broker, sold a property. Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 3. apply for inactive status until the new broker has business cards printed Call Chris at 555-0000 for details." 2. advise the board within 30 days 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 2. no, because it is permissible to provide a link to the required disclosures 3. inducement fc barcelona juvenil b players. 30 hours within the first year 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?
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