4. larceny, the board may investigate a complaint based on: 2. be 21 years old 3. violated the fair housing act A common misconception among consumers is that real estate agent and realtor are interchangeable terms. If approved, the Virginia Real Estate Board must do which of the following actions? 3. the names and address of all salespersons must be sent to the real estate board 2. she can obtain a temp license from the VREB to sell her house 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 3. conversion 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. B. 4. principal broker, A tenant lives in a four-unit apartment building. 2. helping a friend sell his house for a fee Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. Round answer to the nearest cent. 1. sells insurance from the real estate office where she is employed 1. filed a suit against the local realtors association B. 3. is not regulated by the board 2. branch license 1. a licensed salesperson, to recover money that his brokers owes 1. the MLS service Thus, the term REALTOR should not be used to generally refer to all real estate licensees. 4. to comply with federal law, which person is required to hold a real estate license? 3. any broker 2. any property owner A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 50,000 Most states administer the tests in two parts, and require that the candidate pass both. Which of the following statements is correct? 2. the VA real estate board 1. the executor of an estate Evans told her that he would not return her license until the money had been repaid. 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. 2. a govt employee selling land owned by the govt 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. the licensee must forfeit all commissions earned 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: A. Obedience; 5. 1. employs a resident broker to represent her 2. does not comply with the regulations 1. complete an 18 credit hour course in the principles of real estate 1. that she is describing an open listing C. A real estate transaction 1. a salesperson licensed in another state 4. seller and broker, Bob, an associate broker, sold a property. Not flaggedFlag question A. A. 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 2. if the agents actions were outside the authority granted by the employing broker $20 in a two year period 3. In the context of this study, what is the meaning of the Type I error? 1. cash the check if she deserves it 3. an attorney May Cindy accept this rental listing? 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 3 years 3. an evaluation of the funds investments in order to generate additional earnings Which of the following statements is NOT true? 2. encourage higher education in real estate 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? When she returns on July 5, Jane realizes that her real estate license expired on May 31. 2. boren must put through $45 in an interest bearing escrow account 3. fine not to exceed 50,000 1. attorney general of the commonwealth of VA 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. C. $50,000 what should the salesperson do? 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? 20,000 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? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 1. take listings over the phone 1. yes, because the required disclosures must appear in the ad itself She goes to the address and finds that the listed property is actually a motor home. the Pennsylvania real estate Commission can impose on that 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: 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: An unlicensed real estate assistant may do which of the following without a license? 20 every year 1. it is mailed to the licensee for delivery to the employing broker 2. file a claim against the licensee to recover the judgement amount awarded by the court 2. 30 hours within the first year 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 . Was this action permissible? 3. advise the board when their license is renewed 2. violation of anti trust laws 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. Has Robert violated the rules? D. $30 in a two year period, Harry is a broker. 40-25(b)(17)). 3. seller and salesperson C. A claimant may collect up to $20,000 2. mail a license to the broker named on the license application 1. engages in acts of brokerage wile on inactive status 3. adjudicate disputes between licenses 1. complies with the regulations 1. 2. the office can be managed by a salesperson with 3 years experience 3. to allow licensed real estate professionals to earn more money 1. a brokers license must be renewed on june 30 of every even numbered year Ben and Jerry are communicating for the first time via instant messages. 3. there is no property address 2. neither the broker nor the clerk is in violation of the law A real estate licensee may be disciplined by the Pennsylvania 3. the licenses of all salespersons working in the office 1. 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. 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). Placement of directional signs is illegal if: 1. acceptable, if no one is defrauded 2. continue to use cards and stationary which state that he is a licensee 3. take a new exam 1. she must retake the exam 150 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? A. Kerra filed suit against the local Association of Realtors Which of the following statements is correct? 1. the court that appointed the receiver 2. 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 1. his license is null and void The claimant must have gone after any assets and property belonging to the debtor Main: 919-875-3700. 3. his license will expire 2. meet the current educational requirements 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 3. if the owner is a non resident of VA 2. sell or rent property through a foreclosure process 1. misrepresentation 3. legal, if the insurance broker holds a salespersons license 3. a person acting under a power of attorney without compensation under what circumstances would the agents employing broker be subject to disciplinary action by the board? If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 2. the ad fails to disclose that the owner is a licensee 3. write a thank you note to kirks 1. either buyer or seller, based on their agreement What must the licensee do if she wants to remain licensed? Which of the following actions by a licensee is a violation of 2. reimburse aggrieved persons In terms of law, real is in relation to land property and is different from personal property while estate means the . 3. $750,000 16 hours within the first two years payment received, license revocation and in order to perform community 4. all of the above, if a real estate company has more than one office in VA, that company must: 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 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. 4. enforce the code of ethics, licensees with an inactive license must: 1. your brokerage firm will accept a lower commission rate 2. the salesperson and the new broker 3. meet the current educational requirements and pay the renewal fee 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 3. This action would violate the Real Estate Board regulations unless: 1. maintain an office in VA 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? 3. must have been active as a salesperson for 3 years 2. violates the VA real property act 3. apply for inactive status for the salesperson Test the following rules with several different sets of numbers. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." 2. the friend must have a law degree 2. failing to identify the type of services offered in a general property description 2. maintain an escrow account in VA 1. yes, because the rules require specified disclosures in emails statement regarding the duties a licensee owes to the Which of the following disclosures is Ben most likely required to make? the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 2. endorse the check over to bob 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 3. a trustee, appointed by a court 4.. all of the above, which person does not require a brokers license? 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 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? 3. failing to inform the seller of the ethnic character of a buyer Susan decides to sell her own house. 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. In this situation, which of the following statements is correct? 1. automatically suspend the brokers license The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 1. their licenses are not affected 800,000 3. apply for renewal of her license 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. 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: Ellen deposits the money into her personal checking account. During this period, Adam: 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. Automatically suspend the broker's license 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. The licensee named in the claim must post a bond in order to continue practicing real estate The deal states that Harry will sell all of the houses that Darrell built on Larry's land. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. Has Larry violated the rules? 2. if he gives his current broker 30 days notice 1. investigate the dealings of any real estate broker or salesperson Deal direct w/ agent and save. 3. a real estate developer that has been defrauded in a real estate transaction 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: 3. 3. yes, because suzy must communicate directly with billy 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. He still needed to take one more continuing education course before his license expiration date. 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. 1. the salesperson is entitle to receiver her commission 2. 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. 2. post office box She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 4. all of the above, a salesperson whose license is on an active status may: 2. the partnership must have a separate license issued by the board 2. on for sale signs places on specific property 1. 3. person selling industrial real estate full time B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer B. Credit card sales (2% credit card fee)$250,000. Before applying for the real estate license, all the formalities of education and experience must be cleared. A. B. Violates the Virginia Real Property Act 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. 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. 3. be actively licensed for the last 48 months in their home state 2. a consumer that has been defrauded in a real estate transaction 1. an investigation will be conducted unless the law specifically provides otherwise 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? Loyalty; 3. Pennsylvania real estate license law? 1. kept for a period of 7 years 3. refusing to hold an open house, at the request of his broker 1. 3. sayumi can be a senior partner, but she cannot be the principal broker 3. net listing 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. If there is a violation of the Board's regulations 1. the renewal fee Jack makes the required disclosures in the middle of his email, in bold lettering. 1. if the broker knew or should have known of the agents actions the broker is guilty of: 2. upon revocation of the brokers license Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 3. 1. a broker or a salesperson that has been drafted in a real estate transaction Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 3. the business can only be organized as a corporation 1. in ratio and tv ads 2. the manager of a branch real estate office Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 2. the licensee may be exempt from the VA landlord tenant act 4 years 1. trustee acting under a court order What can Sally do to force Evans to return the license to the Board? 3. in newspaper ads consisting of more than 28 lines of copy 6 licensees and 1 consumer 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: Disciplinary Action. 2. a fine only A. 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 3. an attorney who is offering real property for sale under court order 3. a college grad What must she do? 2. general listing Which circumstance might also put the employing broker at risk of disciplinary action? 2. it is prominently displayed in the main office of the salespersons firm 3. imposing a fine of $5000 for each violation 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 3. the director of the dept of professional and occupational regulation (DPOR) 1. place where real estate business is regularly transacted 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. apply to, a. a trustee who participates in real estate transactions under 3. the real estate board In the situation described, which of the following statement is true? What will happen to Craig's license if he doesn't complete the required courses before renewal? 45 hours 3. place that is managed by a senior salesperson 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 2. be a US citizen D. any felony conviction 3. enable licensed real estate professionals to earn more money B. 2 years 3. identify his place of business with an appropriate sign Method 1 Verifying a Real Estate License Download Article 1 Gather information. state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 2. pay a $200 fee and reapply for the license 1. a broker or a salesperson that has been defrauded in a real estate transaction 1. principal brokers D. Schedule a hearing to determine guilt or innocence, Automatically revoke the broker's license, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 1. make brokers and salespersons more professional another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 3. impose a fine 3. she may handle up to 6 transactions (listing or sales) in VA 2. the list of licensees assigned to that office 2. the salesperson is entitled to a jury trial before any action can be taken 2. director 100,000 An assessment from all licensees to restore the fund to the minimum balance 2. ben must disclose his firm name, city, and state B. Darrell, the contractor 3. 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 3. C. nonpayment of federal income taxes 3. she does not need a real estate to sell her own house Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. should contact the local realtors association and obtain a temp license to sell property A. A. CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. Visit their website for more details and the most current disciplinary action. RULE 20 CSR 2250-10.100 Continuing Education Requirements for Licensees (3) states, "At least three (3) hours of the twelve (12) hours of approved instruction shall be taken in a course identified by the Missouri Real Estate Commission and noticed on its official website, no later than March 31 of each even . 2. the VA real estate board 3. their licenses must be returned to the board 1. inform his employing broker 2. should have known about the improper dealings performed by his salespersons 3.. employ at least one salesperson or associate broker that is also a resident of VA The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 31 days, The Board determines that a licensee misrepresented information on her license application. 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: 20 In CA, a real estate license must be renewed every. The general part of the exam is broken into . 4. do nothing, a person applying for a license by reciprocity must: 2. mary should apply for reinstatement of her license Justia US Law US Codes and Statutes Georgia Code 2010 Georgia Code TITLE 43 - PROFESSIONS AND BUSINESSES CHAPTER 11 - DENTISTS, DENTAL HYGIENISTS, AND DENTAL ASSISTANTS ARTICLE 2 - LICENSES FOR THE PRACTICE OF DENTISTRY 43-11-47 - Refusal to grant, or revocation of, licenses; disciplining licensees; subpoenas; judicial review; investigations; immunity; failure to appear; voluntary surrender C. $100,000 4.11(2) If the licensee chooses, the licensee may be represented by an attorney at the informal dis-cussion at the expense of the licensee. 3. the firm must be incorporated in VA 2. a person acting as a trustee in bankruptcy 1. 3. 3. a person who is currently licensed in another jurisdiction 3. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 1. be clearly separate from the living area 2. automatically fine the licensee for $1000, then schedule a hearing Ben suggests that he may be able to help. 1. send a license to the employing broker by certified mail 50 Which of the following statements is true? 20 every two years 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 3. may take new listings and find buyers for any listings on the books 1. the friend must be licensed as a broker 2. do nothing, as the license automatically renews every 2 years 2. mail his or her license to the board 1. if a written complaint contains prima facie evidence that a violation has occurred 2. cooperating brokers, concerning commission splits transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 3. yes, so long as larry is a broker 3. only to revoke the license, as provided by VA law 2. principal broker 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. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. A. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. suspend or revoke any license issued by the real estate board 1. it does not include the owners name 1. commingling 3. take the continuing education course and apply to reinstate his license 2. giving a false address in order to obtain a license C. Kerra claim cannot include interest in her damages 4. 1. the old broker and the new broker hold joint responsibility 3. filed a claim against the salespersons broker 3. permissible, with the written permission the owner 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 3. name of the brokers firm This type of agreement: What is this requirement? To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. A. Larry, the developer 3. hold a hearing to allow the licensee to defend herself 1. suspension of his license and a fine D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 2. not exceed 500 square feet in size 1. by having his license returned to the board a new license issued to the new broker 3. standardization of the clauses contained in a listing agreement 3. the broker notify the board within 30 days 3. people from hungary are moving into the neighborhood For failure to pay an assessment to the TRF 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. 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? Regulatory Affairs: 919-719-9180. 2. the VA real estate board In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. Calculate the net sales revenue for the month. 2. associate brokers and salespersons 1. levy fines 1. will be issued a temp license by board 3. associate brokers 1. neither susan nor gene is in violation of the law the license law. What should he do? 2. is ready to advertise the property 1. A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 2. the board may order criminal penalties 11:5-4.5 by failing to properly supervise as the branch office manager. 2. a rental location agent that is also licensed as a broker 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 1. the office must be licensed 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. 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. According to Virginia regulations: 2. illegal, because ellen can only accept money from her broker 1. seller what must be included in this property advertisement? 4. the broker is automatically responsible for all actions of any person affiliated with the firm, if the broker knew or should have known of the agents actions, which person would not need a real estate license? 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements?