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. the VA association of realtors 3. sell or rent investment property for profit $20 in a two year period apply to, a. a trustee who participates in real estate transactions under 3. adjudicate disputes between licenses 2. broker working for another broker Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. Ben suggests that he may be able to help. a real estate licensee may be disciplined for. 1. be retained by the principal broker indefinitely 4. the friend need not be licensed, only if he or she does not get paid, the friend need not be licensed, only if he or she does not get paid, which person is most likely required to have an active real estate license? Who is most likely to collect? 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 4. a license must be obtained from the real estate board for partnership, both partners must have a brokers license, if any licensee changes his principal place of residence, he must notify: An unlicensed real estate assistant may do which of the following without a license? 3. affiliate with a broker and submit an application for licensure A. 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 3. operate profitably for at least one year Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. If Brenda wants to keep the money and NOT violate VA License Law, she could: A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 1. This arrangement between the two is: He now owns a small bakery in Tuscaloosa. 15 days can conduct business under a fictitious name. 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer B. 1. an assessment from all licensees to restore the fund to a minimum balance Accounting for all funds; 7. 3. encouraging a homeowner to sell since minorities are moving into the neighborhood It will attempt to resolve the problem without the necessity of legal expense. 1. the executor of an estate In which of the following forms of advertising are these disclosures NOT required? 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: A. 2. meet the current educational requirements 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 30 hours of post license education 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 1. 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: 2 years 2. designate one location as the main office 1. legal, if ellen maintains a record of the transaction 3. 1. kerra filed suit against the local association of realtors 3. the real estate board when his license is renewed 7 licensees (with at least 3 years experience) and 2 consumers Prohibited acts. 3. advise the board when their license is renewed 3. a claimant may collect up to 20,000 2. the developer cannot publish the ad as planned A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. Deal direct w/agent and save. 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. 4. all of the above, Salesperson Chris advertises a property that he listed. 1. legal, as long as the fees paid are less than $100 According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. Which of the following statements is true? Test the following rules with several different sets of numbers. Broker XYZ. 2. A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 2. an investment in a limited real estate partnership 1. must be 18 years old 3. ben must disclose his email address 2. 1. the colors on the sign are different than the firms logo colors The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 1. paying a finders fee to an unlicensed person 15,000 3. a principal broker 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. 1. 2. branch license An assessment from active licensees to restore the fund to the minimum balance 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. relocation service of a Corporation, when payment is in the form of entertainment goods services and 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 3. a property manager who leases property for the owner in the course of his employement A personal loan Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. C. $20 every two years 4. 2. 2. an auctioneer 1. in VA, anyone who sells real property must have a real estate license Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. statement regarding the duties a licensee owes to the 2. can only conclude the transactions in the process to facilitate the termination of the business 10,000 D. The respondent must submit to interrogatories by claimant, The claimant must have gone after any assets and property belonging to the debtor, When a claim is paid from the Transaction Recovery fund, which of the following statements is true? 2. automatic revocation of the real estate license 1. attorney general of the commonwealth Harry sells three houses, then runs off with all the funds. Sayumi is therefore designated as a senior partner of the brokerage firm. 1. 3. filed a claim against the salespersons broker 4. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the: 2. the list of licensees assigned to that office 1. 4. must register with the real estate board, may allow unlicensed employees (on a regular salary) to sell the tracts, to obtain a VA real estate license, it is necessary to: 1. automatically suspend the brokers license Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 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. 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. 4. all of the above, a license may be suspended without benefit of a hearing: 1. the broker notify the board within 10 days real estate commission for which of the following reasons? 1. was aware of the improper dealings performed by his salespersons 2. do nothing, as the license automatically renews every 2 years 3. failing to inform the seller of the ethnic character of a buyer 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? C. Does not pay the Transaction Recovery Fund assessment 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. He agrees to maintain the building if he can receive a reduced rental fee. According to the real estate commissions regulations, an You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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? 1. that she is describing an open listing 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? 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: B. Question text A. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund Pennsylvania split a Commission or pay a referral fee to a person 3. matters outside the scope of its authority 2. mail a license to the broker named on the license application 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 4. 3. if he gives his current broker 30 days notice 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 2. a consumer that has been defrauded in a real estate transaction 4. prepare and file papers for tenant eviction for non payment of rent, prepare and file papers for tenant eviction for non payment of rent, an associate broker is described as a: Jack makes the required disclosures in the middle of his email, in bold lettering. 2. the salesperson is entitled to a jury trial before any action can be taken Automatically fine the licensee for $1,000, then schedule a hearing c. The local Real Estate Board might be approached. 3. provide retirement income for brokers A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 4. corporate attorney, which person must have a 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. 4 no one, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? Susan, also an independent broker, sells the property. 3. name of the brokers firm A. 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? 2. made available for inspection by the representatives of the real estate board near schools, shops and trains. 20 2. may accept the listing by virtue of her current wisconsin license 3. seller and salesperson 2. the VA association of realtors 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim Experts are tested by Chegg as specialists in their subject area. 1. inform his employing broker 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. 40-25(b)(17)). 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 A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 1. a member of the national association of realtors B. 1. creative marketing D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years, The Real Estate Board could withhold issuance of a new license, forever, If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? 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. 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. 3. less than 20 hours per week In order to receive payment, this claim must be in connection with: 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. 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. Neither Cindy nor her broker may accept this listing A. 3. his license will expire A. 4. administer the residential property disclosure act, establish standardized listing and sales contract agreements, If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: Not flaggedFlag question 1. yes, because the required disclosures must appear in the ad itself 3. a broker and the local association of realtors . 1. apply for active status within 3 years 2. a salesperson who holds a business entity license 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 1. file a complaint with the local realtors association 3. they direct the public through a neighborhood more desirable than the subject property Board may reassess licensees: C) Terry, 43, who worked as a real estate licensee until he was 28. the authority of a court order, b. an attorney at law who participates in real estate 4. principal broker, A tenant lives in a four-unit apartment building. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: Placement of directional signs is illegal if: 1. by having his license returned to the board a new license issued to the new broker 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 18VAC135-20-260. 1. it must be supervised by the principal or supervising broker 3. the business can only be organized as a corporation The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 3. tony the mortgage banker 2. that she had no sales or listings during the preceding 12 months 20,000 When she returned on January 6, she realized that her license had expired on December 31. 3. hold a hearing in order to allow the licensee to defend himself a real estate licensee may be disciplined for. 4. advertises a listing at lower than listed price, advertises a listing at lower than listed price, the purpose of VA license law and the rules and regulations is to: 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 3. this is fine because the compensation is less than $1000 1. she must retake the exam 4. none of the above, how much experience should a salesperson have before applying for a brokers license? A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: The DRE grants licenses to Real Estate Brokers and Salespersons. 3. meet the current educational requirements and pay the renewal fee The DRE also handles the renewal of the licenses. If necessary, the 3. 1. 800,000 The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? Reimburse financial losses caused by licensee misconduct 2. be a US citizen 60 hours 3 years 1.00 points out of 1.00 8:30am - 5:00pm (Mon-Fri) C. nonpayment of federal income taxes 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 3. upon the request from the salesperson to transfer to another broker 2. sell or rent property through a foreclosure process 5 years, licensees must respond to board inquiries within: 4. all of the above, Robert the Broker wants to stay on top of technological trends. 1. it is mailed to the licensee for delivery to the employing broker 1. a fictitious name if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. Deal direct w/ agent and save. 1. the branch office license 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 3. her employing broker The licensee has 4 years to repay the Fund 1. a broker that is active in more than one brokerage firm Administrative Discipline: What are the Possible Sanctions? 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: 1. be at least 18 years old Victoria BC V8W 9V1. In this situation, which of the following statements is true? person has to apply to the Real Estate Recovery Fund after final Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. 3. standardization of the clauses contained in a listing agreement 2. the renewal fee, plus $20 payment for the transaction recovery fund Obedience; 5. 2. no, because bill is larrys client 2 years 2. a broker licensed in another state which of the following must be incorrect? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 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? Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 2. failing to disclose adverse zoning that affected the property 2. enforcing the license law The [Florida real estate] commission . 1. 30 hours within the first year 1. the licensee named in the claim must post a bond in order to continue practicing real estate Has Larry violated the rules? 3. automatically revoke the brokers license 2. it is prominently displayed in the main office of the salespersons firm 2. an appraiser 2. on for sale signs places on specific property 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 2. legal, if disclosed im writing to all parties 3. the agents name appears before the brokers name 1. the person who is active on the brokerage side of the business must have a brokers license 1. 1. file an annual report with the board which details the activities of each location The exact steps you'll need to take to become a licensed agent will differ a little depending on where you live, but in most places, you'll need to take a few real estate courses and pass a licensing exam. 1. failing to get a clients written consent to advertise his property 1. to facilitate supervision, it must be located within a reasonable distance from the main office 2. 3. be actively licensed for the last 48 months in their home state . the real estate license of any person or firm may be revoked by which of the following entities? Evans told her that he would not return her license until the money had been repaid. 2. giving a false address in order to obtain a license 3. the licenses of all salespersons working in the office In order to receive payment, this claim must be in connection with: 1. a personal loan B. 2. return his or her license to the board A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. A. Larry, the developer The Board now has the right to: A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 3. the salesperson cannot be paid Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. revoke the salespersons license pending a hearing 2. ben must disclose his firm name, city, and state 3. the friend need not be licensed which is true? 1. should contact the local realtors association and obtain a temp license to sell property 3. selling a business for a relative 3. hold a hearing to allow the licensee to defend herself 2. VA association of realtors B. 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. 2. endorse the check and give it to his employing broker Calculate the net sales revenue for the month. 1. the inspector is licensed in VA 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. A second group was asked to do this after thinking about an organic fruit salad. 2. the partnership must have a separate license issued by the board this person: 1. associate broker 3. supervising broker 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. 1. larry the developer D. $100,000, A license may be suspended without benefit of a hearing: 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. 3. ask tom to return her license to the board and apply for a transfer 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 3. 3. apply for inactive status for the salesperson 2. it can establish minimum and maximum commission rates The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. In the end, these clients decide to stay where they are and to quit looking for a home. 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. in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? Under these circumstances, Carla: payment received, license revocation and in order to perform community A. inability to obtain automobile liability insurance 4. larceny, the board may investigate a complaint based on: 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 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: PO Box 9425 Stn Prov Govt. A. Was this action permissible? Seller anxious to move. 2. it may be supervised by a salesperson with 3 years experience 1. a salesperson licensed in another state 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. 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. Bill prefers to communicate with Larry via email. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 1. complies with the regulations 3. impose a fine on any licensee 1. determining commission splits between all MLS brokers 1. has the owners permission Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 3. chat D. No one, A real estate license could be suspended without investigation if the licensee: Has Billy violated the VA License Law? B. This ad is in violation of the Real Estate Board Regulations because: 3. if the owner is a non resident of VA 4. a broker and a salesperson, but only if there is a violation of license law, a broker and a salesperson, but only if there is a violation of license law, Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? 4.. all of the above, which person does not require a brokers license? Larry has: Exceeded the scope of his authority and violated real estate law. What is this requirement? 4. 1. a resident of VA 4. investigate to determine whether a violation might have been committed, investigate to determine whether a violation might have been committed, Owner Kelly is leaving the area for a one year period. 1. mary is required to retake the license examination in order to reinstate her license 3. a person who is currently licensed in another jurisdiction A. 3. administer the transaction recovery act 3. listing broker commission split between the licensee and the broker, What is the maximum time an aggrieved 2. a person who will only work as a referral agent
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