3. put the check in her escrow 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 2. associate brokers and salespersons C. $750,000 1. kerra filed suit against the local association of realtors 3. ben must disclose his email address 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 2. The email describes the real estate services Jack provides and encourages Mike to call for more details. 2. he can pay a fine to extend the renewal date 2. does not comply with the regulations A real estate licensee may be disciplined by the Pennsylvania 3. does not pay the transaction recovery fund assessment 6 months under what circumstances would the agents employing broker be subject to disciplinary action by the board? Neither Cindy nor her broker may accept this listing 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. 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? 1. legal, as long as the fees paid are less than $100 2. illegal, because ellen can only accept money from her broker 3. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 1. in ratio and tv ads 3. if the owner is a non resident of VA 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: Dealing honestly and fairly; 2. 2. if he gives his current broker 30 days notice 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 He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Phone 123-4567"? An assessment from all licensees to restore the fund to the minimum balance 1. make brokers and salespersons more professional Which of the following statements must be incorrect? 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 3. there is no property address 45 hours of post license education 6 licensees and 1 consumer 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? Loyalty; 3. Has Robert violated the rules? 3. upon the request from the salesperson to transfer to another broker 3 years 1. a trustee who is required to sell a house at foreclosure 3. file a complaint with the real estate board the broker is guilty of: 1. maintain an office in the state of VA 3. the board will issue her active license to her principal broker 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 4.. all of the above, which person does not require a brokers license? 2. this is proper as long as jan remains the senior partner 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. 4. none of the above, a broker would not be in violation of VA license law if he: 2. misrepresentation Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 1. acceptable, if no one is defrauded 4. illegal, unless properly disclosed, illegal, because ellen can only accept money from her broker, the real estate board has power to take all of the following actions, except: C. Automatically revoke the broker's license 3. the clerk must be licensed as a broker 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. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 3. B. 696.301. 3. if he gives his current broker 30 days notice Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts Mark is in Europe for two weeks and cannot be reached. 1. yes, because deposits are held to cover the cost of repairs 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? 1. legal, if ellen maintains a record of the transaction 1. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 3. maintain an escrow account in VA Prohibited acts. 2. administer the fair housing act 2. an administrator who is required to sell a house in order to liquidate an estate 2. This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. Susan, also an independent broker, sells the property. 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 1. an attorney at law Evans told her that he would not return her license until the money had been repaid. 3. has a written listing agreement 2. the renewal fee, plus $20 payment for the transaction recovery fund 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: You'll need the following information to search for a real estate license. 1. if a written complaint contains prima facie evidence that a violation has occurred D. No one, A real estate license could be suspended without investigation if the licensee: According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. According to Virginia regulations: Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 4. larceny, the board may investigate a complaint based on: 2. neither the broker nor the clerk is in violation of the law Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: 1. raising the price on a contract in order to influence a lender 3. place that is managed by a senior salesperson 3. principal brokers license A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 1. complete an 18 credit hour course in the principles of real estate 1. filed a suit against the local realtors association 1. C. An evaluation of the Fund's investments in order to generate additional earnings When she returns on July 5, Jane realizes that her real estate license expired on May 31. D. $30 in a two year period, Harry is a broker. 3. the renewal fee, plus proof of membership in the association of realtors Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 1. only receive referral fees for sending buyers to other salespersons in his office 4. turned over to the buyer at closing, made available for inspection by the representatives of the real estate board, a violation of the VA license law may subject a broker to: What can Sally do to force Evans to return the license to the Board? 3. the office must have a separate license Which of the following statements is correct? 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: Which of the following disclosures must Ben make? 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 4. plans to hold an open house, an award from the transaction recovery fund will result in: 2. may accept the listing by virtue of her current wisconsin 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 800,000 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: C. The respondent must file bankruptcy and sell all property 1. trustee acting under a court order 2. the licensee notify the board within 10 days 4. all of the above, which of the following is true about a branch office? 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. 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. 3. 2. if the agents actions were outside the authority granted by the employing broker 3. $20,000 3. this is fine because the compensation is less than $1000 Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 2. bait and switch After investigation, the Board finds that the broker is innocent of any wrong doing. 2. the investor must hire a broker to manage the business A. inability to obtain automobile liability insurance A. Under the circumstances, which of the following statements is true? 1. must be 18 years old 3. matters outside the scope of its authority 1. the VA association of realtors the regulations specify that: 1. for failure to pay an assessment to the TRF Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 3. take the continuing education course and apply to reinstate his license 4. the respondent must submit to interrogatories by claimant, the claimant must have gone after any assets and property belonging to the debtor, If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? 3. broker who is also licensed as a rental location agent 3. seller and salesperson 1. with a written consent from the owner only 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: what should the salesperson do? 3. a trustee, appointed by a court 120 The respondent must assign all commissions and personal property to the claimant or the Board 1. yes, because the required disclosures must appear in the ad itself 3. an attorney who is offering real property for sale under court order Regulatory Affairs: 919-719-9180. 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. Sayumi is therefore designated as a senior partner of the brokerage firm. 3. an appraiser Call Chris at 555-0000 for details." Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 1. take the license exam as a new applicant 4. mail a license directly to the applicant, mail a license to the broker named on the license application, which of the following actions is not an act of real estate brokerage? 3 years 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? 2. advise the licensee of the charges 1. it can only accept residential listings The DRE also handles the renewal of the licenses. B. Darrell, the contractor In this situation, which of the following statements is true? 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 2. the developer cannot publish the ad as planned 1. the ad fails to include the property address A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. Broker Fowler should tell Owner Chaney: Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. Obedience; 5. 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer commission split between the licensee and the broker, What is the maximum time an aggrieved In order to receive payment, this claim must be in connection with: real estate commission for which of the following reasons? B. 1. commingling Mark is guilty of: One group was asked to do this after thinking about a calorie-laden cheesecake. 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. Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 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. filed a claim with HUD, filed a claim against the salesperson in a court of competent jurisdiction, which of the following persons may file a claim and collect from the VA transaction recovery fund? 4. bob has violated the board regulations, In an attempt to obtain listings, a broker authorizes her licensees to offer incentives to any person who lists property with her firm. 3. susan is guilty of accepting money from someone other than her employing broker 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 2. local association of realtors 1. that she is describing an open listing He agrees to maintain the building if he can receive a reduced rental fee. 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 2. upon revocation of the brokers license 3. may only employ licensees to sell each tract The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . 2. acting for both buyer and seller with their mutual consent 3. an attorney 3. listing broker 1. attorney general of the commonwealth 1 year 1. the colors on the sign are different than the firms logo colors State whether you think the rule is true. 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. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. what must be included in this property advertisement? 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? An assessment from active licensees to restore the fund to the minimum balance 2. it must be in the name of the firm 3. imposing a fine of $5000 for each violation 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. 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. 1. maintain an office in VA File a claim against to the licensee to recover the amount paid from the Fund 3. any broker 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. A. Kerra filed suit against the local Association of Realtors 2. Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 1. a licensed salesperson, to recover money that his brokers owes Test the following rules with several different sets of numbers. 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: 1. the office must be licensed 2. giving a false address in order to obtain a license 1. levy fines A. 1. complete the mandatory postlicense education requirement 1. a broker that is active in more than one brokerage firm 1. investigate the actions of any real estate broker or salesperson 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. His license is automatically reinstated In the context of this study, what is the meaning of the Type I error? 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? 2. a salaried property manager is employed to manage the apartment and lease individual units 2. that she has an unrealistic opinion on the value of the property 3. tony the mortgage banker statement, when the referral fees paid to an unlicensed employee 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: The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 1. fraud C. A real estate transaction 1. be clearly separate from the living area 3. a person acting under a power of attorney without compensation 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 3. is not in violation of the VA license law, so long as she informs the buyer 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? Prohibited acts. What must she do? administrators, selling property under court order and for a fee Gene, an independent broker, lists a property. 1. reimburse financial losses caused by licensee misconduct A second group was asked to do this after thinking about an organic fruit salad. 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. When this happens, Vera plans to work with Broker Jane. 2. VA association of realtors d. The problem may be directed to the North Dakota Real . 1. an owner who sells no more than three of her own houses in a year Since the ad must be small, Robert makes no disclosures in the banner itself. 2. the fee is less than $100 3. the licenses of all salespersons working in the office 4. The agent orders the home inspection from a friend, who then pays him a referral fee. 1. neither susan nor gene is in violation of the law D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to: 3. a rental location agent 1. suspension of his license and a fine VA real estate board 2. at least 30 hours per week 1. gene should send his license to the board and request an associate brokers license 3. write a thank you note to kirks 1. a court having jurisdiction over the brokers When people make estimates, they are influenced by anchors to their estimates. 4. do nothing, a person applying for a license by reciprocity must: 100,000 Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 1. name of the listing salesperson 3. the friend need not be licensed Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining We reviewed their content and use your feedback to keep the quality high. 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 1. place where real estate business is regularly transacted 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: 2. salesperson's employing broker 3. the agents name appears before the brokers name 1. the broker notify the board within 10 days 3. the real estate board 1. firm license The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 3. 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. 2. branch license D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: Call Paula after 5 at 123-4567." (If there is a possibility that the Real Estate License Law has been violated, the Board will refer the complaint to the North Dakota Real Estate Commission.) You'll get a detailed solution from a subject matter expert that helps you learn core concepts. B. 4. all of the above, a salesperson whose license is on an active status may: A. a licensee's obligation of confidentiality ends at the 3. sayumi can be a senior partner, but she cannot be the principal broker Question text state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition In terms of law, real is in relation to land property and is different from personal property while estate means the . 3. retake their prelicense education and pass a licensing exam Has Larry violated the rules? 3. permissible, with the written permission the owner Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 1. nothing 1. The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 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. 4. an individual employed by the owner of rental property, an employee of a broker, who negotiates leases, Broker Takahashi wants to open her own partnership. 2. any property owner 2. director 2. failing to identify the type of services offered in a general property description The ad reads, "beautiful rambler, excellent assumption. If necessary, the 2. mary should apply for reinstatement of her license the license law. 2. a rental location agent that is also licensed as a broker

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