Standard of Practice 1-2. 2. a consumer that has been defrauded in a real estate transaction Mark is in Europe for two weeks and cannot be reached. 2. meet the current educational requirements 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? Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 1. complies with the regulations In this situation, which of the following statements is true? 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 . 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 3. attend at least 3 seminars conducted by the board Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 4. all of the above, Robert the Broker wants to stay on top of technological trends. 1. neither susan nor gene is in violation of the law 2. have a desk for every 5 agents 3. with written permission of each broker Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. 2. placed on private property without permission of the owner 1. complete an 18 credit hour course in the principles of real estate 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. 2. apply for a temp license until he affiliates with a broker 3. the friend need not be licensed 2. the friend must have a law degree 2. the VA association of realtors 3. 2. it may be supervised by a salesperson with 3 years experience not cash, when the recipient of the payment is licensed broker in another 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: 2. encourage higher education in real estate 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 1. the colors on the sign are different than the firms logo colors In order to receive payment, this claim must be in connection with: Harry sells three houses, then runs off with all the funds. Which circumstance might also put the employing broker at risk of disciplinary action? real estate commission for which of the following reasons? 2. be a US citizen 1. at any time Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 1. establish standardized listing and sales contract agreements Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. In which of the following forms of advertising are these disclosures NOT required? C. $100,000 2. post office box 3. a tenant who refers a prospective tenant to the landlord 2. 3. return all customers cards to the employing broker In the context of this study, what is the meaning of the Type I error? Susan, also an independent broker, sells the property. 3. it can refuse to accept open listings 2. misrepresentation The deal states that Harry will sell all of the houses that Darrell built on Larry's land. highest paid nba player 2022 salary; datcha beach guadeloupe; a real estate licensee may be disciplined for. 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. 3. charges more than the legal maximum commission rate 8 hours within the first year The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. nothing 2. an investment in a limited real estate partnership 2. be furnished to the board upon request 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 . A. 1. apply for active status within 3 years 3. bob may keep the money because of the fiduciary relationship between himself and the seller 4.. all of the above, which person does not require a brokers license? 2. for failure to pay an assessment to the TRF within 10 days 4. All real estate licensees are subject to discipline by the REEB as well as litigation. 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 4. accepting a referral fee from an out of state broker, through his employing broker, paying a finders fee to an unlicensed person, a broker placed one of her signs on property without permission from the owner. 3. ask tom to return her license to the board and apply for a transfer 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim Who is responsible for the expenses and fees of the court-appointed receiver? 3. an employee of a broker, who negotiates leases In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 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. 3. Call Chris at 555-0000 for details." A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. the office must have a separate license 1. have one phone for every 5 agents B. Violates the Virginia Real Property Act B. VA association of realtors 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: 1. if the broker knew or should have known of the agents actions 4. none of the above, a real estate licensee is required in order to: 3. net listing 1. an attorney who is licensed to practice law in VA 2. the attorney conducting the closing He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). C. He may apply for a new license within 30 days 2. it does not include the property address 1. an attorney at law 2. (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.) fc barcelona juvenil b players. Refer to the information presented on the exercise related to Wilson Towing Service. 2. be 21 years old 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 4. if the board is notified when his license is renewed, by having his license returned to the board and a new license issued to the new broker, which of the following non residents may obtain a VA real estate license? exemption to the real estate licensing law. 2. that she has an unrealistic opinion on the value of the property 3. she may handle up to 6 transactions (listing or sales) in VA 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 2. the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 2. the licensee may be exempt from the VA landlord tenant act 4. all of the above, a real estate license is not required for a: 2. the license will be automatically revoked 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 2. endorse the check over to bob Which of the following statements is true? 1. bob may keep the bonus since he has a brokers license 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 2. ben must disclose his firm name, city, and state 3. a property manager who leases property for the owner in the course of his employement 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. 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: Fiduciary duties are owed to both buyer and seller. Accounting for all funds; 7. Administrative Discipline: What are the Possible Sanctions? VA association of realtors When representing a seller, which of the following is a TRUE Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 2. director 750,000 3. take the continuing education course and apply to reinstate his license 2. failing to identify the type of services offered in a general property description 3. principal brokers license 18VAC135-20-260. 1. acceptable, if no one is defrauded 2. made available for inspection by the representatives of the real estate board C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 1. firm license Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 1. this is permitted since it is only done occasionally 4. 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: 1. automatically suspend the brokers license 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 2. a rental location agent that is also licensed as a broker Since the ad must be small, Robert makes no disclosures in the banner itself. 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? 2. both partners must have a brokers license The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 4. the listing broker, brokers must retain records of real estate transactions for at least: 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. 1. the salesperson is entitle to receiver her commission 40 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 2. no property location specified A second group was asked to do this after thinking about an organic fruit salad. The respondent must assign all commissions and personal property to the claimant or the Board 2. it can establish minimum and maximum commission rates if the broker knew or should have known of agents actions. 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 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. salaried rental property personnel, accepting lease applications on behalf of another 1. suspending the persons license Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. not exceed 500 square feet in size 1. reapply for her new license as a new applicant Divide. Main: 919-875-3700. 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: 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: 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 . 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 1. the MLS service 12 months A. 2. must complete 145 credit hours of courses approved by the board The ad reads, "beautiful rambler, excellent assumption. When representing a seller, which of the following is a TRUE 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 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. Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 2. it is prominently displayed in the main office of the salespersons firm 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? 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? 2. any property owner 2. waiving education or experience requirements 2. the VA real estate board Which of the following statements must be incorrect? In this situation, which of the following statements is true? 3. apply for inactive status until the new broker has business cards printed 1. yes, because deposits are held to cover the cost of repairs 1. has the owners permission Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 3. apply for inactive status for the salesperson Broker XYZ. 4. 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? 1. was aware of the improper dealings performed by his salespersons 4. is in violation of the VA license law, unless she fails to inform the board, according to VA license law and the regulations of the board, a salesperson may accept a net listing: which of the following must be incorrect? attempting to change employing brokers more than three times in 3. a sheriff ordered by the court to sell a house at foreclosure 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. 4. do nothing, a person applying for a license by reciprocity must: What will happen to Craig's license if he doesn't complete the required courses before renewal? Which of the following statements is correct? Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 120 One group was asked to do this after thinking about a calorie-laden cheesecake. what must be included in this property advertisement? 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. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 1. kerra filed suit against the local association of realtors 31 days, The Board determines that a licensee misrepresented information on her license application. The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 3. maintain an escrow account in VA 3. the business can only be organized as a corporation 3. only to revoke the license, as provided by VA law Allison is guilty of: A. 1. suspend the license until a formal hearing can be conducted 1. inform his employing broker C. Automatically revoke the broker's license C. $750,000 2. the salesperson and the new broker 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? 2. 1. suspend the respondents license In this situation, which of the following statements is correct? 2. an auctioneer 2. return his or her license to the board 30 hours of post license education 2. branch license 2. send a copy of the charges to the salespersons broker at the brokers place of business 2. 3. a person that is not licensed in another state 1. member of the MLS the regulations specify that: 3. that she is acting as a referral agent only, and is not active in selling and listing He agrees to maintain the building if he can receive a reduced rental fee. 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 2. the respondent must assign all commissions and personal property to the claimant or the board 1. she may act as a broker in VA by virtue of her valid out of state license 1. yes, because the required disclosures must appear in the ad itself 3. person selling industrial real estate full time 4. none of the above, how much experience should a salesperson have before applying for a brokers license? Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. Encourage higher education in real estate 2. gives a reduced commission rate to a family member 1. place where real estate business is regularly transacted If necessary, the Board may reassess licensees: I am a. 1. that she is describing an open listing 1. investigate the dealings of any real estate broker or salesperson 3. the code of ethics for real estate professionals 1. 2. enforcing the license law 3. a rental location agent 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: Loyalty; 3. 1. be clearly separate from the living area A. a licensee's obligation of confidentiality ends at the Prohibited acts. 2. 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 2. maintain an escrow account at an insured depository in the state 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? Under what circumstances may listing real estate broker in 1. the board may take disciplinary action 4. 1. levy fines 3. yes, because the ad appears on another commercial site 2. salesperson's employing broker 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. 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person A. Round answer to the nearest cent. 3. susan is guilty of accepting money from someone other than her employing broker 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: 3. impose a fine on any licensee 2. person selling a vacant lot for a fee 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. Dealing honestly and fairly; 2. The DRE also handles the renewal of the licenses. 1. 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 1. C. Tony, the mortgage banker 1. kept for a period of 7 years One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board?
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