Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 3. advertising that a property listed by a firm is for sale by owner 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. 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 The Board now has the right to: 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. B. This arrangement between the two is: She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. What should he do? 800,000 3. imposing a fine of $5000 for each violation 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 2. the owner, as long as he finds a ready, willing, and able buyer 3. is illegal since it would allow the broker to take advantage of an uninformed seller 2. the investor must hire a broker to manage the business 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. the business name must include the name of the investor 1. has the owners permission 2. giving a false address in order to obtain a license 3. violated the fair housing act 2. boren must put through $45 in an interest bearing escrow account 1. a person who, for compensation, helps to sell his neighbors home 3. a person who is currently licensed in another jurisdiction C. Only to revoke the license, as provided by Virginia law 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? 3. bob may keep the money because of the fiduciary relationship between himself and the seller 1. a resident of VA B. 193E4.2(543B) Method of discipline. C. Kerra claim cannot include interest in her damages 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 1. an assessment from all licensees to restore the fund to a minimum balance what should the salesperson do? 3. that she is acting as a referral agent only, and is not active in selling and listing VA association of realtors regulations Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. this person: 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. If approved, the Virginia Real Estate Board must do which of the following actions? Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 4. 1. employs a resident broker to represent her If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. 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? Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. The Board now has the right to: 1. raising the price on a contract in order to influence a lender 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. 3. kept indefinitely 2. 1. the board may take disciplinary action 3. automatically revoke the brokers license The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 1. an auctioneer 2. sue evans in the local court 3. the firm must be incorporated in VA C. If there is a violation of the Board's regulations Divide. 1. a 12 month. 3. a real estate developer that has been defrauded in a real estate transaction 2. the developer cannot publish the ad as planned 2. maintain an escrow account in VA 21 days 3. an attorney 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: can conduct business under a fictitious name. 3. fine not to exceed 50,000 VA association of realtors 1. president of the corporation 3. take a new exam 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? 2. only upon receipt of a written complaint setting forth the alleged violation 4. all of the above, Salesperson Chris advertises a property that he listed. 3. be actively licensed for the last 48 months in their home state 1. the principal broker A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition . 3. apply for inactive status until the new broker has business cards printed 3. seller and salesperson 1. give back all listings acquired while affiliated with the broker 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 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: which is true? 3. it can refuse to accept open listings 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 2. the broker must limit this incentive program to 30 days The business will be operated as a sole proprietorship. 1. A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 2. closes her out of state office 2. seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum who does not have a Pennsylvania real estate license? 3. only if the salesperson is an employee of the broker, not an independent contractor 3. a tenant who refers a prospective tenant to the landlord 3. listing broker A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. 3. has a written listing agreement C. A real estate transaction 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 Question text D. $30 in a two year period, Harry is a broker. An assessment from all licensees to restore the fund to the minimum balance Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 1. bob may keep the bonus since he has a brokers license 3. take and pass a test within 12 months of application Not flaggedFlag question 3. an evaluation of the funds investments in order to generate additional earnings 2. should have known about the improper dealings performed by his salespersons 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 . 696.301. 3. an appraiser 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? 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: 4. there is no agent at the location to anser questions, placed on private property without permission of the owner, A salesperson obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. the licenses of all salespersons working in the office 3. yes, because the ad appears on another commercial site a real estate licensee may be disciplined for. 1. complies with the regulations 2. may allow unlicensed employees (on a regular salary) to sell the tracts in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 3. standardization of the clauses contained in a listing agreement Has Billy violated the VA License Law? 2. both partners must have a brokers license 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 2. a rental location agent that is also licensed as a broker 50 To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . What is the maximum that one licensee may be assessed during a two-year period? $471.8360%\$471.83 \div 60\% near schools, shops and trains. 4. none of the above, a broker would not be in violation of VA license law if he: 2. no, because billy is a broker Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 2. violation of anti trust laws Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 2. its own initiative, without any written consent 2. meet the current educational requirements 20 in a two year period Harry sells three houses, then runs off with all the funds. 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: C. Provide retirement income for brokers 1. trustee acting under a court order 1. 4. all of the above, if a real estate company has more than one office in VA, that company must: 2. failing to disclose adverse zoning that affected the property 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. 4. plans to hold an open house, an award from the transaction recovery fund will result in: 4. 1. file a complaint with the local realtors association 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? commission split between the licensee and the broker, What is the maximum time an aggrieved 750,000 Broker XYZ. 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. Dealing honestly and fairly; 2. 1. your brokerage firm will accept a lower commission rate Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 1. regulating brokerage fees 1. have one phone for every 5 agents 3. a property manager who leases property for the owner in the course of his employement 2. no property location specified which of the following must be incorrect? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 3. 3. maintain an escrow account in VA 2. it must be in the name of the firm 2. 1. suspension of his license and a fine B. Darrell, the contractor 4. 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. $471.8360%. 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 3. 1. 2. for failure to pay an assessment to the TRF within 10 days 3. the real estate board when his license is renewed 2. sell or rent property through a foreclosure process Pennsylvania real estate license law? 3. associate brokers 10 hours, Two individuals want to form a real estate partnership in Virginia. 2. the license will be automatically revoked Which of the following statements is true? What is the first thing Lynch should do? 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. 4. 24 months 3. sell or rent investment property for profit 1. maintain an office in VA 2. mail his or her license to the board 3. 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 6 months 3. an office cannot operate on a residential property I am a. 1. in VA, anyone who sells real property must have a real estate license Ann Agent. 2 years 4. larceny, the board may investigate a complaint based on: 1. a person acting without compensation under power of attorney 6 brokers, 2 salespersons, and 1 attorney 3. the license will be automatically suspended 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. 1. the friend must be licensed as a broker 2. director 2. the real estate board within 30 days 1. boren must work through his broker 3. the friend need not be licensed 4. 2. is attractive to many sellers since they dont need to get involved in the negotiation 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 Option D is View the full answer 2. 2. on for sale signs places on specific property In terms of law, real is in relation to land property and is different from personal property while estate means the . 1. immediately present the offer a real estate licensee may be disciplined for. A. inability to obtain automobile liability insurance This arrangement is: Grounds for disciplinary action by the commissioner. 1. take and pass the VA portion of the licensing exam 1. the executor of an estate 2. helping a friend sell his house for a fee 1. send a copy of the charges to the salesperson at his last known business address B. 3. a sheriff ordered by the court to sell a house at foreclosure The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. 2. file a claim against the licensee to recover the judgement amount awarded by the court 2. she may operate in the role of a salesperson in VA 1. that she is not affiliated with a brokerage firm or sole proprietor 3. take the continuing education course and apply to reinstate his license 1. an attorney who is licensed to practice law in VA Obedience; 5. 1.00 points out of 1.00 3. the names and address of all salespersons must be sent to the real estate board 4. all of the above, a real estate license could be suspended without investigation if the licensee: 2. this is proper as long as jan remains the senior partner After that, Tony would handle the mortgages of any buyers through his bank. 1. investigate the dealings of any real estate broker or salesperson 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? 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? If necessary, the Board may reassess licensees: 3. principal brokers license Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 3. if he gives his current broker 30 days notice Bob accepted the check since he worked hard and felt the bonus was deserved. Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 2. continue to use cards and stationary which state that he is a licensee 3. 1. establish standardized listing and sales contract agreements 1. a broker or a salesperson that has been defrauded in a real estate transaction 2. acting for both buyer and seller with their mutual consent real estate commission for which of the following reasons? The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 3. if the owner is a non resident of VA If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 3. yes, because suzy must communicate directly with billy 1. suspending the persons license what must be included in this property advertisement? A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. B. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. Which of the following disclosures is Ben most likely required to make? Broker Fowler should tell Owner Chaney: D. $400,000, 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? 20,000 Jack's email: 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: 1. a referral agent 3. less than 20 hours per week 2. 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 1. This action would violate the Real Estate Board regulations unless: D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? In CA, a real estate license must be renewed every. service, license revocation and imprisonment of no more than one Which entity would NOT involve itself in resolving the matter? (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.) 1. inform his employing broker 1. the renewal fee 3. B. Kerra has obtained a judgement in court 2. apply for a temp license until he affiliates with a broker 1. the price is not mentioned 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: Ellen deposits the money into her personal checking account. Larry has: Exceeded the scope of his authority and violated real estate law. Who is responsible for the expenses and fees of the court-appointed receiver? 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. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 2. bob may accept the bonus if more than 30 days have passed since closing 1. the ad fails to include the property address 3. impose a fine 4. grounds for suspension or revocation of a license, grounds for suspension or revocation of a license, the board may take disciplinary action against a: The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 2. by written contract between the owner and the principal broker 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? File a claim against to the licensee to recover the amount paid from the Fund The DRE grants licenses to Real Estate Brokers and Salespersons. An unlicensed real estate assistant may do which of the following without a license? 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? D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 2. 12 months Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 1. Who is most likely to collect? 1. to facilitate supervision, it must be located within a reasonable distance from the main office 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. 1. a fictitious name 15 days 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? Experts are tested by Chegg as specialists in their subject area. 2. illegal, because ellen can only accept money from her broker 30 hours of post license education 2. suspend or revoke any license issued by the board A. 3. the real estate board 3. it is prominently displayed in the branch office where the salesperson works Which of the following statements is correct? 1. sayumi cannot engage in acts of brokerage A. 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? 1. the broker notify the board within 10 days 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. 18VAC135-20-260. VA real estate board 1. file a claim against to the licensee to recover the amount paid from the fund 1. misrepresentation Prohibited acts. A. Larry, the developer Find, (A) limxf(x)\lim\limits_{x\rightarrow\infty}f(x)\qquadxlimf(x)(B) limxf(x)\lim\limits_{x\rightarrow-\infty}f(x)\qquadxlimf(x) (C ) limx2f(x)\lim\limits_{x\rightarrow2}f(x)x2limf(x), Production opportunities; time preferences for consumption; risk; inflation. 1. fraud 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. If possible, try to find a counterexample (a set of numbers for which the rule is not true). Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. Which of the following disclosures must Ben make? 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? 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: 3. charges more than the legal maximum commission rate 100,000 3. is not in violation of the VA license law, so long as she informs the buyer 1. automatic suspension of the real estate license 2. illegal 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker When she returned on January 6, she realized that her license had expired on December 31. 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 . 1. name of the listing salesperson 3. 4. 2. no, because it is permissible to provide a link to the required disclosures Call Chris at 555-0000 for details." 1. the salesperson is entitle to receiver her commission 2. 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. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 1. must have a brokers license 1. the court that appointed the receiver 4. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. the licensee must forfeit all commissions earned 2. violates the VA real property act 8 hours within the first year 4. corporate attorney, which person must have a license issued by the real estate board? 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. C. Tony, the mortgage banker 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising.
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