1. determining commission splits between all MLS brokers 2. local association of realtors 3. only if the salesperson is an employee of the broker, not an independent contractor Has Billy violated the VA License Law? Which of the following statements is NOT true? 1. the business name must include the name of the investor Automatically fine the licensee for $1,000, then schedule a hearing 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: Ben suggests that he may be able to help. 1. Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . Who is responsible for the expenses and fees of the court-appointed receiver? Question text 3. kerra claim cannot include interest in her damages The property sells on December 20 and closing takes place on January 15. 3. improper dealing The Real Estate Board could withhold issuance of a new license, forever VA association of realtors A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise Under what circumstances may listing real estate broker in A. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 2. the VA real estate board The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. C. Does not pay the Transaction Recovery Fund assessment 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: 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 50,000 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. Which entity would NOT involve itself in resolving the matter? When representing a seller, which of the following is a TRUE 3. legal, if ellen performed as agreed 1. In this situation, which of the following statements is true? 3. the broker notify the board within 30 days 3. is not in violation of the VA license law, so long as she informs the buyer 3. 3. affiliate with a broker and submit an application for licensure 2. 3. yes, because suzy must communicate directly with billy 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 1. must be carried at all times to establish that she is licensed Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 2. sue evans in the local court 3. 3. standardization of the clauses contained in a listing agreement 1. A. This type of agreement: Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 3. a tenant who refers a prospective tenant to the landlord 1. the MLS service 2. a salesperson who holds a business entity license Susan, also an independent broker, sells the property. 2. administer the fair housing act 2. no, because billy is a broker 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. Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 2. mail a license to the broker named on the license application 3. employed by another broker . 3. advertising that a property listed by a firm is for sale by owner 1. trustee acting under a court order 31 days, The Board determines that a licensee misrepresented information on her license application. 1. a broker or a salesperson that has been drafted in a real estate transaction 2. the salesperson is entitled to a jury trial before any action can be taken 3. supervising broker 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? According to Virginia regulations: Main: 919-875-3700. 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. . Not flaggedFlag question 3. the clerk must be licensed as a broker 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: 8:30am - 5:00pm (Mon-Fri) 180 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: The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 1. at any time The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 2. an investment in a limited real estate partnership 1. a brokers license must be renewed on june 30 of every even numbered year Fowler may have anything over that amount as commission. 4. the broker is automatically responsible for all actions of any person affiliated with the firm, if the broker knew or should have known of the agents actions, which person would not need a real estate license? 2. this is proper as long as jan remains the senior partner One group was asked to do this after thinking about a calorie-laden cheesecake. If approved, the Virginia Real Estate Board must do which of the following actions? B. habitual intoxication or drug addiction 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 1. be at least 18 years old 3. her employing broker 3. the code of ethics for real estate professionals Which of the following statements must be incorrect? 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 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. 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? The deal states that Harry will sell all of the houses that Darrell built on Larry's land. PO Box 9425 Stn Prov Govt. D. $100,000, A license may be suspended without benefit of a hearing: What should he do? 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. The Board appoints her son, Adam, to operate the business for 180 days. .3. the ad makes false or misleading statements 750,000 3. that she is describing an exclusive agency listing 1. firm license A. Engages in acts of brokerage while on inactive status Round answer to the nearest cent. 2. apply for a temp license until he affiliates with a broker 3. B. 3. yes, so long as larry is a broker 1. must have a brokers license 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: An investment in a limited real estate partnership 2. if the licensee admits guilt 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 2. if the agents actions were outside the authority granted by the employing broker 4. 93A2] 2. it may be supervised by a salesperson with 3 years experience Such action is: 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 2. impose a monetary penalty of up to $1,000 3. kept indefinitely 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? 6 brokers, 2 salespersons, and 1 attorney if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 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. 1. the ad fails to include the property address 1. a referral agent 2. violates the VA real property act 1. it is mailed to the licensee for delivery to the employing broker 3. $750,000 The salesperson can pay this referral bonus to: 3. an evaluation of the funds investments in order to generate additional earnings 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. commission split between the licensee and the broker, What is the maximum time an aggrieved 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 2. the broker, as a necessary expense to establish her innocence Pennsylvania split a Commission or pay a referral fee to a person A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 1. president of the corporation 2. can only conclude the transactions in the process to facilitate the termination of the business 3. 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 . Ben suggests that he may be able to help. Neither Cindy nor her broker may accept this listing this person: 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. 3. hold a hearing to allow the licensee to defend herself 3. identify his place of business with an appropriate sign 1. she must retake the exam 120 1. the branch office license 3. take a new exam Grounds for discipline. The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 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? 2. no, because it is permissible to provide a link to the required disclosures Method 1 Verifying a Real Estate License Download Article 1 Gather information. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 6 months Ellen deposits the money into her personal checking account. 3. a sheriff ordered by the court to sell a house at foreclosure (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. must be 18 years old 4. larceny, the board may investigate a complaint based on: 2. branch license D. any felony conviction 2. price that is shown in the listing agreement 2. D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 2. its own initiative, without any written consent statement regarding the duties a licensee owes to the 3. operate profitably for at least one year Has Robert violated the rules? Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts C. $20 every two years 3. a rental location agent D. Sentence the licensee to a prison term of no more than 12 months, File a claim against to the licensee to recover the amount paid from the Fund, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: Irma Craft, a real estate salesperson for Luckless Realty has an arrangement with RidX Pest Control Services to receive a $25.00 referral fee for any customer she refers to Rid X. Harry sells three houses, then runs off with all the funds. 2. have a desk for every 5 agents Jack makes the required disclosures in the middle of his email, in bold lettering. 3. in newspaper ads consisting of more than 28 lines of copy $800,000 3. sayumi can be a senior partner, but she cannot be the principal broker Has Larry violated the rules? 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. 2. 4. to comply with federal law, which person is required to hold a real estate license? Encourage higher education in real estate 3. administer the transaction recovery act 3. court of competent jurisdiction 3. may take new listings and find buyers for any listings on the books When she returns on July 5, Jane realizes that her real estate license expired on May 31. $500,000 Call Paula after 5 at 123-4567." 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 20,000 4. 2. at least 30 hours per week 1. attorney general of the commonwealth 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. all of the above, a license may be suspended without benefit of a hearing: 400,000, In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? 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. Ben is a licensee and Jerry is interested in locating property in Ben's area. When this information leads to a sale, Berry pays her $100 for the tip. 1. will be issued a temp license by board If possible, try to find a counterexample (a set of numbers for which the rule is not true). 15,000 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: 10 days In which of the following forms of advertising are these disclosures NOT required? A. 1. in VA, anyone who sells real property must have a real estate license 3. 1. a resident of VA can conduct business under a fictitious name. 3. imposing a fine of $5000 for each violation 800,000 3. a trustee, appointed by a court Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 3. 2. to protect the public interest 3. fine not to exceed 50,000 1. the office must be licensed 3. the board, using money from the transaction recovery fund 3. the board will issue her active license to her principal broker 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 3. susan is guilty of accepting money from someone other than her employing broker A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. 1. this is permitted since it is only done occasionally 2. the licensee notify the board within 10 days 1. the owner and the tenant are exempt from the real estate license law Real Property Law 441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 1. assures a quick sale because the broker knows the sellers exact position 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 1. the colors on the sign are different than the firms logo colors 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 . 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: A. 210, mart fields just found out that he passed the VA real estate sales exam. 1. a firm partner who does not participate in the brokerage business 1. mary is required to retake the license examination in order to reinstate her license 4. plans to hold an open house, an award from the transaction recovery fund will result in: 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 real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? In the end, these clients decide to stay where they are and to quit looking for a home. 1. be a citizen of the US 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. 3. return all customers cards to the employing broker Broker Fowler should tell Owner Chaney: 1. file a complaint with the local realtors association According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 1. the friend must be licensed as a broker 2. is ready to advertise the property Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 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: If Sarah keeps the $500, she: 1. neither susan nor gene is in violation of the law 1. an attorney at law 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.
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