1. a broker and a salesperson, involving employment conditions 3. 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 2. do nothing, as the license automatically renews every 2 years 3. the friend need not be licensed Vera should: 2. protect the public interest 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? 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? Board may reassess licensees: He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Which of the following statements is true in this situation? 2. if the agents actions were outside the authority granted by the employing broker 6 brokers, 2 salespersons, and 1 attorney 3. the code of ethics for real estate professionals A. 2. independent contractors, negotiating leases on behalf of another for a fee 2. upon revocation of the brokers license 4. 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, when the transaction recovery fund balance falls below a statutory minimum it results in: 1. assures a quick sale because the broker knows the sellers exact position 2. impose a monetary penalty of up to $1,000 1. a personal loan 1. file a claim against to the licensee to recover the amount paid from the fund 40-25(b)(17)). VA association of realtors regulations A. inability to obtain automobile liability insurance B. 4. none of the above, a real estate licensee is required in order to: 1. determining commission splits between all MLS brokers 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? payment received, license revocation and in order to perform community 1. in VA, anyone who sells real property must have a real estate license 3. is illegal since it would allow the broker to take advantage of an uninformed seller 4. In the context of this study, what is the meaning of the Type I error? 2. should have known about the improper dealings performed by his salespersons 1. no, because he acted in suzys best inerests 2. yes, as long as the owner is aware of it 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. their licenses are not affected 1. the broker notify the board within 10 days What will happen to Craig's license if he doesn't complete the required courses before renewal? 1. the clerk must be a licensed salesperson 193E4.2(543B) Method of discipline. 2. principal broker 3. must be kept at the employing brokers main place of business 2. designate one location as the main office Mark is guilty of: 3. susan is guilty of accepting money from someone other than her employing broker 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. 3. standardization of the clauses contained in a listing agreement B. 3. employed by another broker 4. the salesperson, which is not a requirement to become a broker in VA? 3. a person that is not licensed in another state 2. file a claim against the licensee to recover the judgement amount awarded by the court 2. enforcing the license law I am a. Her long-time friend, Sayumi, is not licensed as a real estate agent. C. The respondent must file bankruptcy and sell all property 3. publish a list of persons that have been granted licenses 1 year 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 2. no property location specified A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 3. improper dealing 2. an assessment from active licensees to restore the fund to the minimum balance a real estate licensee may be disciplined for. 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: The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 8:30am - 5:00pm (Mon-Fri) 2. B. A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 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. 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? 1. kept for a period of 7 years 2. local association of realtors 1. salaried rental property personnel, accepting lease applications on behalf of another 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 Through reciprocity, what is true of a broker licensed in another state? 2. does not comply with the regulations Main: 919-875-3700. 2. have a desk for every 5 agents 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 2. hold a bachelors degree in real estate 20 every year 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. 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: D. $30 in a two year period, Harry is a broker. 2. member of the MLS 3. her license will be temporarily suspended until the board can hold a hearing 1. take listings over the phone 2. ben must disclose his firm name, city, and state 1. 3. kept indefinitely 1. if a written complaint contains prima facie evidence that a violation has occurred The property sells on December 20 and closing takes place on January 15. 1. sells insurance from the real estate office where she is employed d. The problem may be directed to the North Dakota Real . 2. the VA real estate board 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? 2. the investor must hire a broker to manage the business A. 3. the licensee is required to disclose the name of his employing broker 4 no one, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 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. 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? 1. president of the corporation Loyalty; 3. the license law. 3. write a thank you note to kirks 2. by written contract between the owner and the principal broker 43-40-1(2)(B)). C. A claimant may collect up to $20,000 A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. When she returned on January 6, she realized that her license had expired on December 31. 2. the fee is less than $100 1. suspending the persons license An unlicensed real estate assistant may do which of the following without a license? 1. she must retake the exam 3. permissible, with the written permission the owner 3 years 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: Why is this ad in violation of Board regulations? 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 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. 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: 1. place where real estate business is regularly transacted PO Box 9425 Stn Prov Govt. No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 3. an employee of a broker, who negotiates leases 4. any of the above, a person seeking a real estate license in VA must be: Welcome to the North Carolina Real Estate Commission. 2. no, because bill is larrys client 100,000 1. an owner who sells no more than three of her own houses in a year 1. commission rates charged by members of the MLS are established by: 3. a principal broker b) A real estate broker's reliance on information by a multiple listing service is acceptable as a reasonable defense for the broker's failure to obey a licensing law. 2. acceptable, as a result of the listing contract 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 2. a person receiving a gift certificate to sell a property 1. at least 40 hours per week 600,000 May Cindy accept this rental listing? 10,000 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. 696.301. 1. it must be supervised by the principal or supervising broker if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 2. the board will issue her license if she can provide proof that she passed 3. only with the approval of the principal broker 10 days real estate commission for which of the following reasons? 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? 1. inform their employing broker 2. kerra has obtained a judgement in court 2. post a bond A. Larry, the developer person has to apply to the Real Estate Recovery Fund after final 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. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 2 years 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 1. his license is null and void 6 licensees and 1 consumer 1. that she is not affiliated with a brokerage firm or sole proprietor A licensee has been found to have committed acts prohibited by 3. 2. that she had no sales or listings during the preceding 12 months 3. that she is acting as a referral agent only, and is not active in selling and listing The Board now has the right to: 3. 3. the board, using money from the transaction recovery fund what must marty do before he can start selling real estate? 3. selling a business for a relative 4. all of the above, offer to sell, purchase, or exchange real estate o behalf of another for a fee, the principal broker must keep all of the following at the main firm office, except: 3. legal, if the insurance broker holds a salespersons license 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 3. to allow licensed real estate professionals to earn more money 3. tony the mortgage banker Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 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. What must she do? 3.. employ at least one salesperson or associate broker that is also a resident of VA 2. endorse the check and give it to his employing broker 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 3. this is fine because the compensation is less than $1000 judgement, The Provisions of the Real Estate Licensing and Registration Act 3. attend at least 3 seminars conducted by the board 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 1. move to VA within six months of licensure 1. send a copy of the charges to the salesperson at his last known business address When representing a seller, which of the following is a TRUE 2. is attractive to many sellers since they dont need to get involved in the negotiation 3. people from hungary are moving into the neighborhood 4. all of the above, a real estate license is not required for a: In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. He still needed to take one more continuing education course before his license expiration date. 1. failing to get a clients written consent to advertise his property Prohibited acts. C. An evaluation of the Fund's investments in order to generate additional earnings 2. submit a credit report 1. the office must have an escrow account C. $750,000 the salesperson can only do this: 1. if the broker knew or should have known of the agents actions 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 1. C. Only to revoke the license, as provided by Virginia law 1. complete the mandatory postlicense education requirement 1. 2. no, because billy is a broker 8 hours within the first year 6 months Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. In this situation, which of the following statements is true? 3. it must be supervised by an on premises principal or associate broker 7 licensees (with at least 3 years experience) and 2 consumers (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. the price is not mentioned 2. must be displayed in a conspicuous place in her home office 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. 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. 2. salesperson's employing broker This action would violate the Real Estate Board regulations unless: 1. mary is required to retake the license examination in order to reinstate her license 2. misrepresentation 2. helping a friend sell his house for a fee 4. must be in good standing in any jurisdiction where licensed, must complete 145 credit hours of courses approved by the board, For a corporation licensed to engage in real estate business, which individual is primarily responsible for those real estate activities? 3. violated the fair housing act 3. less than 20 hours per week We reviewed their content and use your feedback to keep the quality high. B. 2. 2. a govt employee selling land owned by the govt 2. the office can be managed by a salesperson with 3 years experience Dealing honestly and fairly; 2. 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 3. 3. the agents name appears before the brokers name 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. .3. the ad makes false or misleading statements The licensee named in the claim must post a bond in order to continue practicing real estate 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks Gene, an independent broker, lists a property. B. Violates the Virginia Real Property Act 2. continue to use cards and stationary which state that he is a licensee 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? 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 A second group was asked to do this after thinking about an organic fruit salad. 1. filed a suit against the local realtors association 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 1. Mark is in Europe for two weeks and cannot be reached. 3. a real estate developer that has been defrauded in a real estate transaction 4. 1. disclosures 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: commission split between the licensee and the broker, What is the maximum time an aggrieved 3. A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 24 months 45 hours 120 The commission may, upon its own motion, and shall upon receipt of a written complaint filed by any person, investigate any real estate-related activity of a licensee licensed under sections 339.010 to 339.180 and sections 339.710 to 339.860 * or an individual or entity acting as or representing themselves as a real estate licensee.