13830176d2d515a9785127a74 a real estate licensee may be disciplined for 13830176d2d515a9785127a74 a real estate licensee may be disciplined for

Harry sells three houses, then runs off with all the funds. 1. raising the price on a contract in order to influence a lender Which of the following is the maximum penalty that 3. 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. When representing a seller, which of the following is a TRUE 1. 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. principal broker 4. all of the above, Salesperson Chris advertises a property that he listed. 1. reapply for her new license as a new applicant 1. 1. in VA, anyone who sells real property must have a real estate license No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee C. $750,000 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. 3. 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. 3. her license will be temporarily suspended until the board can hold a hearing 2. darrell the contractor A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 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: The Board appoints her son, Adam, to operate the business for 180 days. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: If Sarah keeps the $500, she: 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? statement regarding the duties a licensee owes to the 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? B. 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 1. complies with the regulations 2. the licensee may be exempt from the VA landlord tenant act 3. an evaluation of the funds investments in order to generate additional earnings 3. it can refuse to accept open listings 1. a fictitious name 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 After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 2. to protect the public interest Board may reassess licensees: 2. 2. placed on private property without permission of the owner Calculate the net sales revenue for the month. A personal loan can conduct business under a fictitious name. 1. commingling Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his sale closes, signs Mark's name to an addendum extending the closing. 1. reimburse financial losses caused by licensee misconduct 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. 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. assures a quick sale because the broker knows the sellers exact position The license will be automatically revoked 1. the office must be licensed Which of the following statements is correct? 3. retake their prelicense education and pass a licensing exam 1. sells insurance from the real estate office where she is employed A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. the Pennsylvania real estate Commission can impose on that 1. gene should send his license to the board and request an associate brokers license 3. the board, using money from the transaction recovery fund Which of the following statements is correct? 3. matters outside the scope of its authority 1. kept for a period of 7 years 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 16 hours of continuing education 50,000 1. a personal loan In order to receive payment, this claim must be in connection with: 1. is in violation of the VA license law 4. Fred thought Sarah did such a good job, he sent her a $500 bonus. 1. the MLS service 1. 3. the firm must be incorporated in VA 1. suspending the persons license 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 4. place where the broker maintains transactions and escrow records in a safe deposit box, place where real estate business is regularly transacted, when a salesperson transfers from one broker to another, it is the duty of the former broker to: 2. director A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 3. be actively licensed for the last 48 months in their home state 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. an attorney at law 2. a consumer that has been defrauded in a real estate transaction 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 600,000 Which entity would NOT involve itself in resolving the matter? 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. 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? 3. attend at least 3 seminars conducted by the board C. An evaluation of the Fund's investments in order to generate additional earnings 2. file a claim against the salesperson in a court of competent jurisdiction The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 1. at any time 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. 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 4 years 4. 2. made available for inspection by the representatives of the real estate board The Real Estate Board could withhold issuance of a new license, forever 2. violation of anti trust laws One lot is $10,000 and all others are in the $15,000 - $20,000 price range. which of the following must be incorrect? 3. the business can only be organized as a corporation 3. is not in violation of the VA license law, so long as she informs the buyer 1. name of the listing salesperson 1. levy fines 2. it can establish minimum and maximum commission rates B. If you wish to consult the most up-to-date licensing information, y ou may utilize the boards check a license feature which will immediately reflect any changes in licensing status. Which of the following statements is correct? 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? Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 2. the VA real estate board Ben suggests that he may be able to help. 3. legal, if the insurance broker holds a salespersons license 2. the board will issue her license if she can provide proof that she passed 3. file a complaint with the real estate board 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 3. the respondent must file bankruptcy and sell all property 1. that she is not affiliated with a brokerage firm or sole proprietor 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 1. no, because he acted in suzys best inerests 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 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? VA real estate board 3. the names and address of all salespersons must be sent to the real estate board 193E4.2(543B) Method of discipline. 2. impose a monetary penalty of up to $1,000 what should the salesperson do? 2. the friend must have a law degree Her long-time friend, Sayumi, is not licensed as a real estate agent. 4.11(2) If the licensee chooses, the licensee may be represented by an attorney at the informal dis-cussion at the expense of the licensee. 1. either buyer or seller, based on their agreement 4. 3. place that is managed by a senior salesperson 1. upon demand by the board 3. only if the salesperson is an employee of the broker, not an independent contractor In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. D. Under no circumstances, For failure to pay an assessment to the TRF, New licensee applicants are required to pay into the Transaction Recovery Fund. 2. 18VAC135-20-260. 1. legal, as long as the fees paid are less than $100 1. under no circumstance 2. bob may accept the bonus if more than 30 days have passed since closing Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 2. the brokers name is missing 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 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. 3. inducement Administrative Discipline: What are the Possible Sanctions? 2. no, because billy is a broker 2. the salesperson is entitled to a jury trial before any action can be taken person has to apply to the Real Estate Recovery Fund after final 20 in a two year period 3. maintain an escrow account in VA 3. conversion 3. if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 4. either 1 or 3, When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? 93A2] in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? $471.8360%\$471.83 \div 60\% Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 24 months $20,000 Prohibited acts. 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: It will attempt to resolve the problem without the necessity of legal expense. 2. a salesperson with 5 years experience may run the office Fowler may have anything over that amount as commission. 1. an assessment from all licensees to restore the fund to a minimum balance 60 hours 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 . 45 hours If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund Automatically suspend the broker's license exemption to the real estate licensing law. 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: 4. both 2 & 3, Jane has been out of town on personal business. 4. all of the above, which of the following is true about a branch office? In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 3. court of competent jurisdiction According to the real estate commissions regulations, an 3. hold a hearing in order to allow the licensee to defend himself 2. may allow unlicensed employees (on a regular salary) to sell the tracts 3. Which of the following statements is true regarding the advertisement? 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 3. there is no property address 3. a sheriff ordered by the court to sell a house at foreclosure 2. tell the buyer it will have to wait until monday 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. His license is automatically reinstated 3. 3. that she is describing an exclusive agency listing What is this requirement? An assessment from active licensees to restore the fund to the minimum balance 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. Was this action permissible? 3. is not regulated by the board 1. inform their employing broker Experts are tested by Chegg as specialists in their subject area. 31 days, The Board determines that a licensee misrepresented information on her license application. 3. it is prominently displayed in the branch office where the salesperson works Fiduciary duties are owed to both buyer and seller. 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? C. If there is a violation of the Board's regulations 3. adjudicate disputes between licenses 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. When this happens, Vera plans to work with Broker Jane. 2. instant messaging 1. complete an 18 credit hour course in the principles of real estate 2. their licenses will also be suspended C. Does not pay the Transaction Recovery Fund assessment 800,000 A. 3. a court of law having jurisdiction over the brokers 4. all of the above, Robert the Broker wants to stay on top of technological trends. 3. the real estate board when his license is renewed Regulatory Affairs: 919-719-9180. 3. apply for inactive status until the new broker has business cards printed Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 2. no property location specified 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? C) Terry, 43, who worked as a real estate licensee until he was 28. 2. it may be supervised by a salesperson with 3 years experience 1. file a claim against to the licensee to recover the amount paid from the fund 3. yes, so long as larry is a broker 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. 3. a real estate developer that has been defrauded in a real estate transaction 3. legal, if ellen performed as agreed 2. mary should apply for reinstatement of her license Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 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? 1. engages in acts of brokerage wile on inactive status 3. is illegal since it would allow the broker to take advantage of an uninformed seller Why is this ad in violation of Board regulations? A. After investigation, the Board finds that the broker is innocent of any wrong doing. 2. 3. listing broker 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. Not flaggedFlag question 3. must be kept at the employing brokers main place of business 1. the inspector is licensed in VA The licensee has 4 years to repay the Fund 6 licensees and 1 consumer The DRE also handles the renewal of the licenses. 2. the tenant must establish an escrow account 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 3 years 3. hold degree in real estate 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. 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. 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: A. 1. a broker or a salesperson that has been defrauded in a real estate transaction 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. 1. misrepresentation 4. 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 1. the principal broker 1. failing to get a clients written consent to advertise his property 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: 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 . 15 days 500,000 1. suspension of his license and a fine The general part of the exam is broken into . 2. illegal, because ellen can only accept money from her broker 1. automatically suspend the brokers license 3. DUAL AGENCY - A real estate licensee who represents both the seller and buyer in the same transaction is a disclosed dual agent with written informed consent of both the buyer and the seller (see below). 3. hold a hearing to allow the licensee to defend herself 3. revoke the salespersons license pending a hearing 3. A licensee accused in the claim must sell all personal possessions to satisfy the claim 2. the manager of a branch real estate office 2. return his or her license to the board If approved, the Virginia Real Estate Board must do which of the following actions? 2. 2. an auctioneer 2. the VA real estate board 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 100,000 3. ben must disclose his email address 1. mary is required to retake the license examination in order to reinstate her license $20 in a two year period 3. does not pay the transaction recovery fund assessment 3. operate profitably for at least one year 1. Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 2 years 3. the salesperson cannot be paid 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: 43-40-1(2)(B)). 4. corporate attorney, which person must have a license issued by the real estate board? Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. For failure to pay an assessment to the TRF within 10 days 1. will be issued a temp license by board 3. 3. refusing to hold an open house, at the request of his broker (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.) Ben and Jerry are communicating via instant messages. 40-25(b)(17)). D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years, The Real Estate Board could withhold issuance of a new license, forever, If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? 3. only to revoke the license, as provided by VA law 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 2. the license will be automatically revoked 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 1. his license is null and void 2. a person acting as a trustee in bankruptcy C. The license will be automatically suspended Welcome to the North Carolina Real Estate Commission. A. 2. have a desk for every 5 agents 1. move to VA within six months of licensure 2. a rental location agent that is also licensed as a broker 2. failing to disclose adverse zoning that affected the property 2. 3. violated the fair housing act 3. may take new listings and find buyers for any listings on the books c. The local Real Estate Board might be approached. Which circumstance might also put the employing broker at risk of disciplinary action? 1. take listings over the phone 1 year 1. give back all listings acquired while affiliated with the broker Before applying for the real estate license, all the formalities of education and experience must be cleared. 3. publish a list of persons that have been granted licenses Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 8:30am - 5:00pm (Mon-Fri) 2. giving a false address in order to obtain a license 2. reimburse aggrieved persons 2. ben must disclose his firm name, city, and state 1. automatic suspension of the real estate license 3. to allow licensed real estate professionals to earn more money 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. Skill, care, and diligence in the transaction; 8. 2. 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? 1. his or her broker 2. 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. 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: A. Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund B. Credit card sales (2% credit card fee)$250,000. 3. d. The problem may be directed to the North Dakota Real . 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 1. an attorney who is licensed to practice law in VA Susan, also an independent broker, sells the property. 1. make brokers and salespersons more professional 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: 3. a property manager who leases property for the owner in the course of his employement 3. tony the mortgage banker 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. 3. administrative process act Three times a year, the DRE offers an open forum meeting to members of the industry. Seller anxious to move. 2. 2. if the agents actions were outside the authority granted by the employing broker Which of the following disclosures must Ben make? 3. permissible, with the written permission the owner 2. hold a bachelors degree in real estate 1. she must retake the exam 2. suspend or revoke any license issued by the board 2. neither the broker nor the clerk is in violation of the law 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. 1. real estate board Dealing honestly and fairly; 2. 2. it must be in the name of the firm State whether you think the rule is true. 3. yes, because the ad appears on another commercial site Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. Phone 123-4567"? 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 3. one of the partners may be unlicensed principal? 3. affiliate with a broker and submit an application for licensure A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. Under these circumstances, Carla: 1. renting 1/2 a duplex for a friend 1. the office must have an escrow account 3. broker who is also licensed as a rental location agent 4. do nothing, a person applying for a license by reciprocity must: 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: 1. associate broker 1. send a license to the employing broker by certified mail 3. advise the board when their license is renewed 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. The [Florida real estate] commission . 2. a consumer that has been defrauded in a real estate transaction 1. a court having jurisdiction over the brokers