4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 3. identify his place of business with an appropriate sign 2. enforcing the license law 3. must keep all financial records for 5 years 2. a salesperson who holds a business entity license A. Engages in acts of brokerage while on inactive status 1. responsible for all escrow accounts Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. Prohibited acts. 2. a fine only 2. a person acting as a trustee in bankruptcy Through reciprocity, what is true of a broker licensed in another state? 2. tell the buyer it will have to wait until monday 1. seller 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 3. 3. the business can only be organized as a corporation 1. 2. to protect the public interest Call Chris at 555-0000 for details." in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? Which of the following disclosures must Ben make? Which of the following statements is correct? The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining 2. the developer cannot publish the ad as planned 1. a written complaint Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. who does not have a Pennsylvania real estate license? In which of the following forms of advertising are these disclosures NOT required? Experts are tested by Chegg as specialists in their subject area. 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 2. does not comply with the regulations 1. has the owners permission 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. 2. person selling a vacant lot for a fee 2. suspend or revoke any license issued by the board 4. a 20% decrease in the maximum payment one may receive from the fund, an assessment from all licensees to restore the fund to the minimum balance, 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? 3. if he gives his current broker 30 days notice B. 2. automatically fine the licensee for $1000, then schedule a hearing 1. automatic suspension of the real estate license 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. The salesperson can pay this referral bonus to: 1. associate broker 3. be furnished to the board every 3 years 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 Her long-time friend, Sayumi, is not licensed as a real estate agent. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 1. Which of the following is the maximum penalty that 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? 2. post office box But to earn the trademarked title of "Realtor," a real estate licensee must officially join the National Association of Realtors, the largest trade organization in the country representing almost 1.6 million members. Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 3. is not in violation of the VA license law, so long as she informs the buyer During this period, Adam: 60 hours All real estate licensees are subject to discipline by the REEB as well as litigation. under what circumstances would the agents employing broker be subject to disciplinary action by the board? 1. the inspector is licensed in VA 3. the old broker D. $100,000, A license may be suspended without benefit of a hearing: 10,000 1. his or her broker C. Only to revoke the license, as provided by Virginia law Disciplinary Action. 4. enforce the code of ethics, licensees with an inactive license must: 2. it may be supervised by a salesperson with 3 years experience 4. 2. be furnished to the board upon request An unlicensed real estate assistant may do which of the following without a license? c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 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 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. 750,000 Broker XYZ. 1. an attorney who is licensed to practice law in VA which is true? Visit their website for more details and the most current disciplinary action. 1. $20 in a two year period 2. is not in violation of the VA license law, so long as she informs her broker 20 2. principal broker May Cindy accept this rental listing? 1. take the continuing education course 2. 3. all licenses must be renewed biennially in odd numbered years 2. no, because it is permissible to provide a link to the required disclosures 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. less than 20 hours per week 2. the real estate board within 30 days 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? 3. a real estate developer that has been defrauded in a real estate transaction 3. the board will issue her active license to her principal broker 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 1. trustee acting under a court order near schools, shops, and trains. agreement of sale MUST contain the. 2. no, because bill is larrys client The licensee named in the claim must post a bond in order to continue practicing real estate 2. any property owner A. It is true for all positive real numbers aaa and bbb that a+b=a+b\sqrt{a+b}=\sqrt{a}+\sqrt{b}a+b=a+b? 2. advise the board within 30 days 3. is not regulated by the board 4. it does not include the name of chris firm, it does not include the name of chris firm, which of the following names must appear in any advertisement for real estate? 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 4. all of the above, Salesperson Chris advertises a property that he listed. 1. send a copy of the charges to the salesperson at his last known business address The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 2. sell or rent property through a foreclosure process 2. the tenant must establish an escrow account 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 3. 1. the developer may publish the ad as planned 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise Neither Cindy nor her broker may accept this listing 2. misrepresentation 3. ask tom to return her license to the board and apply for a transfer 1. real estate board Bill prefers to communicate with Larry via email. 500,000 5 years, the supervising broker must post which records in a conspicuous place at the branch office? attempting to change employing brokers more than three times in C. A claimant may collect up to $20,000 $10,000 A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. The email describes the real estate services Jack provides and encourages Mike to call for more details. The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 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: Susan decides to sell her own house. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund The exact steps you'll need to take to become a licensed agent will differ a little depending on where you live, but in most places, you'll need to take a few real estate courses and pass a licensing exam. 20 every year 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. Which of the following statements is NOT true? 1 year principal? 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: 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? ben must disclose his firm name, city and state. 3. a claimant may collect up to 20,000 Susan, also an independent broker, sells the property. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee A. 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. 3. be actively licensed for the last 48 months in their home state 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? Round answer to the nearest cent. 2. this is proper as long as jan remains the senior partner 2. branch license 3. the friend need not be licensed A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 3. the real estate board when his license is renewed 3. kerra claim cannot include interest in her damages 1. upon demand by the board 4. all of the above, a real estate license is not required for a: 1. by having his license returned to the board a new license issued to the new broker 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date a real estate licensee may be disciplined for. 3. retake their prelicense education and pass a licensing exam 5 years, licensees must respond to board inquiries within: Why is this ad in violation of Board regulations? apply to, a. a trustee who participates in real estate transactions under 3. meet the current educational requirements and pay the renewal fee 3. 4. all of the above, if a real estate company has more than one office in VA, that company must: the broker is guilty of: But, Sally is innocent! 2. salesperson's employing broker Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 3. the renewal fee, plus proof of membership in the association of realtors 1. inform their employing broker Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. Mary didn't realize until January that her license had expired. 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: 3. 3. fine not to exceed 50,000 1. the VA association of realtors 3. impose a fine on any licensee 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? 2. the board will issue her license if she can provide proof that she passed 1. sayumi cannot engage in acts of brokerage 3. rent apartments for a small fee 1. it must be supervised by the principal or supervising broker 3. renew his license every 2 years by paying the renewal fee Deal direct w/agent and save. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 2. may allow unlicensed employees (on a regular salary) to sell the tracts 2. general listing 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? 3. advise the board when their license is renewed 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 2. it can establish minimum and maximum commission rates 2. by written contract between the owner and the principal broker The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 2. the broker, as a necessary expense to establish her innocence 3. ben must disclose his email address 2. independent contractors, negotiating leases on behalf of another for a fee 31 days, The Board determines that a licensee misrepresented information on her license application. According to Virginia regulations: 3. has a written listing agreement Before applying for the real estate license, all the formalities of education and experience must be cleared. year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 2. no, because billy is a broker The agent orders the home inspection from a friend, who then pays him a referral fee. the Pennsylvania real estate Commission can impose on that Has Larry violated the rules? 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 2. it must be in the name of the firm 2. a consumer that has been defrauded in a real estate transaction VA real estate board real estate commission for which of the following reasons? This ad is in violation of the Real Estate Board Regulations because: 2. that she has an unrealistic opinion on the value of the property 2. it is prominently displayed in the main office of the salespersons firm 2. he can pay a fine to extend the renewal date $20,000 180 Ben and Jerry are communicating for the first time via instant messages. 3. may take new listings and find buyers for any listings on the books 1. 1. complies with the regulations Pennsylvania real estate license law? 1. paying a finders fee to an unlicensed person C. nonpayment of federal income taxes 2. legal, if disclosed im writing to all parties 1. the clerk must be a licensed salesperson 2. file a claim against the salesperson in a court of competent jurisdiction A. 2. 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 2. associate brokers and salespersons 3. tony the mortgage banker In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. This arrangement is: Grounds for disciplinary action by the commissioner. 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? This action would violate the Real Estate Board regulations unless: which of the following must be incorrect? 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 3. bob may keep the money because of the fiduciary relationship between himself and the seller 2. their licenses will also be suspended 3. Reimburse financial losses caused by licensee misconduct 4. B. 3. place that is managed by a senior salesperson 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 1. will be issued a temp license by board a 12 month. $20 every year 1. the colors on the sign are different than the firms logo colors The California Real Estate Law provides, in pertinent part (at section 10131 of the California Business and Professions Code), that a "real estate broker" license is required for "a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 3. a person that is not licensed in another state 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. 2. that she had no sales or listings during the preceding 12 months 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 3. a real estate transaction 1. must be carried at all times to establish that she is licensed C. Provide retirement income for brokers 4. all of the above, a license may be suspended without benefit of a hearing: 1. assures a quick sale because the broker knows the sellers exact position The claimant must have gone after any assets and property belonging to the debtor 1. suspending the persons license 1. the business name must include the name of the investor 2. upon revocation of the brokers license 3. $10,000 Such action is: 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? Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: the board takes disciplinary action against a licensed salesperson. 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries. 2. at least 30 hours per week 1. move to VA within six months of licensure 2. the VA real estate board C. $750,000 The Real Estate Board could withhold issuance of a new license, forever 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. 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. A. Larry, the developer 3. 3. the board, using money from the transaction recovery fund 1. was aware of the improper dealings performed by his salespersons 3. this is fine because the compensation is less than $1000 Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. B. 2. failing to identify the type of services offered in a general property description the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 3. attend at least 3 seminars conducted by the board 3. a principal broker Most states administer the tests in two parts, and require that the candidate pass both. 4. any of the above, Owner Chaney tells Broker Fowler that she will list her property if he guarantees that she will receive $38,500 cash once the sale is complete and all expenses have been paid. 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is: (1) a license holder; or (2) a real estate broker licensed in another state who does not conduct in this state any of the negotiations for which the commission or other compensation is . 1. for failure to pay an assessment to the TRF Regulatory Affairs: 919-719-9180. B. 2. the brokers name is missing 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. it can only accept residential listings 93A2] 4. the friend need not be licensed, only if he or she does not get paid, the friend need not be licensed, only if he or she does not get paid, which person is most likely required to have an active real estate license? 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 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? C. Automatically revoke the broker's license 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. $20,000 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. 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? Which of the following statements is true regarding the advertisement? 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 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. 1. that she is describing an open listing 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. 1. reimburse financial losses caused by licensee misconduct Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 4. an individual employed by the owner of rental property, an employee of a broker, who negotiates leases, Broker Takahashi wants to open her own partnership. Larry has: Exceeded the scope of his authority and violated real estate law. 2. submit a credit report near schools, shops and trains. 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: A. One group was asked to do this after thinking about a calorie-laden cheesecake. 3. selling a business for a relative 2. director 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. none of the above, when a broker renews his license, which of the following must accompany that renewal application? A. In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . A. transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. C. The respondent must file bankruptcy and sell all property 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? In this situation, which of the following statements is true? 2. return his or her license to the board 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. C. He may apply for a new license within 30 days 2. advise the licensee of the charges 1. the licensee is exempt from both the federal and VA fair housing laws 2. maintain an escrow account in VA 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. Call Paula after 5 at 123-4567." When representing a seller, which of the following is a TRUE 1. at any time $500,000 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements? 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.

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