3. a real estate developer that has been defrauded in a real estate transaction D. $30 in a two year period, Harry is a broker. 2. for failure to pay an assessment to the TRF within 10 days 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. 2. broker working for another broker 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. In the context of this study, what is the meaning of the Type I error? . ben must disclose his firm name, city and state. 3. the real estate board when his license is renewed 4. a broker and a salesperson, but only if there is a violation of license law, a broker and a salesperson, but only if there is a violation of license law, Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 1. the renewal fee Fiduciary duties are owed to both buyer and seller. 1. no, because he acted in suzys best inerests Three times a year, the DRE offers an open forum meeting to members of the industry. When people make estimates, they are influenced by anchors to their estimates. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 3. a real estate developer that has been defrauded in a real estate transaction 2. be at least 18 years old 3. hold a hearing to allow the licensee to defend herself 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. Gene, an independent broker, lists a property. 3. a salesperson that is also licensed as a rental location agent 3. a tenant, seeking to recover a security deposit from his landlord 3. refusing to hold an open house, at the request of his broker Welcome to the North Carolina Real Estate Commission. 2. 4. a license must be obtained from the real estate board for partnership, both partners must have a brokers license, if any licensee changes his principal place of residence, he must notify: 3. meet the current educational requirements and pay the renewal fee 3. a sheriff ordered by the court to sell a house at foreclosure When she returned on January 6, she realized that her license had expired on December 31. 2. reimburse aggrieved persons 4. none of the above, a broker would not be in violation of VA license law if he: 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? 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. 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: 3. take and pass a test within 12 months of application 3 years C. An evaluation of the Fund's investments in order to generate additional earnings if the broker knew or should have known of agents actions. 3. tony the mortgage banker 12 months A. B. 1. In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. agreement of sale MUST contain the. 3. maintain an escrow account in VA Which of the following is the maximum penalty that She goes to the address and finds that the listed property is actually a motor home. Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 3. employed by another broker All real estate licensees are subject to discipline by the REEB as well as litigation. 3. the fee is acknowledged, in writing, by the parties to contract 2. the partnership must have a separate license issued by the board 1. file a complaint with the local realtors association 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 11:5-4.5 by failing to properly supervise as the branch office manager. 3. a claimant may collect up to 20,000 2. the license will be automatically revoked 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. Which entity would NOT involve itself in resolving the matter? These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. 2. encourage higher education in real estate C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 2. A. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. Who is most likely to collect? 2. listing salesperson The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. When she returns on July 5, Jane realizes that her real estate license expired on May 31. 1. 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. 1. a licensed salesperson, to recover money that his brokers owes They give Ellen $500 as compensation for all of her hard work. 2. gives a reduced commission rate to a family member What must the licensee do if she wants to remain licensed? D. any felony conviction 2. helping a friend sell his house for a fee 1. give back all listings acquired while affiliated with the broker 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: 1. at any time C. Only to revoke the license, as provided by Virginia law 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 1. complete an 18 credit hour course in the principles of real estate 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 3. to allow licensed real estate professionals to earn more money 3. kerra claim cannot include interest in her damages 4. principal broker, A tenant lives in a four-unit apartment building. 1. kerra filed suit against the local association of realtors 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 3. legal, if ellen performed as agreed 3. court of competent jurisdiction 1. Can be a corporation, partnership, etc. 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? 2. the salesperson is entitled to a jury trial before any action can be taken If necessary, the 2. only upon receipt of a written complaint setting forth the alleged violation 3. must have been active as a salesperson for 3 years 4. 2. do nothing, as the license automatically renews every 2 years 3. the director of the dept of professional and occupational regulation (DPOR) 1. a firm partner who does not participate in the brokerage business 3. the licensee must forfeit all commissions earned Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 1. employs a resident broker to represent her 2. is not in violation of the VA license law, so long as she informs her broker For failure to pay an assessment to the TRF within 10 days A. Engages in acts of brokerage while on inactive status 4. both 2 & 3, Jane has been out of town on personal business. 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. she does not need a real estate to sell her own house A. statement regarding the duties a licensee owes to the 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. 1. Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 1. email 4. C. Kerra claim cannot include interest in her damages 1. renting 1/2 a duplex for a friend D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 2. kerra has obtained a judgement in court 4. 2. no, because bill is larrys client 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? 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. . A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 4. all of the above, a real estate license could be suspended without investigation if the licensee: 2. pay a $200 fee and reapply for the license 1. the executor of an estate An investment in a limited real estate partnership 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: Credit card sales (2% credit card fee)$250,000. 1. was aware of the improper dealings performed by his salespersons 4.. all of the above, which person does not require a brokers license? 1. associate broker A personal loan 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. 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: 3. the real estate board 3. be furnished to the board every 3 years another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 40-25(b)(17)). 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. 1. 1. only receive referral fees for sending buyers to other salespersons in his office 1. their licenses are not affected 3. hold a hearing in order to allow the licensee to defend himself 3. the firm must be incorporated in VA 1. determining commission splits between all MLS brokers 2. the salesperson and the new broker You'll need the following information to search for a real estate license. 4. larceny, the board may investigate a complaint based on: A licensee accused in the claim must sell all personal possessions to satisfy the claim 3. 3 years 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. 1. the licensee named in the claim must post a bond in order to continue practicing real estate The respondent must assign all commissions and personal property to the claimant or the Board 4. the salesperson, which is not a requirement to become a broker in VA? Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 750,000 In order to receive payment, this claim must be in connection with:
