4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? Which of the following statements must be incorrect? Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . 3. hold a hearing in order to allow the licensee to defend himself 1. has the owners permission 3. tony the mortgage banker 1. must have a brokers license which of the following must be incorrect? 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. 4. any of the above, a person seeking a real estate license in VA must be: under what circumstances would the agents employing broker be subject to disciplinary action by the board? 4. the brokers actions violate anti trust laws, such actions could be viewed as creative selling, which does not violate license law or board regulations, An owner lists property with a broker. A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. An assessment from active licensees to restore the fund to the minimum balance 1. have one phone for every 5 agents The Board appoints her son, Adam, to operate the business for 180 days. To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . 1. a written complaint 3. the business can only be organized as a corporation 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. 1. an assessment from all licensees to restore the fund to a minimum balance Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 3. improper dealing 1. only receive referral fees for sending buyers to other salespersons in his office 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: Through reciprocity, what is true of a broker licensed in another state? If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. Jack makes the required disclosures in the middle of his email, in bold lettering. 2. a person acting as a trustee in bankruptcy 8:30am - 5:00pm (Mon-Fri) 3. 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. 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. 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 $750,000 3. selling a business for a relative Ann Agent. This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 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? 2. return his or her license to the board 1. automatic suspension of the real estate license 2. it may be supervised by a salesperson with 3 years experience 1.00 points out of 1.00 2. the license will be automatically revoked 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. She goes to the address and finds that the listed property is actually a motor home. 3. employed by another broker 3. be furnished to the board every 3 years Thus, the term REALTOR should not be used to generally refer to all real estate licensees. B. 2. failing to disclose adverse zoning that affected the property 1. immediately present the offer A. Mary didn't realize until January that her license had expired. 1. acceptable, if no one is defrauded Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. Real Estate Brokers & Salespersons - Michigan 2. should have known about the improper dealings performed by his salespersons 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. 3. seller and salesperson 3. retake their prelicense education and pass a licensing exam Statutes & Constitution :View Statutes : Online - Florida Legislature 3. conversion $10,000 $500,000 4. all of the above, a real estate license could be suspended without investigation if the licensee: exemption to the real estate licensing law. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 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? PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 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? 1. failing to get a clients written consent to advertise his property 2. be at least 18 years old 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 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? 1. yes, because deposits are held to cover the cost of repairs VA real estate board 1. file a claim against to the licensee to recover the amount paid from the fund a real estate licensee may be disciplined for. Regulatory Affairs: 919-719-9180. C. If there is a violation of the Board's regulations C. The license will be automatically suspended 2. waiving education or experience requirements 1. misrepresentation 31 days, The Board determines that a licensee misrepresented information on her license application. A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 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. Before applying for the real estate license, all the formalities of education and experience must be cleared. Was this action permissible? The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. B. The ad reads, "beautiful rambler, excellent assumption. 2. file a claim against the licensee to recover the judgement amount awarded by the court 3. adjudicate disputes between licenses 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 3. their licenses must be returned to the board 1. raising the price on a contract in order to influence a lender The Real Estate Board could withhold issuance of a new license, forever The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 3. the firm must be incorporated in VA 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. 4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 3. is not in violation of the VA license law, so long as she informs the buyer If approved, the Virginia Real Estate Board must do which of the following actions? 1. 2. a salesperson who holds a business entity license 3. kerra claim cannot include interest in her damages 2. is attractive to many sellers since they dont need to get involved in the negotiation 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. the ad makes false or misleading statements The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 1. the office must be licensed 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: 1. the business name must include the name of the investor 3. supervising broker 2. protect the public interest 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. Question text Which circumstance might also put the employing broker at risk of disciplinary action? 2. must be displayed in a conspicuous place in her home office 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. a real estate licensee may be disciplined for. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: State whether you think the rule is true. 3. acceptable, if the compensation is less than $500 Experts are tested by Chegg as specialists in their subject area. 3. all licenses must be renewed biennially in odd numbered years 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. 3. automatically revoke the brokers license What must she do? 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 210, mart fields just found out that he passed the VA real estate sales exam. 4. location of property, Bill hires Larry to sell his home. 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. 2. must complete 145 credit hours of courses approved by the board Loyalty; 3. 1. either buyer or seller, based on their agreement Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." What is this requirement? 3. that she is acting as a referral agent only, and is not active in selling and listing A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 21 days 10,000 3. revocation of his license and a fine A common misconception among consumers is that real estate agent and realtor are interchangeable terms. A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. 3. susan is guilty of accepting money from someone other than her employing broker File a claim against the licensee to recover the judgement amount awarded by the court 2. the salesperson is entitled to a jury trial before any action can be taken Question text 2. broker working for another broker 3. return all customers cards to the employing broker Under the circumstances, which of the following statements is true? what must marty do before he can start selling real estate? 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 3. the agents name appears before the brokers name Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 43-40-1(2)(B)). 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? 3. the licensee is required to disclose the name of his employing broker 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. 2. sue evans in the local court In CA, a real estate license must be renewed every. 1. send a license to the employing broker by certified mail 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? 1. place where real estate business is regularly transacted 1. will be issued a temp license by board The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . Sayumi is therefore designated as a senior partner of the brokerage firm. B. A. The Board now has the right to: C. nonpayment of federal income taxes 2. only upon receipt of a written complaint setting forth the alleged violation 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 2. is not in violation of the VA license law, so long as she informs her broker 3. standardization of the clauses contained in a listing agreement 4. 4. be maintained in a federally insured bank, every resident broker licensed in VA must: 1. the branch office license 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: 2. instant messaging 3. it is prominently displayed in the branch office where the salesperson works 193E4.2(543B) Method of discipline. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 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? A fine of $1,000 was imposed. 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: Vera should: 2. the list of licensees assigned to that office 1. the friend must be licensed as a broker 3. the board, using money from the transaction recovery fund 3. file a complaint with the real estate board 2. with written permission of the VA real estate board 2010 Georgia Code - Justia Law C. A real estate transaction the salesperson can only do this: 1. a broker that is active in more than one brokerage firm 40-25(b)(17)). 2. associate brokers and salespersons 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. 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? A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. $20,000 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. A. Prohibited acts. Solved A real estate licensee may be disciplined by the - Chegg 3. 2. by written contract between the owner and the principal broker 1. failing to disclose to buyers that were termites in the property 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? payment received, license revocation and in order to perform community 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: C. Provide retirement income for brokers Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 2. ben must disclose his firm name, city, and state 1. legal, as long as the fees paid are less than $100 3. may only employ licensees to sell each tract Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep 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. A. 3. the old broker Who is most likely to collect? 1. at least 40 hours per week 2. mail his or her license to the board Welcome to the North Carolina Real Estate Commission. 3. there is no property address 3. bob may keep the money because of the fiduciary relationship between himself and the seller 1. 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. if the broker knew or should have known of agents actions. 2. the VA real estate board 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? 20 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 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: CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. In order for Kathy to collect, she must have already: 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. 1. a person who, for compensation, helps to sell his neighbors home 2. principal broker 3. a real estate developer that has been defrauded in a real estate transaction 2. it is prominently displayed in the main office of the salespersons firm 3. renew his license every 2 years by paying the renewal fee VA association of realtors Alabama Real Estate License- Practice Exam Flashcards 1. Since the ad must be small, Robert makes no disclosures in the banner itself. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 11:5-4.5 by failing to properly supervise as the branch office manager. 45 hours When this happens, Vera plans to work with Broker Jane. 3. meet the current educational requirements and pay the renewal fee The DRE grants licenses to Real Estate Brokers and Salespersons. 4. all of the above, a real estate license is not required for a: who does not have a Pennsylvania real estate license? C. The respondent must file bankruptcy and sell all property 1. a broker or a salesperson that has been defrauded in a real estate transaction If Brenda wants to keep the money and NOT violate VA License Law, she could: 0.00 points out of 1.00 1. an attorney at law 1. she must retake the exam 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. He agrees to maintain the building if he can receive a reduced rental fee. 1. to make licensed real estate agents more professional Authorized Real Estate Schools | Mass.gov Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. Which of the following statements is NOT true? a 12 month. NJ Real Estate Commission - Disciplinary Actions 1. pay a license reinstatement fee 1. the clerk must be a licensed salesperson California Real Estate Principles (Chapter 18), Chapter 16: California Real Estate License Law, Real Estate Principles - Chapter 17 (Real Est, Chapter 15: Property Management and the Landl, Chapter 17: Real Estate Residential Construct, Alexander Holmes, Barbara Illowsky, Susan Dean, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Neuro II - Exam 2 Ch. 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: 1. file an annual report with the board which details the activities of each location 2. it must be in the name of the firm commission rates charged by members of the MLS are established by: 20,000 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 3. to allow licensed real estate professionals to earn more money 3 years Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 3. the real estate board However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. B. c. The local Real Estate Board might be approached. Ben and Jerry are communicating via instant messages. 3. refusing to hold an open house, at the request of his broker Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. Which of the following statements is true in this situation? 2. acceptable, as a result of the listing contract Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA 2. the VA real estate board 2. do nothing, as the license automatically renews every 2 years 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. On the day of the showing, he places several directional signs throughout the neighborhood. 10,000 2. failing to identify the type of services offered in a general property description 1. suspending the persons license 1. 1. Who is most likely to collect? 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. What is the first thing Lynch should do? 3. her license will be temporarily suspended until the board can hold a hearing 3. a property manager who leases property for the owner in the course of his employement 1. sells insurance from the real estate office where she is employed 2. a person who will only work as a referral agent He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 3. a college grad 3. a salesperson that is also licensed as a rental location agent 1. a salesperson licensed in another state 1. a person acting without compensation under power of attorney 2. giving a false address in order to obtain a license If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 1. a broker and a salesperson, involving employment conditions 3. rent apartments for a small fee 1. be a citizen of the US 3. only with the approval of the principal broker 2. is ready to advertise the property 3. she does not need a real estate to sell her own house 3. charges more than the legal maximum commission rate 2. independent contractors, negotiating leases on behalf of another for a fee 4. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 1. must be 18 years old 2. give additional info to callers about available listings PDF 10 Things REALTORS Should Know About License Law 3. 1. a court of competent jurisdiction 4. failing to advise a buyer of an offer, in the case of a buyers agent, failing to inform the seller of the ethnic character of a buyer, If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: 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: 1. open listing 2. not exceed 500 square feet in size 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 2. pay a $200 fee and reapply for the license 600,000 3. must be kept at the employing brokers main place of business a real estate licensee may be disciplined for 3. take and pass a test within 12 months of application Broker Fowler should tell Owner Chaney: 3. a sheriff ordered by the court to sell a house at foreclosure D. Kerra must wait until there is sufficient money in the Fund before payment, Kerra filed suit against the local Association of Realtors, The Real Estate Board can re-assess licensees if the Transaction Recovery Fund's balance falls below: B. 1. suspension of his license and a fine When representing a seller, which of the following is a TRUE Test the following rules with several different sets of numbers. 2. 1. automatically suspend the brokers license 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: 3. the code of ethics for real estate professionals 1. 15 days 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to:
Is Steve Oedekerk Related To Bob Odenkirk, John Turturro Political Views, Articles OTHER