The insurance broker pays $50 to the real estate broker for every referral that buys insurance. D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 3. the salesperson cannot be paid 2. this is proper as long as jan remains the senior partner 4. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: 2. violation of anti trust laws 2. the friend must have a law degree 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: what must marty do before he can start selling real estate? 3. bob may keep the money because of the fiduciary relationship between himself and the seller 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? 2. not exceed 500 square feet in size 20 every year 1. fraud 4. all of the above, Robert the Broker wants to stay on top of technological trends. 2. sue evans in the local court 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 2. boren must put through $45 in an interest bearing escrow account 3. the firm must be incorporated in VA Which of the following statements is true regarding the advertisement? real estate commission for which of the following reasons? 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 2. mail his or her license to the board 4. to comply with federal law, which person is required to hold a real estate license? Test the following rules with several different sets of numbers. Welcome to the North Carolina Real Estate Commission. Victoria BC V8W 9V1. 3. 1. the person who is active on the brokerage side of the business must have a brokers license What can Sally do to force Evans to return the license to the Board? 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. 2. bob may accept the bonus if more than 30 days have passed since closing 1. to make licensed real estate agents more professional 1. a broker that is active in more than one brokerage firm 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: 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. for failure to pay an assessment to the TRF within 10 days 4. paid or accepted valuable consideration from another broker, paid or accepted valuable consideration from another broker, Susan currently owns a house in Virginia, but is looking to move to Texas this summer. C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 2. should have known about the improper dealings performed by his salespersons C. A claimant may collect up to $20,000 2. helping a friend sell his house for a fee 2. encourage higher education in real estate 2. advise the licensee of the charges year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 6 brokers, 2 salespersons, and 1 attorney 2. price that is shown in the listing agreement Which of the following actions by a licensee is a violation of 3. file a complaint with the real estate board I am a. The DRE also handles the renewal of the licenses. 1. failing to disclose to buyers that were termites in the property 1. a broker and a salesperson, involving employment conditions 1. she must retake the exam 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 193E4.2(543B) Method of discipline. 30 hours of post license education A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 1. if a written complaint contains prima facie evidence that a violation has occurred 1. inform his employing broker What is the maximum that one licensee may be assessed during a two-year period? 1. filed a suit against the local realtors association 3. may take new listings and find buyers for any listings on the books 1. automatic suspension of the real estate license D. any felony conviction You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. Full disclosure; 6. statement regarding the duties a licensee owes to the 1. be clearly separate from the living area You'll need the following information to search for a real estate license. Obedience; 5. 3. identify his place of business with an appropriate sign 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. 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: Experts are tested by Chegg as specialists in their subject area. 3. the business can only be organized as a corporation 1. the branch office license During this period, Adam: 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: This type of agreement: File a claim against the licensee to recover the judgement amount awarded by the court 1. should contact the local realtors association and obtain a temp license to sell property D. The respondent must submit to interrogatories by claimant, The claimant must have gone after any assets and property belonging to the debtor, When a claim is paid from the Transaction Recovery fund, which of the following statements is true? 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: However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 2. the VA real estate board She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. Broker Fowler should tell Owner Chaney: 2. waiving education or experience requirements 2. the salesperson can only be paid if her license is renewed prior to january 31 The ad reads, "beautiful rambler, excellent assumption. An unlicensed real estate assistant may do which of the following without a license? 2. revoking the persons license 1. send a license to the employing broker by certified mail 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 2. made available for inspection by the representatives of the real estate board 3. the friend need not be licensed 2. if he gives his current broker 30 days notice 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions the board takes disciplinary action against a licensed salesperson. 2. director 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 1. firm license 2. by written contract between the owner and the principal broker 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: 2. person selling a vacant lot for a fee 3. the licenses of all salespersons working in the office A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. d. The problem may be directed to the North Dakota Real . 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. upon the request from the salesperson to transfer to another broker in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 1. she may act as a broker in VA by virtue of her valid out of state license 2. mail a license to the broker named on the license application Refer to the information presented on the exercise related to Wilson Towing Service. Which entity would NOT involve itself in resolving the matter? Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 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. which of the following is true? 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? Has Billy violated the VA License Law? In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. Has Robert violated the rules? 4. do nothing, a person applying for a license by reciprocity must: 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 18VAC135-20-260. 3. to allow licensed real estate professionals to earn more money After investigation, the Board finds that the broker is innocent of any wrong doing. 3. an office cannot operate on a residential property 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 696.301. B. 500,000 Through reciprocity, what is true of a broker licensed in another state? 2. the owner, as long as he finds a ready, willing, and able buyer The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. . Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 1. a referral agent 2. the broker must limit this incentive program to 30 days 1. an executor of a will The property sells on December 20 and closing takes place on January 15. 4. 2. send the salespersons license to the real estate board Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. who does not have a Pennsylvania real estate license? Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 1. suspend the license until a formal hearing can be conducted 2. mary should apply for reinstatement of her license 2. the license will be automatically revoked 3. inducement 4. none of the above, a broker may place a sign on a property when he: Main: 919-875-3700. 1. kerra filed suit against the local association of realtors 3. an attorney 1. trustee acting under a court order 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? 400,000 D. $400,000, 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? 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 B. habitual intoxication or drug addiction 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? 4. prepare and file papers for tenant eviction for non payment of rent, prepare and file papers for tenant eviction for non payment of rent, an associate broker is described as a: In the context of this study, what is the meaning of the Type I error? A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 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. 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. 1. it can only accept residential listings 3. this is fine because the compensation is less than $1000 1. get her license from tom and take it to jane 2. the broker, as a necessary expense to establish her innocence 3. an employee of a broker, who negotiates leases 2. a consumer that has been defrauded in a real estate transaction An investment in a limited real estate partnership 3. conversion 1. the licensee has 4 years to repay the fund B. another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 1. real estate board VA association of realtors 3. sell or rent investment property for profit 3. revoke the salespersons license pending a hearing 1 year In order to receive payment, this claim must be in connection with: 3. legal, if the insurance broker holds a salespersons license 1. assures a quick sale because the broker knows the sellers exact position 2. the VA real estate board 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date near schools, shops and trains. 4. all of the above, a salesperson whose license is on an active status may: 3. gene must obtain a brokers license B. 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 real estate licensee may be disciplined for. 2. does not comply with the regulations 1. yes, because the required disclosures must appear in the ad itself 4. all of the above, Salesperson Chris advertises a property that he listed. 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? 3. seller and salesperson 2. an assessment from active licensees to restore the fund to the minimum balance She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 4.. all of the above, which person does not require a brokers license? 600,000 45 hours of post license education 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 . Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 93A2] 3. associate brokers 3. a property manager who leases property for the owner in the course of his employement 1. in VA, anyone who sells real property must have a real estate license 1. the developer may publish the ad as planned 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? If necessary, the Board may reassess licensees: 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 1. 1. failing to get a clients written consent to advertise his property 2. C. Does not pay the Transaction Recovery Fund assessment 2. advise the board within 30 days 1. determining commission splits between all MLS brokers 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: real estate commission for which of the following reasons? B. Darrell, the contractor 2. an attorney at law 2. failing to disclose adverse zoning that affected the property 1. a broker or a salesperson that has been drafted in a real estate transaction C. A real estate transaction 3. 2. suspend or revoke any license issued by the real estate board 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 4. Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. C. He may apply for a new license within 30 days Under the circumstances, which of the following statements is true? 1. that she is not affiliated with a brokerage firm or sole proprietor 1. 1. 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. 1. engages in acts of brokerage wile on inactive status Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 800,000 this person: 1. be a citizen of the US Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 4 years 4. A personal loan 3. must have been active as a salesperson for 3 years 210, mart fields just found out that he passed the VA real estate sales exam. Which of the following statements is true? 1. is in violation of the VA license law Placement of directional signs is illegal if: 2. the salesperson is entitled to a jury trial before any action can be taken 3. selling a business for a relative 3. 2. C. Only to revoke the license, as provided by Virginia law 3. their licenses must be returned to the board 1. investigate the dealings of any real estate broker or salesperson Divide. the Pennsylvania real estate Commission can impose on that 2. the licensee notify the board within 10 days 1. the claimant must have gone after any assets and property belonging to the debtor Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. According to the real estate commissions regulations, an 24 months B. agreement of sale MUST contain the. 4. 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. 1. email 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. principal brokers If possible, try to find a counterexample (a set of numbers for which the rule is not true). Susan, also an independent broker, sells the property. 1. it is mailed to the licensee for delivery to the employing broker 3. 3.1.1 A public member shall not be, nor have been within the last five (5) years prior to the effective date of appointment, a real estate licensee.