696.301. 3. a trustee, appointed by a court 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. If Sarah keeps the $500, she: 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 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. 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: 3. a real estate transaction 2. upon revocation of the brokers license Seller anxious to move. Bill prefers to communicate with Larry via email. Ben is a licensee and Jerry is interested in locating property in Ben's area. C. A claimant may collect up to $20,000 A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 2. she can obtain a temp license from the VREB to sell her house in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 3. violated the fair housing act 2. apply for a temp license until he affiliates with a broker 1. complete an 18 credit hour course in the principles of real estate Jack makes the required disclosures in the middle of his email, in bold lettering. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 3. put the check in her escrow 1. the office must be licensed 3. yes, because the ad appears on another commercial site . B. Darrell, the contractor This ad is in violation of the Virginia License Law because: 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 1. a licensed salesperson, to recover money that his brokers owes You'll need the following information to search for a real estate license. 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: What will happen to Craig's license if he doesn't complete the required courses before renewal? Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 1. suspension of his license and a fine 30 hours within the first year Main: 919-875-3700. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 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. 2. with written permission of the VA real estate board A. D. $30 in a two year period, Harry is a broker. 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 2. have all earned commissions placed in an escrow account If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 1. file a complaint with the local realtors association Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. unspecified. Administrative Discipline: What are the Possible Sanctions? 2. on for sale signs places on specific property 3. apply for renewal of her license 1. salesperson 3. the agents name appears before the brokers name Test the following rules with several different sets of numbers. 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? Real estate license - Wikipedia Was this action permissible? 2. 3. refusing to hold an open house, at the request of his broker 2. branch license (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.) 4. 3. kerra claim cannot include interest in her damages 4. the listing broker, brokers must retain records of real estate transactions for at least: 3. her license will be temporarily suspended until the board can hold a hearing 3. the clerk must be licensed as a broker real estate commission for which of the following reasons? 1. paying a finders fee to an unlicensed person 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act, the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination 2. 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? what must marty do before he can start selling real estate? 2. a broker licensed in another state Refer to the information presented on the exercise related to Wilson Towing Service. 1. file a claim against to the licensee to recover the amount paid from the fund 3 years 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 15 days 2. give additional info to callers about available listings They give Ellen $500 as compensation for all of her hard work. If possible, try to find a counterexample (a set of numbers for which the rule is not true). 20,000 A. Larry, the developer An unlicensed real estate assistant may do which of the following without a license? 50 4. 1. move to VA within six months of licensure A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. upon the request from the salesperson to transfer to another broker 2. director 4. all of the above, claims for payment from the transaction recovery fund are filed with the: transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 3. only if the salesperson is an employee of the broker, not an independent contractor Credit card sales (2% credit card fee)$250,000. 1. the court that appointed the receiver 2. no property location specified The licensee named in the claim must post a bond in order to continue practicing real estate 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. meet the current educational requirements and pay the renewal fee 2. the tenant must establish an escrow account 3. a property manager who leases property for the owner in the course of his employement The ad reads, "beautiful rambler, excellent assumption. 2. the VA real estate board 1. an executor of a will 3. is not regulated by the board 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. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 2 years 3. take the continuing education course and apply to reinstate his license 1. associate broker 3. associate brokers 3. an evaluation of the funds investments in order to generate additional earnings 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 . Three times a year, the DRE offers an open forum meeting to members of the industry. 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: 1. take listings over the phone 2. local association of realtors 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? When this happens, Vera plans to work with Broker Jane. 2. only upon receipt of a written complaint setting forth the alleged violation 3. the director of the dept of professional and occupational regulation (DPOR) 3. operate profitably for at least one year $10,000 3. return all customers cards to the employing broker Sayumi is therefore designated as a senior partner of the brokerage firm. 3.. employ at least one salesperson or associate broker that is also a resident of VA 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? 93A2] Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 1. determining commission splits between all MLS brokers 2. an appraiser 2. be furnished to the board upon request 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. VA association of realtors 1. name of the listing salesperson A. 1. salaried rental property personnel, accepting lease applications on behalf of another 3. be furnished to the board every 3 years Which of the following statements is true? if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 1. inform their employing broker 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 3. the firm must be incorporated in VA 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? Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 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. 2. the partnership must have a separate license issued by the board 1. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 3. legal, if the insurance broker holds a salespersons license 1. responsible for all escrow accounts 1. the business name must include the name of the investor 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 24 months A. Welcome to the North Carolina Real Estate Commission. In this situation, which of the following statements is true? 2. automatically fine the licensee for $1000, then schedule a hearing 1. send the salespersons license to the new broker One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 1. 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 1. 750,000 3. the fee is acknowledged, in writing, by the parties to contract 1. 150 2. if he gives his current broker 30 days notice Susan decides to sell her own house. 180 Illinois General Assembly - Illinois Compiled Statutes 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 3. a person who is currently licensed in another jurisdiction 1. reapply for her new license as a new applicant 2. suspend or revoke any license issued by the board 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim California Department of Real Estate 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. 2. continue to use cards and stationary which state that he is a licensee 3. sell or rent investment property for profit Which of the following statements is true regarding the advertisement? 2. bob may accept the bonus if more than 30 days have passed since closing Call Paula after 5 at 123-4567." Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 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. 2. endorse the check over to bob 1. a broker or a salesperson that has been defrauded in a real estate transaction After that, Tony would handle the mortgages of any buyers through his bank. 4. 3. 2. the friend must have a law degree 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. 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 1. kerra filed suit against the local association of realtors 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.