1. an owner who sells no more than three of her own houses in a year 3. a court of law having jurisdiction over the brokers 2. the owner, as long as he finds a ready, willing, and able buyer Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 3. advise the board when their license is renewed 3. refusing to hold an open house, at the request of his broker C. $600,000 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: 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 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: A licensee accused in the claim must sell all personal possessions to satisfy the claim 3. 3. with written permission of each broker 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 4. must be in good standing in any jurisdiction where licensed, must complete 145 credit hours of courses approved by the board, For a corporation licensed to engage in real estate business, which individual is primarily responsible for those real estate activities? 3. 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. C. Only to revoke the license, as provided by Virginia law Prohibited acts. 1. the inspector is licensed in VA You'll need the following information to search for a real estate license. After that, Tony would handle the mortgages of any buyers through his bank. Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 3. less than 20 hours per week A. a licensee's obligation of confidentiality ends at the 1. it must be supervised by the principal or supervising broker 3. a sheriff ordered by the court to sell a house at foreclosure 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 1. raising the price on a contract in order to influence a lender 2. the friend must have a law degree A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 3. apply for inactive status for the salesperson Real Estate Disciplines - Illinois REALTORS 3. adjudicate disputes between licenses Not flaggedFlag question 2. an administrator who is required to sell a house in order to liquidate an estate B. $20,000 the regulations specify that: 2. the respondent must assign all commissions and personal property to the claimant or the board 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 . B. 1. either buyer or seller, based on their agreement 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: What should he do? 2. the broker, as a necessary expense to establish her innocence 3. does not pay the transaction recovery fund assessment ben must disclose his firm name, city and state. 3. it is prominently displayed in the branch office where the salesperson works Which of the following statements is true in this situation? Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. if the broker knew or should have known of agents actions. 3. net listing 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: 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 . 40-25(b)(17)). 3. the code of ethics for real estate professionals 2. revoking the persons license He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. advise the licensee of the charges 2. an investment in a limited real estate partnership Wisconsin Real Estate Magazine: Bust a Deal, Face the Wheel - WRA 1. at least 40 hours per week A. inability to obtain automobile liability insurance In the situation described, which of the following statement is true? When people make estimates, they are influenced by anchors to their estimates. 2. 1. a broker or a salesperson that has been drafted in a real estate transaction 1. the executor of an estate 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? 3. meet the current educational requirements and pay the renewal fee 1. bob may keep the bonus since he has a brokers license 3. renew his license every 2 years by paying the renewal fee The [Florida real estate] commission . 1. 2. it may be supervised by a salesperson with 3 years experience 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: Upon request, the court appoints a receiver to manage the account. 2. 6 Common Violations for Real Estate Brokers in California 3. apply for renewal of her license 2. mail his or her license to the board 2. a broker licensed in another state 18VAC135-20-260. Prohibited acts. - Virginia 2. enforcing the license law Not flaggedFlag question 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? Jack's email: 0.00 points out of 1.00 1. 2. general listing Skill, care, and diligence in the transaction; 8. 210, mart fields just found out that he passed the VA real estate sales exam. 1. a trustee who is required to sell a house at foreclosure 2. 2. the licensee notify the board within 10 days 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 1. the office must be licensed In order for Kathy to collect, she must have already: 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 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. 4. seller and broker, Bob, an associate broker, sold a property. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 1. salesperson $20 every year In the context of this study, what is the meaning of the Type I error? 4. B. 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. 1. kerra filed suit against the local association of realtors 2. the partnership must have a separate license issued by the board 2. can only conclude the transactions in the process to facilitate the termination of the business 4. enforce the code of ethics, licensees with an inactive license must: Standard of Practice 1-2. RE57R07: Brokerage Relationships | Mass.gov 1. A licensee has been found to have committed acts prohibited by 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. 1. sells insurance from the real estate office where she is employed D. 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, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 4. must register with the real estate board, may allow unlicensed employees (on a regular salary) to sell the tracts, to obtain a VA real estate license, it is necessary to: 1. a member of the national association of realtors 2. the list of licensees assigned to that office 1. that she is not affiliated with a brokerage firm or sole proprietor 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. 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 1. must be carried at all times to establish that she is licensed 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. 1. a broker or a salesperson that has been defrauded in a real estate transaction 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 1. 1. complies with the regulations 1. be clearly separate from the living area 2. approving the license exams Through reciprocity, what is true of a broker licensed in another state? Authorized Real Estate Schools | Mass.gov 1. president of the corporation 3. the licensee is required to disclose the name of his employing broker This ad is in violation of the Virginia License Law because: Call Paula after 5 at 123-4567." Which entity would NOT involve itself in resolving the matter? 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: Who is most likely to collect? 3. hold degree in real estate 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. B. Violates the Virginia Real Property Act 2. the VA real estate board 2. ben must disclose his firm name, city, and state 3. the office must have a separate license During this period, Adam: Sayumi is therefore designated as a senior partner of the brokerage firm. 1. under no circumstance 3. the broker and the seller 1. must have a brokers license The salesperson can pay this referral bonus to: 4. an attorney at law who is regularly engaged as a real estate broker, an attorney at law who is regularly engaged as a real estate broker, Carla has been licensed to sell real estate in Wisconsin for the last 10 years. Since the ad must be small, Robert makes no disclosures in the banner itself. 2. the tenant must establish an escrow account 3. 3. take the continuing education course and apply to reinstate his license 3. a real estate transaction 3. 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. B. 3. legal, if the insurance broker holds a salespersons license The property sells on December 20 and closing takes place on January 15. 3. 1. fraud 1. failing to get a clients written consent to advertise his property 2. it can establish minimum and maximum commission rates 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. 3. 3. the broker notify the board within 30 days 3. publish a list of persons that have been granted licenses 1. yes, because deposits are held to cover the cost of repairs 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. may only employ licensees to sell each tract statement, when the referral fees paid to an unlicensed employee 2. advise the board within 30 days If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 1. is in violation of the VA license law the real estate board could withhold issuance of a new license, forever, which of the following persons may file a claim and collect from the virginia transaction recovery fund? 3 years 2. hold a bachelors degree in real estate 120 hours 3. a claimant may collect up to 20,000 2. only upon receipt of a written complaint setting forth the alleged violation 3. is not in violation of the VA license law, so long as she informs the buyer PDF Complaint Discipline Procedures - North Dakota Real Estate Commission The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 2. for failure to pay an assessment to the TRF within 10 days 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: $400,000 1. a broker and a salesperson, involving employment conditions 1. automatically suspend the brokers license a 12 month. 2. with written permission of the VA real estate board 2. she can obtain a temp license from the VREB to sell her house 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: 1. make brokers and salespersons more professional Automatically fine the licensee for $1,000, then schedule a hearing 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. 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: 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 3. 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state.
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