4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: Allison is guilty of: 2. be at least 18 years old It will attempt to resolve the problem without the necessity of legal expense. 150 Not flaggedFlag question 3. rent apartments for a small fee But, Sally is innocent! 2. acceptable, as a result of the listing contract 1. the VA association of realtors 1. that she is describing an open listing 3. provide retirement income for brokers 2. a rental location agent that is also licensed as a broker 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: A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. In order for Kathy to collect, she must have already: 4. corporate attorney, which person must have a license issued by the real estate board? 2. acting for both buyer and seller with their mutual consent 3. the licensee is required to disclose the name of his employing broker Which of the following statements is correct? 1. real estate board Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. which of the following must be incorrect? 2. sue evans in the local court 1. 2. do nothing, as the license automatically renews every 2 years 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 2. the salesperson and the new broker What must she do? 2. director 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 1. the salesperson is entitle to receiver her commission 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 210, mart fields just found out that he passed the VA real estate sales exam. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. the regulations specify that: 1. 3. the clerk must be licensed as a broker Grounds for discipline. 2. a salaried property manager is employed to manage the apartment and lease individual units 3. a college grad B. Which of the following is the maximum penalty that 7 licensees (with at least 3 years experience) and 2 consumers Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts C. Does not pay the Transaction Recovery Fund assessment 1. attorney general of the commonwealth of VA What is the maximum that one licensee may be assessed during a two-year period? 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 1. send a copy of the charges to the salesperson at his last known business address 3. the agents name appears before the brokers name 2. file a claim against the salesperson in a court of competent jurisdiction 4. enforce the code of ethics, licensees with an inactive license must: 3. the licensee must forfeit all commissions earned Broker Fowler should tell Owner Chaney: 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 2. the salesperson can only be paid if her license is renewed prior to january 31 4. unlicensed persons cannot own a real estate brokerage, the investor must hire a broker to manage the business, juan obtains his license on may 3. how much continuing education must juan complete? 2. mail his or her license to the board 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 1. sayumi cannot engage in acts of brokerage 3. revoke the salespersons license pending a hearing May Cindy accept this rental listing? 3. keep records for a period of 10 years 3. acceptable, if the compensation is less than $500 Susan, also an independent broker, sells the property. 3. a property manager who leases property for the owner in the course of his employement Which of the following statements is true in this situation? 1. president of the corporation $500,000 2. administer the fair housing act A fine of $1,000 was imposed. Before applying for the real estate license, all the formalities of education and experience must be cleared. statement regarding the duties a licensee owes to the If necessary, the 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: 1. name of the listing salesperson An assessment from all licensees to restore the fund to the minimum balance 1. member of the MLS 3. apply for inactive status for the salesperson C. He may apply for a new license within 30 days 600,000 2. be 21 years old 1. 1. email 3. the office must have a separate license 1. it must be supervised by the principal or supervising broker The commission may, upon its own motion, and shall upon receipt of a written complaint filed by any person, investigate any real estate-related activity of a licensee licensed under sections 339.010 to 339.180 and sections 339.710 to 339.860 * or an individual or entity acting as or representing themselves as a real estate licensee. 2. the fee is less than $100 A. Who is most likely to collect? He agrees to maintain the building if he can receive a reduced rental fee. 3. a court of law having jurisdiction over the brokers 2. the manager of a branch real estate office 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 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. 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. 1. file an annual report with the board which details the activities of each location Seller anxious to move. 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. does not comply with the regulations 16 hours within the first two years 3. 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 2. be a US citizen 2. suspend or revoke any license issued by the real estate board 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. an auctioneer 1. send a license to the employing broker by certified mail A licensee has been found to have committed acts prohibited by c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. In CA, a real estate license must be renewed every. 1. pay a license reinstatement fee 1. an assessment from all licensees to restore the fund to a minimum balance If necessary, the Board may reassess licensees: Licensees may also write to: Financial Services Tribunal. A. C. $600,000 4. none of the above, a broker may place a sign on a property when he: 2. kerra has obtained a judgement in court 2. 4. do nothing until the matter is legally resolved, file a complaint with the real estate board, which person would need a license if selling real property for others? 3. does not pay the transaction recovery fund assessment near schools, shops and trains. 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. relocation service of a Corporation, when payment is in the form of entertainment goods services and Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 4. 3. the firms licensed name must be clearly and legibly displayed 5 years, licensees must respond to board inquiries within: B. 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 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: 1. his or her broker 1. must be carried at all times to establish that she is licensed 2. is attractive to many sellers since they dont need to get involved in the negotiation Ellen deposits the money into her personal checking account. Prohibited acts. 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? 3. listing broker 3. they direct the public through a neighborhood more desirable than the subject property 3. broker who is also licensed as a rental location agent 2. 3. it is prominently displayed in the branch office where the salesperson works 2. misrepresentation 2. be furnished to the board upon request 1. renting 1/2 a duplex for a friend 2. bob may accept the bonus if more than 30 days have passed since closing 2. the license will be automatically revoked 4. larceny, the board may investigate a complaint based on: 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 2. 2. endorse the check and give it to his employing broker 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? A. 3. operate profitably for at least one year 2. 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? 3. improper dealing 3. 4. location of property, Bill hires Larry to sell his home. 1. for failure to pay an assessment to the TRF 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 3. the salesperson cannot be paid conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 1. disclosures 20 every year Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 4. illegal, unless properly disclosed, illegal, because ellen can only accept money from her broker, the real estate board has power to take all of the following actions, except: 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? the real estate license of any person or firm may be revoked by which of the following entities? 1. the office must be licensed 3. violated the fair housing act 2. revoking the persons license 3. place that is managed by a senior salesperson 1. the developer may publish the ad as planned 1. suspend the respondents license Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. impose a fine on any licensee 2. encourage higher education in real estate 750,000 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund A. fc barcelona juvenil b players. 4. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the: administrators, selling property under court order and for a fee licensee? B. B. 1. levy fines 1. However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits.
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