750,000 1. levy fines 2. placed on private property without permission of the owner He now owns a small bakery in Tuscaloosa. 3. an attorney 30 hours of post license education 1. suspension of his license and a fine 3. legal, if ellen performed as agreed 3. she may handle up to 6 transactions (listing or sales) in VA C) Terry, 43, who worked as a real estate licensee until he was 28. C. Tony, the mortgage banker 3. an employee of a broker, who negotiates leases You'll need the following information to search for a real estate license. Reimburse financial losses caused by licensee misconduct 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. if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? Which of the following statements is true regarding the advertisement? 2. a rental location agent that is also licensed as a broker 3. if there is a violation of the boards regulations 1. must be carried at all times to establish that she is licensed Which of the following statements is correct? 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: 2. endorse the check and give it to his employing broker 1. responsible for all escrow accounts 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 3. refusing to hold an open house, at the request of his broker 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. In the situation described, which of the following statement is true? 2. the investor must hire a broker to manage the business 1. president of the corporation service, license revocation and imprisonment of no more than one 2. it must be in the name of the firm If necessary, the 1. inform their employing broker Gene, an independent broker, lists a property. Has Billy violated the VA License Law? 1. be at least 18 years old 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. it may be supervised by a salesperson with 3 years experience 3. has a written listing agreement A. Calculate the net sales revenue for the month. 2. submit a credit report 2. In this situation, which of the following statements is correct? Test the following rules with several different sets of numbers. If Brenda wants to keep the money and NOT violate VA License Law, she could: Neither Cindy nor her broker may accept this listing 4. 2. principal broker 1. the office must be licensed This arrangement is: Grounds for disciplinary action by the commissioner. 4. sign an affidavit that they understand the laws in the state of VA, take and pass the VA portion of the licensing exam, the real estate board is responsible for: 3. this is fine because the compensation is less than $1000 Has Larry violated the rules? Refer to the information presented on the exercise related to Wilson Towing Service. But, Sally is innocent! 4. administer the residential property disclosure act, establish standardized listing and sales contract agreements, If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: 1. the business name must include the name of the investor Experts are tested by Chegg as specialists in their subject area. 3. the real estate board when his license is renewed His license is automatically reinstated 3. return all customers cards to the employing broker 2. 2. its own initiative, without any written consent principal? 3. the licenses of all salespersons working in the office 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. 1. . Vera should: . 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 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. 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? the broker is guilty of: Mark is guilty of: 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? 3. hold a hearing to allow the licensee to defend herself Why is this ad in violation of Board regulations? Under these circumstances, Carla: Ben and Jerry are communicating via instant messages. 3. ask tom to return her license to the board and apply for a transfer 1. complete an 18 credit hour course in the principles of real estate 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: 11:5-4.5 by failing to properly supervise as the branch office manager. 20,000 3. attend at least 3 seminars conducted by the board 3. to allow licensed real estate professionals to earn more money 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? Jack's email: It will attempt to resolve the problem without the necessity of legal expense. Susan, also an independent broker, sells the property. 3. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 1. apply for active status within 3 years 20 in a two year period Skill, care, and diligence in the transaction; 8. 2. encourage higher education in real estate 500,000 Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. VA association of realtors regulations 3. the licensee is required to disclose the name of his employing broker She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. The email describes the real estate services Jack provides and encourages Mike to call for more details. When representing a seller, which of the following is a TRUE The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. B. Kerra has obtained a judgement in court 1. reapply for her new license as a new applicant 3. sayumi can be a senior partner, but she cannot be the principal broker In CA, real estate law is enforced by the: Real Estate Commissioner Trust funds are best defined as: Anything of value to be held for a client or customer. 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 1. email 2. 2. no, because billy is a broker Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 4. none of the above, a real estate licensee is required in order to: 3. seller and salesperson 1. a trustee who is required to sell a house at foreclosure 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 1. 3. advertising that a property listed by a firm is for sale by owner A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 2. must be displayed in a conspicuous place in her home office 2. the partnership must have a separate license issued by the board 2. an attorney at law 1. a brokers license must be renewed on june 30 of every even numbered year 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. 1. automatically suspend the brokers license 3. any broker 3. a tenant who refers a prospective tenant to the landlord 3. she does not need a real estate to sell her own house A. 1. take the continuing education course 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 2. at least 30 hours per week 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 licensee must forfeit all commissions earned 1. seller C. nonpayment of federal income taxes 4. all of the above, a salesperson whose license is on an active status may: 1. it must be supervised by the principal or supervising broker 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. 45 hours of post license education statement regarding the duties a licensee owes to the A. Kerra filed suit against the local Association of Realtors 1. his or her broker 3. kept indefinitely The insurance broker pays $50 to the real estate broker for every referral that buys insurance. Seller anxious to move. 2. the tenant must establish an escrow account 3. a court of law having jurisdiction over the brokers 1. must have a brokers license 3. a real estate developer that has been defrauded in a real estate transaction 3. 1. commingling 3. a person acting under a power of attorney without compensation Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 1. 3. susan is guilty of accepting money from someone other than her employing broker Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. D. $30 in a two year period, Harry is a broker. Deal direct w/ agent and save. 1. the claimant must have gone after any assets and property belonging to the debtor 2. helping a friend sell his house for a fee 4. 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 3. tony the mortgage banker 2. a govt employee selling land owned by the govt Obedience; 5. 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 1. get her license from tom and take it to jane 2. $10,000 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. 2. boren must put through $45 in an interest bearing escrow account 2. 2. mary should apply for reinstatement of her license Mark is in Europe for two weeks and cannot be reached. 1. 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. commission rates charged by members of the MLS are established by: 2. must complete 145 credit hours of courses approved by the board 24 months What is the maximum that one licensee may be assessed during a two-year period? 1. 2. a person acting as a trustee in bankruptcy Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 3. the business can only be organized as a corporation What is this requirement? 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 1. if the broker knew or should have known of the agents actions 3. a real estate developer that has been defrauded in a real estate transaction 1. if a written complaint contains prima facie evidence that a violation has occurred 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: 2. the fee is less than $100 3. 2. their licenses will also be suspended 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: 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? 1. it does not include the owners name relocation service of a Corporation, when payment is in the form of entertainment goods services and 3. maintain an escrow account in VA 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. by written contract between the owner and the principal broker 4. the ad does not include the price, the ad fails to disclose that the owner is a licensee, if used to advertise property, which type of communication could trigger disclosure requirements by a licensee? 2. if the licensee admits guilt 3. 2. any property owner 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 2. the brokers name is missing A. Allison is guilty of: B. Darrell, the contractor An unlicensed real estate assistant may do which of the following without a license? Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 2. this is proper as long as jan remains the senior partner 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: 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. a person who is currently licensed in another jurisdiction Under the circumstances, which of the following statements is true? 1. a person acting without compensation under power of attorney 3. impose a fine on any licensee 1. file an annual report with the board which details the activities of each location Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. If Sarah keeps the $500, she: You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 12 months In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 3. revocation of his license and a fine 210, mart fields just found out that he passed the VA real estate sales exam. judgement, The Provisions of the Real Estate Licensing and Registration Act 1. the salesperson is entitle to receiver her commission 4. none of the above, a broker would not be in violation of VA license law if he: 180 The respondent must assign all commissions and personal property to the claimant or the Board PO Box 9425 Stn Prov Govt. 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. 1. legal, as long as the fees paid are less than $100 Method 1 Verifying a Real Estate License Download Article 1 Gather information. 1. legal, if ellen maintains a record of the transaction Ben suggests that he may be able to help. I am a. 10 days 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 3. the director of the dept of professional and occupational regulation (DPOR) In this situation, which of the following statements is true? 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 1. with a written consent from the owner only A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? VA real estate board 3. name of the brokers firm 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 2. if the agents actions were outside the authority granted by the employing broker 3. one of the partners may be unlicensed The claimant must have gone after any assets and property belonging to the debtor In order to receive payment, this claim must be in connection with: 1. is in violation of the VA license law 1. a fictitious name 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. 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 2. a salesperson who holds a business entity license A. 4. the listing broker, brokers must retain records of real estate transactions for at least: Call Paula after 5 at 123-4567." 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 3. 1. an owner who sells no more than three of her own houses in a year 3. the agents name appears before the brokers name Automatically fine the licensee for $1,000, then schedule a hearing 2. she may operate in the role of a salesperson in VA 2. local association of realtors 1. fraud 3. permissible, with the written permission the owner under what circumstances would the agents employing broker be subject to disciplinary action by the 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. File a claim against to the licensee to recover the amount paid from the Fund 1.00 points out of 1.00 3. fine not to exceed 50,000 2003-2023 Chegg Inc. All rights reserved. 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? If possible, try to find a counterexample (a set of numbers for which the rule is not true). the salesperson can only do this: 3. 2. send the salespersons license to the real estate board 6 licensees and 1 consumer 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. C. Only to revoke the license, as provided by Virginia law 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? 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. 1. Grounds for discipline. 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. 2. the seller needs a larger house Fiduciary duties are owed to both buyer and seller. 2. violates the VA real property act 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. Jack makes the required disclosures in the middle of his email, in bold lettering. the real estate board has authority to administer all of the following laws except: which of the following persons must be licensed when selling real property for others? 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 CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 1. associate broker 2. this is a questionable business practice and may constitute mail fraud the authority of a court order, b. an attorney at law who participates in real estate
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