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. who does not have a Pennsylvania real estate license? 1. reapply for her new license as a new applicant He still needed to take one more continuing education course before his license expiration date. attempting to change employing brokers more than three times in 1. cash the check if she deserves it 1. failing to get a clients written consent to advertise his property Automatically suspend the broker's license A real estate licensee may be disciplined by the Pennsylvania 3. refusing to hold an open house, at the request of his broker 3. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 1. a written complaint 1. inform their employing broker 2. failing to identify the type of services offered in a general property description 12 Practice Questions. Gene, an independent broker, lists a property. 1. this is permitted since it is only done occasionally 3. is not in violation of the VA license law, so long as she informs the buyer 4. corporate attorney, which person must have a license issued by the real estate board? 3. impose a fine Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 1. file an annual report with the board which details the activities of each location 3. a salesperson that is also licensed as a rental location agent 193E4.2(543B) Method of discipline. . Legal Memorandum LI01: Discipline of Real Estate Brokers and 3. only with the approval of the principal broker 1. give back all listings acquired while affiliated with the broker PDF Complaint Discipline Procedures - North Dakota Real Estate Commission 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. Encourage higher education in real estate 2. a salesperson with 5 years experience may run the office 2. an auctioneer 2. mary should apply for reinstatement of her license The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. Allison is guilty of: 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 1. misrepresentation Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 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? 1. real estate board These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. 1. the friend must be licensed as a broker a real estate licensee may be disciplined for. 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 1. to facilitate supervision, it must be located within a reasonable distance from the main office the real estate license of any person or firm may be revoked by which of the following entities? not cash, when the recipient of the payment is licensed broker in another 4. 2. to protect the public interest 3. ask tom to return her license to the board and apply for a transfer 4. none of the above, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. Regulatory Affairs: 919-719-9180. VA association of realtors Alabama Real Estate License- Practice Exam Flashcards 1. take and pass the VA portion of the licensing exam 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? service, license revocation and imprisonment of no more than one 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. Seller anxious to move. 2. if the agents actions were outside the authority granted by the employing broker 4. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: 4. grounds for suspension or revocation of a license, grounds for suspension or revocation of a license, the board may take disciplinary action against a: another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 4. must be displayed in the branch office where she is assigned, must be kept at the employing brokers main place of business, Two brokers are involved in a dispute over splitting a commission. 1. that she is not affiliated with a brokerage firm or sole proprietor . 1. a salesperson licensed in another state 3. maintain an escrow account in VA 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 1. at any time When people make estimates, they are influenced by anchors to their estimates. C. $600,000 20 every two years 1. a personal loan 2. darrell the contractor Not flaggedFlag question 2. the list of licensees assigned to that office Grounds for discipline. What should he do? licensee? Which of the following entities could become involved in settling the matter? May Cindy accept this rental listing? 1. suspension of his license and a fine Evaluate the indicated limits if they exist. 3. if there is a violation of the boards regulations Vera should: 4. Deal direct w/ agent and save. which of the following must be incorrect? 3. the real estate board Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 6 months 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 3. her employing broker 1. his license is null and void 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 3. enable licensed real estate professionals to earn more money 3. revocation of his license and a fine c. The local Real Estate Board might be approached. A. B. 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. advise the board within 30 days 2. 15 days 3. an attorney who is offering real property for sale under court order 2. a broker licensed in another state 2. associate brokers and salespersons Prohibited acts. 3. a tenant who refers a prospective tenant to the landlord 1. regulating brokerage fees The general part of the exam is broken into . 2. 3. has a written listing agreement 1. raising the price on a contract in order to influence a lender 2. the broker must limit this incentive program to 30 days Authorized Real Estate Schools | Mass.gov 3. only if the salesperson is an employee of the broker, not an independent contractor 2. their licenses will also be suspended 3. apply for inactive status until the new broker has business cards printed 1. an owner who sells no more than three of her own houses in a year This type of agreement: Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 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. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. commission rates charged by members of the MLS are established by: 3. the licensee must forfeit all commissions earned 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 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. Call Paula after 5 at 123-4567." A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 1. the licensee named in the claim must post a bond in order to continue practicing real estate A. a licensee's obligation of confidentiality ends at the 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee .3. the ad makes false or misleading statements 2. a consumer that has been defrauded in a real estate transaction 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. D. No one, A real estate license could be suspended without investigation if the licensee: 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 3. advise the board when their license is renewed 3. a tenant, seeking to recover a security deposit from his landlord 1. place where real estate business is regularly transacted Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. susan is guilty of accepting money from someone other than her employing broker 2. sue evans in the local court 3 years C. nonpayment of federal income taxes 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: 1. the office must be licensed Through reciprocity, what is true of a broker licensed in another state? Welcome to the North Carolina Real Estate Commission. 2. the renewal fee, plus $20 payment for the transaction recovery fund A. Larry, the developer C) Terry, 43, who worked as a real estate licensee until he was 28. Licensing - Arkansas Real Estate Commission the Pennsylvania real estate Commission can impose on that 2. 1. yes, because the rules require specified disclosures in emails 1. the inspector is licensed in VA Accounting for all funds; 7. B. ben must disclose his firm name, city and state. 3. an evaluation of the funds investments in order to generate additional earnings A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 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: What must the licensee do if she wants to remain licensed? 1. 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements? 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 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. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 3. gene must obtain a brokers license 3. renew his license every 2 years by paying the renewal fee 1. suspending the persons license Discipline Procedures | BCFSA 1. bob may keep the bonus since he has a brokers license 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. the clerk must be licensed as a broker 2. 3. in newspaper ads consisting of more than 28 lines of copy 2. may allow unlicensed employees (on a regular salary) to sell the tracts 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. 18VAC135-20-260. RULE 20 CSR 2250-10.100 Continuing Education Requirements for Licensees (3) states, "At least three (3) hours of the twelve (12) hours of approved instruction shall be taken in a course identified by the Missouri Real Estate Commission and noticed on its official website, no later than March 31 of each even . 1. the salesperson is entitle to receiver her commission Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep This action would violate the Real Estate Board regulations unless: Ben suggests that he may be able to help. the license law. 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 3. listing broker 3. a rental location agent 2. the salesperson is entitled to a jury trial before any action can be taken Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 3. only to revoke the license, as provided by VA law 1. disclosures 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. Three times a year, the DRE offers an open forum meeting to members of the industry. 4. 2. made available for inspection by the representatives of the real estate board 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.
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