The salesperson can pay this referral bonus to: 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 1. 2. local association of realtors 31 days, The Board determines that a licensee misrepresented information on her license application. 2. it does not include the property address 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 43-40-1(2)(B)). 2. the board will issue her license if she can provide proof that she passed D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. 2. the board may order criminal penalties This arrangement between the two is: The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. $20 in a two year period 3. fine not to exceed 50,000 2. the license will be automatically revoked 3. a principal broker 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will:
6 Common Violations for Real Estate Brokers in California After investigation, the Board finds that the broker is innocent of any wrong doing. Test the following rules with several different sets of numbers. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 1. 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? 4. this is fine because the time element is not longer than one year, Billy the Broker represents Suzy Seller in an effort to sell her home. 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 fc barcelona juvenil b players. 1. it is mailed to the licensee for delivery to the employing broker 1. seller One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. C. $20 every two years 2. may allow unlicensed employees (on a regular salary) to sell the tracts Which of the following actions by a licensee is a violation of 3. any broker 1. an assessment from all licensees to restore the fund to a minimum balance 1. to facilitate supervision, it must be located within a reasonable distance from the main office 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: 1. she must retake the exam Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 2. give additional info to callers about available listings A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 4. a friend, relative, or builder, The Board believes that a broker is not properly managing her escrow account. 1. paying a finders fee to an unlicensed person 2. an auctioneer When this information leads to a sale, Berry pays her $100 for the tip. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. Broker Fowler should tell Owner Chaney: 2. does not comply with the regulations 1. mary is required to retake the license examination in order to reinstate her license 2. for failure to pay an assessment to the TRF within 10 days Susan decides to sell her own house. commission rates charged by members of the MLS are established by: 3. permissible, with the written permission the owner The principal broker has all of the following duties, except: 4. seller and broker, Bob, an associate broker, sold a property. 3. the real estate board when his license is renewed In order for Kathy to collect, she must have already: 3. their licenses must be returned to the board B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. B. 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 24 months 3. employed by another broker 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 3. revoke the salespersons license pending a hearing Which of the following statements is true in this situation? 2. advise the licensee of the charges B. 50,000 1. assures a quick sale because the broker knows the sellers exact position 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 1. the office must have an escrow account 2. instant messaging 1. engages in acts of brokerage wile on inactive status 3. a real estate transaction But, Sally is innocent! 1. nothing 1. kerra filed suit against the local association of realtors What is the maximum that one licensee may be assessed during a two-year period? This ad is in violation of the Virginia License Law because: 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: 1. yes, because the rules require specified disclosures in emails 2. a fine only 1. for failure to pay an assessment to the TRF A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. In order to receive payment, this claim must be in connection with: 3. the board, using money from the transaction recovery fund 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: D. $30 in a two year period, Harry is a broker. Method 1 Verifying a Real Estate License Download Article 1 Gather information. 2. if the agents actions were outside the authority granted by the employing 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. 4. 3. 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: 3. improper dealing Credit card sales (2% credit card fee)$250,000. 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. 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. In the situation described, which of the following statement is true? 2. be furnished to the board upon request 2. giving a false address in order to obtain a license what must marty do before he can start selling real estate? A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 150 Placement of directional signs is illegal if: A public member shall have a high school diploma, or the equivalent, and shall have a minimum of five (5) years experience in a professional capacity, other than as a real estate licensee. 6 months 3. must have been active as a salesperson for 3 years may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . 1. acceptable, if no one is defrauded 2. misrepresentation 1. the friend must be licensed as a broker Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 16 hours of continuing education
a real estate licensee may be disciplined for 3. advise the board when their license is renewed Has Billy violated the VA License Law? 60 hours 20 every two years 3. the firms licensed name must be clearly and legibly displayed 3. 1. the VA association of realtors 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. be retained by the principal broker indefinitely C. A claimant may collect up to $20,000 1. take the continuing education course 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? Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office.
1. either buyer or seller, based on their agreement 1. 2. a salaried property manager is employed to manage the apartment and lease individual units This type of agreement: The ad reads, "beautiful rambler, excellent assumption. what should the salesperson do? This action would violate the Real Estate Board regulations unless: An investment in a limited real estate partnership Automatically suspend the broker's license the regulations specify that: 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: payment received, license revocation and in order to perform community Accounting for all funds; 7. 2. on for sale signs places on specific property near schools, shops and trains. 2. automatically fine the licensee for $1000, then schedule a hearing
Chapter 3 Flashcards | Quizlet 1. Larry has: Exceeded the scope of his authority and violated real estate law. 2. hold a bachelors degree in real estate 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement.
PDF CHAPTER 4 DISCIPLINE AND HEARING PROCEDURE [Prior to 6/15/88, see Real 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. 3. tony the mortgage banker Neither Cindy nor her broker may accept this listing C. $100,000 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. a trustee who is required to sell a house at foreclosure CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. the old broker 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 1. reapply for her new license as a new applicant 3. that she is describing an exclusive agency listing 1. gene should send his license to the board and request an associate brokers license B. 2. a salesperson with 5 years experience may run the office
Rules and Laws | TREC - Texas 4 Ways to Become a Real Estate Agent - wikiHow Statutes & Constitution :View Statutes : Online - Florida Legislature 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:
Authorized Real Estate Schools | Mass.gov 2. do nothing, as the license automatically renews every 2 years 100,000 3. if there is a violation of the boards regulations 4. an individual employed by the owner of rental property, an employee of a broker, who negotiates leases, Broker Takahashi wants to open her own partnership. 4. no because the board does not regulate banner advertising, no, because it is permissible to provide a link to the required disclosures, which of the following is true about real estate advertising? 2. the salesperson and the new broker 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 2. designate one location as the main office
Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep 4. 2. the list of licensees assigned to that office 1. 2. member of the MLS 4. enforce the code of ethics, licensees with an inactive license must: 2. the salesperson can only be paid if her license is renewed prior to january 31 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. 1. no, because he acted in suzys best inerests 2. a person receiving a gift certificate to sell a property 2. helping a friend sell his house for a fee 1. to make licensed real estate agents more professional Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. reimburse aggrieved persons 3. hold a hearing to allow the licensee to defend herself D. any felony conviction 2. bait and switch 1. failing to disclose to buyers that were termites in the property 1. a broker or a salesperson that has been drafted in a real estate transaction