1. raising the price on a contract in order to influence a lender 1. it must be supervised by the principal or supervising broker 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? 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 3. the business can only be organized as a corporation 3 years 3. take and pass a test within 12 months of application 2. violates the VA real property act Disciplinary Action. 2. suspend or revoke any license issued by the board Which of the following entities could become involved in settling the matter? Licensees may also write to: Financial Services Tribunal. 4. plans to hold an open house, an award from the transaction recovery fund will result in: One group was asked to do this after thinking about a calorie-laden cheesecake. Susan, also an independent broker, sells the property. 1. the licensee has 4 years to repay the fund 3. that she is acting as a referral agent only, and is not active in selling and listing 2. have all earned commissions placed in an escrow account 2. not exceed 500 square feet in size B. They give Ellen $500 as compensation for all of her hard work. What will happen to Craig's license if he doesn't complete the required courses before renewal? D. When a claim is paid, the respondent's license will be automatically suspended, What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period? 1. creative marketing 1. to facilitate supervision, it must be located within a reasonable distance from the main office If possible, try to find a counterexample (a set of numbers for which the rule is not true). 1. the person who is active on the brokerage side of the business must have a brokers license 3. after conducting a hearing 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. Not flaggedFlag question Fowler may have anything over that amount as commission. A. In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. If necessary, the 31 days, The Board determines that a licensee misrepresented information on her license application. 1. only receive referral fees for sending buyers to other salespersons in his office 3. associate brokers 3. less than 20 hours per week 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. D. Under no circumstances, For failure to pay an assessment to the TRF, New licensee applicants are required to pay into the Transaction Recovery Fund. 1. acceptable, if no one is defrauded 3. administer the transaction recovery act 2. bob may accept the bonus if more than 30 days have passed since closing 2. designate one location as the main office not cash, when the recipient of the payment is licensed broker in another 21 days 2. both partners must have a brokers license 2. be a US citizen The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 1. be a citizen of the US 2. be at least 18 years old 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. 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: agreement of sale MUST contain the. 1. 2. independent contractors, negotiating leases on behalf of another for a fee Which of the following statements is true? A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 3.. employ at least one salesperson or associate broker that is also a resident of VA 3. hold a hearing to allow the licensee to defend herself 2. have a desk for every 5 agents 100,000 4. none of the above, a broker may place a sign on a property when he: Which of the following actions by a licensee is a violation of 1. principal brokers 2. the office can be managed by a salesperson with 3 years experience 3. chat 3. that she is describing an exclusive agency listing Evaluate the indicated limits if they exist. fc barcelona juvenil b players. 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: person has to apply to the Real Estate Recovery Fund after final After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 3. has a written listing agreement 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 3. 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 3. the license will be automatically suspended 2. a consumer that has been defrauded in a real estate transaction 1. kerra filed suit against the local association of realtors 1. An assessment from active licensees to restore the fund to the minimum balance 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? On the day of the showing, he places several directional signs throughout the neighborhood. 3. legal, if ellen performed as agreed 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. under what circumstances would the agents employing broker be subject to disciplinary action by the board? Bob accepted the check since he worked hard and felt the bonus was deserved. 1. be clearly separate from the living area 1. 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. which of the following must be incorrect? 3. the clerk must be licensed as a broker 1. failing to disclose to buyers that were termites in the property Ellen deposits the money into her personal checking account. 3. the broker notify the board within 30 days 4. 3. imposing a fine of $5000 for each violation 2. broker working for another broker 1. 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? When this information leads to a sale, Berry pays her $100 for the tip. Visit their website for more details and the most current disciplinary action. attempting to change employing brokers more than three times in Susan, also an independent broker, sells the property. 4. 3. write a thank you note to kirks C. $600,000 D. any felony conviction The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining 4. Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 4. do nothing, a person applying for a license by reciprocity must: 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: 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: This ad is in violation of the Real Estate Board Regulations because: 3. their licenses must be returned to the board Who is most likely to collect? 2. it is prominently displayed in the main office of the salespersons firm 1. disclosures 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. 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. A. 4. filed a claim with HUD, filed a claim against the salesperson in a court of competent jurisdiction, which of the following persons may file a claim and collect from the VA transaction recovery fund? 4. enforce the code of ethics, licensees with an inactive license must: 2. the manager of a branch real estate office 2. is ready to advertise the property I am a. 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. apply to, a. a trustee who participates in real estate transactions under 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise Which of the following statements is true? Automatically suspend the broker's license D. All of the above, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund, When the Transaction Recovery Fund balance falls below a statutory minimum, it results in: the broker is guilty of: License Categories [G.S. 1. make brokers and salespersons more professional 2. an auctioneer One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 2. reimburse aggrieved persons VA real estate board $20,000 State whether you think the rule is true. 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 2. 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: 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. 3. place that is managed by a senior salesperson this person: 1. a brokers license must be renewed on june 30 of every even numbered year B. 5 years, licensees must respond to board inquiries within: 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 1. 2. an auctioneer 2. be 21 years old 2 years Method 1 Verifying a Real Estate License Download Article 1 Gather information. A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is: (1) a license holder; or (2) a real estate broker licensed in another state who does not conduct in this state any of the negotiations for which the commission or other compensation is . 2. is attractive to many sellers since they dont need to get involved in the negotiation 4. A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 3. to allow licensed real estate professionals to earn more money Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 1. filed a suit against the local realtors association C. The license will be automatically suspended 2. a person who will only work as a referral agent 1. by having his license returned to the board a new license issued to the new broker 1. an attorney at law Undisclosed dual agency is illegal. 3. the code of ethics for real estate professionals Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 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. 1. file a claim against to the licensee to recover the amount paid from the fund a 12 month. $750,000 Who is responsible for the expenses and fees of the court-appointed receiver? 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 4. seller and broker, Bob, an associate broker, sold a property. What is this requirement? 2. director 2. 2. continue to use cards and stationary which state that he is a licensee 4. a broker and a salesperson, but only if there is a violation of license law, a broker and a salesperson, but only if there is a violation of license law, Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? 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: 2. endorse the check and give it to his employing broker 3. a sheriff ordered by the court to sell a house at foreclosure 2. a salesperson who holds a business entity license A. Kerra filed suit against the local Association of Realtors 2. maintain an escrow account at an insured depository in the state 2. 3. one of the partners may be unlicensed 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: Jack makes the required disclosures in the middle of his email, in bold lettering. 3. improper dealing 1. to make licensed real estate agents more professional 1. salesperson 1. is in violation of the VA license law 1. A. The agent orders the home inspection from a friend, who then pays him a referral fee. 1. maintain an office in VA 3. a real estate developer that has been defrauded in a real estate transaction Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 3. Evans told her that he would not return her license until the money had been repaid. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation