1. a broker or a salesperson that has been defrauded in a real estate transaction To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . 2. mary should apply for reinstatement of her license 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 20 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: a 12 month. 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 3. The California Real Estate Law provides, in pertinent part (at section 10131 of the California Business and Professions Code), that a "real estate broker" license is required for "a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or 2. 4. 20,000 1. bob may keep the bonus since he has a brokers license Which of the following statements must be incorrect? An assessment from active licensees to restore the fund to the minimum balance Calculate the net sales revenue for the month. Licensing - Arkansas Real Estate Commission 3. the licensee is required to disclose the name of his employing broker A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. 2. must complete 145 credit hours of courses approved by the board On November 9th, 2022, the Department of Real Estate issued an Order revoking real estate salesperson's license number SA692185000 issued to Nelida Oveida Rios. 3. listing broker 1. the colors on the sign are different than the firms logo colors 3. 7 licensees (with at least 5 years experience) and 2 consumers, 7 licensees (with at least 5 years experience) and 2 consumers, who is exempt from VA real estate license requirements? 3. adjudicate disputes between licenses In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 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. 3. the firm must be incorporated in VA 1. was aware of the improper dealings performed by his salespersons 2. pay a $200 fee and reapply for the license 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? Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 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 . 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 3. a broker and the local association of realtors 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? If Sarah keeps the $500, she: person has to apply to the Real Estate Recovery Fund after final 3. charges more than the legal maximum commission rate 1. 2. enforcing the license law Mary didn't realize until January that her license had expired. Statutes & Constitution :View Statutes : Online - Florida Legislature 2. reimburse aggrieved persons Licensees - DRE - California Department of Real Estate 3. a real estate developer that has been defrauded in a real estate transaction 2. suspend or revoke any license issued by the real estate board 3. one of the partners may be unlicensed 5 years, licensees must respond to board inquiries within: 2. may allow unlicensed employees (on a regular salary) to sell the tracts 1. maintain an office in the state of VA PDF 10 Things REALTORS Should Know About License Law Not flaggedFlag question A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. Evaluate the indicated limits if they exist. 2. do nothing, as the license automatically renews every 2 years Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 2. file a claim against the salesperson in a court of competent jurisdiction 1. take the continuing education course B. Larry has: Exceeded the scope of his authority and violated real estate law. 2. is not in violation of the VA license law, so long as she informs her broker 2. gives a reduced commission rate to a family member 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: 3. a property manager who leases property for the owner in the course of his employement 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 1. disclosures 3. administrative process act 1. the clerk must be a licensed salesperson Welcome to the North Carolina Real Estate Commission. After that, Tony would handle the mortgages of any buyers through his bank. File a claim against the licensee to recover the judgement amount awarded by the court 3. After investigation, the Board finds that the broker is innocent of any wrong doing. 3. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. Can be a corporation, partnership, etc. B. Kerra has obtained a judgement in court 3. kerra claim cannot include interest in her damages 2. illegal 2. broker working for another broker 2. any property owner 3. 1. it can only accept residential listings 3. people from hungary are moving into the neighborhood in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 2. must supervise all firm advertising 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 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. 50,000 Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 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? 4. sentence the licensee to a prison term of no more than 12 months, file a claim against to the licensee to recover the amount paid from the fund, when the transaction recovery fund balance falls below a statutory minimum it results in: 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. Has Billy violated the VA License Law? Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 2. at least 30 hours per week 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 2. not exceed 500 square feet in size 1. move to VA within six months of licensure If you wish to consult the most up-to-date licensing information, y ou may utilize the boards check a license feature which will immediately reflect any changes in licensing status. 3. the renewal fee, plus proof of membership in the association of realtors 600,000 2. the broker must limit this incentive program to 30 days A. the salesperson can only do this: 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. Has Robert violated the rules? 1. attorney general of the commonwealth of VA What is the first thing Lynch should do? 1. their licenses are not affected 3. fine not to exceed 50,000 When she returned on January 6, she realized that her license had expired on December 31. Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press Ellen deposits the money into her personal checking account. a real estate licensee may be disciplined for. 3. the clerk must be licensed as a broker 15,000 Call Paula after 5 at 123-4567." 1. the ad fails to include the property address 3. a sheriff ordered by the court to sell a house at foreclosure 1. a broker that is active in more than one brokerage firm 1. suspend the respondents license Fred thought Sarah did such a good job, he sent her a $500 bonus. C. He may apply for a new license within 30 days Florida Real Estate Brokers: If Disciplined, You Could Be Punished Twice? The property sells on December 20 and closing takes place on January 15. 3. place that is managed by a senior salesperson 2. it must be in the name of the firm C. $100,000 2. darrell the contractor 3. be furnished to the board every 3 years 3. the board will issue her active license to her principal broker 2. illegal, because ellen can only accept money from her broker 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. encourage higher education in real estate 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to: 2. the salesperson can only be paid if her license is renewed prior to january 31 3. all licenses must be renewed biennially in odd numbered years 3. put the check in her escrow 1. file a complaint with the local realtors association A. 3. the old broker 93A2] 3. the broker and the seller 2. an assessment from active licensees to restore the fund to the minimum balance 1. complete an 18 credit hour course in the principles of real estate 3. to allow licensed real estate professionals to earn more money 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 3. does not pay the transaction recovery fund assessment The Realtor Code of Ethics: What It Is and How to Apply It - HubSpot However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." After that, Tony would handle the mortgages of any buyers through his bank. Automatically suspend the broker's license The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 2. may accept the listing by virtue of her current wisconsin license 2. 2. apply for reinstatement of her license and pay a fee Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 1. responsible for all escrow accounts 4. statement, when the referral fees paid to an unlicensed employee 1. inform their employing broker 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. 1. an owner who sells no more than three of her own houses in a year 3. affiliate with a broker and submit an application for licensure 2. branch license 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 . 2. C. $50,000 2. 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? A. The business will be operated as a sole proprietorship. Why is this ad in violation of Board regulations? 2. a salaried property manager is employed to manage the apartment and lease individual units 4. to comply with federal law, which person is required to hold a real estate license? 4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. In this situation, which of the following statements is true? 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: 2. violates the VA real property act 120 Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 4. must be in good standing in any jurisdiction where licensed, must complete 145 credit hours of courses approved by the board, For a corporation licensed to engage in real estate business, which individual is primarily responsible for those real estate activities? real estate commission for which of the following reasons? near schools, shops, and trains. 3. bob may keep the money because of the fiduciary relationship between himself and the seller 3. publish a list of persons that have been granted licenses 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 Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 1. neither susan nor gene is in violation of the law The deal states that Harry will sell all of the houses that Darrell built on Larry's land. VA association of realtors 2. suspend or revoke any license issued by the board 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 3. permissible, with the written permission the owner Fowler may have anything over that amount as commission. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 3. the broker notify the board within 30 days 1. automatically suspend the brokers license The Provisions of the Real Estate Licensing and Registration Act apply to a. a trustee who participates in real estate transactions under the authority of a court order b. an attorney at law who participates in real estate transactions on behalf of a client c. a real estate licensee selling real estate she owns Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries.

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