1. in VA, anyone who sells real property must have a real estate license 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. Before applying for the real estate license, all the formalities of education and experience must be cleared. 3. charges more than the legal maximum commission rate 2. director 1. kept for a period of 7 years 2. closes her out of state office 1. his license is null and void 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. In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . Bob accepted the check since he worked hard and felt the bonus was deserved. 31 days, The Board determines that a licensee misrepresented information on her license application. 4. with written permission of the association of realtors, with written permission of the VA real estate board, the real estate board is responsible for: Standard of Practice 1-2. 3. a broker and the local association of realtors 2. a person receiving a gift certificate to sell a property 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? 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 2. it can establish minimum and maximum commission rates 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. Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. 1. a firm partner who does not participate in the brokerage business 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 2. a broker licensed in another state 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. your brokerage firm will accept a lower commission rate attempting to change employing brokers more than three times in 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. 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. $10,000 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 1. a member of the national association of realtors 120 1. the ad fails to include the property address the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 1. B. 3. conversion Grounds for discipline. The agent orders the home inspection from a friend, who then pays him a referral fee. 3. 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. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. 3. filed a claim against the salespersons broker 4. any of the above, a person seeking a real estate license in VA must be: Encourage higher education in real estate 1. file an annual report with the board which details the activities of each location An assessment from active licensees to restore the fund to the minimum balance principal? 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. Prohibited acts. 3. affiliate with a broker and submit an application for licensure 1. an auctioneer 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. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 3. all licenses must be renewed biennially in odd numbered years 3. impose a fine Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 2. boren must put through $45 in an interest bearing escrow account 2. administer the fair housing act A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. 3. that she is acting as a referral agent only, and is not active in selling and listing 3. the code of ethics for real estate professionals 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: c. The local Real Estate Board might be approached. 3. sell or rent investment property for profit 1. assures a quick sale because the broker knows the sellers exact position agreement of sale MUST contain the. No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 1. determining commission splits between all MLS brokers The Realtor Code of Ethics: What It Is and How to Apply It - HubSpot 3. her license will be temporarily suspended until the board can hold a hearing 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: 1. 1. investigate the dealings of any real estate broker or salesperson 1. legal, as long as the fees paid are less than $100 D. any felony conviction Real Estate Agent License Practice Test (2022 Current) - Tests.com 30 hours within the first year 1. the developer may publish the ad as planned statement regarding the duties a licensee owes to the 4 years 4. the respondent must submit to interrogatories by claimant, the claimant must have gone after any assets and property belonging to the debtor, If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. 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 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: 1. make brokers and salespersons more professional 2. be a US citizen 2. automatic revocation of the real estate license 1. principal brokers 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 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: 24 months The license will be automatically revoked He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. a rental location agent that is also licensed as a broker 3. upon the request from the salesperson to transfer to another broker 3. the clerk must be licensed as a broker 1. an attorney who is licensed to practice law in VA Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: 3. must be kept at the employing brokers main place of business In the end, these clients decide to stay where they are and to quit looking for a home. 2. that she had no sales or listings during the preceding 12 months 2. a salesperson who holds a business entity license C. $50,000 Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 1. larry the developer 2. both partners must have a brokers license 3. 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? 2. listing salesperson Ben and Jerry are communicating via instant messages. In order to receive payment, this claim must be in connection with: 1. paying a finders fee to an unlicensed person 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 2. the broker must limit this incentive program to 30 days 1. Complete instructions on filing a Notice of Appeal are available on the Financial Services Tribunal's website at www.fst.gov.bc.ca or by calling (250)387-3464. An assessment from all licensees to restore the fund to the minimum balance ben must disclose his firm name, city and state. 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 1. the office must be licensed . 3. apply for inactive status until the new broker has business cards printed 8 hours within the first year 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. real estate commission for which of the following reasons? If Brenda wants to keep the money and NOT violate VA License Law, she could: near schools, shops, and trains. 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. 2. 3. an employee of a broker, who negotiates leases 2. violates the VA real property act If approved, the Virginia Real Estate Board must do which of the following actions? Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 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? VA association of realtors 2. upon revocation of the brokers license 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. For failure to pay an assessment to the TRF 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. 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. 2. violation of anti trust laws For failure to pay an assessment to the TRF within 10 days 1. send a license to the employing broker by certified mail 3. advise the board when their license is renewed 1. 3. only if the salesperson is an employee of the broker, not an independent contractor He agrees to maintain the building if he can receive a reduced rental fee. 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. 4. the salesperson broker is automatically charged with the same violation, an investigation will be conducted unless the law specifically provides otherwise, hearings before the VA real estate board must be held in accordance with the:
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