2. no property location specified 1. at least 40 hours per week 3. it does not include a statement that the owner is licensed The actual misuse of trust funds by converting them to the broker's own use. 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: Which of the following is the maximum penalty that 2. helping a friend sell his house for a fee 3. a broker and the local association of realtors 1. salesperson This arrangement between the two is: 2. impose a monetary penalty of up to $1,000 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. legal, if disclosed im writing to all parties Has Larry violated the rules? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 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? 3. less than 20 hours per week the license law. 2. suspend or revoke any license issued by the board principal? 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 1. by having his license returned to the board a new license issued to the new broker A. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund Which entity would NOT involve itself in resolving the matter? An investment in a limited real estate partnership 1. your brokerage firm will accept a lower commission rate 3. affiliate with a broker and submit an application for licensure We reviewed their content and use your feedback to keep the quality high. 1. take and pass the VA portion of the licensing exam near schools, shops and trains. The general part of the exam is broken into . Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. what should the salesperson do? 3. a salesperson that is also licensed as a rental location agent 2. B. Ben and Jerry are communicating for the first time via instant messages. relocation service of a Corporation, when payment is in the form of entertainment goods services and 3. charges more than the legal maximum commission rate C. Kerra claim cannot include interest in her damages 3. an evaluation of the funds investments in order to generate additional earnings 1. file a complaint with the local realtors association 2. failing to identify the type of services offered in a general property description 3. a real estate developer that has been defrauded in a real estate transaction 4. location of property, Bill hires Larry to sell his home. 3. people from hungary are moving into the neighborhood One lot is $10,000 and all others are in the $15,000 - $20,000 price range. B. Which of the following disclosures is Ben most likely required to make? 3. place that is managed by a senior salesperson 3. susan is guilty of accepting money from someone other than her employing broker Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions 4. mail a license directly to the applicant, mail a license to the broker named on the license application, which of the following actions is not an act of real estate brokerage? 2. c. The local Real Estate Board might be approached. 4. 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? 2. does not comply with the regulations transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. C. A claimant may collect up to $20,000 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals I am a. D. $30 in a two year period, Harry is a broker. 1. filed a suit against the local realtors association 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 1. acceptable, if no one is defrauded 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: 10 days 93A2] 1. a broker or a salesperson that has been drafted in a real estate transaction In the end, these clients decide to stay where they are and to quit looking for a home. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 4. a broker may mange two separate office if they are within three miles of one aother, it must be supervised by an on premises principal or associate broker, an applicant must meet which of the following in order to become a salesperson or broker? 24 months 2. independent contractors, negotiating leases on behalf of another for a fee Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 1. a person acting without compensation under power of attorney 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? What can Sally do to force Evans to return the license to the Board? the broker is guilty of: 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. She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. 2. send the salespersons license to the real estate board 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. 1. the price is not mentioned The [Florida real estate] commission . 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 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: 4. seller and broker, Bob, an associate broker, sold a property. Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 3. is not regulated by the board 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct Neither Cindy nor her broker may accept this listing 1. the colors on the sign are different than the firms logo colors In which of the following forms of advertising are these disclosures NOT required? Confidentiality; 4. 2. apply for a temp license until he affiliates with a broker 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. 2. she may operate in the role of a salesperson in VA 2. price that is shown in the listing agreement 2. may accept the listing by virtue of her current wisconsin license 1. be retained by the principal broker indefinitely 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: 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 1. immediately present the offer The DRE grants licenses to Real Estate Brokers and Salespersons. 3. encouraging a homeowner to sell since minorities are moving into the neighborhood A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Pennsylvania real estate license law? 150 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. 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. Susan decides to sell her own house. The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . 1. email 1. creative marketing Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. B. 1. complete the mandatory postlicense education requirement B. 750,000 3. standardization of the clauses contained in a listing agreement a real estate licensee may be disciplined for. A. 2. illegal 1. member of the MLS 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board? 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: 3. permissible, with the written permission the owner The mission of the California Department of Real Estate is to safeguard and promote the public interests in real estate matters through licensure, regulation, education and enforcement. According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 3. must keep all financial records for 5 years 3. yes, because suzy must communicate directly with billy $20 in a two year period 2. the VA real estate board 3. only to revoke the license, as provided by VA law Automatically fine the licensee for $1,000, then schedule a hearing 2. for failure to pay an assessment to the TRF within 10 days Why is this ad in violation of Board regulations? 3. put the check in her escrow 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: According to the real estate commissions regulations, an Which of the following statements is true regarding the advertisement? 3. 2. be furnished to the board upon request Obedience; 5. 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. 1. send a license to the employing broker by certified mail It will attempt to resolve the problem without the necessity of legal expense. After that, Tony would handle the mortgages of any buyers through his bank. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: real estate commission for which of the following reasons? What is the maximum that one licensee may be assessed during a two-year period? 2. the broker must limit this incentive program to 30 days 3. 2. the tenant must establish an escrow account His license is automatically reinstated 2. 2. the friend must have a law degree A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 2. meet the current educational requirements 3. impose a fine on any licensee 1. take the continuing education course Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: They give Ellen $500 as compensation for all of her hard work. 1. boren must work through his broker 4. plans to hold an open house, an award from the transaction recovery fund will result in: 1. be at least 18 years old 3. an attorney who is offering real property for sale under court order The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 2. it can establish minimum and maximum commission rates $750,000 He still needed to take one more continuing education course before his license expiration date. 1. in VA, anyone who sells real property must have a real estate license 4. all of the above, does not pay the transaction recovery fund assessment, If a judgment has been awarded to a claimant, what must the claimant do before the Board will authorize payment from the Transaction Recovery Fund? 1. automatically suspend the brokers license 3. is illegal since it would allow the broker to take advantage of an uninformed seller 3. adjudicate disputes between licenses B. 2. an auctioneer what must be included in this property advertisement? 1. 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 30 hours of post license education 1. his or her broker Regulatory Affairs: 919-719-9180. Vera should: Real Property Law 441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or 2. B. 193E4.2(543B) Method of discipline. Ben is a licensee and Jerry is interested in locating property in Ben's area. 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 Option D is View the full answer The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 2. suspend or revoke any license issued by the real estate board 1. a broker and a salesperson, involving employment conditions 3. sayumi can be a senior partner, but she cannot be the principal broker 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency $800,000 This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 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. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 3. imposing a fine of $5000 for each violation Through reciprocity, what is true of a broker licensed in another state? 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 old broker and the new broker hold joint responsibility 2. uniform commercial code A. 2. file a claim against the salesperson in a court of competent jurisdiction 1. No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 2. neither the broker nor the clerk is in violation of the law 1. 8:30am - 5:00pm (Mon-Fri) 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? Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. 1. raising the price on a contract in order to influence a lender 3. bob may keep the money because of the fiduciary relationship between himself and the seller C. The license will be automatically suspended The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 2. instant messaging 1. suspension of his license and a fine 2. local association of realtors 7 licensees (with at least 3 years experience) and 2 consumers 3. the firms licensed name must be clearly and legibly displayed 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: 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. Can be a corporation, partnership, etc. a real estate licensee may be disciplined for. 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? 2. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 2. 2. the license will be automatically revoked Ellen deposits the money into her personal checking account. $20,000 1. yes, because the rules require specified disclosures in emails 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. 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. 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 3. ben must disclose his email address B. Evans told her that he would not return her license until the money had been repaid. 4.. all of the above, which person does not require a brokers license? Licensees may also write to: Financial Services Tribunal. 120 1. yes, because the required disclosures must appear in the ad itself In terms of law, real is in relation to land property and is different from personal property while estate means the . Fiduciary duties are owed to both buyer and seller. 2. an appraiser Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 4. advertises a listing at lower than listed price, advertises a listing at lower than listed price, the purpose of VA license law and the rules and regulations is to: In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 1. 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 1. it can only accept residential listings Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 1. to make licensed real estate agents more professional 2. giving a false address in order to obtain a license Prohibited acts. A fine of $1,000 was imposed. 1. either buyer or seller, based on their agreement 3. an office cannot operate on a residential property 4. principal broker, A tenant lives in a four-unit apartment building. 1. she may act as a broker in VA by virtue of her valid out of state license conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 2. violation of anti trust laws 1. 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? 2. sell or rent property through a foreclosure process 1. employs a resident broker to represent her Board may reassess licensees: Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. 43-40-1(2)(B)). 3. hold a hearing to allow the licensee to defend herself B. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 2. a consumer that has been defrauded in a real estate transaction 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: If possible, try to find a counterexample (a set of numbers for which the rule is not true). 1. levy fines 3. attend at least 3 seminars conducted by the board 1. has the owners permission 3. 2. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 2. endorse the check and give it to his employing broker In CA, a real estate license must be renewed every. 2. with written permission of the VA real estate board A personal loan 1. it must be supervised by the principal or supervising broker a 12 month. 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 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? 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 . Evaluate the indicated limits if they exist. agreement of sale MUST contain the. Under the circumstances, which of the following statements is true? 2. failing to disclose adverse zoning that affected the property 2. this is a questionable business practice and may constitute mail fraud 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 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? 1. attorney general of the commonwealth 3. 2. mail a license to the broker named on the license application 1. take listings over the phone Ben and Jerry are communicating via instant messages. the salesperson can only do this: 2. she can obtain a temp license from the VREB to sell her house 3. she does not need a real estate to sell her own house A. 1. president of the corporation She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date If necessary, the Board may reassess licensees: 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. 1. mary is required to retake the license examination in order to reinstate her license 3.. employ at least one salesperson or associate broker that is also a resident of VA The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 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. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. 1. a personal loan 1. engages in acts of brokerage wile on inactive status 3. a rental location agent 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 4. To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. B. After investigation, the Board finds that the broker is innocent of any wrong doing. 3. supervising broker 3. the office must have a separate license Experts are tested by Chegg as specialists in their subject area. 2. boren must put through $45 in an interest bearing escrow account 1. a licensed salesperson, to recover money that his brokers owes VA real estate board 3. maintain an escrow account in VA File a claim against the licensee to recover the judgement amount awarded by the court 1. open listing Standard of Practice 1-2. Question text 3. name of the brokers firm person has to apply to the Real Estate Recovery Fund after final 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. Her long-time friend, Sayumi, is not licensed as a real estate agent. If approved, the Virginia Real Estate Board must do which of the following actions? unspecified. 3. the fee is acknowledged, in writing, by the parties to contract 2. enforcing the license law 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. statement regarding the duties a licensee owes to the 1.00 points out of 1.00 3. file a complaint with the real estate board 3. 2. associate brokers and salespersons She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. Full disclosure; 6. May Cindy accept this rental listing? D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 4. none of the above, a broker would not be in violation of VA license law if he: 2. mary should apply for reinstatement of her license 4. all of the above, a salesperson whose license is on an active status may: 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. 1. must be carried at all times to establish that she is licensed 4. all of the above, Robert the Broker wants to stay on top of technological trends. 2. waiving education or experience requirements In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 1. his license is null and void 3. administer the transaction recovery act 4. all of the above, if a real estate company has more than one office in VA, that company must: 3. an appraiser Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. Thus, the term REALTOR should not be used to generally refer to all real estate licensees. What must she do? 4. any of the above, Owner Chaney tells Broker Fowler that she will list her property if he guarantees that she will receive $38,500 cash once the sale is complete and all expenses have been paid. 1. a salesperson licensed in another state Skill, care, and diligence in the transaction; 8. 4. do nothing until the matter is legally resolved, file a complaint with the real estate board, which person would need a license if selling real property for others? another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the administrators, selling property under court order and for a fee 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. Dealing honestly and fairly; 2. 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: 3. this is fine because the compensation is less than $1000 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: The salesperson can pay this referral bonus to: 1. an executor of a will 2.