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. Disciplinary Action. 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 1. a written complaint 1. yes, because the rules require specified disclosures in emails In this situation, which of the following statements is true? Which of the following disclosures is Ben most likely required to make? 1. This ad is in violation of the Real Estate Board Regulations because: 3 years 3. a salesperson that is also licensed as a rental location agent 3. the friend need not be licensed 3. 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: B. habitual intoxication or drug addiction 2. kerra has obtained a judgement in court C. $50,000 which of the following must be incorrect? 3. failing to inform the seller of the ethnic character of a buyer 3. a property manager who leases property for the owner in the course of his employement Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 210, mart fields just found out that he passed the VA real estate sales exam. 2. approving the license exams 3. the licensee is required to disclose the name of his employing broker near schools, shops, and trains. Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 2. instant messaging 3. imposing a fine of $5000 for each violation 3. the firm must be incorporated in VA He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 C. The respondent must file bankruptcy and sell all property 3. sell or rent investment property for profit 1. bob may keep the bonus since he has a brokers license 10,000 Which of the following statements is true? 1. suspend the license until a formal hearing can be conducted A. inability to obtain automobile liability insurance 1. an assessment from all licensees to restore the fund to a minimum balance 1. maintain an office in the state of VA 20 Mary didn't realize until January that her license had expired. They give Ellen $500 as compensation for all of her hard work. 3. an attorney Fowler may have anything over that amount as commission. if the broker knew or should have known of agents actions. 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? 3. the director of the dept of professional and occupational regulation (DPOR) Neither Cindy nor her broker may accept this listing 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. $471.8360%\$471.83 \div 60\% Ann Agent. 2. it may be supervised by a salesperson with 3 years experience $500,000 1. commingling 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: Sayumi is therefore designated as a senior partner of the brokerage firm. 1. an auctioneer Which circumstance might also put the employing broker at risk of disciplinary action? 1. the friend must be licensed as a broker 3. administrative process act 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: Justia US Law US Codes and Statutes Georgia Code 2010 Georgia Code TITLE 43 - PROFESSIONS AND BUSINESSES CHAPTER 11 - DENTISTS, DENTAL HYGIENISTS, AND DENTAL ASSISTANTS ARTICLE 2 - LICENSES FOR THE PRACTICE OF DENTISTRY 43-11-47 - Refusal to grant, or revocation of, licenses; disciplining licensees; subpoenas; judicial review; investigations; immunity; failure to appear; voluntary surrender 7 licensees (with at least 3 years experience) and 2 consumers $471.8360%. 2. the licensee notify the board within 10 days However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 3. if there is a violation of the boards regulations Gene, an independent broker, lists a property. 1. inform their employing broker 2. branch license The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 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. 2. uniform commercial code what must be included in this property advertisement? The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 1. 2. be furnished to the board upon request 2. at least 21 years 2. should have known about the improper dealings performed by his salespersons 4. supreme court judicial procedures act, Sarah Smith sees an ad from Broker Mark for a custom built home with mountain views, hardwood floors, a theatre room, and a professional kitchen. When representing a seller, which of the following is a TRUE 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. chat 3. must have been active as a salesperson for 3 years Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 3. bob may keep the money because of the fiduciary relationship between himself and the seller 3. take and pass a test within 12 months of application 3. it is prominently displayed in the branch office where the salesperson works 1. the executor of an estate Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . 1. larry the developer 11:5-4.5 by failing to properly supervise as the branch office manager. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. After that, Tony would handle the mortgages of any buyers through his bank. 3. broker who is also licensed as a rental location agent 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: 3. supervising broker 3. the licenses of all salespersons working in the office 3. a person that is not licensed in another state 3. violated the fair housing act Broker Fowler should tell Owner Chaney: Ben and Jerry are communicating for the first time via instant messages. 4. must register with the real estate board, may allow unlicensed employees (on a regular salary) to sell the tracts, to obtain a VA real estate license, it is necessary to: 2. principal broker 1. establish standardized listing and sales contract agreements 3. the board will issue her active license to her principal broker 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 3. a rental location agent 2. the salesperson is entitled to a jury trial before any action can be taken 4. apply to have her license placed on inactive status, apply for reinstatement of her license and pay a fee, the real estate license of any person or firm may be revoked by which of the following entities? 3. a real estate developer that has been defrauded in a real estate transaction Which of the following entities could become involved in settling the matter? year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 100,000 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 2. a lender, to recover losses sustained due to a real estate agents misrepresentation The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. After investigation, the Board finds that the broker is innocent of any wrong doing. 3. upon the request from the salesperson to transfer to another broker 2. upon revocation of the brokers license 3. adjudicate disputes between licenses 2. yes, as long as the owner is aware of it 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 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. 3. return all customers cards to the employing broker But, Sally is innocent! 180 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 3. meet the current educational requirements and pay the renewal fee An unlicensed real estate assistant may do which of the following without a license? Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 100,000 1. move to VA within six months of licensure 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. 2. the salesperson and the new broker 2. maintain an escrow account at an insured depository in the state Which of the following statements is correct? 2. to protect the public interest 1. seller 3. operate profitably for at least one year A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. Regulatory Affairs: 919-719-9180. 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: 21 days 3. retake their prelicense education and pass a licensing exam Jack makes the required disclosures in the middle of his email, in bold lettering. 750,000 2. a salesperson who holds a business entity license Can be a corporation, partnership, etc. 2. local association of realtors 3. advise the board when their license is renewed 2. on for sale signs places on specific property 2. is attractive to many sellers since they dont need to get involved in the negotiation 1. it is mailed to the licensee for delivery to the employing broker 4. Which of the following persons could become licensed without taking an examination? 2. encourage higher education in real estate Patricia Plante, a licensed New Jersey real estate broker-salesperson, Somerset County - By Final Order of Determination dated July 31, 2014, the Commission administratively determined that Plante violated N.J.A.C. Test the following rules with several different sets of numbers. In this situation, which of the following statements is true? 1. no, because he acted in suzys best inerests 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 5 years, licensees must respond to board inquiries within: 2. a person acting as a trustee in bankruptcy 2. violates the VA real property act 3. a trustee, appointed by a court 20 every year The salesperson can pay this referral bonus to: D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? 3. gene must obtain a brokers license 1. that she is describing an open listing 3. A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. C. A claimant may collect up to $20,000 Most states administer the tests in two parts, and require that the candidate pass both. 12 Practice Questions. What is the first thing Lynch should do? Victoria BC V8W 9V1. 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. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 2. advise the licensee of the charges 120 hours The license will be automatically revoked 2. must complete 145 credit hours of courses approved by the board She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 4. all of the above, a real estate license could be suspended without investigation if the licensee: 1. creative marketing Ben and Jerry are communicating via instant messages. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? Which of the following actions by a licensee is a violation of When this happens, Vera plans to work with Broker Jane. 1. 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: $20,000 Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." Refer to the information presented on the exercise related to Wilson Towing Service. The property sells on December 20 and closing takes place on January 15. 1. the licensee has 4 years to repay the fund 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. 4. all of the above, a license may be suspended without benefit of a hearing: 2. Susan decides to sell her own house. 1. yes, because deposits are held to cover the cost of repairs 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 3. if the owner is a non resident of VA Board may reassess licensees: D. $100,000, A license may be suspended without benefit of a hearing: Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 4. part of a franchise firm, the VREB regulations require that complete records of real estate transactions: 1. a broker or a salesperson that has been drafted in a real estate transaction Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. The general part of the exam is broken into . D. any felony conviction 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 2. return his or her license to the board
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