Main: 919-875-3700. Go to the website www.studentaid.ed.gov and list at least five basic eligibility requirements to receive student aid. Question text C. Provide retirement income for brokers 1. must be carried at all times to establish that she is licensed 2. the tenant must establish an escrow account 3. people from hungary are moving into the neighborhood 3. attend at least 3 seminars conducted by the 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: 2. bob may accept the bonus if more than 30 days have passed since closing She goes to the address and finds that the listed property is actually a motor home. Reimburse financial losses caused by licensee misconduct B. Skill, care, and diligence in the transaction; 8. 3. may take new listings and find buyers for any listings on the books 3. chairman of the board 2. he can pay a fine to extend the renewal date 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 3.1.1 A public member shall not be, nor have been within the last five (5) years prior to the effective date of appointment, a real estate licensee. 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. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 1. mary is required to retake the license examination in order to reinstate her license 3 years The email describes the real estate services Jack provides and encourages Mike to call for more details. In order to receive payment, this claim must be in connection with: 1. a resident of VA 1. complete an 18 credit hour course in the principles of real estate Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. 1. kept for a period of 7 years Why is this ad in violation of Board regulations? Mary didn't realize until January that her license had expired. 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? 1. complete the mandatory postlicense education requirement 2. maintain an escrow account in VA 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 2. bait and switch Who is responsible for the expenses and fees of the court-appointed receiver? 1. 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 2. helping a friend sell his house for a 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. 2. 1. an executor of a will 1. should contact the local realtors association and obtain a temp license to sell property Full disclosure; 6. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 1. misrepresentation 2. may accept the listing by virtue of her current wisconsin license A. If necessary, the fc barcelona juvenil b players. Gene, an independent broker, lists a property. 1. suspending the persons license Grounds for discipline. 2. be a US citizen Which of the following persons could become licensed without taking an examination? 1. name of the listing salesperson 3. hold a hearing in order to allow the licensee to defend himself 2. must complete 145 credit hours of courses approved by the board When people make estimates, they are influenced by anchors to their estimates. seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum Upon request, the court appoints a receiver to manage the account. 3. imposing a fine of $5000 for each violation 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 . Seller anxious to move. A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 3. a person acting under a power of attorney without compensation 1. the person who is active on the brokerage side of the business must have a brokers license C. Tony, the mortgage banker 3. tony the mortgage banker 5 years, the supervising broker must post which records in a conspicuous place at the branch office? 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 1. his or her broker 4. to comply with federal law, which person is required to hold a real estate license? Broker XYZ. . the board takes disciplinary action against a licensed salesperson. Through reciprocity, what is true of a broker licensed in another state? 3. only with the approval of the principal broker 1. it does not include the owners name A. 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 court having jurisdiction over the brokers 3. there is no property address 1. associate broker 2. principal broker 2. give additional info to callers about available listings 2. by written contract between the owner and the principal broker 3. supervising broker 1. 2. yes, as long as the owner is aware of it 4. a license must be obtained from the real estate board for partnership, both partners must have a brokers license, if any licensee changes his principal place of residence, he must notify: 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 4. 2. suspend or revoke any license issued by the board 4. either 1 or 3, When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? 2. send a copy of the charges to the salespersons broker at the brokers place of business 2. that she has an unrealistic opinion on the value of the property 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? A. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 1. paying a finders fee to an unlicensed person 1. an owner who sells no more than three of her own houses in a year 1. maintain an office in VA 2. Divide. 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. D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 1. nothing 2. an assessment from active licensees to restore the fund to the minimum balance 1. the price is not mentioned 21 days 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 2. illegal, because ellen can only accept money from her broker c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. 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. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 2. may allow unlicensed employees (on a regular salary) to sell the tracts When she returns on July 5, Jane realizes that her real estate license expired on May 31. 3. is not regulated by the board 1. no, because he acted in suzys best inerests Which of the following disclosures is Ben most likely required to make? 3. name of the brokers firm 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. 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 1. failing to get a clients written consent to advertise his property 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? 2. independent contractors, negotiating leases on behalf of another for a fee Ben and Jerry are communicating via instant messages. 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 4. 2. an attorney at law 1. send the salespersons license to the new broker 2. a person who will only work as a referral agent 2. tell the buyer it will have to wait until monday Which of the following actions by a licensee is a violation of 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 licensee accused in the claim must sell all personal possessions to satisfy the claim 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? 3. the director of the dept of professional and occupational regulation (DPOR) the regulations specify that: 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. 1. at least 40 hours per week unspecified. 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. D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 3. encouraging a homeowner to sell since minorities are moving into the neighborhood Round answer to the nearest cent. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. renting 1/2 a duplex for a friend 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 1. a salesperson licensed in another state 3. she does not need a real estate to sell her own house Can be a corporation, partnership, etc. 30 hours of post license education 1. 2. kerra has obtained a judgement in court 3. fine not to exceed 50,000 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. The property sells on December 20 and closing takes place on January 15. 16 hours of continuing education 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 60 hours May Cindy accept this rental listing? 3. 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? 2. violation of anti trust laws Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. B. 1. the claimant must have gone after any assets and property belonging to the debtor B. Kerra has obtained a judgement in court 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 3. the names and address of all salespersons must be sent to the real estate board 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 1. 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 3. identify his place of business with an appropriate sign What can Sally do to force Evans to return the license to the Board? 1. the licensee named in the claim must post a bond in order to continue practicing real estate In this situation, which of the following statements is true? 2 years What is the maximum that one licensee may be assessed during a two-year period? A. statement regarding the duties a licensee owes to the Three times a year, the DRE offers an open forum meeting to members of the industry. 3. a college grad Obedience; 5. 2. it can establish minimum and maximum commission rates C. nonpayment of federal income taxes 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. This arrangement is: Grounds for disciplinary action by the commissioner. Welcome to the North Carolina Real Estate Commission. 2. impose a monetary penalty of up to $1,000 1. 2. the VA real estate board 3. only if the salesperson is an employee of the broker, not an independent contractor 3. she may handle up to 6 transactions (listing or sales) in VA Pennsylvania split a Commission or pay a referral fee to a person 3. advertising that a property listed by a firm is for sale by owner 1. take and pass the VA portion of the licensing exam File a claim against to the licensee to recover the amount paid from the Fund 1. raising the price on a contract in order to influence a lender Prohibited acts. transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. PO Box 9425 Stn Prov Govt. 16 hours within the first two years A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. 0.00 points out of 1.00 The principal broker has all of the following duties, except: 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 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. After investigation, the Board finds that the broker is innocent of any wrong doing. 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. exemption to the real estate licensing law. The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. The Board now has the right to: Since the ad must be small, Robert makes no disclosures in the banner itself. 2. the salesperson and the new broker 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: 15,000 Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into C. $750,000 Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 3. ask tom to return her license to the board and apply for a transfer 3. the licenses of all salespersons working in the office 1. 1. automatic suspension of the real estate license If approved, the Virginia Real Estate Board must do which of the following actions? 1. levy fines In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 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? 3. a person that is not licensed in another state 40-25(b)(17)). 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim Under these circumstances, Carla: 2. with written permission of the VA real estate board 3. sayumi can be a senior partner, but she cannot be the principal broker 1. to make licensed real estate agents more professional 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. 3. publish a list of persons that have been granted licenses Vera should: 1. in VA, anyone who sells real property must have a real estate license 1. The Real Estate Board could withhold issuance of a new license, forever The salesperson can pay this referral bonus to: Ben suggests that he may be able to help. 3. Under the circumstances, which of the following statements is true? 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 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: 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. 4. none of the above, a broker would not be in violation of VA license law if he: 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. Deal direct w/ agent and save. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 4. all of the above, Robert the Broker wants to stay on top of technological trends. 3. one of the partners may be unlicensed 1. the friend must be licensed as a broker 1. 3. any broker A. Kerra filed suit against the local Association of Realtors 3. a salesperson that is also licensed as a rental location agent 2. have a desk for every 5 agents This ad is in violation of the Real Estate Board Regulations because: 2. 3. a court of law having jurisdiction over the brokers 2. an administrator who is required to sell a house in order to liquidate an estate 2. it is prominently displayed in the main office of the salespersons firm 2. the VA real estate board One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 4. none of the above, a broker may place a sign on a property when he: 1. she must retake the exam 2. this is proper as long as jan remains the senior partner 1. the owner and the tenant are exempt from the real estate license law 50,000 Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 2. post office box . He agrees to maintain the building if he can receive a reduced rental fee. 1. failing to disclose to buyers that were termites in the property B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 2. listing salesperson 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? 1. kerra filed suit against the local association of realtors 3. the code of ethics for real estate professionals 2. their licenses will also be suspended 4. 20 every two years Undisclosed dual agency is illegal. near schools, shops, and trains. This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. payment received, license revocation and in order to perform community He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 1. it must be supervised by the principal or supervising broker VA association of realtors 3. it does not include a statement that the owner is licensed 1. be retained by the principal broker indefinitely Ben is a licensee and Jerry is interested in locating property in Ben's area. Thus, the term REALTOR should not be used to generally refer to all real estate licensees. Refer to the information presented on the exercise related to Wilson Towing Service. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 3. her employing broker 20,000 Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. 2. instant messaging What should he do? 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 1. file an annual report with the board which details the activities of each location 1. that she is describing an open listing A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. $471.8360%\$471.83 \div 60\% 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 . 3. enable licensed real estate professionals to earn more money 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 3. put the check in her escrow A second group was asked to do this after thinking about an organic fruit salad. 20 every year Mark is guilty of: 3. place that is managed by a senior salesperson 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. The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 2. maintain an escrow account at an insured depository in the state Victoria BC V8W 9V1. 3. her license will be temporarily suspended until the board can hold a hearing 2. a person receiving a gift certificate to sell a property 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 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 1. was aware of the improper dealings performed by his salespersons What is the first thing Lynch should do? 1. must have a brokers license 100,000 A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. Which entity would NOT involve itself in resolving the matter?