Susan decides to sell her own house. 4. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice Confidentiality; 4. 3. associate brokers 1. under no circumstance Since the ad must be small, Robert makes no disclosures in the banner itself. Fred thought Sarah did such a good job, he sent her a $500 bonus. 2. 1. complete an 18 credit hour course in the principles of real estate If approved, the Virginia Real Estate Board must do which of the following actions? 4. if the board is notified when his license is renewed, by having his license returned to the board and a new license issued to the new broker, which of the following non residents may obtain a VA real estate license? 3. apply for inactive status until the new broker has business cards printed 2. give additional info to callers about available listings C. nonpayment of federal income taxes 2. a consumer that has been defrauded in a real estate transaction C. Provide retirement income for brokers 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? Bill prefers to communicate with Larry via email. 3. to allow licensed real estate professionals to earn more money 3. administer the transaction recovery act Prohibited acts. 2. violates the VA real property act 1. 3. is not in violation of the VA license law, so long as she informs the buyer 3. affiliate with a broker and submit an application for licensure The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 50,000 3. 3. the respondent must file bankruptcy and sell all property 2. a person who will only work as a referral agent For failure to pay an assessment to the TRF within 10 days He now owns a small bakery in Tuscaloosa. 2. the VA real estate board 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? 2. 4. 3. a claimant may collect up to 20,000 Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. Her long-time friend, Sayumi, is not licensed as a real estate agent. . Which circumstance might also put the employing broker at risk of disciplinary action? Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press C. $100,000 3. the license will be automatically suspended The DRE grants licenses to Real Estate Brokers and Salespersons. 3. they direct the public through a neighborhood more desirable than the subject property 1. a resident of VA 1. no, because he acted in suzys best inerests 2. be furnished to the board upon request What can Sally do to force Evans to return the license to the Board? Broker Fowler should tell Owner Chaney: I am a. A. apply to, a. a trustee who participates in real estate transactions under 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 years State whether you think the rule is true. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: If Brenda wants to keep the money and NOT violate VA License Law, she could: 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? The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 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. both the tenant and owner are subject to board regulations 3. 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. 2. the license will be automatically revoked PO Box 9425 Stn Prov Govt. B. habitual intoxication or drug addiction 1. to make licensed real estate agents more professional Thus, the term REALTOR should not be used to generally refer to all real estate licensees. B. Violates the Virginia Real Property Act 1. a referral agent 1. a licensed salesperson, to recover money that his brokers owes 1. email 3. the firm must be incorporated in VA The respondent must assign all commissions and personal property to the claimant or the Board 2. this is proper as long as jan remains the senior partner 2. the broker must limit this incentive program to 30 days 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 3. listing broker 2. submit a credit report When she returned on January 6, she realized that her license had expired on December 31. 2. that she had no sales or listings during the preceding 12 months 3. only if the salesperson is an employee of the broker, not an independent contractor In order to receive payment, this claim must be in connection with: Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. Phone 123-4567"? 2. a person receiving a gift certificate to sell a property You'll need the following information to search for a real estate license. 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. Ben and Jerry are communicating for the first time via instant messages. 1. a broker that is active in more than one brokerage firm 1. a broker or a salesperson that has been defrauded in a real estate transaction 3. imposing a fine of $5000 for each violation A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. 4. location of property, Bill hires Larry to sell his home. 1. disclosures Accounting for all funds; 7. 2. the VA real estate board When people make estimates, they are influenced by anchors to their estimates. 1. his license is null and void 2. uniform commercial code 3. hold a hearing in order to allow the licensee to defend himself 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. seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum Victoria BC V8W 9V1. Mark is in Europe for two weeks and cannot be reached. . 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 1. place where real estate business is regularly transacted Rules and Laws Our license holders are governed by the Texas Real Estate License Act, the Inspector Act, and the Timeshare Act. 3. revocation of his license and a fine The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals fc barcelona juvenil b players. 3. principal brokers license The salesperson can pay this referral bonus to: 3. is not regulated by the board 3. the licensee must forfeit all commissions earned 3. the real estate board when his license is renewed who does not have a Pennsylvania real estate license? a real estate licensee may be disciplined for. 120 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? 3. the licenses of all salespersons working in the office 3. adjudicate disputes between licenses 4. 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: 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? 1. at any time $500,000 2. an attorney at law 2. return his or her license to the board 3. if he gives his current broker 30 days notice 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. 3. provide retirement income for brokers 1. the price is not mentioned the regulations specify that: 2. he can pay a fine to extend the renewal date Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. Obedience; 5. 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: 2. failing to identify the type of services offered in a general property description 2. acting for both buyer and seller with their mutual consent 1. yes, because the required disclosures must appear in the ad itself 1. was aware of the improper dealings performed by his salespersons 2. 4. illegal, unless properly disclosed, illegal, because ellen can only accept money from her broker, the real estate board has power to take all of the following actions, except: 30 hours of post license education Skill, care, and diligence in the transaction; 8. 1. a person who, for compensation, helps to sell his neighbors home 2. post a bond 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 1. attest to a prescribed level of competency Encourage higher education in real estate The email describes the real estate services Jack provides and encourages Mike to call for more details. 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? 2. 2. bob may accept the bonus if more than 30 days have passed since closing 3. identify his place of business with an appropriate sign 3. advertising that a property listed by a firm is for sale by owner 1. The ad reads, "beautiful rambler, excellent assumption. 2. gives a reduced commission rate to a family member Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 1.00 points out of 1.00 Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 3. an evaluation of the funds investments in order to generate additional earnings 1. it must be supervised by the principal or supervising broker 1. the owner and the tenant are exempt from the real estate license law licensee? 20 every year In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 2. director principal? 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 4.. all of the above, which person does not require a brokers license? Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 2. an auctioneer 2. the VA real estate board 3. upon the request from the salesperson to transfer to another broker transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. 1. make brokers and salespersons more professional Round answer to the nearest cent. 1. complies with the regulations which of the following must be incorrect? Deal direct w/ agent and save. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. Which of the following entities could become involved in settling the matter? which of the following is true? state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 2. no property location specified 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. 3. 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 3. the names and address of all salespersons must be sent to the real estate board 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. statement, when the referral fees paid to an unlicensed employee 1. if the broker knew or should have known of the agents actions 1. fraud 2. not exceed 500 square feet in size 3. legal, if ellen performed as agreed 3. legal, if the insurance broker holds a salespersons license 1. their licenses are not affected 4. all of the above, if a real estate company has more than one office in VA, that company must: 2. endorse the check over to bob D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 3. the salesperson cannot be paid 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: In this situation, which of the following statements is true? 1. a person acting without compensation under power of attorney 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. B. 2. impose a monetary penalty of up to $1,000 After that, Tony would handle the mortgages of any buyers through his bank. may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . 3. improper dealing 2. the owner, as long as he finds a ready, willing, and able buyer A. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? An assessment from all licensees to restore the fund to the minimum balance 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 4. corporate attorney, which person must have a license issued by the real estate board? 2. general listing 10 hours, Two individuals want to form a real estate partnership in Virginia. 2. administer the fair housing act What will happen to Craig's license if he doesn't complete the required courses before renewal? 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? This ad is in violation of the Virginia License Law because: A. 3. one of the partners may be unlicensed