In this situation, which of the following statements is true? 3. operate profitably for at least one year 1. kept for a period of 7 years 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. 2. enforcing the license law If Sarah keeps the $500, she: Disciplinary Action. 3. is illegal since it would allow the broker to take advantage of an uninformed seller 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 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 . 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing A public member shall have a high school diploma, or the equivalent, and shall have a minimum of five (5) years experience in a professional capacity, other than as a real estate licensee. 1. his license is null and void 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. put the check in her escrow 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? 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? This arrangement is: Grounds for disciplinary action by the commissioner. 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? 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: 4. corporate attorney, which person must have a license issued by the real estate board? 1. responsible for all escrow accounts 3. impose a fine on any licensee $471.8360%. The ad reads, "beautiful rambler, excellent assumption. under what circumstances would the agents employing broker be subject to disciplinary action by the board? 3. legal, if the insurance broker holds a salespersons license 1. cash the check if she deserves it 1. a person acting without compensation under power of attorney 3. advertising that a property listed by a firm is for sale by owner 2. waiving education or experience requirements Full disclosure; 6. 1. pay a license reinstatement fee Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 2. the VA real estate board 3. a person acting under a power of attorney without compensation 3. tony the mortgage banker 2. price that is shown in the listing agreement 2. 1. salesperson Under the circumstances, which of the following statements is true? 3. place that is managed by a senior salesperson 2. that she had no sales or listings during the preceding 12 months C. A real estate transaction d. The problem may be directed to the North Dakota Real . 2. associate brokers and salespersons 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 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. 3. apply for renewal of her license D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 3. it can refuse to accept open listings 2. a lender, to recover losses sustained due to a real estate agents misrepresentation They give Ellen $500 as compensation for all of her hard work. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice C. $600,000 3. refusing to hold an open house, at the request of his broker 15 days 1. give back all listings acquired while affiliated with the broker 2. no, because bill is larrys client 1. the principal broker 1. to facilitate supervision, it must be located within a reasonable distance from the main office commission rates charged by members of the MLS are established by: 1. commingling ben must disclose his firm name, city and state. 2. the manager of a branch real estate office 5 years, licensees must respond to board inquiries within: 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. The Real Estate Board could withhold issuance of a new license, forever 4. there is no agent at the location to anser questions, placed on private property without permission of the owner, A salesperson obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 1. be clearly separate from the living area 3. his license will expire 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 2. an attorney at law 1. the branch office license 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? 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 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. 2. the investor must hire a broker to manage the business 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? Question text 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 1. sells insurance from the real estate office where she is employed 2. boren must put through $45 in an interest bearing escrow account 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. Which of the following actions by a licensee is a violation of 3. rent apartments for a small fee 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? Which of the following statements is true? The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 1. the ad fails to include the property address A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 2. general listing Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 2. an administrator who is required to sell a house in order to liquidate an estate What should he do? Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years, The Real Estate Board could withhold issuance of a new license, forever, If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? 1. the price is not mentioned 4. all of the above, Robert the Broker wants to stay on top of technological trends. 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: Which of the following statements is NOT true? Automatically suspend the broker's license 1. engages in acts of brokerage wile on inactive status What is the maximum that one licensee may be assessed during a two-year period? 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 . Since the ad must be small, Robert makes no disclosures in the banner itself. 1. send a copy of the charges to the salesperson at his last known business address 3. a sheriff ordered by the court to sell a house at foreclosure 3. a rental location agent $10,000 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. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. have all earned commissions placed in an escrow account Mary didn't realize until January that her license had expired. In this situation, which of the following statements is true? 1. file a claim against to the licensee to recover the amount paid from the fund If necessary, the When this information leads to a sale, Berry pays her $100 for the tip. 3. kept indefinitely C. $20 every two years If approved, the Virginia Real Estate Board must do which of the following actions? 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 2. hold a bachelors degree in real estate 1. She goes to the address and finds that the listed property is actually a motor home. 1. a licensed salesperson, to recover money that his brokers owes 4. place where the broker maintains transactions and escrow records in a safe deposit box, place where real estate business is regularly transacted, when a salesperson transfers from one broker to another, it is the duty of the former broker to: Who is most likely to collect? 3. gene must obtain a brokers license 1. determining commission splits between all MLS brokers 3. the clerk must be licensed as a broker 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 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 . unspecified. 1. a trustee who is required to sell a house at foreclosure 2. is attractive to many sellers since they dont need to get involved in the negotiation $10,000 3. be actively licensed for the last 48 months in their home state A second group was asked to do this after thinking about an organic fruit salad. 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: 3. the licenses of all salespersons working in the office 24 months 2. bob may accept the bonus if more than 30 days have passed since closing 3. take and pass a test within 12 months of application 2. advise the licensee of the charges 3. the real estate board when his license is renewed A. 3. may only employ licensees to sell each tract 1. the licensee is exempt from both the federal and VA fair housing laws 3. they direct the public through a neighborhood more desirable than the subject property 1. an attorney who is licensed to practice law in VA 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 180 Before applying for the real estate license, all the formalities of education and experience must be cleared. 2. a consumer that has been defrauded in a real estate transaction Ann Agent. 2. must supervise all firm advertising 2. the VA association of realtors 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? 2. tell the buyer it will have to wait until monday 1. failing to get a clients written consent to advertise his property 4. all of the above, a real estate license is not required for a: 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. Which of the following disclosures must Ben make? The licensee named in the claim must post a bond in order to continue practicing real estate 1. it is mailed to the licensee for delivery to the employing broker 4.. all of the above, which person does not require a brokers license? Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 3. identify his place of business with an appropriate sign not cash, when the recipient of the payment is licensed broker in another 2. may accept the listing by virtue of her current wisconsin license 4. the brokers actions violate anti trust laws, such actions could be viewed as creative selling, which does not violate license law or board regulations, An owner lists property with a broker. 2. for failure to pay an assessment to the TRF within 10 days 2. post a bond 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 1. the owner and the tenant are exempt from the real estate license law 6 months 1. a court having jurisdiction over the brokers 3. a broker and the local association of realtors 3. it is prominently displayed in the branch office where the salesperson works 3. inducement Bob accepted the check since he worked hard and felt the bonus was deserved. All real estate licensees are subject to discipline by the REEB as well as litigation. 3. an appraiser Was this action permissible? C. Does not pay the Transaction Recovery Fund assessment 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. The Board appoints her son, Adam, to operate the business for 180 days. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 3. ask tom to return her license to the board and apply for a transfer 2. have a desk for every 5 agents An assessment from all licensees to restore the fund to the minimum balance 2. a person acting as a trustee in bankruptcy 3. the licensee is required to disclose the name of his employing broker 3. supervising broker D. Schedule a hearing to determine guilt or innocence, Automatically revoke the broker's license, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 3. the fee is acknowledged, in writing, by the parties to contract 1. legal, if ellen maintains a record of the transaction 3. a trustee, appointed by a court This type of agreement: 3. attend at least 3 seminars conducted by the board 1. 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: 2. 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks One group was asked to do this after thinking about a calorie-laden cheesecake. 400,000, In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? 1. mary is required to retake the license examination in order to reinstate her license Which of the following statements is correct? 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 This action would violate the Real Estate Board regulations unless: 1. is in violation of the VA license law D. $400,000, 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? 3 years 4. both 2 & 3, Jane has been out of town on personal business. 2. violation of anti trust laws 2. 3. automatically revoke the brokers license 1. creative marketing 3. listing broker 2. branch license 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 3. yes, because suzy must communicate directly with billy 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. 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. C. Kerra claim cannot include interest in her damages 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund In CA, a real estate license must be renewed every. 3. 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. 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 3. only if the salesperson is an employee of the broker, not an independent contractor Prohibited acts. 3. associate brokers 1. establish standardized listing and sales contract agreements 1. bob may keep the bonus since he has a brokers license 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. return all customers cards to the employing broker the Pennsylvania real estate Commission can impose on that Placement of directional signs is illegal if: Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. 1. raising the price on a contract in order to influence a lender 1. paying a finders fee to an unlicensed person 2. continue to use cards and stationary which state that he is a licensee 1. the executor of an estate Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 3. advise the board when their license is renewed One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 1. the claimant must have gone after any assets and property belonging to the debtor C. The license will be automatically suspended 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. 1. a written complaint 2. the fee is less than $100 3. the licensee must forfeit all commissions earned 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: $20,000 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: A. If necessary, the Board may reassess licensees: 2. she may operate in the role of a salesperson in VA If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund Not flaggedFlag question C. An evaluation of the Fund's investments in order to generate additional earnings