13830176d2d515a9785127a74 a real estate licensee may be disciplined for

$800,000 1. firm license 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. 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? Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 1. an executor of a will Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. 1. if a written complaint contains prima facie evidence that a violation has occurred 3. identify his place of business with an appropriate sign Most states administer the tests in two parts, and require that the candidate pass both. 2. maintain an escrow account at an insured depository in the state 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. Seller anxious to move. Seller anxious to move. 3. filed a claim against the salespersons broker B. 0.00 points out of 1.00 1. the licensee has 4 years to repay the fund In this situation, which of the following statements is true? seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum 2. must supervise all firm advertising $20,000 One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. Calculate the net sales revenue for the month. 2. price that is shown in the listing agreement 3. tony the mortgage banker 4. none of the above, a broker would not be in violation of VA license law if he: Round answer to the nearest cent. 1. under no circumstance 1. apply for active status within 3 years 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? 1. send a license to the employing broker by certified mail Call Chris at 555-0000 for details." 2. the license will be automatically revoked A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 3. write a thank you note to kirks 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: the license law. A. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 1. investigate the dealings of any real estate broker or salesperson 1. suspension of his license and a fine 1. renting 1/2 a duplex for a friend Harry sells three houses, then runs off with all the funds. C. A real estate transaction A. 1. this is permitted since it is only done occasionally 1. attorney general of the commonwealth of VA 3. a real estate developer that has been defrauded in a real estate transaction 2. 2. the fee is less than $100 3. listing broker If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 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: Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 3. return all customers cards to the employing broker The agent orders the home inspection from a friend, who then pays him a referral fee. 2. bait and switch 2. a consumer that has been defrauded in a real estate transaction Under what circumstances may listing real estate broker in 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 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: 1. maintain an office in VA Which of the following entities could become involved in settling the matter? 3. it must be supervised by an on premises principal or associate broker 1. the price is not mentioned 3. both the tenant and owner are subject to board regulations 1. She goes to the address and finds that the listed property is actually a motor home. VA association of realtors A. C. $50,000 4. all of the above, a license may be suspended without benefit of a hearing: B. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 2. ben must disclose his firm name, city, and state 1. the ad fails to include the property address D. Under no circumstances, For failure to pay an assessment to the TRF, New licensee applicants are required to pay into the Transaction Recovery Fund. On November 9th, 2022, the Department of Real Estate issued an Order revoking real estate salesperson's license number SA692185000 issued to Nelida Oveida Rios. 3. In this situation, which of the following statements is true? 1. get her license from tom and take it to jane conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. What must she do? 2. is ready to advertise the property 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? Credit card sales (2% credit card fee)$250,000. 2. illegal 40 In terms of law, real is in relation to land property and is different from personal property while estate means the . 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. the board will issue her active license to her principal broker 4.. all of the above, which person does not require a brokers license? 1. 1. trustee acting under a court order After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: 2. acting for both buyer and seller with their mutual consent If Brenda wants to keep the money and NOT violate VA License Law, she could: 2. by written contract between the owner and the principal broker 2. with written permission of the VA real estate board What is the first thing Lynch should do? 1. creative marketing 1. responsible for all escrow accounts B. Prohibited acts. Mary didn't realize until January that her license had expired. 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 1. email 3. a property manager who leases property for the owner in the course of his employement 1. if the broker knew or should have known of the agents actions 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? DUAL AGENCY - A real estate licensee who represents both the seller and buyer in the same transaction is a disclosed dual agent with written informed consent of both the buyer and the seller (see below). Accounting for all funds; 7. 2. no property location specified Has Robert violated the rules? 2. an investment in a limited real estate partnership 1. complete the mandatory postlicense education requirement 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: Confidentiality; 4. Automatically suspend the broker's license 3. the fee is acknowledged, in writing, by the parties to contract 1. reapply for her new license as a new applicant Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 1. acceptable, if no one is defrauded 1. investigate the actions of any real estate broker or salesperson 2. the board may order criminal penalties The business will be operated as a sole proprietorship. Which of the following persons could become licensed without taking an examination? 100,000 Bob accepted the check since he worked hard and felt the bonus was deserved. If necessary, the Board may reassess licensees: Evaluate the indicated limits if they exist. 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 3. acceptable, if the compensation is less than $500 4. failing to advise a buyer of an offer, in the case of a buyers agent, failing to inform the seller of the ethnic character of a buyer, If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: 2. misrepresentation 1. must be 18 years old 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 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? 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. 3. the licensee must forfeit all commissions earned 4. accepting a referral fee from an out of state broker, through his employing broker, paying a finders fee to an unlicensed person, a broker placed one of her signs on property without permission from the owner. 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. 3. advertising that a property listed by a firm is for sale by owner When representing a seller, which of the following is a TRUE You'll need the following information to search for a real estate license. 3. a college grad 2. a salesperson who holds a business entity license a 12 month. 3. the license will be automatically suspended unspecified. 1. misrepresentation 1. 3. ben must disclose his email address 1. she must retake the exam 3. revoke the salespersons license pending a hearing Why is this ad in violation of Board regulations? 45 hours 1. take listings over the phone D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: 1. an investigation will be conducted unless the law specifically provides otherwise 4. all of the above, a real estate license could be suspended without investigation if the licensee: 2. endorse the check and give it to his employing broker A. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 1. a trustee who is required to sell a house at foreclosure 2. send the salespersons license to the real estate board 1. the inspector is licensed in VA 12 Practice Questions. relocation service of a Corporation, when payment is in the form of entertainment goods services and 3. put the check in her escrow 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? C. Automatically revoke the broker's license 4. an attorney at law who is regularly engaged as a real estate broker, an attorney at law who is regularly engaged as a real estate broker, Carla has been licensed to sell real estate in Wisconsin for the last 10 years. Test the following rules with several different sets of numbers. 8:30am - 5:00pm (Mon-Fri) 3. publish a list of persons that have been granted licenses 2. for failure to pay an assessment to the TRF within 10 days 2. to protect the public interest 1. member of the MLS Call Paula after 5 at 123-4567." 2. boren must put through $45 in an interest bearing escrow account 3. 3. ask tom to return her license to the board and apply for a transfer B) Sylvia, a registered voter, whose uncle Doug is the most successful real estate broker in Evergreen. 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? 696.301. 6 months 3. must have been active as a salesperson for 3 years 1. A second group was asked to do this after thinking about an organic fruit salad. May Cindy accept this rental listing? 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. attorney general of the commonwealth 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: ben must disclose his firm name, city and state. near schools, shops, and trains. 1. reimburse financial losses caused by licensee misconduct 3. if he gives his current broker 30 days notice 3. only to revoke the license, as provided by VA law The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 3. apply for renewal of her license B. habitual intoxication or drug addiction 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 Allison is guilty of: 4. the seller must be informed of any such payment, prior to signing the listing agreement, in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: 3. B. 4. the friend need not be licensed, only if he or she does not get paid, the friend need not be licensed, only if he or she does not get paid, which person is most likely required to have an active real estate license? person has to apply to the Real Estate Recovery Fund after final 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 30 hours of post license education 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. He agrees to maintain the building if he can receive a reduced rental fee. 2. failing to identify the type of services offered in a general property description Dealing honestly and fairly; 2. 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? 3. 3. the old broker D. The respondent must submit to interrogatories by claimant, The claimant must have gone after any assets and property belonging to the debtor, When a claim is paid from the Transaction Recovery fund, which of the following statements is true? Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 3. yes, because the ad appears on another commercial site 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 1. at least 40 hours per week 3. keep records for a period of 10 years 2. impose a monetary penalty of up to $1,000 43-40-1(2)(B)). 1. employs a resident broker to represent her 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: An investment in a limited real estate partnership 1. engages in acts of brokerage wile on inactive status 1. the renewal fee 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. Deal direct w/ agent and save. 1. attest to a prescribed level of competency A. Kerra filed suit against the local Association of Realtors licensee? The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 2. reimburse aggrieved persons 1. determining commission splits between all MLS brokers A Real Estate Commissioner candidate must have a min of five years real estate experience within the last WHAT year to be appointed by the Governor. Since the ad must be small, Robert makes no disclosures in the banner itself. 2. suspend or revoke any license issued by the real estate board 4. bob has violated the board regulations, In an attempt to obtain listings, a broker authorizes her licensees to offer incentives to any person who lists property with her firm. 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. .3. the ad makes false or misleading statements If approved, the Virginia Real Estate Board must do which of the following actions? 1. make brokers and salespersons more professional 100,000 2. apply for reinstatement of her license and pay a fee 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 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? 3. Under these circumstances, Carla: 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 1. levy fines 1. regulating brokerage fees 2. D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to: Was this action permissible? 2. protect the public interest 2. this is proper as long as jan remains the senior partner A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. 2. revoking the persons license what should the salesperson do? When representing a seller, which of the following is a TRUE 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: According to the real estate commissions regulations, an 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. 3. employed by another broker He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. independent contractors, negotiating leases on behalf of another for a fee 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 120 hours 1. the old broker and the new broker hold joint responsibility 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: 1. a person acting without compensation under power of attorney You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). Why is this ad in violation of Board regulations? 3. there is no property address 2. an assessment from active licensees to restore the fund to the minimum balance 3. with written permission of each broker 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. Who is most likely to collect? A. When she returned on January 6, she realized that her license had expired on December 31. Vera should: 3. yes, so long as larry is a broker 1. 2. be at least 18 years old 20 in a two year period 3. if the owner is a non resident of VA 2. the broker, as a necessary expense to establish her innocence 3. a claimant may collect up to 20,000 B. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 1. your brokerage firm will accept a lower commission rate 4. under no circumstances, for failure to pay an assessment to the TRF, the purpose of the transaction recovery fund is to: 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 . 750,000 If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 2. 3. all licenses must be renewed biennially in odd numbered years 2. placed on private property without permission of the owner 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 individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 2. If Sarah keeps the $500, she: 1. the licensee named in the claim must post a bond in order to continue practicing real estate 2. the salesperson and the new broker 3. the renewal fee, plus proof of membership in the association of realtors 3. that she is acting as a referral agent only, and is not active in selling and listing 1. the developer may publish the ad as planned 2. at least 21 years 3. charges more than the legal maximum commission rate 4. 1. yes, because deposits are held to cover the cost of repairs Complete instructions on filing a Notice of Appeal are available on the Financial Services Tribunal's website at www.fst.gov.bc.ca or by calling (250)387-3464. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 2. a salesperson with 5 years experience may run the office 3. legal, if ellen performed as agreed To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. 2. darrell the contractor 16 hours within the first two years The claimant must have gone after any assets and property belonging to the debtor 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. Which of the following statements is correct? 20 every two years 3. a tenant, seeking to recover a security deposit from his landlord 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. 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 what must be included in this property advertisement?

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