Under what circumstances may listing real estate broker in A licensee has been found to have committed acts prohibited by When she returned on January 6, she realized that her license had expired on December 31. To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. 3. the names and address of all salespersons must be sent to the real estate board another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 2. uniform commercial code The salesperson can pay this referral bonus to: Which of the following statements is correct? Box 1339 Jefferson City, MO 65102-1339 573.751.2628 Telephone 573.751.2777 Fax . 2. mail a license to the broker named on the license application 2. director Reimburse financial losses caused by licensee misconduct A. Most states administer the tests in two parts, and require that the candidate pass both. 1. attest to a prescribed level of competency 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. 2. protect the public interest 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. what must be included in this property advertisement? 1. 3. 1. a referral agent 1. kerra filed suit against the local association of realtors 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. A. Larry, the developer 2. A. 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. 1. the owner and the tenant are exempt from the real estate license law 1. yes, because the required disclosures must appear in the ad itself 1. the licensee has 4 years to repay the fund Mark is guilty of: She goes to the address and finds that the listed property is actually a motor home. Was this action permissible? C. He may apply for a new license within 30 days 4. enforce the code of ethics, licensees with an inactive license must: D. $100,000, A license may be suspended without benefit of a hearing: 2. reimburse aggrieved persons 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 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 2. hold a bachelors degree in real estate A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 2. be at least 18 years old in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? d. The problem may be directed to the North Dakota Real . 2. failing to disclose adverse zoning that affected the property 2. their licenses will also be suspended A licensee accused in the claim must sell all personal possessions to satisfy the claim 2. pay a $200 fee and reapply for the license A. Kerra filed suit against the local Association of Realtors 2. a govt employee selling land owned by the govt 3. a college grad 1 year Which entity would NOT involve itself in resolving the matter? The mission of the California Department of Real Estate is to safeguard and promote the public interests in real estate matters through licensure, regulation, education and enforcement. 10 hours, Two individuals want to form a real estate partnership in Virginia. 1. acceptable, if no one is defrauded B. 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 . Grounds for discipline. 1. the claimant must have gone after any assets and property belonging to the debtor Prohibited acts. 1. in ratio and tv ads 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. 120 hours unspecified. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 3. she may handle up to 6 transactions (listing or sales) in VA 43-40-1(2)(B)). 3. ben must disclose his email address C) Terry, 43, who worked as a real estate licensee until he was 28. 3.. employ at least one salesperson or associate broker that is also a resident of VA 2. a fine only 3. court of competent jurisdiction He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). Not flaggedFlag question A. 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. A. 1. failing to disclose to buyers that were termites in the property near schools, shops, and trains. 1. levy fines 800,000 50,000 3. only if the salesperson is an employee of the broker, not an independent contractor 3. an appraiser 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? 2. A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 2. the ad fails to disclose that the owner is a licensee 93A2] 1. a resident of VA B. Violates the Virginia Real Property Act 2. revoking the persons license 4. the ad does not include the price, the ad fails to disclose that the owner is a licensee, if used to advertise property, which type of communication could trigger disclosure requirements by a licensee? Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 4. all of the above, offer to sell, purchase, or exchange real estate o behalf of another for a fee, the principal broker must keep all of the following at the main firm office, except: 3. the board, using money from the transaction recovery fund 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. 1. that she is describing an open listing 4. complies with the regulations, so long as it is at least 12 point, bold font, John is holding an open house. 2. submit a credit report 1. their licenses are not affected 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: 1. a court of competent jurisdiction 210, mart fields just found out that he passed the VA real estate sales exam. 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. hold the license until the salesperson has paid any outstanding bills, send the salespersons license to the real estate board, the VA real estate board is empowered to: Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his sale closes, signs Mark's name to an addendum extending the closing. 2. an investment in a limited real estate partnership 3 years 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: Susan decides to sell her own house. 2. the friend must have a law degree Automatically fine the licensee for $1,000, then schedule a hearing 3. an evaluation of the funds investments in order to generate additional earnings 1. a salesperson licensed in another state Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 4. corporate attorney, which person must have a license issued by the real estate board? 21 days 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. 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 2. the tenant must establish an escrow account 10,000 For failure to pay an assessment to the TRF within 10 days 3. the office must have a separate license 3. 1. a member of the national association of realtors 1. 3. his license will expire apply to, a. a trustee who participates in real estate transactions under 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 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? 1. member of the MLS can conduct business under a fictitious name. 1. the broker notify the board within 10 days 3. only to revoke the license, as provided by VA law this person: B. 2. should have known about the improper dealings performed by his salespersons 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. 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 1. the VA association of realtors A. inability to obtain automobile liability insurance 4. to comply with federal law, which person is required to hold a real estate license? C. Tony, the mortgage banker When this happens, Vera plans to work with Broker Jane. 2. 4. enforcing the VA homestead act, if a broker operates the firm from an office in his home, it must: 3. fine not to exceed 50,000 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. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 2. violation of anti trust laws 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? Why is this ad in violation of Board regulations? 4. 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 4. larceny, the board may investigate a complaint based on: D. $30 in a two year period, Harry is a broker. 1. the court that appointed the receiver 3. it can refuse to accept open listings 4. During this period, Adam: At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 C. A claimant may collect up to $20,000 1. in VA, anyone who sells real property must have a real estate license 2. Round answer to the nearest cent. A. VA association of realtors service, license revocation and imprisonment of no more than one Larry has: Exceeded the scope of his authority and violated real estate law. .3. the ad makes false or misleading statements