4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 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. Ben and Jerry are communicating for the first time via instant messages. 2. 2. a govt employee selling land owned by the govt 2. an administrator who is required to sell a house in order to liquidate an estate 4. none of the above, a broker would not be in violation of VA license law if he: 4. do nothing, a person applying for a license by reciprocity must: 3. chairman of the board 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. 1. 1. send a copy of the charges to the salesperson at his last known business address 2. the friend must have a law degree 1. it does not include the owners name 15 days 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. 3. employed by another broker 1. she may act as a broker in VA by virtue of her valid out of state license 1. the branch office license The [Florida real estate] commission . Larry has: Exceeded the scope of his authority and violated real estate law. In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . After that, Tony would handle the mortgages of any buyers through his bank. The Board appoints her son, Adam, to operate the business for 180 days. 3. permissible, with the written permission the owner 1. engages in acts of brokerage wile on inactive status 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: judgement, The Provisions of the Real Estate Licensing and Registration Act 3. this is fine because the compensation is less than $1000 Has Larry violated the rules? Was this action permissible? Gene, an independent broker, lists a property. 1. firm license 1. misrepresentation 2. the salesperson and the new broker He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. yes, as long as the owner is aware of it 3. When she returns on July 5, Jane realizes that her real estate license expired on May 31. 2. if he gives his current broker 30 days notice 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? 1. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 3. a tenant, seeking to recover a security deposit from his landlord year, Soliciting listings in a multi-ethnic neighborhood, preparing a listing contract that leaves the duration 4. none of the above, a broker may place a sign on a property when he: 2. mary should apply for reinstatement of her license 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: 1. determining commission splits between all MLS brokers 2. a salaried property manager is employed to manage the apartment and lease individual units C. $600,000 2. approving the license exams 1. by having his license returned to the board a new license issued to the new broker 4 years 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. 3. associate brokers 800,000 2. misrepresentation 2. member of the MLS 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? 1. suspend the respondents license I am a. 3. the salesperson cannot be paid B. 3. keep records for a period of 10 years 2. endorse the check over to bob 3. B. Violates the Virginia Real Property Act Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. Which of the following statements is true? 1. a broker that is active in more than one brokerage firm 1. a personal loan unspecified. 2. a person acting as a trustee in bankruptcy For failure to pay an assessment to the TRF One lot is $10,000 and all others are in the $15,000 - $20,000 price range. 2. the partnership must have a separate license issued by the board Welcome to the North Carolina Real Estate Commission. 2. boren must put through $45 in an interest bearing escrow account 1. kerra filed suit against the local association of realtors 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 1. file a complaint with the local realtors association 4. all of the above, a real estate license is not required for a: Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. 3. all licenses must be renewed biennially in odd numbered years 1. take the license exam as a new applicant A. 1. the price is not mentioned 1. the developer may publish the ad as planned 2. 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? C. Only to revoke the license, as provided by Virginia law Disciplinary Action. 3. maintain an escrow account in VA 10,000 Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 1. yes, because the required disclosures must appear in the ad itself 50,000 A second group was asked to do this after thinking about an organic fruit salad. 2. gives a reduced commission rate to a family member $10,000 C. Automatically revoke the broker's license Why is this ad in violation of Board regulations? 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: 2. a salesperson who holds a business entity license What is this requirement? 4. 3. 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 1. immediately present the offer 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. Upon request, the court appoints a receiver to manage the account. 1. maintain an office in the state of VA Administrative Discipline: What are the Possible Sanctions? 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 Dealing honestly and fairly; 2. which of the following is true? 2. the renewal fee, plus $20 payment for the transaction recovery fund 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? 2. acting for both buyer and seller with their mutual consent 2. if the agents actions were outside the authority granted by the employing broker 2. 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 4. all of the above, a real estate license could be suspended without investigation if the licensee: 4. 2. the developer cannot publish the ad as planned 30 hours of post license education 2. advise the board within 30 days Under what circumstances may listing real estate broker in 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 3. standardization of the clauses contained in a listing agreement Evans told her that he would not return her license until the money had been repaid. 3. with written permission of each broker 1. must be carried at all times to establish that she is licensed 3. the licensee is required to disclose the name of his employing broker $400,000 16 hours within the first two years D. 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, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 3. court of competent jurisdiction 1. at least 40 hours per week 20 every two years B. 3. only if the salesperson is an employee of the broker, not an independent contractor 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 1. investigate the dealings of any real estate broker or salesperson May Cindy accept this rental listing? 2. director 2. a person receiving a gift certificate to sell a property 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? can conduct business under a fictitious name. 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: D. $900,000, The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? VA real estate board 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? Experts are tested by Chegg as specialists in their subject area. Refer to the information presented on the exercise related to Wilson Towing Service. 2. general listing 3. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. The Board now has the right to: In this situation, which of the following statements is true? 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 3. place that is managed by a senior salesperson 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: 3. impose a fine on any licensee Confidentiality; 4. 6 months 2. ben must disclose his firm name, city, and state 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. 3. C. Kerra claim cannot include interest in her damages 3. a salesperson that is also licensed as a rental location agent 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? person has to apply to the Real Estate Recovery Fund after final B. 3. may take new listings and find buyers for any listings on the books 1. a salesperson licensed in another state At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 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 . D. any felony conviction 2. encourage higher education in real estate service, license revocation and imprisonment of no more than one Jack makes the required disclosures in the middle of his email, in bold lettering. 3. selling a business for a relative 4. any of the above, a person seeking a real estate license in VA must be: This action would violate the Real Estate Board regulations unless: Which of the following statements is true? 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: VA real estate board 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 4. it is kept in the custody of the employing broker, it is kept in the custody of the employing broker, when a broker or salesperson license is renewed, the licensee must: 1. if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? Susan decides to sell her own house. 4. sign an affidavit that they understand the laws in the state of VA, take and pass the VA portion of the licensing exam, the real estate board is responsible for: 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. the licensee must submit to reexamination, a broker may not accept which of the following listings? . 1. 2. be at least 18 years old fc barcelona juvenil b players. Loyalty; 3. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." 2. an attorney at law 1. renting 1/2 a duplex for a friend 3. revocation of his license and a fine When representing a seller, which of the following is a TRUE In this situation, which of the following statements is true? To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . 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. 1 year 1. 1. nothing 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? In this situation, which of the following statements is true? C. The license will be automatically suspended 3. a claimant may collect up to 20,000 In CA, a real estate license must be renewed every. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. File a claim against the licensee to recover the judgement amount awarded by the court Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 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: attempting to change employing brokers more than three times in 1. a licensed salesperson, to recover money that his brokers owes California Real Estate Principles (Chapter 18), Chapter 16: California Real Estate License Law, Real Estate Principles - Chapter 17 (Real Est, Chapter 15: Property Management and the Landl, Chapter 17: Real Estate Residential Construct, Alexander Holmes, Barbara Illowsky, Susan Dean, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Neuro II - Exam 2 Ch. Ben suggests that he may be able to help. It will attempt to resolve the problem without the necessity of legal expense. Which circumstance might also put the employing broker at risk of disciplinary action? 1. an attorney at law 2. price that is shown in the listing agreement 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. Which of the following statements is true in this situation? 1. be a citizen of the US 1. seller B. 2. principal broker 2. a consumer that has been defrauded in a real estate transaction 1. take the continuing education course Ben and Jerry are communicating via instant messages. 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