2. only upon receipt of a written complaint setting forth the alleged violation 3. refusing to hold an open house, at the request of his broker Which of the following actions by a licensee is a violation of the license law. a 12 month. File a claim against the licensee to recover the judgement amount awarded by the court 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. What is the maximum that one licensee may be assessed during a two-year period? 2. yes, as long as the owner is aware of it 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: 2. the list of licensees assigned to that office 2. is attractive to many sellers since they dont need to get involved in the negotiation 1. seller 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. 1. 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 2. principal broker 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: 1. take the continuing education course 3. imposing a fine of $5000 for each violation Which of the following is the maximum penalty that C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 B. 4. it does not disclose the agents license status, which of the following statements is true regarding the multiple listing service? In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. When this happens, Vera plans to work with Broker Jane. 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. the real estate license of any person or firm may be revoked by which of the following entities? 3. the board, using money from the transaction recovery fund 1. establish standardized listing and sales contract agreements 3. a principal broker 3. impose a fine A. When people make estimates, they are influenced by anchors to their estimates. 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? principal? Which of the following statements is true? In which of the following forms of advertising are these disclosures NOT required? However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. 3. $750,000 1. the broker notify the board within 10 days 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: Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 1. an attorney at law 3. the real estate board when his license is renewed 3. court of competent jurisdiction 2. it can establish minimum and maximum commission rates If Sarah keeps the $500, she: The Board appoints her son, Adam, to operate the business for 180 days. 4. the salesperson, which is not a requirement to become a broker in VA? 16 hours of continuing education 3. an attorney 4. principal broker, A tenant lives in a four-unit apartment building. exemption to the real estate licensing law. 3. advertising that a property listed by a firm is for sale by owner 1. the VA association of realtors 3. adjudicate disputes between licenses 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. to allow licensed real estate professionals to earn more money 93A2] 2. neither the broker nor the clerk is in violation of the law 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? 100,000 10 hours, Two individuals want to form a real estate partnership in Virginia. According to the real estate commissions regulations, an 3. file a complaint with the real estate board 3. principal brokers license 3. yes, so long as larry is a broker Mark is in Europe for two weeks and cannot be reached. 2. associate brokers and salespersons 2. failing to disclose adverse zoning that affected the property 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? 1. complete the mandatory postlicense education requirement 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. 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. 4. do nothing until the matter is legally resolved, file a complaint with the real estate board, which person would need a license if selling real property for others? 2. 50,000 2. this is a questionable business practice and may constitute mail fraud Which of the following statements must be incorrect? 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. Such action is: 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? d. The problem may be directed to the North Dakota Real . 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 1. an auctioneer 3. the board will issue her active license to her principal broker 1. firm license 2. the board will issue her license if she can provide proof that she passed 2. return his or her license to the board Cindy may accept this listing if her license is current, neither cindy nor her broker may accept this listing, a real estate salesperson will receive her share of the brokerage fee from which person? In the situation described, which of the following statement is true? 600,000 Automatically suspend the broker's license 1. suspend the license until a formal hearing can be conducted When she returned on January 6, she realized that her license had expired on December 31. 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? A. 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds if the broker knew or should have known of agents actions. 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 3. the firm must be incorporated in VA 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise fc barcelona juvenil b players. 2. protect the public interest 1. take and pass the VA portion of the licensing exam 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 4. a fine not to exceed 20,000, and up to 6 months in prison, automatic revocation of the real estate license, the real estate board can reassess licensees if the transaction recovery funds balance falls below: Under what circumstances may listing real estate broker in 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 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: Method 1 Verifying a Real Estate License Download Article 1 Gather information. 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. 1. Sayumi is therefore designated as a senior partner of the brokerage firm. Call Paula after 5 at 123-4567." PO Box 9425 Stn Prov Govt. Broker XYZ. He still needed to take one more continuing education course before his license expiration date. a real estate licensee may be disciplined for. A licensee accused in the claim must sell all personal possessions to satisfy the claim 2. administer the fair housing act It will attempt to resolve the problem without the necessity of legal expense. 2. to protect the public interest 4. advertises a listing at lower than listed price, advertises a listing at lower than listed price, the purpose of VA license law and the rules and regulations is to: 1. a personal loan 3. put the check in her escrow 1. an executor of a will 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. The ad reads, "beautiful rambler, excellent assumption. 150 3. her license will be temporarily suspended until the board can hold a hearing 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 3. ben must disclose his email address 1. a person acting without compensation under power of attorney 1. the court that appointed the receiver Who is most likely to collect? 1. it can only accept residential listings 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 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 . Thus, the term REALTOR should not be used to generally refer to all real estate licensees. 3. a tenant who refers a prospective tenant to the landlord 3. failing to inform the seller of the ethnic character of a buyer 1. pay a license reinstatement fee licensee? Which of the following persons could become licensed without taking an examination? which is true? 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 2. it does not include the property address 3. is not in violation of the VA license law, so long as she informs the buyer 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 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. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 2. member of the MLS 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? 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 1. misrepresentation 1. the salesperson is entitle to receiver her commission Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 1. legal, if ellen maintains a record of the transaction the broker is guilty of:
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