4. salespersons broker, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. 2. advise the licensee of the charges 1. renting 1/2 a duplex for a friend 4. both 2 & 3, Jane has been out of town on personal business. 1. your brokerage firm will accept a lower commission rate Mark is guilty of: 4. none of the above, A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. 3. the salesperson cannot be paid 3. if he gives his current broker 30 days notice Reimburse financial losses caused by licensee misconduct Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: Susan, also an independent broker, sells the property. Deal direct w/agent and save. which of the following must be incorrect? 2. bait and switch Grounds for discipline. 1. legal, as long as the fees paid are less than $100 $400,000 2. meet the current educational requirements 3. take the continuing education course and apply to reinstate his license real estate commission for which of the following reasons? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 3. inducement 1. associate broker 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. move to VA within six months of licensure 2. a salesperson with 5 years experience may run the office 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: 3. the real estate board Which of the following entities could become involved in settling the matter? 1. raising the price on a contract in order to influence a lender 50,000 One group was asked to do this after thinking about a calorie-laden cheesecake. 1. an attorney at law Disciplinary Action. 3. impose a fine on any licensee 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 3. the business can only be organized as a corporation 2. the VA real estate board 4. B. 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 2. encourage higher education in real estate seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum $10,000 Broker Fowler should tell Owner Chaney: 2. independent contractors, negotiating leases on behalf of another for a fee the license law. 100,000 3. 1. a referral agent 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. 40-25(b)(17)). 4. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 1. at any time state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition service, license revocation and imprisonment of no more than one 2. general listing 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 3. both the tenant and owner are subject to board regulations 3. affiliate with a broker and submit an application for licensure 2. by written contract between the owner and the principal broker 2. a rental location agent that is also licensed as a broker 1. a licensed salesperson, to recover money that his brokers owes 3. charges more than the legal maximum commission rate She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 2. Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. B. habitual intoxication or drug addiction 1. the colors on the sign are different than the firms logo colors 20 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 2. the developer cannot publish the ad as planned Credit card sales (2% credit card fee)$250,000. 3. people from hungary are moving into the neighborhood 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. Which of the following statements is correct? 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? C) Terry, 43, who worked as a real estate licensee until he was 28. 1. an executor of a will 4. all of the above, the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund, Harry is a broker. 1. a broker or a salesperson that has been drafted in a real estate transaction 15,000 If necessary, the 2. sue evans in the local court 3. 2. a person receiving a gift certificate to sell a property 1. failing to disclose to buyers that were termites in the property 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. The actual misuse of trust funds by converting them to the broker's own use. 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? 3. the respondent must file bankruptcy and sell all property A personal loan 5 years, the supervising broker must post which records in a conspicuous place at the branch office? The licensee named in the claim must post a bond in order to continue practicing real estate But, Sally is innocent! B. $20 in a two year period b) A real estate broker's reliance on information by a multiple listing service is acceptable as a reasonable defense for the broker's failure to obey a licensing law. 3. 3. 10,000 4. the listing broker, brokers must retain records of real estate transactions for at least: C. A real estate transaction 2. automatic revocation of the real estate license 3. an evaluation of the funds investments in order to generate additional earnings 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? 2. file a claim against the salesperson in a court of competent jurisdiction 1. Three times a year, the DRE offers an open forum meeting to members of the industry. B. 4. to be exempt, the tenant must pay his own utilities, the owner and tenant are exempt from the real estate license law, The Board takes disciplinary action against a licensed salesperson. near schools, shops and trains. 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 A. a licensee's obligation of confidentiality ends at the 3. has a written listing agreement 0.00 points out of 1.00 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. The claimant must have gone after any assets and property belonging to the debtor 3. any broker 30 hours of post license education 3. her license will be temporarily suspended until the board can hold a hearing 20 every year real estate commission for which of the following reasons? 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: 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 2. at least 21 years 3. the office must have a separate license New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions Gene, an independent broker, lists a property. The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 2. the salesperson and the new broker 1. with a written consent from the owner only 4. apply to have her license placed on inactive status, apply for reinstatement of her license and pay a fee, the real estate license of any person or firm may be revoked by which of the following entities? 2. boren must put through $45 in an interest bearing escrow account 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: 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. Such action is: When people make estimates, they are influenced by anchors to their estimates. 3. person selling industrial real estate full time 4. the board, using money from its operating budget, the board, using money from its operating budget, A postal employee has a friend, Berry, who is a real estate salesperson. Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 2. send a copy of the charges to the salespersons broker at the brokers place of business c. The local Real Estate Board might be approached. C. nonpayment of federal income taxes 1. open listing 45 hours 1. their licenses are not affected Has Larry violated the rules? B. Darrell, the contractor 20 every two years 3. an office cannot operate on a residential property 2 years 8 hours within the first year 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: Under what circumstances may listing real estate broker in Undisclosed dual agency is illegal. 1. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 1. a court of competent jurisdiction 3. violated the fair housing act 1. take the continuing education course 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? 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. 1. 6 licensees and 1 consumer Automatically suspend the broker's license 2. illegal 4 years 3. they direct the public through a neighborhood more desirable than the subject property He now owns a small bakery in Tuscaloosa. 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. A licensee accused in the claim must sell all personal possessions to satisfy the claim $471.8360%. 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. enforcing the license law 2. 2. for failure to pay an assessment to the TRF within 10 days 4. none of the above, a real estate licensee is required in order to: The California Real Estate Law provides, in pertinent part (at section 10131 of the California Business and Professions Code), that a "real estate broker" license is required for "a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or 15 days The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 3. acceptable, if the compensation is less than $500 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 1. president of the corporation 1. at least 40 hours per week The agent orders the home inspection from a friend, who then pays him a referral fee. 2. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 2. uniform commercial code 600,000 696.301. 4. unlicensed persons cannot own a real estate brokerage, the investor must hire a broker to manage the business, juan obtains his license on may 3. how much continuing education must juan complete? 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 C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 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? if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 1. in ratio and tv ads A. 1. by having his license returned to the board a new license issued to the new broker 4. none of the above, a broker would not be in violation of VA license law if he: 4. both 1 & 3, a salesperson wishes to transfer from one broker to another. 2. this is proper as long as jan remains the senior partner 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 3. susan is guilty of accepting money from someone other than her employing broker 2. 2. a broker licensed in another state 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 3. put the check in her escrow A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. not cash, when the recipient of the payment is licensed broker in another Phone 123-4567"? 3. one of the partners may be unlicensed 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: 1. administrators, selling property under court order and for a fee Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. $20,000 Fiduciary duties are owed to both buyer and seller. Was this action permissible? 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 . 1. creative marketing Find, (A) limxf(x)\lim\limits_{x\rightarrow\infty}f(x)\qquadxlimf(x)(B) limxf(x)\lim\limits_{x\rightarrow-\infty}f(x)\qquadxlimf(x) (C ) limx2f(x)\lim\limits_{x\rightarrow2}f(x)x2limf(x), Production opportunities; time preferences for consumption; risk; inflation. 1. establish standardized listing and sales contract agreements 3. with written permission of each broker 3. the broker notify the board within 30 days 4. In order for Kathy to collect, she must have already: Not flaggedFlag question 3. retake their prelicense education and pass a licensing exam C. The respondent must file bankruptcy and sell all property 1. 20,000 3. administer the transaction recovery act 1. should contact the local realtors association and obtain a temp license to sell property After that, Tony would handle the mortgages of any buyers through his bank. 2. post a bond 50 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: Board may reassess licensees: 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? 4. all of the above, a license may be suspended without benefit of a hearing: Which of the following statements must be incorrect? 1. inform his employing broker The Board now has the right to: if the broker knew or should have known of agents actions. 2. bob may accept the bonus if more than 30 days have passed since closing 2. if the agents actions were outside the authority granted by the employing broker B. A. B. Neither Cindy nor her broker may accept this listing What is the maximum that one licensee may be assessed during a two-year period? 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. 1. the licensee has 4 years to repay the fund 3. maintain an escrow account in VA 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 3. in newspaper ads consisting of more than 28 lines of copy D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 3. 2. legal, if disclosed im writing to all parties 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: 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. 2. the broker, as a necessary expense to establish her innocence attempting to change employing brokers more than three times in In CA, a real estate license must be renewed every. 2. 3. imposing a fine of $5000 for each violation What must the licensee do if she wants to remain licensed? 4. all of the above, if a real estate company has more than one office in VA, that company must: If Sarah keeps the $500, she: which of the following is true? 3. the agents name appears before the brokers name 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 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. apply for a temp license until he affiliates with a broker 3. a person acting under a power of attorney without compensation 1. the clerk must be a licensed salesperson 3. a rental location agent A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 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 . 4. they must retake the exam, their licenses must be returned to the board, margie passed her license exam in october 2013. in december 2014 she applies for her license. 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? 1. 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 4. the salesperson, which is not a requirement to become a broker in VA? Call Chris at 555-0000 for details." Loyalty; 3. 21 days 4. review the complaint to determine if there is a possible violation of license law or board regulations, review the complaint to determine if there is a possible violation of license law or board regulations, it is a violation of VA license law to induce another person into selling their property by representing that: 2. file a claim against the licensee to recover the judgement amount awarded by the court 3. broker who is also licensed as a rental location agent 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. In other words, a real estate licensee can legally only pay another licensee for the referral of real estate brokerage business. 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 individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 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 100% (1 rating) A real estate licensee 20,000 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? Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. 3. to allow licensed real estate professionals to earn more money The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: Broker XYZ. 3. a real estate developer that has been defrauded in a real estate transaction 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. 2. may accept the listing by virtue of her current wisconsin license 2. giving a false address in order to obtain a license a real estate licensee may be disciplined for. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 2. not exceed 500 square feet in size 2. advise the board within 30 days 1. paying a finders fee to an unlicensed person 2. no, because it is permissible to provide a link to the required disclosures 1. the executor of an estate 3. hold a hearing in order to allow the licensee to defend himself 4. do nothing, a person applying for a license by reciprocity must: B. 2. he can pay a fine to extend the renewal date 1. 2. ben must disclose his firm name, city, and state 4. 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. 3. the director of the dept of professional and occupational regulation (DPOR) 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 2. broker working for another broker 2. give additional info to callers about available listings 3. refusing to hold an open house, at the request of his broker 1. misrepresentation 1. have one phone for every 5 agents 3. ben must disclose his email address B. Kerra has obtained a judgement in court Who is responsible for the expenses and fees of the court-appointed receiver? 3. is illegal since it would allow the broker to take advantage of an uninformed seller 3. an attorney who is offering real property for sale under court order 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 3. tony the mortgage banker 3. 1. take listings over the phone Confidentiality; 4. 1. the inspector is licensed in VA 1. determining commission splits between all MLS brokers When representing a seller, which of the following is a TRUE Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. unspecified. This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. 3. an attorney 4. the VA association of realtors, the VA real estate board is empowered to do all of the following, except: who does not have a Pennsylvania real estate license? Mark is in Europe for two weeks and cannot be reached. may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . In this situation, which of the following statements is true? 2. its own initiative, without any written consent During this period, Adam: Method 1 Qualifications and Education 1 Find out the licensing requirements where you live. 1. legal, if ellen maintains a record of the transaction 3. failing to inform the seller of the ethnic character of a buyer The salesperson can pay this referral bonus to: Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 7 licensees (with at least 3 years experience) and 2 consumers 1. his license is null and void 750,000 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 2. failing to identify the type of services offered in a general property description 3. must have been active as a salesperson for 3 years 4. 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 3. the renewal fee, plus proof of membership in the association of realtors 2. must be displayed in a conspicuous place in her home office A second group was asked to do this after thinking about an organic fruit salad. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 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. Why is this ad in violation of Board regulations? 2. branch license under what circumstances would the agents employing broker be subject to disciplinary action by the board? 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. VA association of realtors In this situation, which of the following statements is true? 1. a firm partner who does not participate in the brokerage business
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