1. file a claim against to the licensee to recover the amount paid from the fund 1. that she is describing an open listing 30 hours of post license education 2. endorse the check over to bob 3. 2. member of the MLS 4. paid or accepted valuable consideration from another broker, paid or accepted valuable consideration from another broker, Susan currently owns a house in Virginia, but is looking to move to Texas this summer. 2. approving the license exams 4. no, because disclosure was provided in prior communication, yes, because the rules require specified disclosures in emails, Correct 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? The Real Estate Fund and its consumer recovery account is funded by: Larry is a broker representing Mark in the sale of his house. 1. a court having jurisdiction over the brokers 1. gene should send his license to the board and request an associate brokers license C. A real estate transaction 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. The licensee named in the claim must post a bond in order to continue practicing real estate 1. was aware of the improper dealings performed by his salespersons License Categories [G.S. 3. a claimant may collect up to 20,000 1. at least 40 hours per week A. 1. establish standardized listing and sales contract agreements A. 2. violation of anti trust laws 2. placed on private property without permission of the owner if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 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? 3. an evaluation of the funds investments in order to generate additional earnings 5 years, licensees must respond to board inquiries within: A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 3. attend at least 3 seminars conducted by the board C. $100,000 Method 1 Verifying a Real Estate License Download Article 1 Gather information. 3. write a thank you note to kirks 1. president of the corporation 2. violates the VA real property act One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. C. If there is a violation of the Board's regulations Test the following rules with several different sets of numbers. 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 Which circumstance might also put the employing broker at risk of disciplinary action? 1. reimburse financial losses caused by licensee misconduct 1. to facilitate supervision, it must be located within a reasonable distance from the main office 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. A. 3. Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 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? 120 hours According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. 3. an employee of a broker, who negotiates leases Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. The DRE also handles the renewal of the licenses. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into A. inability to obtain automobile liability insurance In order to receive payment, this claim must be in connection with: 10 days A. C. Only to revoke the license, as provided by Virginia law person has to apply to the Real Estate Recovery Fund after final B. What should he do? 600,000 Round answer to the nearest cent. 4. all of the above, a person who, for compensation, helps to sell his neighbors home, when a salesperson takes a listing, the commission amount is determined by the: 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. principal brokers license 1. be retained by the principal broker indefinitely 2. price that is shown in the listing agreement 1. take the license exam as a new applicant 2. legal, if disclosed im writing to all parties Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. 1. creative marketing 3. maintain an escrow account in VA 1. an auctioneer 4. a 20% decrease in the maximum payment one may receive from the fund, an assessment from all licensees to restore the fund to the minimum balance, What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period? 4.. all of the above, which person does not require a brokers license? 1. investigate the actions of any real estate broker or salesperson 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. 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. 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. 3. a property manager who leases property for the owner in the course of his employement When people make estimates, they are influenced by anchors to their estimates. 3. all licenses must be renewed biennially in odd numbered years 1. the licensee named in the claim must post a bond in order to continue practicing real estate 1. send the salespersons license to the new broker Confidentiality; 4. 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 1. the friend must be licensed as a broker 1. name of the listing salesperson $500,000 1. apply for active status within 3 years Visit their website for more details and the most current disciplinary action. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. Seller anxious to move. the regulations specify that: She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 3. they direct the public through a neighborhood more desirable than the subject property If necessary, the 3. the real estate board when his license is renewed 1. a broker or a salesperson that has been defrauded in a real estate transaction 4. all of the above, a license may be suspended without benefit of a hearing: Irma Craft, a real estate salesperson for Luckless Realty has an arrangement with RidX Pest Control Services to receive a $25.00 referral fee for any customer she refers to Rid X. 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. 2. is ready to advertise the property Has Robert violated the rules? statement, when the referral fees paid to an unlicensed employee The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. which of the following must be incorrect? 1. a member of the national association of realtors 2. this is proper as long as jan remains the senior partner 3. this is fine because the compensation is less than $1000 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. a person who will only work as a referral agent Evans told her that he would not return her license until the money had been repaid. 1. the owner and the tenant are exempt from the real estate license law 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 2. a salesperson who holds a business entity license 2. be a US citizen . 180 1. a salesperson licensed in another state 1. the VA association of realtors 4. a court appointed trustee, a person receiving a gift certificate to sell a property, under which circumstance can a salesperson be licensed with more than one VA broker? 1. mary is required to retake the license examination in order to reinstate her license 2. be 21 years old 4. the local realtors association, under the brokers supervision, his unlicensed assistant may: 3. net listing A. 2. does not comply with the regulations 1. the office must have an escrow account Vera should: 1. only receive referral fees for sending buyers to other salespersons in his office 2. is not in violation of the VA license law, so long as she informs her broker 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? Ellen deposits the money into her personal checking account. Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 2. a lender, to recover losses sustained due to a real estate agents misrepresentation principal? 1. seller 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. 1. be a citizen of the US 1. bob may keep the bonus since he has a brokers license 2. endorse the check and give it to his employing broker 3. impose a fine on any licensee 2. the tenant must establish an escrow account 1. the board may take disciplinary action 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 . 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: D. No one, A real estate license could be suspended without investigation if the licensee: fc barcelona juvenil b players. 1. maintain an office in VA After that, Tony would handle the mortgages of any buyers through his bank. Prohibited acts. 45 hours of post license education D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 3. the business can only be organized as a corporation 1. should contact the local realtors association and obtain a temp license to sell property $20 in a two year period Phone 123-4567"? Why is this ad in violation of Board regulations? 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements? who does not have a Pennsylvania real estate license? 2. sell or rent property through a foreclosure process 4. none of the above, how much experience should a salesperson have before applying for a brokers license? 1. at any time VA real estate board 4. 2. cooperating brokers, concerning commission splits 3. gene must obtain a brokers license 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? D. any felony conviction 3. must have been active as a salesperson for 3 years 1. yes, because the rules require specified disclosures in emails 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: the real estate board could withhold issuance of a new license, forever, which of the following persons may file a claim and collect from the virginia transaction recovery fund? 1. automatically suspend the brokers license 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 1. complies with the regulations 2. be at least 18 years old 2. post a bond 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: 3. ben must disclose his email address 1. attorney general of the commonwealth 1. file an annual report with the board which details the activities of each location transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. 3. to allow licensed real estate professionals to earn more money 1. it is mailed to the licensee for delivery to the employing broker 2. at least 30 hours per week 1. be at least 18 years old 1. a personal loan 2. no, because billy is a broker 4. 24 months C. An evaluation of the Fund's investments in order to generate additional earnings Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. 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. C. The license will be automatically suspended a 12 month. Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. Board may reassess licensees: Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 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. 2. bait and switch 4. be a virginia resident for at least 1 year, An unlicensed investor plans to open a real estate brokerage business. During this period, Adam: 1. suspend the respondents license 2. the salesperson is entitled to a jury trial before any action can be taken 1. if a written complaint contains prima facie evidence that a violation has occurred Bob accepted the check since he worked hard and felt the bonus was deserved. 2. be furnished to the board upon request 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: Thus, the term REALTOR should not be used to generally refer to all real estate licensees. An investment in a limited real estate partnership Not flaggedFlag question 18VAC135-20-260. 4. place where the broker maintains transactions and escrow records in a safe deposit box, place where real estate business is regularly transacted, when a salesperson transfers from one broker to another, it is the duty of the former broker to: You'll need the following information to search for a real estate license. The Board now has the right to: 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. For failure to pay an assessment to the TRF Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 2. waiving education or experience requirements 1. under no circumstance Automatically fine the licensee for $1,000, then schedule a hearing 3. a person that is not licensed in another state In order to receive payment, this claim must be in connection with: 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. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. A. 1. filed a suit against the local realtors association 3. yes, so long as larry is a broker 3. take the continuing education course and apply to reinstate his license VA association of realtors regulations If approved, the Virginia Real Estate Board must do which of the following actions? B. 2. apply for reinstatement of her license and pay a fee 2. 4. all of the above, does not pay the transaction recovery fund assessment, 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? 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. by having his license returned to the board a new license issued to the new broker B. Darrell, the contractor 2. do nothing, as the license automatically renews every 2 years 3. there is no property address Under what circumstances may listing real estate broker in 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. 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. 1. she may act as a broker in VA by virtue of her valid out of state license 3. file a complaint with the real estate board 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? 4. 2. the partnership must have a separate license issued by the board 1. renting 1/2 a duplex for a friend
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