4. the salesperson, which is not a requirement to become a broker in VA? 3. less than 20 hours per week 1. Question text 1. the price is not mentioned 20,000 1. associate broker Which of the following is the maximum penalty that 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? B. B. habitual intoxication or drug addiction The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 2. is not in violation of the VA license law, so long as she informs her broker 2. B. Which of the following persons could become licensed without taking an examination? 2. do nothing, as the license automatically renews every 2 years $400,000 4. when the salesperson refuses to perform real estte duties, when the salesperson refuses to perform real estate duties, if a licensee has placed her license on inactive status, it means: 1. to facilitate supervision, it must be located within a reasonable distance from the main office 1. give back all listings acquired while affiliated with the broker a real estate licensee may be disciplined for. The Board appoints her son, Adam, to operate the business for 180 days. 1. inform his employing broker 3.. employ at least one salesperson or associate broker that is also a resident of VA 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 statement regarding the duties a licensee owes to the 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date B. 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 3. the respondent must file bankruptcy and sell all property Reimburse financial losses caused by licensee misconduct 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. 2. the investor must hire a broker to manage the business Neither Cindy nor her broker may accept this listing 1. salaried rental property personnel, accepting lease applications on behalf of another Automatically fine the licensee for $1,000, then schedule a hearing 2. B. 2. apply for a temp license until he affiliates with a broker 1. complies with the regulations 3. ben must disclose his email address 3. standardization of the clauses contained in a listing agreement Such action is: Prohibited acts. 1. failing to disclose to buyers that were termites in the property 2. the fee is less than $100 3. conversion When representing a seller, which of the following is a TRUE 1. immediately present the offer 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: The license will be automatically revoked 1. reimburse financial losses caused by licensee misconduct what should the salesperson do? 2. may accept the listing by virtue of her current wisconsin license 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 2. an appraiser if the broker knew or should have known of agents actions. A. Engages in acts of brokerage while on inactive status 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 1. 1. it does not include the owners name 4. the listing broker, brokers must retain records of real estate transactions for at least: 1. an executor of a will A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 3. automatically revoke the brokers license 3. a person that is not licensed in another state 1. neither susan nor gene is in violation of the law 1. if the broker knew or should have known of the agents actions 2. at least 21 years 4. either 1 or 3, which of the following statements must be true about a real estate salespersons license? License Categories [G.S. VA real estate board 2. mary should apply for reinstatement of her license 3. that she is acting as a referral agent only, and is not active in selling and listing 1. cash the check if she deserves it 1. an owner who sells no more than three of her own houses in a year 3. a college grad 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 1. attorney general of the commonwealth 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: 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? At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 Which of the following statements is true in this situation? 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: Susan decides to sell her own house. 1. the licensee has 4 years to repay the fund Thus, the term REALTOR should not be used to generally refer to all real estate licensees. 3. the broker and the seller 2. the license will be automatically revoked 1. be a citizen of the US 3. an attorney who is offering real property for sale under court order 2. 3. there is no property address 2. both partners must have a brokers license 3. adjudicate disputes between licenses The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following: 1. agreement of sale MUST contain the. 2. made available for inspection by the representatives of the real estate board 2. file a claim against the salesperson in a court of competent jurisdiction 2. illegal, because ellen can only accept money from her broker 1.00 points out of 1.00 2. should have known about the improper dealings performed by his salespersons 2. 2. ben must disclose his firm name, city, and state 3. the firms licensed name must be clearly and legibly displayed 2. at least 30 hours per week 1. gene should send his license to the board and request an associate brokers license If approved, the Virginia Real Estate Board must do which of the following actions? 1. renting 1/2 a duplex for a friend In this situation, which of the following statements is true? A real estate licensee may be disciplined by the Pennsylvania Seller anxious to move. 3. an office cannot operate on a residential property When this information leads to a sale, Berry pays her $100 for the tip. Which of the following statements is correct? 2. the salesperson is entitled to a jury trial before any action can be taken 3. a real estate transaction Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 1. seller D. $100,000, A license may be suspended without benefit of a hearing: 2. must complete 145 credit hours of courses approved by the board 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: B. Darrell, the contractor 3. administrative process act 1. name of the listing salesperson Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 3. is not in violation of the VA license law, so long as she informs the buyer commission rates charged by members of the MLS are established by: B. 4. C. An evaluation of the Fund's investments in order to generate additional earnings 2. be a US citizen 2. hold a bachelors degree in real estate 3. sell or rent investment property for profit 1. take the license exam as a new applicant When she returned on January 6, she realized that her license had expired on December 31. 2. a person receiving a gift certificate to sell a property 2. bob may accept the bonus if more than 30 days have passed since closing B. 3. tony the mortgage banker 1. be at least 18 years old 2. this is proper as long as jan remains the senior partner VA association of realtors A. Kerra filed suit against the local Association of Realtors 1. it is mailed to the licensee for delivery to the employing broker Encourage higher education in real estate 1. an auctioneer Ben and Jerry are communicating via instant messages. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 2. that she had no sales or listings during the preceding 12 months 4. 2. 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 3. they direct the public through a neighborhood more desirable than the subject property d. The problem may be directed to the North Dakota Real . Harry sells three houses, then runs off with all the funds. A. 1. 3. renew his license every 2 years by paying the renewal fee 3. a court of law having jurisdiction over the brokers 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? Pennsylvania split a Commission or pay a referral fee to a person 3. Loyalty; 3. 2. a person acting as a trustee in bankruptcy When she returns on July 5, Jane realizes that her real estate license expired on May 31. 3. if the owner is a non resident of VA 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 3. take the continuing education course and apply to reinstate his license 20,000 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. 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. 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. A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. 400,000 Dealing honestly and fairly; 2. B. 20 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 3. to allow licensed real estate professionals to earn more money 1. that she is not affiliated with a brokerage firm or sole proprietor During this period, Adam: state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition The DRE also handles the renewal of the licenses. what must be included in this property advertisement? Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? A. C. If there is a violation of the Board's regulations 3. 4. principal broker, A tenant lives in a four-unit apartment building. The business will be operated as a sole proprietorship. 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. 1. the ad fails to include the property address Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 1. file an annual report with the board which details the activities of each location 1. the clerk must be a licensed salesperson 3. a person acting under a power of attorney without compensation 2. acting for both buyer and seller with their mutual consent Fiduciary duties are owed to both buyer and seller. Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. Which of the following entities could become involved in settling the matter? 3. a principal broker 3. the licenses of all salespersons working in the office Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. the licensee may be exempt from the VA landlord tenant act 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. A. a licensee's obligation of confidentiality ends at the 2. return his or her license to the board 1. have one phone for every 5 agents 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 2. member of the MLS 2. listing salesperson 3. affiliate with a broker and submit an application for licensure B. In January of 2019, the Texas Real Estate Commission (TREC) reprimanded a real estate agent and suspended his license for 30 days after it was determined that he failed to perform an adequate inspection of a property's foundation on behalf of a buyer. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 3. 4. seller and broker, Bob, an associate broker, sold a property. 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? 2. the developer cannot publish the ad as planned VA association of realtors regulations 4. provide funds for the boards operating expenses, reimburse financial losses caused by licensee misconduct, the minimum balance of the VA real estate transaction recovery fund is: 3. if there is a violation of the boards regulations Bob accepted the check since he worked hard and felt the bonus was deserved. 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 2. the seller needs a larger house 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? D. any felony conviction 1. inform their employing broker Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 1. at any time 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. 2. a salesperson with 5 years experience may run the office File a claim against the licensee to recover the judgement amount awarded by the court 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: 6 months 1. a salesperson licensed in another state 3. C. The license will be automatically suspended Victoria BC V8W 9V1. But, Sally is innocent! 1. yes, because deposits are held to cover the cost of repairs What will happen to Craig's license if he doesn't complete the required courses before renewal? 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? 2. broker working for another broker 2. not exceed 500 square feet in size What must she do? 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. In the situation described, which of the following statement is true? 4 years $20 in a two year period B. 3. hold degree in real estate 2. may allow unlicensed employees (on a regular salary) to sell the tracts 3. apply for inactive status until the new broker has business cards printed 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. 2. kerra has obtained a judgement in court 3. chairman of the board 1. levy fines This ad is in violation of the Virginia License Law because: 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? Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: Most states administer the tests in two parts, and require that the candidate pass both. 3. charges more than the legal maximum commission rate c. The local Real Estate Board might be approached. 3. yes, because suzy must communicate directly with billy 193E4.2(543B) Method of discipline. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. the authority of a court order, b. an attorney at law who participates in real estate 3. has a written listing agreement He now owns a small bakery in Tuscaloosa. Disciplinary Action. commission split between the licensee and the broker, What is the maximum time an aggrieved 2. advise the board within 30 days Who is most likely to collect? 1. his license is null and void 2. giving a false address in order to obtain a license 1. 1. an attorney who is licensed to practice law in VA 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? A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 1. the licensee is exempt from both the federal and VA fair housing laws In this situation, which of the following statements is true? You'll need the following information to search for a real estate license. 2. be at least 18 years old 2. their licenses will also be suspended 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? $471.8360%. A. 2. failing to disclose adverse zoning that affected the property 2. if the licensee admits guilt 2. continue to use cards and stationary which state that he is a licensee C. Only to revoke the license, as provided by Virginia law 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. 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? The agent orders the home inspection from a friend, who then pays him a referral fee. ben must disclose his firm name, city and state. 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? Mark is guilty of: 2. it can establish minimum and maximum commission rates 4. pay the required renewal fees, Jan and Bill have a real estate brokerage partnership. 2. the partnership must have a separate license issued by the board 4. all of the above, a real estate license could be suspended without investigation if the licensee: A. Mary didn't realize until January that her license had expired. 1. if a written complaint contains prima facie evidence that a violation has occurred 1. your brokerage firm will accept a lower commission rate The actual misuse of trust funds by converting them to the broker's own use. 3. permissible, with the written permission the owner 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. After that, Tony would handle the mortgages of any buyers through his bank. 4. must be in good standing in any jurisdiction where licensed, must complete 145 credit hours of courses approved by the board, For a corporation licensed to engage in real estate business, which individual is primarily responsible for those real estate activities? An assessment from active licensees to restore the fund to the minimum balance 2. an attorney at law Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. She goes to the address and finds that the listed property is actually a motor home. 1. this is permitted since it is only done occasionally 4. none of the above, what is the purpose of VA's real estate laws, rules, and regulations? C. A claimant may collect up to $20,000 4. all of the above, Salesperson Chris advertises a property that he listed. Which of the following statements must be incorrect? The salesperson can pay this referral bonus to: A. 4. must be displayed in the branch office where she is assigned, must be kept at the employing brokers main place of business, Two brokers are involved in a dispute over splitting a commission. 3. must have been active as a salesperson for 3 years Why is this ad in violation of Board regulations? 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund DUAL AGENCY - A real estate licensee who represents both the seller and buyer in the same transaction is a disclosed dual agent with written informed consent of both the buyer and the seller (see below). B. 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. 4. principal? seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum the salesperson can only do this: 3. she may handle up to 6 transactions (listing or sales) in VA Has Billy violated the VA License Law? 4. 1. a member of the national association of realtors 1. a firm partner who does not participate in the brokerage business 2. have all earned commissions placed in an escrow account 150 The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. illegal 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt, the license will be automatically revoked, if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? 2. a salesperson who holds a business entity license B. 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: 3. the director of the dept of professional and occupational regulation (DPOR) 3. a rental location agent Jack makes the required disclosures in the middle of his email, in bold lettering. 120 hours 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. 4. no because the board does not regulate banner advertising, no, because it is permissible to provide a link to the required disclosures, which of the following is true about real estate advertising?
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