B. habitual intoxication or drug addiction A real estate license entitles a licensee to represent a client in: Loan brokerage, business opportunities, and property management activity. 1. should contact the local realtors association and obtain a temp license to sell property 2. maintain an escrow account in VA 2. local association of realtors Which of the following disclosures must Ben make? which of the following must be incorrect? 3. 3. a college grad Which of the following statements is correct? 3. failing to inform the seller of the ethnic character of a buyer 4. any of the above, a person seeking a real estate license in VA must be: 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: What is the maximum that one licensee may be assessed during a two-year period? 2. The Board now has the right to: 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: 2. pay a $200 fee and reapply for the license 4. 1. be retained by the principal broker indefinitely licensee? Evans told her that he would not return her license until the money had been repaid. 20 in a two year period An assessment from active licensees to restore the fund to the minimum balance 3 years 1. maintain an office in VA 3. standardization of the clauses contained in a listing agreement Broker Fowler should tell Owner Chaney: 2. a person receiving a gift certificate to sell a property apply to, a. a trustee who participates in real estate transactions under 1. his license is null and void 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? Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. kept indefinitely 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. 2. member of the MLS 3. acceptable, if the compensation is less than $500 3 years 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 1. salesperson 1. she may act as a broker in VA by virtue of her valid out of state license Why is this ad in violation of Board regulations? 2. be at least 18 years old 2. no, because bill is larrys client 1. 1. yes, because the rules require specified disclosures in emails the regulations specify that: state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 2. violation of anti trust laws 3. a claimant may collect up to 20,000 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? 4. principal broker, A tenant lives in a four-unit apartment building. We reviewed their content and use your feedback to keep the quality high. 30 hours within the first year 2. mary should apply for reinstatement of her license Disciplinary Action. 2. must supervise all firm advertising 2. the salesperson and the new broker 2. hold a bachelors degree in real estate 2. 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. Ben and Jerry are communicating for the first time via instant messages. 1. the price is not mentioned 4. 1. salaried rental property personnel, accepting lease applications on behalf of another 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. an assessment from all licensees to restore the fund to a minimum balance A. C. $600,000 Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 1. it can only accept residential listings If necessary, the What is the first thing Lynch should do? 3. 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 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? d. The problem may be directed to the North Dakota Real . 1. pay a license reinstatement fee 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. A. 2. post a bond 4. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? Reimburse financial losses caused by licensee misconduct File a claim against the licensee to recover the judgement amount awarded by the court B. 4. 1. the branch office license 1. the MLS service 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 2. 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation, send a copy of the charges to the salespersons broker at the brokers place of business, every real estate office in VA is required to: 3. it is prominently displayed in the branch office where the salesperson works 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 3. there is no property address 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: 4. grounds for suspension or revocation of a license, grounds for suspension or revocation of a license, the board may take disciplinary action against a: The agent orders the home inspection from a friend, who then pays him a referral fee. 93A2] 4. 30 hours before he can actually receive his license, VA license law defines a brokers place of business as a: 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? D. any felony conviction Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. the respondent must assign all commissions and personal property to the claimant or the board 2. the licensee may be exempt from the VA landlord tenant act Who is responsible for the expenses and fees of the court-appointed receiver? 1. fraud 1. is in violation of the VA license law 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: seller would accept if lower than the list price, D. a licensee is obligated to disclose to a consumer the minimum Ben and Jerry are communicating via instant messages. 1. the executor of an estate 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. 4.. all of the above, which person does not require a brokers license? 2. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 2. the ad fails to disclose that the owner is a licensee 3. rent apartments for a small fee 3. the renewal fee, plus proof of membership in the association of realtors Which of the following statements is correct? On the day of the showing, he places several directional signs throughout the neighborhood. 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. B. A. A. 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. the VA real estate board 1. trustee acting under a court order B. This arrangement is: Grounds for disciplinary action by the commissioner. 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 3. a principal broker 3. identify his place of business with an appropriate sign 3. impose a fine 2. impose a monetary penalty of up to $1,000 What should he do? 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee conclusion of the listing contract, B. a licensee is not obligated to disclose the existence of 1. seller 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 2. an administrator who is required to sell a house in order to liquidate an estate Credit card sales (2% credit card fee)$250,000. D. Kerra must wait until there is sufficient money in the Fund before payment, Kerra filed suit against the local Association of Realtors, The Real Estate Board can re-assess licensees if the Transaction Recovery Fund's balance falls below: 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 1. suspend the license until a formal hearing can be conducted 1. send a license to the employing broker by certified mail Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 1. legal, if ellen maintains a record of the transaction 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. 0.00 points out of 1.00 1. attorney general of the commonwealth 4. either 1 or 3, When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? 3. provide retirement income for brokers 3. associate brokers 2. revoking the persons license 3. inducement 1. reimburse financial losses caused by licensee misconduct 3. the broker and the seller 2. the office can be managed by a salesperson with 3 years experience 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. 3. the firms licensed name must be clearly and legibly displayed 2. a fine only 3. enable licensed real estate professionals to earn more money 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 the owner is a non resident of VA 7 licensees (with at least 3 years experience) and 2 consumers Larry has: Exceeded the scope of his authority and violated real estate law. ben must disclose his firm name, city and state. The principal broker has all of the following duties, except: 3. the old broker 2. not exceed 500 square feet in size 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: 4. a broker and a salesperson, but only if there is a violation of license law, a broker and a salesperson, but only if there is a violation of license law, Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? 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. Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 2. director 4. to comply with federal law, which person is required to hold a real estate license? 600,000 3. both the tenant and owner are subject to board regulations A real estate licensee may be disciplined for a. placing a For Sale sign on a property with the written consent of the owner. 1. sells insurance from the real estate office where she is employed 2. file a claim against the salesperson in a court of competent jurisdiction Broker XYZ. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. branch license 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? 2. yes, as long as the owner is aware of it 1. if the broker knew or should have known of the agents actions 3. name of the brokers firm Automatically suspend the broker's license A. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 3. only if the salesperson is an employee of the broker, not an independent contractor C. Automatically revoke the broker's license The deal states that Harry will sell all of the houses that Darrell built on Larry's land. 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? 20 every two years 3. a tenant, seeking to recover a security deposit from his landlord 2. is not in violation of the VA license law, so long as she informs her broker A personal loan 2. automatic revocation of the real estate license 2. a salesperson with 5 years experience may run the office B. He still needed to take one more continuing education course before his license expiration date. 2. general listing
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