relocation service of a Corporation, when payment is in the form of entertainment goods services and 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. 3. tony the mortgage banker The email describes the real estate services Jack provides and encourages Mike to call for more details. the Pennsylvania real estate Commission can impose on that 3. the expanding universe activity 2 answer key / mahjong tiles engraving / mahjong tiles engraving 2. a govt employee selling land owned by the govt D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? Mark is in Europe for two weeks and cannot be reached. the authority of a court order, b. an attorney at law who participates in real estate In the end, these clients decide to stay where they are and to quit looking for a home. C. Only to revoke the license, as provided by Virginia law 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 1. must be 18 years old 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee In the context of this study, what is the meaning of the Type I error? $471.8360%\$471.83 \div 60\% 1. a personal loan 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? 3. a tenant who refers a prospective tenant to the landlord Call Paula after 5 at 123-4567." 3. hold a hearing to allow the licensee to defend herself 2. maintain an escrow account at an insured depository in the state 2. that she has an unrealistic opinion on the value of the property 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: Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 4. the local association of realtors, Rainy Yeng has been transferred out of the area on an extended work assignment. In this situation, which of the following statements is true? 1. yes, because the rules require specified disclosures in emails 1. an owner who sells no more than three of her own houses in a year 3. 11:5-4.5 by failing to properly supervise as the branch office manager. 3. she may handle up to 6 transactions (listing or sales) in VA The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." 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. The license will be automatically revoked 2. broker working for another broker 2. for failure to pay an assessment to the TRF within 10 days Undisclosed dual agency is illegal. 1. move to VA within six months of licensure Full disclosure; 6. 1. in ratio and tv ads 3. the respondent must file bankruptcy and sell all property 15 days If approved, the Virginia Real Estate Board must do which of the following actions? Refer to the information presented on the exercise related to Wilson Towing Service. 3. the licensee must forfeit all commissions earned 3. a college grad 1. failing to get a clients written consent to advertise his property 2. this is proper as long as jan remains the senior partner 3. must be kept at the employing brokers main place of business A. Kerra filed suit against the local Association of Realtors 3. the business can only be organized as a corporation 2. does not comply with the regulations 500,000 1. must have a brokers license Who is most likely to collect? 3. a real estate developer that has been defrauded in a real estate transaction 40-25(b)(17)). VA real estate board 1. investigate the actions of any real estate broker or salesperson 100,000, Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. 2. no property location specified A. 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? 3. net listing 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect What is the maximum that one licensee may be assessed during a two-year period? 2. hold a bachelors degree in real estate 4. the listing broker, brokers must retain records of real estate transactions for at least: 45 hours 4. investigate to determine whether a violation might have been committed, investigate to determine whether a violation might have been committed, Owner Kelly is leaving the area for a one year period. Pennsylvania real estate license law? Ben is a licensee and Jerry is interested in locating property in Ben's area. 3. employed by another broker 2. Larry has: Exceeded the scope of his authority and violated real estate law. a 12 month. 2. independent contractors, negotiating leases on behalf of another for a fee 1. is in violation of the VA license law 3. the license will be automatically suspended In this situation, which of the following statements is correct? apply to, a. a trustee who participates in real estate transactions under 1. failing to disclose to buyers that were termites in the property 3. may take new listings and find buyers for any listings on the books 100,000 3.. employ at least one salesperson or associate broker that is also a resident of VA A broker may be disciplined for all of the following EXCEPT: Placing a definite expiration date in an exclusive listing agreement. Jack's email: B. Darrell, the contractor Main: 919-875-3700. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 3. must have been active as a salesperson for 3 years 1. member of the MLS 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: 1. the colors on the sign are different than the firms logo colors 4. both 1 & 3, A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 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. 4. both 1 & 3, if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 2. pay a $200 fee and reapply for the license Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. 1. 3. refusing to hold an open house, at the request of his broker the regulations specify that: the broker is guilty of: 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. 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 4. the friend need not be licensed, only if he or she does not get paid, the friend need not be licensed, only if he or she does not get paid, which person is most likely required to have an active real estate license? 2. the friend must have a law degree 2. it does not include the property address Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. 1. it must be supervised by the principal or supervising broker Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. The property sells on December 20 and closing takes place on January 15. Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. 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). 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 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: If Brenda wants to keep the money and NOT violate VA License Law, she could: Licensees may also write to: Financial Services Tribunal. 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. 3. advise the board when their license is renewed Has Robert violated the rules? 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 3. fine not to exceed 50,000 Grounds for discipline. 2. it can establish minimum and maximum commission rates Which of the following statements is correct? Method 1 Verifying a Real Estate License Download Article 1 Gather information. 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 Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania the board takes disciplinary action against a licensed salesperson. B. 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds C. nonpayment of federal income taxes 10 hours, Two individuals want to form a real estate partnership in Virginia. Which of the following statements is true in this situation? 2. an appraiser 2. general listing B. 1. a salesperson licensed in another state 1. a broker and a salesperson, involving employment conditions 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: 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? 1. the old broker and the new broker hold joint responsibility 3. associate brokers Which of the following disclosures must Ben make? 1. 1. acceptable, if no one is defrauded The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . A licensee has been found to have committed acts prohibited by In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 1. fraud 1. suspending the persons license