1. determining commission splits between all MLS brokers The [Florida real estate] commission . C. $750,000 B. A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. 3. net listing Ben suggests that he may be able to help. 4. the listing broker, brokers must retain records of real estate transactions for at least: When she returned on January 6, she realized that her license had expired on December 31. 2. suspend or revoke any license issued by the board 1. reimburse financial losses caused by licensee misconduct One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 1. upon demand by the board 1. yes, because deposits are held to cover the cost of repairs 3. must keep all financial records for 5 years They give Ellen $500 as compensation for all of her hard work. Standard of Practice 1-2. 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 Can be a corporation, partnership, etc. in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 1. the renewal fee d. The problem may be directed to the North Dakota Real . 4. 3. the firm must be incorporated in VA However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. Susan decides to sell her own house. 2. independent contractors, negotiating leases on behalf of another for a fee One group was asked to do this after thinking about a calorie-laden cheesecake. 3. permissible, with the written permission the owner 1. a referral agent 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 3. a salesperson that is also licensed as a rental location agent 2. impose a monetary penalty of up to $1,000 2. mail his or her license to the board 3. the code of ethics for real estate professionals 2. closes her out of state office if the broker knew or should have known of agents actions. the board takes disciplinary action against a licensed salesperson. 2. an administrator who is required to sell a house in order to liquidate an estate 2. must supervise all firm advertising 3. keep records for a period of 10 years 4. administer the residential property disclosure act, establish standardized listing and sales contract agreements, If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: Susan, also an independent broker, sells the property. 1. the colors on the sign are different than the firms logo colors C) Terry, 43, who worked as a real estate licensee until he was 28. 4. none of the above, a broker may place a sign on a property when he: 2. the board may order criminal penalties Call Paula after 5 at 123-4567." 3. court of competent jurisdiction Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. 2. with written permission of the VA real estate board B. 4. 2. continue to use cards and stationary which state that he is a licensee 2. the broker, as a necessary expense to establish her innocence 2. an assessment from active licensees to restore the fund to the minimum balance 1. an attorney who is licensed to practice law in VA 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: A study was conducted in which students were asked to estimate the number of calories in a cheeseburger. 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 1. a broker that is active in more than one brokerage firm 1. must have a brokers license 1. the ad fails to include the property address 2. it does not include the property address Such action is: 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? What is the maximum that one licensee may be assessed during a two-year period? another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the 1. it must be supervised by the principal or supervising broker a real estate licensee may be disciplined for. An investment in a limited real estate partnership 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. This action would violate the Real Estate Board regulations unless: 1. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 3. with written permission of each broker 1. make brokers and salespersons more professional 2. the tenant must establish an escrow account An assessment from all licensees to restore the fund to the minimum balance 1. a resident of VA 2. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 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: 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. Which of the following disclosures must Ben make? The ad reads, "beautiful rambler, excellent assumption. 4. the Pennsylvania real estate Commission can impose on that He still needed to take one more continuing education course before his license expiration date. 1. D. A 20 percent decrease in the maximum payment one may receive from the fund, An assessment from all licensees to restore the fund to the minimum balance, The purpose of the Transaction Recovery Fund is to: State whether you think the rule is true. 1. the owner and the tenant are exempt from the real estate license law 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 1. the principal broker 3. associate brokers 4. deposit the check and say nothing, endorse the check and give it to his employing broker, Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. 1. in ratio and tv ads Which of the following statements is true regarding the advertisement? 120 hours 2. bob may accept the bonus if more than 30 days have passed since closing 2. an auctioneer 2. administer the fair housing act B. Violates the Virginia Real Property Act 3. be furnished to the board every 3 years 1. she may act as a broker in VA by virtue of her valid out of state license A. Kerra filed suit against the local Association of Realtors 1. commingling 2. failing to identify the type of services offered in a general property description 800,000 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? C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 750,000 1. suspension of his license and a fine 3. imposing a fine of $5000 for each violation Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. 3. the names and address of all salespersons must be sent to the real estate board A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 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. service, license revocation and imprisonment of no more than one The salesperson can pay this referral bonus to: 2. pay a $200 fee and reapply for the license 3. her license will be temporarily suspended until the board can hold a hearing C. $600,000 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 4 years 1. a salesperson licensed in another state An unlicensed real estate assistant may do which of the following without a license? A. Engages in acts of brokerage while on inactive status 2. no property location specified 3. the licenses of all salespersons working in the office 3. if there is a violation of the boards regulations A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. A. (If there is a possibility that the Real Estate License Law has been violated, the Board will refer the complaint to the North Dakota Real Estate Commission.) Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. designate one location as the main office 4. under no circumstances, a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 2. its own initiative, without any written consent Obedience; 5. When people make estimates, they are influenced by anchors to their estimates. 1. to facilitate supervision, it must be located within a reasonable distance from the main office 3. the licensee is required to disclose the name of his employing broker 2. should have known about the improper dealings performed by his salespersons Round answer to the nearest cent. 2. neither the broker nor the clerk is in violation of the law 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 2. must complete 145 credit hours of courses approved by the board 3. 12 Practice Questions. 1. file a claim against to the licensee to recover the amount paid from the fund 4. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: 1. In this situation, which of the following statements is true? 4. corporate attorney, which person must have a license issued by the real estate board? 2. mail a license to the broker named on the license application 3. they direct the public through a neighborhood more desirable than the subject property 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? B. 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? 3. 3. upon the request from the salesperson to transfer to another broker 1. if a written complaint contains prima facie evidence that a violation has occurred 3. the firms licensed name must be clearly and legibly displayed 500,000 Seller anxious to move. 6 licensees and 1 consumer 30 hours within the first year 2. 3. yes, so long as larry is a broker 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. In the situation described, which of the following statement is true? 15 days 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. the licensee may be exempt from the VA landlord tenant act 3. revocation of his license and a fine 21 days 1. misrepresentation 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: A. Larry, the developer 4. any of the above, a person seeking a real estate license in VA must be: This ad is in violation of the Virginia License Law because: 2. be a US citizen C. $20 every two years 1. take the continuing education course Let f(x)=2x3(x2)3f(x)=\frac{2x}{3(x-2)^3}f(x)=3(x2)32x. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 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.

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