2. general listing Call Paula after 5 at 123-4567." 1. make brokers and salespersons more professional Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. statement, when the referral fees paid to an unlicensed employee 2. it may be supervised by a salesperson with 3 years experience 2. maintain an escrow account at an insured depository in the state 3. it does not include a statement that the owner is licensed The Board now has the right to: 1. be a citizen of the US 2. the fee is less than $100 File a claim against the licensee to recover the judgement amount awarded by the court Under the circumstances, which of the following statements is true? The Board now has the right to: 3. legal, if the insurance broker holds a salespersons license 1. employs a resident broker to represent her 1. real estate board 3. yes, because the ad appears on another commercial site 1. fraud 1. engages in acts of brokerage wile on inactive status 3. 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: 2. the broker, as a necessary expense to establish her innocence 3. is illegal since it would allow the broker to take advantage of an uninformed seller 3. 2. the VA association of realtors 2. be at least 18 years old 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? 1. seller What must the licensee do if she wants to remain licensed? 3. the clerk must be licensed as a broker 3. it must be supervised by an on premises principal or associate broker 1. sells insurance from the real estate office where she is employed 1. 2. violation of anti trust laws the board takes disciplinary action against a licensed salesperson. Who is responsible for the expenses and fees of the court-appointed receiver? 2. a consumer that has been defrauded in a real estate transaction 4. the renewal fee, plus proof of errors and omissions insurance, which person can hold more than one concurrent license issued by the board? 4. 1. kept for a period of 7 years 1. immediately present the offer 1. have one phone for every 5 agents A. 21 days 3. the board will issue her active license to her principal broker 1. inform their employing broker 4. yes, because billy failed to present the offer to suzy, yes, because billy failed to present the offer to suzy, a salesperson is charged with a violation of the license law. 1. if the broker knew or should have known of the agents actions If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund Justia US Law US Codes and Statutes Georgia Code 2010 Georgia Code TITLE 43 - PROFESSIONS AND BUSINESSES CHAPTER 11 - DENTISTS, DENTAL HYGIENISTS, AND DENTAL ASSISTANTS ARTICLE 2 - LICENSES FOR THE PRACTICE OF DENTISTRY 43-11-47 - Refusal to grant, or revocation of, licenses; disciplining licensees; subpoenas; judicial review; investigations; immunity; failure to appear; voluntary surrender A public member shall have a high school diploma, or the equivalent, and shall have a minimum of five (5) years experience in a professional capacity, other than as a real estate licensee. He still needed to take one more continuing education course before his license expiration date. 10,000, if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? . 1. inform his employing broker the broker is guilty of: the salesperson can only do this: An assessment from active licensees to restore the fund to the minimum balance What must she do? 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. the local realtors association, under the brokers supervision, his unlicensed assistant may: 3. does not pay the transaction recovery fund assessment A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. Ellen deposits the money into her personal checking account. In which of the following forms of advertising are these disclosures NOT required? 4. 2. give additional info to callers about available listings 3. impose a fine on any licensee 3. she may handle up to 6 transactions (listing or sales) in VA 4 no one, If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 1. sayumi cannot engage in acts of brokerage Which of the following disclosures is Ben most likely required to make? 2. endorse the check and give it to his employing broker 2. B. habitual intoxication or drug addiction 3. the real estate board when his license is renewed a real estate licensee may be disciplined for. 20,000 3. Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 2. to protect the public interest 3. may take new listings and find buyers for any listings on the books 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice the real estate license of any person or firm may be revoked by which of the following entities? 1. legal, if ellen maintains a record of the transaction 500,000 On the day of the showing, he places several directional signs throughout the neighborhood. 1. the claimant must have gone after any assets and property belonging to the debtor 3. fine not to exceed 50,000 For failure to pay an assessment to the TRF within 10 days 3. retake their prelicense education and pass a licensing exam If Brenda wants to keep the money and NOT violate VA License Law, she could: When this information leads to a sale, Berry pays her $100 for the tip. C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 3. only with the approval of the principal broker This ad is in violation of the Virginia License Law because: 1. a fictitious name 2. illegal 4. all of the above, if a real estate company has more than one office in VA, that company must: 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 1. an auctioneer 0.00 points out of 1.00 3. meet the current educational requirements and pay the renewal fee 4. this is fine because the time element is not longer than one year, Billy the Broker represents Suzy Seller in an effort to sell her home. A licensee has been found to have committed acts prohibited by 2. administer the fair housing act 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. 15,000 D. any felony conviction Upon request, the court appoints a receiver to manage the account. 2. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. Kellie, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition real estate commission for which of the following reasons? 2. bait and switch 4. sign an affidavit that they understand the laws in the state of VA, take and pass the VA portion of the licensing exam, the real estate board is responsible for: This arrangement between the two is: 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: 1. 4. plans to hold an open house, an award from the transaction recovery fund will result in: 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. Operations Management questions and answers, A real estate licensee may be disciplined by the Pennsylvania 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? 4. all of the above, which of the following is true about a branch office? 2. the licensee notify the board within 10 days To qualify for a broker's license, the applicant must: Complete eight statutorily required college-level courses. 2. the developer cannot publish the ad as planned 2. a govt employee selling land owned by the govt 3. In order for Kathy to collect, she must have already: 3. take and pass a test within 12 months of application They give Ellen $500 as compensation for all of her hard work. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. 2. an administrator who is required to sell a house in order to liquidate an estate 3. the code of ethics for real estate professionals 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. Automatically suspend the broker's license The DRE also handles the renewal of the licenses. A. inability to obtain automobile liability insurance A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. . 2. must supervise all firm advertising 2. the salesperson can only be paid if her license is renewed prior to january 31 B. A. Larry, the developer 4. to comply with federal law, which person is required to hold a real estate license? A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. the license law. $20 in a two year period c. The local Real Estate Board might be approached. 2. reimburse aggrieved persons 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). exemption to the real estate licensing law. 3. kept indefinitely 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. 1. payment received, license revocation and in order to perform community 3. seller and salesperson C. Automatically revoke the broker's license 4. do nothing, a person applying for a license by reciprocity must: 3. gene must obtain a brokers license 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 Accounting for all funds; 7. 2. a fine only 5 years, licensees must respond to board inquiries within: person has to apply to the Real Estate Recovery Fund after final Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 1. the owner and the tenant are exempt from the real estate license law One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 2. send a copy of the charges to the salespersons broker at the brokers place of business 3. the director of the dept of professional and occupational regulation (DPOR) Calculate the net sales revenue for the month. Ben and Jerry are communicating for the first time via instant messages. 2. not exceed 500 square feet in size 3. the renewal fee, plus proof of membership in the association of realtors 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 3. the firm must be incorporated in VA 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. a broker and a salesperson, involving employment conditions Undisclosed dual agency is illegal. 1. to make licensed real estate agents more professional If necessary, the 2. is attractive to many sellers since they dont need to get involved in the negotiation 4. larceny, the board may investigate a complaint based on: 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. 2. a salesperson who holds a business entity license When representing a seller, which of the following is a TRUE 1. reapply for her new license as a new applicant 3. is not regulated by the board 3. revoke the salespersons license pending a hearing 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 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 Phone 123-4567"? 2. mail a license to the broker named on the license application 11:5-4.5 by failing to properly supervise as the branch office manager. Most states administer the tests in two parts, and require that the candidate pass both. 2. an investment in a limited real estate partnership 1. take and pass the VA portion of the licensing exam 20,000 1. a person who, for compensation, helps to sell his neighbors home 2. giving a false address in order to obtain a license 3. refusing to hold an open house, at the request of his broker 1. take the license exam as a new applicant 3. an evaluation of the funds investments in order to generate additional earnings Automatically fine the licensee for $1,000, then schedule a hearing 1. 2. may allow unlicensed employees (on a regular salary) to sell the tracts 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim Susan, also an independent broker, sells the property. 1. a broker that is active in more than one brokerage firm 3. file a complaint with the real estate board 3. a real estate developer that has been defrauded in a real estate transaction B. 1. get her license from tom and take it to jane 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 100% (1 rating) A real estate licensee 2. mary should apply for reinstatement of her license 2. sell or rent property through a foreclosure process 1. principal brokers 3. all licenses must be renewed biennially in odd numbered years 1. if a written complaint contains prima facie evidence that a violation has occurred 3. a court of law having jurisdiction over the brokers Round answer to the nearest cent. 1. a personal loan 4. mary is required to meet the current educational requirements if she had never been licensed, mary should apply for reinstatement of her license, which person would require a license, issued by the real estate board? 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: 1. their licenses are not affected 1. the court that appointed the receiver Confidentiality; 4. 1. be retained by the principal broker indefinitely State whether you think the rule is true. 600,000 2. gives a reduced commission rate to a family member 1. failing to disclose to buyers that were termites in the property 1. mary is required to retake the license examination in order to reinstate her license 1. be at least 18 years old Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund 1. attorney general of the commonwealth of VA She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. 2. C. $20 every two years 3. principal brokers license A. 2. price that is shown in the listing agreement 2. have a desk for every 5 agents 1. a firm partner who does not participate in the brokerage business Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 2. impose a monetary penalty of up to $1,000 2. 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. illegal, because ellen can only accept money from her broker 3. name of the brokers firm 2. continue to use cards and stationary which state that he is a licensee 4. is in violation of the VA license law, unless she fails to inform the board, according to VA license law and the regulations of the board, a salesperson may accept a net listing: 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 second group was asked to do this after thinking about an organic fruit salad. 1. creative marketing 2. the salesperson is entitled to a jury trial before any action can be taken 1. regulating brokerage fees 30 hours within the first year 1. neither susan nor gene is in violation of the law 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: 3. chairman of the board Was this action permissible? 3. must be kept at the employing brokers main place of business
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