the salesperson can only do this: 150 He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 30 hours of post license education 1. the clerk must be a licensed salesperson 3. acceptable, if the compensation is less than $500 1. 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. 3. A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 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? fc barcelona juvenil b players. This ad is in violation of the Virginia License Law because: Deal direct w/ agent and save. 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: 3. inducement statement regarding the duties a licensee owes to the . 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 4. comply with federal law, an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. 1. complete an 18 credit hour course in the principles of real estate He still needed to take one more continuing education course before his license expiration date. 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 3. a real estate developer that has been defrauded in a real estate transaction 2. a consumer that has been defrauded in a real estate transaction 2. have all earned commissions placed in an escrow account 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: Which of the following disclosures must Ben make? 4. must find a licensed broker to run the business, can only conclude the transactions in the process to facilitate the termination process, In April, Mary took a continuing education course to satisfy her October renewal requirements. . 4 years 2. a fine only D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. She goes to the address and finds that the listed property is actually a motor home. 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. But, Sally is innocent! What should he do? 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund commission rates charged by members of the MLS are established by: person has to apply to the Real Estate Recovery Fund after final apply to, a. a trustee who participates in real estate transactions under 1. a referral agent This ad is in violation of the Real Estate Board Regulations because: 3. this is fine because the compensation is less than $1000 Jack's email: 10,000 What can Sally do to force Evans to return the license to the Board? 3. a trustee, appointed by a court 1. at least 40 hours per week 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. 1. legal, if ellen maintains a record of the transaction 1. will be issued a temp license by board 4. none of the above, a broker would not be in violation of VA license law if he: 3. legal, if ellen performed as agreed 2003-2023 Chegg Inc. All rights reserved. 2. an auctioneer 1 year 4. 3. an attorney who is offering real property for sale under court order 2. ben must disclose his firm name, city, and state In order to receive payment, this claim must be in connection with: which is true? 1. must have a brokers license 2. should have known about the improper dealings performed by his salespersons 3. there is no property address 2. the ad fails to disclose that the owner is a licensee 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. Gene, an independent broker, lists a property. 2. failing to disclose adverse zoning that affected the property 2. the office can be managed by a salesperson with 3 years experience 2. do nothing, as the license automatically renews every 2 years 2. a person acting as a trustee in bankruptcy What is the maximum that one licensee may be assessed during a two-year period? 16 hours of continuing education 1. employs a resident broker to represent her in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 4. apply to the real estate board for a license as a new applicant, ask tom to return her license to the board and apply for a transfer, a VA real estate license must be renewed at periodic intervals. 3. the broker and the seller 5 years, the supervising broker must post which records in a conspicuous place at the branch office? Accounting for all funds; 7. 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 3. a tenant, seeking to recover a security deposit from his landlord 3. a real estate developer that has been defrauded in a real estate transaction In December 2015, the department received a complaint and opened an investigation into allegations the salesperson was using a Facebook page to . 1. a broker or a salesperson that has been defrauded in a real estate transaction 1. send the salespersons license to the new broker 1. 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 licensee has 4 years to repay the Fund 4. advertises a listing at lower than listed price, advertises a listing at lower than listed price, the purpose of VA license law and the rules and regulations is to: In order to receive payment, this claim must be in connection with: 3. may only employ licensees to sell each tract 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 1. an owner who sells no more than three of her own houses in a year 4. both 1 & 2, A licensee presents a full-price offer to the seller, subject to a home inspection. 3. kept indefinitely 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 4. the real estate board may waive all or part of the prelicensing requirements, the real estate board may waive all or part of the prelicensing requirements, after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? Unfortunately, the salesperson forgot to renew her license when it expired on December 31. 1. 3. a broker and the local association of realtors 193E4.2(543B) Method of discipline. C. The license will be automatically suspended 3. 1. the renewal fee C. The respondent must file bankruptcy and sell all property Which of the following disclosures is Ben most likely required to make? Divide. 2. may accept the listing by virtue of her current wisconsin license 1. to make licensed real estate agents more professional Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. 6 brokers, 2 salespersons, and 1 attorney licensee? 1. 4. in VA, she can only sell her house if she is a licensed appraiser, she does not need a real estate license to sell her house, a broker is required to return an affiliated agents license to the board in all of the following situations, except: 1. creative marketing 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: B. 3. an employee of a broker, who negotiates leases 2. Evans told her that he would not return her license until the money had been repaid. 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. files an irrevocable consent to suits and services, files an irrevocable consent to suits and services, newly licensed brokers must complete: Most states administer the tests in two parts, and require that the candidate pass both. 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. 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 1. automatically suspend the brokers license the license law. 3. put the check in her escrow 2. may allow unlicensed employees (on a regular salary) to sell the tracts 3. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 2. 4. all of the above, if a real estate company has more than one office in VA, that company must: VA real estate board 2. post office box Has Robert violated the rules? 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 3. any broker unspecified. 1. by having his license returned to the board a new license issued to the new broker 4. all of the above, which of the following is true about a branch office? 2. When people make estimates, they are influenced by anchors to their estimates. Obedience; 5. 2. send a copy of the charges to the salespersons broker at the brokers place of business 3. must keep all financial records for 5 years 1. the business name must include the name of the investor The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. The salesperson can pay this referral bonus to: 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 3. the licensee is required to disclose the name of his employing broker When representing a seller, which of the following is a TRUE $20,000 2. an appraiser 2. placed on private property without permission of the owner If approved, the Virginia Real Estate Board must do which of the following actions? 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? 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 4. there is no agent at the location to anser questions, placed on private property without permission of the owner, A salesperson obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 1. their licenses are not affected 3. an office cannot operate on a residential property 3. sayumi can be a senior partner, but she cannot be the principal broker Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 2. no, because billy is a broker 3. an attorney 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 400,000 2. the salesperson can only be paid if her license is renewed prior to january 31 2. general listing 3. name of the brokers firm highest paid nba player 2022 salary; datcha beach guadeloupe; a real estate licensee may be disciplined for. A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 3. the firms licensed name must be clearly and legibly displayed 2. tell the buyer it will have to wait until monday 1. firm license 3. must be kept at the employing brokers main place of business It is true for all positive real numbers aaa and bbb that a+b=a+b\sqrt{a+b}=\sqrt{a}+\sqrt{b}a+b=a+b? D. $400,000, 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? 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? Mary didn't realize until January that her license had expired. 1. Placement of directional signs is illegal if: 600,000 Encourage higher education in real estate the Pennsylvania real estate Commission can impose on that 2. is ready to advertise the property 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. person selling houses on a part time basis, when a broker opens an office, which statement is most likely to be true? 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? The principal broker has all of the following duties, except: 4. 50,000 1. complete the mandatory postlicense education requirement 3. one of the partners may be unlicensed 30 hours within the first year 1. it is mailed to the licensee for delivery to the employing broker who does not have a Pennsylvania real estate license? 2. illegal 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. The claimant must have gone after any assets and property belonging to the debtor