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2. the salesperson can only be paid if her license is renewed prior to january 31 2 years 4. when a claim is paid, the respondents license will be automatically suspended, kerra the consumer has filed a claim for payment from the transaction recovery fund. 3. only to revoke the license, as provided by VA law 2. 3. net listing 1. neither susan nor gene is in violation of the law The ad reads, "beautiful rambler, excellent assumption. 3. permissible, with the written permission the owner 1. 3. it does not include a statement that the owner is licensed 3. upon the request from the salesperson to transfer to another broker 1. in ratio and tv ads 2. acceptable, as a result of the listing contract 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. 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. C. $600,000 2. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. Call Paula after 5 at 123-4567." 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: commission split between the licensee and the broker, What is the maximum time an aggrieved $20 every year 2. endorse the check over to bob Furnishing substantially inaccurate or incomplete information to the board in obtaining, renewing, reinstating, or maintaining a license; 2. 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? The Provisions of the Real Estate Licensing and Registration Act apply to a. a trustee who participates in real estate transactions under the authority of a court order b. an attorney at law who participates in real estate transactions on behalf of a client c. a real estate licensee selling real estate she owns 1. member of the MLS 2. a salesperson with 5 years experience may run the office The answer is $1,000 for each day the person engaged in the unlicensed practice of real estate. 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. 2. to protect the public interest the real estate board has authority to administer all of the following laws except: which of the following persons must be licensed when selling real property for others? 1. suspend the respondents license 12 Practice Questions. 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? 3. the real estate board when his license is renewed In the context of this study, what is the meaning of the Type I error? 1. file an annual report with the board which details the activities of each location 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? 2. 3. rent apartments for a small fee the Pennsylvania real estate Commission can impose on that 800,000 4. do nothing, a person applying for a license by reciprocity must: 1. a brokers license must be renewed on june 30 of every even numbered year 3. they direct the public through a neighborhood more desirable than the subject property 2. post a bond The business will be operated as a sole proprietorship. They give Ellen $500 as compensation for all of her hard work. Which of the following statements is true regarding the advertisement? Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent C. Does not pay the Transaction Recovery Fund assessment 1. attorney general of the commonwealth 3. publish a list of persons that have been granted licenses VA association of realtors 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 400,000 4. all of the above, a salesperson whose license is on an active status may: Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 1. mary is required to retake the license examination in order to reinstate her license 3. apply for inactive status until the new broker has business cards printed a real estate licensee may be disciplined for. Her long-time friend, Sayumi, is not licensed as a real estate agent. The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . 2. failing to identify the type of services offered in a general property description 2. branch license 3. employed by another broker 2. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. 3. the licensee must forfeit all commissions earned real estate commission for which of the following reasons? 4. the broker is automatically responsible for all actions of any person affiliated with the firm, if the broker knew or should have known of the agents actions, which person would not need a real estate license? 1. fraud 2. this is a questionable business practice and may constitute mail fraud 3. the licensee is required to disclose the name of his employing broker what must be included in this property advertisement? According to the real estate commissions regulations, an Before applying for the real estate license, all the formalities of education and experience must be cleared. 4. the branch office must display the licenses of all agents assigned to that particular office, when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 1. it must be supervised by the principal or supervising broker 4. Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 3. place that is managed by a senior salesperson 3. Not flaggedFlag question 1. a member of the national association of realtors If approved, the Virginia Real Estate Board must do which of the following actions? 2. ben must disclose his firm name, city, and state 3. hold a hearing to allow the licensee to defend herself 2. be 21 years old 1. attorney general of the commonwealth of VA 3. violated the fair housing act 1. it does not include the owners name C. nonpayment of federal income taxes 2. impose a monetary penalty of up to $1,000 Loyalty; 3. 3. the board will issue her active license to her principal broker 2. an auctioneer 3. yes, because the ad appears on another commercial site 4. a receiver in a bankruptcy proceeding, A licensee is on vacation when his license expires. not cash, when the recipient of the payment is licensed broker in another D. All of the above, Does not pay the Transaction Recovery Fund assessment, Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? 4. affiliate with a licensed VA broker, A licensee was out of town on personal business. 3. is not regulated by the board 2. person selling a vacant lot for a fee 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 1. principal brokers A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. Real estate managing broker license fined $10,000 for engaging in licensed real estate activities without a license, entering into 1. Suppose that the study was based on a sample of 20 people who thought about the cheesecake first and 20 people who thought about the organic fruit salad first, and the standard deviation of the number of calories in the cheeseburger was 128 for the people who thought about the cheesecake first and 140 for the people who thought about the organic fruit salad first. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund Ben is a licensee and Jerry is interested in locating property in Ben's area. 2. a salesperson who holds a business entity license 1. 2. continue to use cards and stationary which state that he is a licensee 1. 2. automatically fine the licensee for $1000, then schedule a hearing The DRE grants licenses to Real Estate Brokers and Salespersons. Visit the Bureau of Real Estate's website at http://www.dre.ca.gov/. 3. supervising broker 4. apply for a license as a new applicant, take the continuing education course and apply to reinstate his license, which of the following is true about the branch office of a VA real estate firm? 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. 40-25(b)(17)). This ad is in violation of the Virginia License Law because: You'll need the following information to search for a real estate license. 16 hours within the first two years $471.8360%\$471.83 \div 60\% 3. take a new exam VA real estate board 3. a broker and the local association of realtors 3. an appraiser 3. return all customers cards to the employing broker 4. place where the broker maintains transactions and escrow records in a safe deposit box, place where real estate business is regularly transacted, when a salesperson transfers from one broker to another, it is the duty of the former broker to: 4 years 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? 3. this is fine because the compensation is less than $1000 10,000 750,000 1. the renewal fee 2. suspend or revoke any license issued by the real estate board 2. sell or rent property through a foreclosure process 2. the license will be automatically revoked 3 years We reviewed their content and use your feedback to keep the quality high. B. 1. sayumi cannot engage in acts of brokerage 1. gene should send his license to the board and request an associate brokers license 3. a person who is currently licensed in another jurisdiction 4. schedule a hearing to determine guilt or innocence, which of the following persons could file a claim for payment from the transaction recovery fund? 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?