3. if the owner is a non resident of VA 3. the broker and the seller 3. Susan, also an independent broker, sells the property. 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? B. B. 2. the VA association of realtors B. 3. failing to inform the seller of the ethnic character of a buyer 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. 3. bob may keep the money because of the fiduciary relationship between himself and the seller 2. instant messaging If necessary, the Board may reassess licensees: 4. is common and completely legal, which of the following actions is not a violation of VA real estate ls and regulations? 2. send a copy of the charges to the salespersons broker at the brokers place of business C. Does not pay the Transaction Recovery Fund assessment 1. the broker notify the board within 10 days The agent orders the home inspection from a friend, who then pays him a referral fee. Under what circumstances may listing real estate broker in payment received, license revocation and in order to perform community An assessment from active licensees to restore the fund to the minimum balance Such action is: 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. 3. improper dealing 2. the broker, as a necessary expense to establish her innocence 2. an appraiser 12 Practice Questions. 3. revoke the salespersons license pending a hearing His license is automatically reinstated 3. 4. filed a claim with HUD, filed a claim against the salesperson in a court of competent jurisdiction, which of the following persons may file a claim and collect from the VA transaction recovery fund? 600,000 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? 1. it is mailed to the licensee for delivery to the employing broker 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? 2. the brokers name is missing 1. if the broker knew or should have known of the agents actions Which of the following persons could become licensed without taking an examination? 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: 7 licensees (with at least 3 years experience) and 2 consumers C. Provide retirement income for brokers 1. get her license from tom and take it to jane 2. submit a credit report 3. affiliate with a broker and submit an application for licensure License Categories [G.S. A fine of up to $20K and/or 6 months for an individual and up to $60K for a corporaton. 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 . In CA, a real estate license must be renewed every. 3. sell or rent investment property for profit 3. 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: 1. an attorney at law 1. the MLS service 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 3. it must be supervised by an on premises principal or associate broker If you wish to consult the most up-to-date licensing information, y ou may utilize the boards check a license feature which will immediately reflect any changes in licensing status. A. Ben is a licensee and Jerry is interested in locating property in Ben's area. what should the salesperson do? 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 900,000, if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 1. 2. a salesperson with 5 years experience may run the office When she returned on January 6, she realized that her license had expired on December 31. What is the first thing Lynch should do? Susan, also an independent broker, sells the property. Not flaggedFlag question 3. only if the salesperson is an employee of the broker, not an independent contractor Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. Since the ad must be small, Robert makes no disclosures in the banner itself. Ben suggests that he may be able to help. Loyalty; 3. Prohibited acts. 2. the broker must limit this incentive program to 30 days 10 days This action would violate the Real Estate Board regulations unless: 3. ben must disclose his email address 1. only receive referral fees for sending buyers to other salespersons in his office 1. must be 18 years old 4. none of the above, placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: c) A real estate broker is presumed to know the law governing the regulated real estate activities in which he or she is engaged. All real estate licensees are subject to discipline by the REEB as well as litigation. 2. be at least 18 years old 1. neither susan nor gene is in violation of the law A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 4.11(2) If the licensee chooses, the licensee may be represented by an attorney at the informal dis-cussion at the expense of the licensee. 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? 4. advise the board within 10 days, a builder wants to sell tracts of land that he owns. Board may reassess licensees: 2. post a bond 4. impose a penalty of up to one year in prison, impose a penalty of up to one year in prison, A salesperson took a listing on October 15. 3. the fee is acknowledged, in writing, by the parties to contract 1. at least 40 hours per week 2. member of the MLS judgement, The Provisions of the Real Estate Licensing and Registration Act D. $100,000, A license may be suspended without benefit of a hearing: 4. salesperson license, A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. 1. a referral agent Which of the following statements is NOT true? 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 2. maintain an escrow account in VA Which of the following disclosures must Ben make? 2. approving the license exams 1. the board may take disciplinary action Dealing honestly and fairly; 2. 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 Has Robert violated the rules? 4. keep records for a period of 3 years, Gene, an independent broker, lists a property. 3. legal, if ellen performed as agreed 4. any of the above, a person seeking a real estate license in VA must be: File a claim against to the licensee to recover the amount paid from the Fund 2. the real estate board within 30 days In this situation, which of the following statements is true? 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? 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 An unlicensed real estate assistant may do which of the following without a license? 3. an evaluation of the funds investments in order to generate additional earnings 20 2. The DRE also handles the renewal of the licenses. another offer during negotiations on a purchase contract, C. A licensee is required to keep confidential the price the Question text 750,000 According to the real estate commissions regulations, an 1. kept for a period of 7 years 3. PO Box 9425 Stn Prov Govt. 3. the agents name appears before the brokers name 3. a property manager who leases property for the owner in the course of his employement 3. conversion 4. selling salesperson, a broker advertises property listed with her firm in a newspaper. Pennsylvania split a Commission or pay a referral fee to a person 2. if he gives his current broker 30 days notice 4. the developer may publish the ad as planned until 50% of the lots are sold, the developer may publish the ad as planned, Salesperson Cook places a newspaper ad on a piece of property that she owns. 2. neither the broker nor the clerk is in violation of the law 3. take the continuing education course and apply to reinstate his license 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? 1. it must be supervised by the principal or supervising broker 3. The actual misuse of trust funds by converting them to the broker's own use. 4. 3. 2. must supervise all firm advertising 3. a trustee, appointed by a court 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 2. protect the public interest 1. legal, as long as the fees paid are less than $100 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 2. is attractive to many sellers since they dont need to get involved in the negotiation 2. maintain an escrow account at an insured depository in the state 2. sell or rent property through a foreclosure process 1. boren must work through his broker 1. an executor of a will 1. employs a resident broker to represent her 4. ask another salesperson in the office to present the offer, Broker Foster manages an apartment building for Owner Smith. 3. matters outside the scope of its authority After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. File a claim against the licensee to recover the judgement amount awarded by the court 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. When this information leads to a sale, Berry pays her $100 for the tip. 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. both the tenant and owner are subject to board regulations the regulations specify that: 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 4. a license must be obtained from the real estate board for partnership, both partners must have a brokers license, if any licensee changes his principal place of residence, he must notify: 3 years 1. creative marketing 50,000 According to Virginia regulations: the seller must be informed of any such payment, prior to signing the listing agreement. 4 years $500,000 Grounds for discipline. D. None of the above, If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? 1. president of the corporation 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 4. submit a copy of each office lease to establish that the location does exist, designate one location as the main office, A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. 2. at least 30 hours per week 3. 3. the licensee must forfeit all commissions earned

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