In the context of this study, what is the meaning of the Type I error? 2. 1. file an annual report with the board which details the activities of each location 1. a brokers license must be renewed on june 30 of every even numbered year 1. be a citizen of the US 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 1. maintain an office in VA 2. any property owner 1. take listings over the phone It will attempt to resolve the problem without the necessity of legal expense. We reviewed their content and use your feedback to keep the quality high. Call Paula after 5 at 123-4567." 1. to make licensed real estate agents more professional 30 hours of post license education 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 salesperson license will be temporarily suspended until the board can schedule a formal hearing 4. both 1 & 2, if the board receives a written complaint about a licensees actions, what does the board always do? 4. the inspection service provides a warranty, the fee is acknowledged, in writing, by the parties to contract, A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. 3. apply for inactive status until the new broker has business cards printed 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. send a license to the employing broker by certified mail 193E4.2(543B) Method of discipline. 45 hours 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: 2. principal broker 2. be 21 years old 1. principal brokers can conduct business under a fictitious name. 1. the renewal fee Mark is guilty of: $10,000 A common misconception among consumers is that real estate agent and realtor are interchangeable terms. 40 1. either buyer or seller, based on their agreement 16 hours within the first two years I am a. 2. submit a credit report 4. all of the above, a real estate license is not required for a: B. 2. upon revocation of the brokers license A. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. 2. an administrator who is required to sell a house in order to liquidate an estate A. Victoria BC V8W 9V1. Regulatory Affairs: 919-719-9180. 4. all of the above, claims for payment from the transaction recovery fund are filed with the: 2. yes, as long as the owner is aware of it 2. a broker licensed in another state 1. be retained by the principal broker indefinitely Which of the following statements is correct? C. Kerra claim cannot include interest in her damages 3. Upon request, the court appoints a receiver to manage the account. 1. the principal broker If necessary, the 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? 2. When people make estimates, they are influenced by anchors to their estimates. Authorized Real Estate Schools This list is updated regularly to reflect new or expiring real estate schools. 3. a person who is currently licensed in another jurisdiction The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining 2. made available for inspection by the representatives of the real estate board Has Robert violated the rules? 600,000 Which of the following entities could become involved in settling the matter? C. $20 every two years This ad is in violation of the Virginia License Law because: 2. it does not include the property address PO Box 9425 Stn Prov Govt. 1. suspend the respondents license the broker is guilty of: 2. the owner, as long as he finds a ready, willing, and able buyer 2. broker working for another broker 2. member of the MLS 12 Practice Questions. 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? statement regarding the duties a licensee owes to the 3. 8:30am - 5:00pm (Mon-Fri) 3. a person that is not licensed in another state 4. the brokers actions violate anti trust laws, such actions could be viewed as creative selling, which does not violate license law or board regulations, An owner lists property with a broker. dream11 kabaddi team today; political journalist jobs near hamburg; 3. conversion 2. post office box 3. less than 20 hours per week 3. the business can only be organized as a corporation 4. larceny, the board may investigate a complaint based on: 1. a broker that is active in more than one brokerage firm 4. the salesperson can be aid if she retakes the state licensing exam, the salesperson is entitled to receive her commission, Incorrect 1. trustee acting under a court order 3. this is fine because the compensation is less than $1000 4. impose a criminal penalty, the real estate board may investigate the activities of a salesperson: 2. that she has an unrealistic opinion on the value of the property 3. provide retirement income for brokers who does not have a Pennsylvania real estate license? 3. the old broker 2. pay a $200 fee and reapply for the license 2. salesperson's employing broker Was this action permissible? 2. no, because bill is larrys client 1. must have a brokers license 1. nothing 4. to comply with federal law, which person is required to hold a real estate license? 1. a broker or a salesperson that has been drafted in a real estate transaction Divide. 3. impose a fine 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 4. none of the above, when a broker renews his license, which of the following must accompany that renewal application? 0.00 points out of 1.00 Bob accepted the check since he worked hard and felt the bonus was deserved. Prepare the balance sheet for Wilson To"\ving Service as of June 30, 2018. 1. 3. in newspaper ads consisting of more than 28 lines of copy 4. 1. employs a resident broker to represent her VA association of realtors The deal states that Harry will sell all of the houses that Darrell built on Larry's land. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund 1. raising the price on a contract in order to influence a lender 1. suspend the license until a formal hearing can be conducted A. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 2. if he gives his current broker 30 days notice 2. may allow unlicensed employees (on a regular salary) to sell the tracts 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 1. have one phone for every 5 agents Seller anxious to move. 2. branch license 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. Most states administer the tests in two parts, and require that the candidate pass both. C. The respondent must file bankruptcy and sell all property 1. the MLS service Fred thought Sarah did such a good job, he sent her a $500 bonus. 1. 3. take the continuing education course and apply to reinstate his license 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? Mark is in Europe for two weeks and cannot be reached. What will happen to Craig's license if he doesn't complete the required courses before renewal? 2. legal, if disclosed im writing to all parties 1. 400,000 3. may accept the listing by reciprocity between VA and wisconsin, once a license has been issued to a salesperson, her license: 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: 3. encouraging a homeowner to sell since minorities are moving into the neighborhood C) Terry, 43, who worked as a real estate licensee until he was 28. Ellen deposits the money into her personal checking account. 2. sue evans in the local court B. 4. the enforcement branch of DPOR, a court having jurisdiction over the brokers, the real estate board is responsible for: The claimant must have gone after any assets and property belonging to the debtor 2. closes her out of state office The [Florida real estate] commission . 16 hours of continuing education Who is responsible for the expenses and fees of the court-appointed receiver? 4. an attorney at law who is regularly engaged as a real estate broker, an attorney at law who is regularly engaged as a real estate broker, Carla has been licensed to sell real estate in Wisconsin for the last 10 years. 1. larry the developer Which of the following statements is true in this situation? Jack's email: 1. yes, because the rules require specified disclosures in emails 4. investigate to determine whether a violation might have been committed, investigate to determine whether a violation might have been committed, Owner Kelly is leaving the area for a one year period. 2. this is proper as long as jan remains the senior partner 3. must have been active as a salesperson for 3 years 2. an attorney at law 2. the respondent must assign all commissions and personal property to the claimant or the board A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 4. setting the commission rates for different types of property, waiving education or experience requirements, before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. the salesperson can only do this: 2. advise the board within 30 days 3. the licensee is required to disclose the name of his employing broker 1.00 points out of 1.00 Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. 3. they direct the public through a neighborhood more desirable than the subject property In order for Kathy to collect, she must have already: 3. broker who is also licensed as a rental location agent 3. yes, so long as larry is a broker 1. real estate board 1. renting 1/2 a duplex for a friend CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. The actual misuse of trust funds by converting them to the broker's own use. 800,000 principal? If approved, the Virginia Real Estate Board must do which of the following actions? 2. she may operate in the role of a salesperson in VA Which of the following disclosures is Ben most likely required to make? 4. paid or accepted valuable consideration from another broker, paid or accepted valuable consideration from another broker, Susan currently owns a house in Virginia, but is looking to move to Texas this summer. 3. must keep all financial records for 5 years 3. ask tom to return her license to the board and apply for a transfer A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. 1. president of the corporation payment received, license revocation and in order to perform community 1. it can only accept residential listings 4. do nothing, a person applying for a license by reciprocity must: 50 3. be furnished to the board every 3 years 1. the court that appointed the receiver 1. 1. engages in acts of brokerage wile on inactive status VA real estate board 2. If Brenda wants to keep the money and NOT violate VA License Law, she could: 2. a salesperson with 5 years experience may run the office In this situation, which of the following statements is true? 1. to facilitate supervision, it must be located within a reasonable distance from the main office The license will be automatically revoked 2. listing salesperson 2. a salaried property manager is employed to manage the apartment and lease individual units 2. she can obtain a temp license from the VREB to sell her house 1. upon demand by the board 2. send a copy of the charges to the salespersons broker at the brokers place of business 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3. apply for renewal of her license 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? 2. maintain an escrow account at an insured depository in the state 1. a licensed salesperson, to recover money that his brokers owes 3. it is prominently displayed in the branch office where the salesperson works Licensee Information **Executive Orders Impacting Applicants and Licensees Licensee Advisories and Alerts 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? 1. an investigation will be conducted unless the law specifically provides otherwise 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? 3. automatically revoke the brokers license c. The local Real Estate Board might be approached. 4. B. 4. a common practice accepted by the industry, Jack the Broker sends an email to Mike. 2. this is a questionable business practice and may constitute mail fraud 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. $750,000 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: Who is most likely to collect? Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. 3. yes, because the ad appears on another commercial site 1. reapply for her new license as a new applicant 3. 2. protect the public interest Full disclosure; 6. 1. a broker or a salesperson that has been defrauded in a real estate transaction 1. take and pass the VA portion of the licensing exam commission split between the licensee and the broker, What is the maximum time an aggrieved 4. (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.) 3. identify his place of business with an appropriate sign 1. the salesperson is entitle to receiver her commission 3. the salesperson cannot be paid Call Paula after 5 at 123-4567." 1. is in violation of the VA license law 4. all of the above, a consumer that has been defrauded in a real estate transaction, what is required in order to be eligible for a VA salespersons license? Obedience; 5. 1. must be 18 years old 2. if the licensee admits guilt 3. take and pass a test within 12 months of application 5 years, the supervising broker must post which records in a conspicuous place at the branch office? Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery 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: $20 every year 3. such actions could be viewed as creative selling, which does not violate license law or board regulations The licensee has 4 years to repay the Fund A. 3. matters outside the scope of its authority Under these circumstances, Carla: Credit card sales (2% credit card fee)$250,000. A fine of $1,000 was imposed. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 1. his or her broker 3. name of the brokers firm 2. that she had no sales or listings during the preceding 12 months 3. one of the partners may be unlicensed 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. 3. a real estate developer that has been defrauded in a real estate transaction Answers - 2 Option D is the correct answer for the given question I.e a licensee is obligated to disclose to a consumer the minimum commission split between the licensee and the broker Answers 7 D.license revocation and a fine Any licensee . Has Billy violated the VA License Law? 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. 4. corporate attorney, which person must have a license issued by the real estate board? Susan decides to sell her own house. 2. a person receiving a gift certificate to sell a property 3. a person acting under a power of attorney without compensation 2. by written contract between the owner and the principal broker 3.. employ at least one salesperson or associate broker that is also a resident of VA 1. inform his employing broker RULE 20 CSR 2250-10.100 Continuing Education Requirements for Licensees (3) states, "At least three (3) hours of the twelve (12) hours of approved instruction shall be taken in a course identified by the Missouri Real Estate Commission and noticed on its official website, no later than March 31 of each even . 3. publish a list of persons that have been granted licenses 3. a tenant who refers a prospective tenant to the landlord State whether you think the rule is true. 2. local association of realtors She goes to the address and finds that the listed property is actually a motor home. 1. the board may take disciplinary action 1. salesperson 1. be clearly separate from the living area 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: 1. at least 40 hours per week 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. 4. all of the above, Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. 3. only with the approval of the principal broker 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 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: 10 days 4. this is a good sales strategy, Broker Evans fired Sally because she was stealing from the petty cash fund. 1. your brokerage firm will accept a lower commission rate 2. sell or rent property through a foreclosure process 3. the renewal fee, plus proof of membership in the association of realtors 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 An investment in a limited real estate partnership C. Does not pay the Transaction Recovery Fund assessment 2. the renewal fee, plus $20 payment for the transaction recovery fund When this information leads to a sale, Berry pays her $100 for the tip. 2. bob may accept the bonus if more than 30 days have passed since closing Round answer to the nearest cent. 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 New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act, the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination Since the ad must be small, Robert makes no disclosures in the banner itself. 2. with written permission of the VA real estate board All real estate licensees are subject to discipline by the REEB as well as litigation. The individual's salesperson license was first issued on May 31, 2013, and current through December 14, 2018. 1. she must retake the exam 1. disclosures 4. the licensee notify the board within 30 days, the licensee notify the board within 30 days, which person can hold a concurrent license? 1. attest to a prescribed level of competency 1. automatic suspension of the real estate license 4. seller and broker, Bob, an associate broker, sold a property. B. The Iowa real estate commission has authority to impose, after proper procedures have been initiated and followed, the following disciplinary penalties: . In CA, real estate law is enforced by the: Real Estate Commissioner Trust funds are best defined as: Anything of value to be held for a client or customer. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 2. if the agents actions were outside the authority granted by the employing broker 45 hours of post license education 2. the licensee notify the board within 10 days Loyalty; 3. 2. 2. may accept the listing by virtue of her current wisconsin license 2. is attractive to many sellers since they dont need to get involved in the negotiation D. any felony conviction Question text A. 2. a consumer that has been defrauded in a real estate transaction 3. the names and address of all salespersons must be sent to the real estate board 2. must be displayed in a conspicuous place in her home office 4. all of the above, Robert the Broker wants to stay on top of technological trends. 1. C. He may apply for a new license within 30 days In this situation, which of the following statements is correct? 2. associate brokers and salespersons 3. a sheriff ordered by the court to sell a house at foreclosure 3. put the check in her escrow B. 4. list and sell property for relatives at a discounted price, renew his license every 2 years by paying the renewal fee, the VA real estate board has the power to take all of the following actions, except: Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. 3. her employing broker 2. 3. an employee of a broker, who negotiates leases 2. helping a friend sell his house for a fee 8 hours within the first year 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 3 years 2. administer the fair housing act 3. susan is guilty of accepting money from someone other than her employing broker real estate commission for which of the following reasons? Why is this ad in violation of Board regulations? 1. only receive referral fees for sending buyers to other salespersons in his office 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund Select an item from the list Consumer Real Estate Licensee Developer/Subdivider Examinee or Current/Potential License Applicant Member of the Media/Press 3. Before applying for the real estate license, all the formalities of education and experience must be cleared.
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