the authority of a court order, b. an attorney at law who participates in real estate 2. 2. gives a reduced commission rate to a family member 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 3. matters outside the scope of its authority Jack makes the required disclosures in the middle of his email, in bold lettering. 4. both 2 & 3, Jane has been out of town on personal business. She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. 2. a consumer that has been defrauded in a real estate transaction 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. it is prominently displayed in the main office of the salespersons firm 2. the board may order criminal penalties 2. bob may accept the bonus if more than 30 days have passed since closing 3. be actively licensed for the last 48 months in their home state Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his sale closes, signs Mark's name to an addendum extending the closing. 4. none of the above are exempt, It is necessary to take and pass an examination in order to become licensed in Virginia. 2. enforcing the license law 2. be a US citizen 3. the renewal fee, plus proof of membership in the association of realtors Susan decides to sell her own house. 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out, no, security deposits are held for tenants in an escrow account and are not part of the operating funds, a broker is a member of the local MLS service. 3. must keep all financial records for 5 years D. All of the above, Which of the following statements about the Transaction Recovery Fund is correct? 1. maintain an office in the state of VA 2. their licenses will also be suspended 4. both 1 & 3, affiliate with a broker and submit an application for licensure, the real estate board consists of: 1. filed a suit against the local realtors association C. If there is a violation of the Board's regulations In order for Kathy to collect, she must have already: 2. this is proper as long as jan remains the senior partner They give Ellen $500 as compensation for all of her hard work. Through reciprocity, what is true of a broker licensed in another state? administrators, selling property under court order and for a fee 1. a broker that is active in more than one brokerage firm which is true? 4. all of the above, which of the following is true about a branch office? Before applying for the real estate license, all the formalities of education and experience must be cleared. . 1. 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? During this period, Adam: 3. bob may keep the money because of the fiduciary relationship between himself and the seller 4. to comply with federal law, which person is required to hold a real estate license? 50,000 1. move to VA within six months of licensure 1. the friend must be licensed as a broker 3. an attorney who is offering real property for sale under court order Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. 4. none of the above, how much experience should a salesperson have before applying for a brokers license? A. 1. 3 years 1. this is permitted since it is only done occasionally Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 1. either buyer or seller, based on their agreement 1. a trustee who is required to sell a house at foreclosure To be eligible for a real estate license, a broker applicant must be at least 18 years of age, have a high school diploma or its equivalent, complete a 60 hour real estate fundamentals course and a 30 hours real estate practices course, and also pass the . 3. her employing broker 2. a person acting as a trustee in bankruptcy What can Sally do to force Evans to return the license to the Board? D. $100,000, A license may be suspended without benefit of a hearing: License Categories [G.S. 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: Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. 2. general listing 1. boren must work through his broker 2. kerra has obtained a judgement in court 1. 2. no, because it is permissible to provide a link to the required disclosures A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. 2. a salesperson with 5 years experience may run the office VA association of realtors regulations 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 1. a firm partner who does not participate in the brokerage business 1. a resident of VA $10,000 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: 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? Which of the following statements is correct? 4. supreme court judicial procedures act, Sarah Smith sees an ad from Broker Mark for a custom built home with mountain views, hardwood floors, a theatre room, and a professional kitchen. 2. the VA real estate board 3. violated the fair housing act 2. upon revocation of the brokers license 4. her employing broker will lose his license if the salesperson is found guilty, she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise, Sarah the Salesperson sold a property for Owner Fred. 1. should contact the local realtors association and obtain a temp license to sell property 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: the salesperson can only do this: A. 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? 1. the old broker and the new broker hold joint responsibility 1. an attorney at law If Sarah keeps the $500, she: 3. chat 1. the ad fails to include the property address 4. all of the above, if a real estate company has more than one office in VA, that company must: Sayumi is therefore designated as a senior partner of the brokerage firm. 1. renting 1/2 a duplex for a friend 4. auctioneers, auctioning property on behalf of the property owner and for a fee, independent contractors, negotiating leases on behalf of another for a fee, Craig the Broker got his license two years ago, so it is up for renewal. 4. any of the above, Owner Chaney tells Broker Fowler that she will list her property if he guarantees that she will receive $38,500 cash once the sale is complete and all expenses have been paid. 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. 5 years, the supervising broker must post which records in a conspicuous place at the branch office? He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). 2. the respondent must assign all commissions and personal property to the claimant or the board 2. no, because bill is larrys client 2. post office box 4. non resident, licensed in another state as a broker, if a licensee changes their surname, it is the responsibility of the licensee to: C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 100,000 120 D. All of the above, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund, When the Transaction Recovery Fund balance falls below a statutory minimum, it results in: 3. the real estate board 2. giving a false address in order to obtain a license 2. the salesperson is entitled to a jury trial before any action can be taken 2. that she has an unrealistic opinion on the value of the property 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? 1. the person who is active on the brokerage side of the business must have a brokers license This ad is in violation of the Virginia License Law because: real estate commission for which of the following reasons? 1. 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. 2. 3. all licenses must be renewed biennially in odd numbered years 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 1. place where real estate business is regularly transacted Real Property Law 441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or 2. mail his or her license to the board 600,000 Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. 4. 2. a person receiving a gift certificate to sell a property B. On the day of the showing, he places several directional signs throughout the neighborhood. 1. raising the price on a contract in order to influence a lender 1. for failure to pay an assessment to the TRF 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? if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 2003-2023 Chegg Inc. All rights reserved. Has Billy violated the VA License Law? $471.8360%. 1. the colors on the sign are different than the firms logo colors A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. An investment in a limited real estate partnership 4. do nothing, a person applying for a license by reciprocity must: 4. that she can engage in acts of brokerage on a selective basis, that she is not affiliated with a brokerage firm or sole proprietor, every VA resident who is also licensed as a broker must: Victoria BC V8W 9V1. which of the following is true? 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. legal, as long as the fees paid are less than $100 1. open listing 1. inform his employing broker 1. if the broker knew or should have known of the agents actions 2. the salesperson can only be paid if her license is renewed prior to january 31 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? . Which of the following statements is true regarding the advertisement? 4. be a resident of VA, by VA regulation, a licensee that is "actively engaged" is defined as someone who works: 2. B. Violates the Virginia Real Property Act 4. must ensure compliance with all laws and regulations at all locations, must keep all financial records for 5 years, a VA real estate firm may operate under the name of: 1. 2. endorse the check over to bob VA association of realtors If Brenda wants to keep the money and NOT violate VA License Law, she could: what should the salesperson do? 18VAC135-20-260. 36 months, Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 3. take a new exam 1. a salesperson licensed in another state 1. employs a resident broker to represent her 2. boren must put through $45 in an interest bearing escrow account The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . 3. 3. may only employ licensees to sell each tract 43-40-1(2)(B)). You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person Visit their website for more details and the most current disciplinary action. a real estate licensee may be disciplined for. 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: Evaluate the indicated limits if they exist. 2. at least 30 hours per week 3. tony the mortgage banker Regulatory Affairs: 919-719-9180. 1. no, because he acted in suzys best inerests 4. all of the above, a real estate license is not required for a: 4. after 3 complaints have been received, Allison is a broker who knowingly stated an false material fact. 4. illegal, a salesperson could have his license suspended or revoked for which of the following reasons? 4. an individual employed by the owner of rental property, an employee of a broker, who negotiates leases, Broker Takahashi wants to open her own partnership. 2. an investment in a limited real estate partnership Copies of an offer to purchase a property must be given to the offeror: Immediately upon obtaining the offeror's signature on the offer. 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? The insurance broker pays $50 to the real estate broker for every referral that buys insurance. 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? 3. impose a fine on any licensee Experts are tested by Chegg as specialists in their subject area. 7 licensees (with at least 5 years experience) and 2 consumers, 7 licensees (with at least 5 years experience) and 2 consumers, who is exempt from VA real estate license requirements? 1. pay a license reinstatement fee 3. Has Larry violated the rules? 3. imposing a fine of $5000 for each violation 2. 3. a sheriff ordered by the court to sell a house at foreclosure 2. placed on private property without permission of the owner 2. advise the board within 30 days After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? 1. your brokerage firm will accept a lower commission rate may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . 2. darrell the contractor 2. yes, as long as the owner is aware of it agreement of sale MUST contain the. 1. the developer may publish the ad as planned 2. the friend must have a law degree 2. at least 21 years 3. retake their prelicense education and pass a licensing exam 3. affiliate with a broker and submit an application for licensure 3. the licensee must forfeit all commissions earned the license law. 4. 3. yes, because the ad appears on another commercial site The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. state, there are no circumstances under which this is allowed, disclosure of controlled business arrangements, License revocation and in order to return the competition 3. the names and address of all salespersons must be sent to the real estate board 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.
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13830176d2d515a9785127a74 a real estate licensee may be disciplined for