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. 1. the business name must include the name of the investor 3. apply for inactive status for the salesperson 2. be 21 years old A real estate licensee may be disciplined by the Pennsylvania real estate commission for which of the following reasons? 4. gene may continue to operate under his existing sales license, Two brokers are involved in a dispute over a commission split. 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. 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: 3. after conducting a hearing 4. all of the above, The principal broker of a real estate franchise must make certain disclosures when advertising. D. No one, A real estate license could be suspended without investigation if the licensee: 4. serve an apprenticeship term in real estate, take and pass a test within 12 months of application, an associate broker must be: 1. a broker or a salesperson that has been defrauded in a real estate transaction The Board now has the right to: 3. sell or rent investment property for profit 1. move to VA within six months of licensure 3. she does not need a real estate to sell her own house 3. take a new exam 1. the court that appointed the receiver A. Larry, the developer 3. upon the request from the salesperson to transfer to another broker 2. the list of licensees assigned to that office C. $600,000 8:30am - 5:00pm (Mon-Fri) 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. the broker notify the board within 10 days 3. refusing to hold an open house, at the request of his broker A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 3. kept indefinitely 2. if he gives his current broker 30 days notice 1. a salesperson licensed in another state $20 in a two year period 3. administer the transaction recovery act 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 She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. $10,000 What should he do? 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? 3. supervising broker 4. is in violation of the VA license law, unless she fails to inform the board, according to VA license law and the regulations of the board, a salesperson may accept a net listing: Which of the following statements is true? When she returns on July 5, Jane realizes that her real estate license expired on May 31. 4. this is a violation of VA license law, if a salesperson is accused of violating license law, the real estate board will: $20,000 4. she must affiliate with a licensed VA broker, Angela operated her own brokerage firm until she unexpectedly passed away. 4. none of the above, a real estate licensee is required in order to: 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? 2. post a bond fc barcelona juvenil b players. 2. a salesperson with 5 years experience may run the office 3. this is fine because the compensation is less than $1000 1. 1. kept for a period of 7 years 2. 3. the firms licensed name must be clearly and legibly displayed 1. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. 4. all of the above, when a salesperson terminates affiliation with a broker, that salesperson must: 1. real estate board 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 2. the office can be managed by a salesperson with 3 years experience Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." 4. cash the check, but inform bob, a real estate salespersons license may be revoked if the licensee: 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker Note that a real estate "licensee" is NOT au-tomatically a "REALTOR." A licensed real estate agent is a REALTOR only if he/she belongs to the National Associa - tion of REALTORS, a private trade association. The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 2. broker working for another broker 2. revoking the persons license 2. a consumer that has been defrauded in a real estate transaction 2. acceptable, as a result of the listing contract 4. apply to have her license placed on inactive status, meet the current educational requirements and pay the renewal fee, the real estate board has a responsibility to settle disputes between: In order to receive payment, this claim must be in connection with: 3. must be kept at the employing brokers main place of business 1. file an annual report with the board which details the activities of each location 1. file a complaint with the local realtors association Collect it from the broker: [1] Name Mailing address City License ID 2 Search the website. 3. an office cannot operate on a residential property Patricia Plante, a licensed New Jersey real estate broker-salesperson, Somerset County - By Final Order of Determination dated July 31, 2014, the Commission administratively determined that Plante violated N.J.A.C. 1. yes, because the rules require specified disclosures in emails 1. a broker and a salesperson, involving employment conditions 4. 2. waiving education or experience requirements 1. a court of competent jurisdiction 1. that she is describing an open listing 3. write a thank you note to kirks B. 1. salesperson 2. 2. on for sale signs places on specific property 2. instant messaging 2. mail a license to the broker named on the license application 1. your brokerage firm will accept a lower commission rate 1. a fictitious name 2. the salesperson can only be paid if her license is renewed prior to january 31 In CA, real estate law is enforced by the: Anything of value to be held for a client or customer. 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. gene should send his license to the board and request an associate brokers license Which entity would NOT involve itself in resolving the matter? 1. under no circumstance File a claim against to the licensee to recover the amount paid from the Fund 2. the VA real estate board 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 In this situation, which of the following statements is true? Which of the following disclosures must Ben make? 3. the broker and the seller 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: 2. violation of anti trust laws 3. Which of the following statements is NOT true? Pennsylvania split a Commission or pay a referral fee to a person He agrees to maintain the building if he can receive a reduced rental fee. 2. may allow unlicensed employees (on a regular salary) to sell the tracts 3. attend at least 3 seminars conducted by the board Fair Housing CORE Mandate for 2024-2026 License Renewal Period (Next Renewal Period). 1. inform his employing broker 3. any broker 1. a broker that is active in more than one brokerage firm 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. they direct the public through a neighborhood more desirable than the subject property 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. 3.. employ at least one salesperson or associate broker that is also a resident of VA The claimant must have gone after any assets and property belonging to the debtor 4. ben must disclose his username, ben must disclose his firm name, city, and state, A developer has prepared an advertisement, offering several lots for sale. 3. yes, because the ad appears on another commercial site 2. the friend must have a law degree 3. a court of law having jurisdiction over the brokers 1. take and pass the VA portion of the licensing exam who does not have a Pennsylvania real estate license? 1. a court having jurisdiction over the brokers 3. court of competent jurisdiction Her long-time friend, Sayumi, is not licensed as a real estate agent. Call Paula after 5 at 123-4567." service, license revocation and imprisonment of no more than one 1. boren must work through his broker 1. be clearly separate from the living area 4. the salesperson, which is not a requirement to become a broker in VA? 2. do nothing, as the license automatically renews every 2 years 3. person selling industrial real estate full time principal? 3. a rental location agent 1. the VA association of realtors which of the following is true? 4. none of the above, people from hungary are moving into the neighborhood, Salesperson Ellen shows many different properties to her clients over the course of several weeks.