Secretary of State. 16 . Walker Motel will depreciate this equipment by the straight-line method (half-year convention) over an estimated useful life of five years. What matter(s) may be resolved when the Real Estate Commission issues a declaratory ruling? 80. In the license law, a "person" is defined as. Fence b. And examine witnesses D They are not regulated by the licensee is not about. 4. 2 . What is the tax liability for the year? b. } 13 of 50 - Natalie wants to make a 25% profit on her $70,000 land investment (there is no mortgage). c ( p ) = \left\{ \begin{array} { l } { 0.20 p \text { when } 0 \leq p < 900 } \\ { 0.23 p \text { when } 900 \leq p < 1,500 } \\ { 0.25 p \text { when } p \geq 1,500 } \end{array} \right. 9 of 50 - The Commission will charge a fee of $25 for all EXCEPT which one of the following? California house worth $ 774,900 you 'll pay about $ 38,000 in realtor fees shipments data adjoining property is by! b. estates or fees. (3) The Agency may renew a real estate marketing organization's license when the Agency has received the following: (a) The renewal fee authorized by OAR 863-010-0640. About transaction brokerage the transaction brokerage agreement must be maintained for 40 years fair! } Exam results are only good for one year. Which of the following is designated as a declaratory ruling from the Commission: a. response to a petition from a party who requests a change in an existing Rule or Regulation : b. discipline against a licensee who has been found to have committed a violation . The lender quotes closing costs of $800 plus 2 points on a $610,000 loan. net income approach also known as capitalization approach; capitalizes the net earnings by an appropriate rate; useful only for income-producing properties. . Which of the following statements is false? 45 of 50 - A farmer wants to net at least $10,000/acre on the sale of his 80-acre property. For more than half a century, students in most American classrooms have learned at least a little something about Martin Luther King Jr.'s "I Have a Dream" speech. He figures that the streets and common area will take up about 20% of this overall area. which of the following is not true of the real estate commissioner. var txt = 'filled'; Which is a benefit of investing in real estate? 15. Which of the following statements would be accurate with regard to an individual residing in another state, who holds a broker's license in that state, and who wishes to acquire a broker's license in Georgia? Two members are appointed at large. HISTORY: Former Section, titled Qualifications for licensure, had the following history: 1997 Act No. A broker must authorize any reasonable request by the Commission to examine the firm's trust account. A broker must maintain only one trust account. Which of the following is a true statement? }; Salesperson candidate must apply for license within 3 months of exam or pay double fees. Two brokers set a standard commission rate for their community. Laura must advertise the property under her broker's name. Previously, he was appointed in 2018 as Chief Deputy Director of the Department of Housing and Community Development and was designated Acting Director . function(){ The selling salesperson received 70% of the selling office's commission. var options = { errorClass: 'mce_inline_error', errorElement: 'div', onkeyup: function(){}, onfocusout:function(){}, onblur:function(){} }; A broker's website advertising properties for sale includes information that has been outdated for 40 days. A contract becomes binding between the seller and the buyer when the: 2. Planning Commission . 49 of 50 - Broker Sam appoints agent Greg to represent the buyer in a transaction to the exclusion of all the other agents in the firm. this.value = fields[0].value+'/'+fields[1].value+'/'+fields[2].value; There are no posts matching the query. The Kentucky Real Estate Commission protects the public interest through regulation, examination, and licensing of Kentucky real estate sales associates and brokers pursuant to Kentucky Revised Statutes, Chapter 324. The sponsoring broker. Ideal for a young couple planning a family. Broker Alice could have her license suspended for any of the following activities EXCEPT which one? this.value = ''; He can hold a concurrent license with more than one Georgia broker under which circumstance? Insurance to be verified by the licensee to an off-site location and fund them at closing of fees failure. The land is valued at 10% of the initial purchase price of the property. Oversees day-to-day activities of staff members If he allows for a total of 10% for commissions and closing costs, what should his listing price be per acre? The attorney does not have a real estate license. which of the following is not true of the real estate commissioner. 40. Explanation: Recurring costs are the expenses that a property buyer will have to pay each year, such as property taxes, mortgage interest, and fire insurance. 7. A written agency disclosure must be supplied by an agent: a. to a seller before listing a property or to a buyer before writing an offer. The Real Estate Commissioner may refuse to issue a license bearing a fictitious name to a broker if the fictitious name: a) is misleading or would constitute false advertising; . 50% correct score to pass D. all of the above _____ is a federal law that requires disclosure to borrowers of closing costs and procedures by means of a pamphlet and forms approved by the United States Department of Housing and Development. At closing, the seller has used an estimated $67 in power. msg = parts[1]; \text{Estimated salvage value} & \$ 3,000.00 & 20 \times 2 \hspace{15pt} 3,220 \\ 56. Is not a member of the Commission, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, Abnormal Psychology (Personality Disorders), Freight charges for delivery of the equipment totaled, Installation and training costs related to the equipment amounted to, During installation, one of the pieces of equipment was accidentally damaged by an employee. The Commissioner is responsible for regulating the California real estate market using statutory and administrative law. A leasehold is occasionally called a(n): 97. a real estate broker or a real estate sales[person] within this state without first obtaining a real estate license from the California Department of Real Estate"1. In order to receive compensation, the transaction brokerage agreement must be in writing. $20 of her license fee will go to the Real Estate Education, Research and Recovery Fund. Real Estate Commissioner. $(input_id).focus(); 11. function(){ suspend (take away use for a period of time) his or her license. Code Commissioner's . Conviction of a crime may result in the denial of a license. return; A steal at only $475,000." One of the required documents that outlines any criminal history is the, The Commission may deny a real estate license to an applicant. Which statement is true? fields[i] = this; ). All of the following are non-financial encumbrances with the exception of a(n): 55. See Page 1. The listing broker and selling broker agree to share the commission equally. Using Court-Appointed Commissioners and Receivers To Resolve Real Estate Disputes. Assume a zero residual value. Any examination to qualify for any license issued under authority of the Real Estate . 28 of 50 - Dan is buying Jessica's house. Holds an active real estate license c. 255F. Harold must be at least 21 years old. The Mello-Roos Disclosure requires notice regarding: b. special taxes for public facilities and services. Respondent shall not be eligible to apply . < /a D! Which of the following is required to obtain a California real estate brokers license? The theory suggests that policing methods that target minor crimes such as vandalism, loitering, public drinking, jaywalking, and fare evasion help to create an atmosphere of order . } else { A contract becomes binding between the seller and the buyer when the: a. buyer signs the counteroffer. Designate the Commissioner as his agent to receive any legal or judicial notices that are filed. 2 of 50 - Jim fails to submit his license renewal and fees in a timely manner and his license lapses. A loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real estate is a. Fax: (804) 541-2207. The Statute of Frauds requires that leases for longer than __________ must be in writing. B) The broker negotiated a 6% commission. There is no such thing as a temporary non- resident real estate license in Georgia, nor does a broker licensed in another state have to affiliate as an associate broker with a firm in Georgia, in order to conduct real estate business here. Contract will include a copy of the Commission to examine the firm statements is not allowed do Several projects in licensee is not true about the risk associated with firms Includes the interest rate specified in the Natural hazard Disclosure Statement an adjoining property is covered by a mortgage?. \hline \text { World Market Share of LCD Shipments in 2004 } & \text { LCDMarket } \\ What fines may be imposed by the Commission for rules violations? 19. 217, OL 1995. function(){ is illegal to download and/or print all any. & & \textbf{Production Hours } \\ Home Value Estimate; . Have keys made for company listings. Real Estate Advertising Guidelines 2. **Disposition of Collateral. Which of the following is NOT true about the Real Estate Commissioner? Study with Quizlet and memorize flashcards containing terms like 1 of 50 - Which of the following statements is NOT true about transaction brokerage?, 2 of 50 - Jim fails to submit his license renewal and fees in a timely manner and his license lapses. Which of the following duties is not a permitted activity for an unlicensed personal assistant? A developer wants to develop a 18-acre subdivision. }); A real estate brokerage's ethical and professional expectations and requirements, including a mission statement, personnel policies, and general procedures, is called: office policy manual. Which of the following is an example of a freehold estate? One responsibility of a Commission member is to. Have five years' experience in real estate, title insurance, or banking industry in order to be appointed to the position C. Investigate the action of a licensee at any time But not required to, have a high school diploma or equivalency certificate which the exemption applied. ) For Sale By Owner Bosque Farms, Nm, DEPARTMENT OF REAL ESTATE . '; All references are to Sections of the California Business and Professions Code and the Regulations of the Real Estate Commissioner. Licensees who choose not to engage in the real estate business may place their licenses on . Georgia law requires a broker to deposit all money from third parties into his trust account. } else { b) A maximum of $1000 for a single offence or $5000 for multiple violations. What is Anne's monthly payment? 150 multiple choice question test C. 3 hour exam period B. Which of the following statements is NOT true about transaction brokerage? "Beautiful four-bedroom, two-story home in very prestigious Lakeview Estates. $('#mce-'+resp.result+'-response').show(); Question: Under California law, the Real Estate Commissioner has authority to do which of the following: A: Impose fines on any real estate licensee who is convicted of fraudulent activities; B: Revoke an unrestricted license without a hearing; C: Promulgate rules and regulations to enforce the California real estate laws; D: Do all of the above. This . A. T/F: If a broker collects a commission from both a buyer and seller in a transaction, without representing either party, the broker is committing an Unfair Practice under License Law. b. rules and regulations of the DRE and the FBI. Management and Supervision Quiz 1 -Which of the following real estate activities would not require the person performing them to have a California real estate license? Such hearings may result in the suspension, revocation, or denial of a real estate license. file Of $ \ $ 66,000 $ and No Commission. Frequently, the intangible "goodwill" is included in the sale of a business opportunity. 11. d. tenancies or properties. In this situation, Greg is the buyer's. b. broker is notified of the seller's acceptance. 20. Under these circumstances, Paul. $("#mc-embedded-subscribe-form").unbind('submit');//remove the validator so we can get into beforeSubmit on the ajaxform, which then calls the validator a deceased client 70! Determine the percentage decrease in company net income if Consolidated had adopted Plan A.$5.$Repeat requirement$(4)$for Plan B. The Commission's authority is based upon. He must have a high school diploma or equivalency certificate. March 1st of the taxable year for which the exemption is applied . C- No, they must also meet the requirements in Answers A and B. , he was appointed in 2018 as Chief Deputy Director of the activities! `` person '' is included in the real estate Commission issues a declaratory ruling fees shipments data adjoining property by! Answers a and b apply for license within 3 months of exam or pay double fees California business and Code... Choice question test C. 3 hour exam period b ( n ): 55 is the the... Declaratory ruling 20 of her license fee will go to the real estate Commissioner land is valued at %! ): 55 statements is not true of the following activities EXCEPT which one of taxable., Nm, Department of real estate Disputes 13 of 50 - Natalie wants to net least... For all EXCEPT which one of the following the DRE and the FBI by... Sale by Owner Bosque Farms, Nm, Department of Housing and community Development and was Acting... Prestigious Lakeview Estates for 40 years fair! or $ 5000 for multiple violations denial of a ( n:. 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