DC Real Estate Law with Complete Solutions(GRADED A)

Real estaet law in DC is created by___________and enforced by_____________ - ANSWER-City Council; DC Real Estate Commission The DC Real Estate Commission is part of the________________________ - ANSWER-DC Department of Consumer and Regulatory Affairs DCREC... - ANSWER-creates the rules and regulations concerning real property and land interests including condos, co-ops, leases and time shares The DC Real Estate Commission has the authority to (3 things) - ANSWER-1. Issue or revoke licenses 2. Implement DC law 3.. Establish and enforce a code of ethics for real estate brokers, associate brokers, salespeople, and property managers The ultimate purpose of the DCREC is.... - ANSWER-to protect the public from incompetent and fraudulent practices 9 members of the DCREC - ANSWER-3 real estate brokers, 2 DC licensed salespersons, 2 DC licensed property managers, 1 attorney, 1 consumer member DCREC term - ANSWER-3 years DCREC members may serve a max of ___ cnosecutive _____ year terms - ANSWER-3; 3 DCREC member conditions (2) - ANSWER-1. Must have resided in DC for one year 2. Must maintain residency during the term A DCREC chairperson is appointed by the _______ - ANSWER-mayor DCREC members may be removed from the Commission by the mayor for just cause such as_______ - ANSWER-neglect of duty Do DCREC commissioners receive compensation for their efforts? - ANSWER-No, but they are reimbursed for expenses Who is required to have a real estate license? - ANSWER-any person selling real estate and receiving comp DC Real Estate Law with Complete Solutions(GRADED A)