Exam (elaborations)
DC Broker Exam with correct Answers
- Course
- Institution
DC Broker Exam with correct Answers
[Show more]
Content preview
DC Broker Exam with correct AnswersChinese drywall is a problem because: - Answer -defective material that emitted
sulfurous gases and volatile chemicals.
The Real Estate Board - Answer -In the District of Columbia, the real estate license law
is administered by
By the Mayor - Answer -How are the members of the Real Estate Board selected?
The Real Estate Board has the authority to - Answer -make and enforce the rules by
which all real estate licensees must abide
The Real Estate Board may undertake an investigation of a licensee based on all of the
following EXCEPT - Answer -a random selection of licensees
An unlicensed individual who engages in activities for which a real estate license is
required is subject to which of the following penalties? - Answer -Civil penalty of
$10,000 in addition to other penalties provided by law
In the District of Columbia, which of the following is legal and not grounds for license
revocation? - Answer -Agreeing with a seller to accept a listing for more than the normal
commission rate.
Property Management - Answer -service that typically includes finding tenants,
collecting rents, and maintaining the property
Brokerage - Answer -the service of bringing buyers and sellers together
National Association of REALTORS - Answer -a large professional organization for the
real estate industry
Appraisal - Answer -estimating the market value of real estate
Education - Answer -providing instruction to both the general public and real estate
professionals
,Mechanic's Lien - Answer -is a statutory product. The law states that there must be a
written, signed contract between the owner and the contractor for the contractor,
subcontractors or material supplies to have a right to a ______________________
90 days after the material is supplied - Answer -to claim a mechanic's lien for materials
supplied, a supplier must file a notice of the lien in the public record within
A reasonable time - Answer -How soon must deeds of conveyance be recorded after
closing?
Deposits a buyer's down payment in the salesperson's own bank account. - Answer -
The Real Estate Board has the power to revoke a salesperson's license if the
salesperson __________________________
Depositing earnest money into the firms escrow account - Answer -In the District of
Columbia, a broker may have his or her license suspended or revoked for all of the
following actions EXCEPT
Human Rights Commission or HUD - Answer -A person who believes that he or she has
been illegally discriminated against may file a complaint with the DC
______________________
1 year - Answer -A housing discrimination charge must be filed with the DC Human
Rights Commission within
Poor credit history - Answer -The DC Fair Housing Law is more far reaching than the
federal law. However, the DC law does NOT provide protection to persons on the basis
of
Matriculation - Answer -DC Fair Housing Law specifically protects college students
under the protection for
62 - Answer -In DC, occupancy of a building can be limited to senior citizens who have
attained the age of
Both the conviction and the broker's failure to return the license to the Real Estate
Board violate Board regulations. - Answer -A broker is convicted on May 1 of
possession and distribution of a controlled substance. Both the crime and the conviction
took place outside of DC. On June 15, the broker calls the RE Board and "leaves a
message" informing the RE board of the conviction. Based on these facts, which of the
following is TRUE?
**Board must be notified of conviction within 15 days**
,$50,000 maximum recovery from the Real Estate Guaranty and Education Fund, but no
court costs and attorney's fees - Answer -An aggrieved person is awarded a judgement
against a real estate licensee who violated the DC License Act. Regarding the RE
Guaranty and Education Fund, the aggrieved party has the right to
One year after the alleged violation occured - Answer -A broker violate the license law,
resulting in monetary damages to a consumer. In order to be eligible for a collection
from the RE Guaranty and Education fund, the injured party must file a lawsuit up to
9 total members; 3 brokers, 2 property managers, 2 salespersons, 1 consumer and 1
attorney - Answer -DC Real Estate Commission consists of how many member? Define
each member
DC Real Estate Commission - Answer -Give a license, take a license, suspend one,
write the Code of Ethics and oversee the Guaranty and Education Fund
Suspension and Revocation - Answer -Summary suspension means license is
suspended before a hearing is conducted. DCREC will send notice, then licensee must
request a hearing in writing within 72 hours or 3 days of notice. DCREC must make a
decision within 72 hours or 3 days following hearing
Guaranty and Education Fund - Answer -- Protect the public from money lost in a real
estate transaction at the fault of a licensee or and employee of the licensee
- Minimum balance of $1,040,000
- Max balance of $5,000,000
- Can assess every agent $20 if min falls below $1,040,000
Licensing requirements for a Salesperson - Answer -- 60 hours or pre-licensing; pass
course and exam
- Must affiliate with a broker and pay a fee of $295, which includes $60 Guaranty and
Fund Fee
License requirements for a Broker & Associate Broker - Answer -- 2 years as
salesperson
- 135 pre-licensing hours; pass course and exam
- Have 6 months to apply for RE license after passing exam
- **Associate Broker MUST affiliate with a Broker
Continuing Education - Answer -- 15 hours (3 hours - Legislative Update; 3 DC Fair
Housing; 3 Ethics; and 6 hours of electives)
Broker, Associate Broker and Property Manager Renewals - Answer -February 28th of
the odd year
Salesperson Renewal - Answer -August 31st of the odd year
, Licensee Late Renewal guidlines - Answer -Can renew within 60 days of expiration and
pay an additional fee of $50
Advertising and Signs - Answer -- All adds must include the broker's name, as it
appears on the license, AND phone number ( no need for an address)
- Ads must be factual and true
- You can't "bait and switch" people in ads through lotteries, contests, raffles, drawings,
essay or anything with an element of CHANCE to it
- Must state exact requirements for redeeming something and have an end date
Absolutely NOT - Answer -Does DCREC allow nicknames for brokers?
Employee OR Independent Contractor - Answer -Types of Licensees
Independent Contractor - Answer -- must have a current salesperson license
- At least 90% of income must come form real estate transactions, not the hours they
work
- Must have a written agreement with the Broker that for income tax purposes, they are
not treated as employees
Yes, as long as they receive written consent from BOTH brokers - Answer -Can a
licensee work for more than one broker? If so, how would they go about doing so?
Yes, a broker can pay a modest finder's fee, as long as the non-licensee does NOT
perform an act of brokerage - Answer -Can a broker pay a finder's fee to a non-licensee
for a lead?
Yes, if you are going to buy, sell, or lease a property yourself, personally, you must
disclose in writing you are a licensee - Answer -Must a licensee disclose he or she is a
licensee even if it is for personal reasons?
You must keep copies for 3 years from the date of last activity - Answer -How long must
a brokerage keep executed documents of a completed real estate transaction in the
District of Columbia?
Earnest Money - Answer -- must be deposited/turned in WITH the contract in a bank
located in DC within 7 calendar days of ratification
- account must be labeled Trust Account or Escrow Account
- No comingling of funds
- any checks drawn on an escrow account must be signed by a Broker
Security Deposit - Answer -- May NOT be used for unpaid rent
- When tenancy ends, landlord has 45 days to return deposit OR notify tenant in writing
why the deposit was being held for specific damage to the property.
1866 Civil Rights Act - Answer -Prohibited discrimination based on race ONLY
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now