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DC Real Estate Law Exam Questions with correct Answers
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DC Real Estate Law Exam Questions with correct Answers
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DC Real Estate Law Exam Questionswith correct Answers
DC Real Estate Law is created by - Answer -The City Council and is enforced by the
DCREC
Commission consists of how many members? - Answer -9 members
Commission members are appointed by the? - Answer -Mayor with the advice and
consent of the DC City Council
Goal of the Commission - Answer -To protect the public from incompetent and
fraudulent practices
Commission member consists of? - Answer -3 Brokers, 2 Salespersons, 2 Property
Managers, 1 Real Estate Attorney, 1 Consumer Member
Commission Member Terms - Answer -3 year terms; maximum 3 consecutive terms
Commission Member Qualifications - Answer --Must reside in DC for 1 year prior to
appointment and remain resident during the term
-Industry members must have 5 years experience
-No Compensation but are reimbursed for expenses
Home builders - Answer -Require licenses if they sell or offers for sale in a subdivision
for 5 of more lots
License Terms - Answer -Valid for 2 years
-Brokers: Expire Feb. 28th of odd years
-Salespersons: Expire August 31st of odd years
-Property Managers: Expire Feb. 28th of odd years
Disclosure Requirements - Answer -Should make clear to non-clients who they
represent at the first meeting
Buyer-Broker Agreement - Answer -The compensation for the salesperson is agreed
upon
, Inactive Status - Answer -Up to 5 years
Time limit for keeping records - Answer -3 years
Fine for filing false documents - Answer -$3,000
Maximum number of signs on property - Answer -3 signs
Partnership requirements - Answer -Must file all names, addresses, and percentages
with DCREC for all partners
Escrow Account Requirements - Answer --Maintained in a FDIC located in DC
-Name and addresses of institution, account number and all of licenses info must be
submitted to the commission within 14 days of opening the account
Escrow Accounts for - Answer -Down Payments
Rents Collected
Earnest Money Deposits
Security Deposits
Requirements for removing money from Escrow Accounts - Answer -A HUD 1 form
proving the action is closed
A signed release
A court order
Maximum payout of Guaranty and Education Fund - Answer -$50,000 regardless of how
many claimants
Payout Restrictions - Answer -Cannot cover court costs, attorney fees, or punitive
damages
Guaranty Fund Maximum and Minimum Amounts - Answer -Minimum: $1,040,000
Maximum: $3,500,000
The percentage the DCREC is permitted to designate for continuing education - Answer
-20%
DC Human Rights Act of 1977 - Answer -Covers fair housing practices along with
discrimination in areas of resort or amusement, educational institutions, commercial
space, accommodations and public service.
DC Law 11 Additional Protected Classes - Answer -1.Age
2.Marital Status
3.Personal Appearance
4. Sexual Orientation
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