DC State Portion Exam with 100% correct answers

Who appoints members of the DC Real Estate Commission? The commission executive director The DC Council chairperson The mayor The outgoing commissioners The mayor Jersey, a real estate licensee who lives in DC, inherited a 5% interest in a strip mall. Pete, her neighbor, saw a for sale sign at the strip mall and wants her to make an offer on the property on his behalf. Jersey considers her personal interest in the property too minor to bother disclosing it. Is this a violation of DC law? No. Jersey must disclose that the buyer is her neighbor, but she doesn't need to disclose her interest in the property. No. Jersey need not disclose unless she holds at least a 10% interest in a property. No. Jersey need not disclose unless she holds at least a 15% interest in a property. Yes. Jersey must disclose any interest she holds in a property. Yes. Jersey must disclose any interest she holds in a property. Colin was found guilty of a minor violation of DC license law. The commission decided that Colin needed remediation, which in this case likely includes ________. Fines Probation Retraining Suspension Retraining Phyllis has been working independently as a DC broker for six years and recently decided that she no longer wants to deal with the paperwork or insurance requirements. She's going to work as an associate broker for a colleague. What should she do next? Call the real estate commission secretary Courier a transfer application to the real estate commission Notify the commission via a letter sent by certified mail Submit a transfer application to the Division of Business and Professional Licensing Notify the commission via a letter sent by certified mail Which protected classes does DC's Human Rights Act add to those already protected under the federal Fair Housing Act? Age, marital status, personal appearance, sexual orientation, and gender identity or expression Age, marital status, personal appearance, sexual orientation, gender identity or expression, family responsibilities, matriculation, and political affiliation Age, sex, marital status, disability Sex, disability, and religion Age, marital status, personal appearance, sexual orientation, gender identity or expression, family responsibilities, matriculation, and political affiliation Which of these statutory duties of DC real estate licensees is included under the broader duty of promoting the client's best interests? Comply with all fair housing laws and regulations. Disclose any material facts. Seek out the best terms for one's client. Treat all parties honestly. Seek out the best terms for one's client. Dennis was surprised to learn that the DC Real Estate Commission isn't a completely independent body, but is instead under the administrative oversight of ________. The Better Business Bureau The DC Council The DC mayor The National Association of REALTORS® The DC mayor Serena is accused of commingling trust funds from two different clients. She has a hearing before the DC Real Estate Commission next week. If she is found guilty of two separate license law violations, what is the maximum civil penalty that can be imposed on her? $10,000 fine $20,000 fine $5,000 fine No fine $10,000 fine Karen just received her real estate license in DC. She must renew her license on August 31, 2019. What kind of license does Karen have? Associate broker Broker Managing broker Salesperson Salesperson What is the current per-licensee maximum that can be collected from the DC Real Estate Guaranty and Education Fund? $20,000 $25,000 $35,000 $50,000 $50,000 In which of the following scenarios is a DC Seller's Disclosure Statement required? Beth is selling a duplex. Haley is selling a 12-unit midrise apartment building. Jaime is selling a building with three outpatient surgical suites. Mina is selling warehouse facility. Beth is selling a duplex. What administrative office uses planning, protection, and public education to promote stewardship of DC's historic properties? Historic Preservation Office Office of Community Affairs Office of Tax and Revenue Office of the City Administrator Historic Preservation Office Reba is selling a three unit property and makes an offer of sale to the tenants. Within how many days must the tenants submit a statement of interest to exercise their right to purchase? 15 days if the tenants are collectively exercising the right, an additional seven days if tenants are acting individually 30 days if the tenants are collectively exercising the right, an additional 15 days if tenants are acting individually 60 days if the tenants are collectively exercising the right, an additional 30 days if tenants are acting individually Seven days if the tenants are collectively exercising the right, an additional seven days if tenants are acting individually 15 days if the tenants are collectively exercising the right, an additional seven days if tenants are acting individually As a DC licensee, which one of the following questions can Maya answer while providing reasonable skill and care to her clients? Do the wood shavings outside the basement window mean there are termites in the home? Is the mold in the basement the dangerous kind? What are the property taxes for this property? Will an investment in this property lower my income taxes? What are the property taxes for this property? Which of the following statements about earnest money in DC is true? Earnest money is rarely the subject of lawsuits against real estate licensees and their brokers. Earnest money must be placed in an escrow account within seven days of receipt. The amount of earnest money is non-negotiable. The seller specifies the amount of earnest money the buyer will deposit and when the deposit will be made. Earnest money must be placed in an escrow account within seven days of receipt. Broker Betsy has five salespersons working under her supervision. Whose license must be displayed in the brokerage office? Betsy's license must be displayed, as well as the licenses of the five salespersons None are required to be displayed Only Betsy's license is required to be displayed; none of the other licenses need to be retained Only the licenses of the five salespersons must be displayed Betsy's license must be displayed, as well as the licenses of the five salespersons Jason is the broker of record for Desert Realty which has a main office in Sunburst. Jason is opening a branch office in Garnet which will be managed by a licensed associate broker named Kendra so that Jason can continue to work out of the Sunburst office. Which best describes the requirements for licenses at these offices? Jason and Kendra's licenses must be displayed at the Garnet office Jason and Kendra's licenses must be displayed at the Sunburst office Jason's license must be displayed at the Sunburst and Garnet offices; Kendra's license must be displayed at the Garnet office Kendra's license must be displayed at the Sunburst office; Jason's license must be displayed at the Garnet office Jason's license must be displayed at the Sunburst and Garnet offices; Kendra's license must be displayed at the Garnet office In DC, when is a licensee required to provide the agency disclosure notice? At the first substantive discussion about a specific property the licensee has with the party he or she is not representing in the transaction If the licensee is representing the buyer, the disclosure must be given after the purchase offer has been made and accepted. If the licensee is representing the seller, the disclosure must be given once the listing price has been determined. Just before the licensee and his or her client enter into an agency agreement. At the first substantive discussion about a specific property the licensee has with the party he or she is not representing in the transaction Jim would like to sell his own home. What is the minimum real estate license he must possess? Associate broker Broker None Salesperson None According to the DC Office of Human Rights, a possible penalty for violating fair housing law is ______. A fine of up to $500 An award of punitive damages with limitation Making the housing or loan available that has otherwise been denied to the complainant Time in prison Making the housing or loan available that has otherwise been denied to the complainant Jameson is coming up on his real estate license renewal date. How many hours of continuing education must he complete? 10 15 25 30 15 Consuela is a real estate licensee, and she has three other licensees working under her supervision. What type of license does Consuela hold? Associate broker Broker Office manager Salesperson Broker Mary's been a salesperson in DC for two years. She's currently building her own professional website. In addition to her broker's contact information, what must she include on the site per DC real estate advertising guidelines? A copyright mark An online disclaimer An online disclosure Her brokerage's logo An online disclosure DC licensee Jenna presented her evidence at a commission hearing held March 19. How long does the commission have to issue its final decision regarding her case? 30 days 45 days 60 days 90 days 90 days Shannon is a DC property manager who currently manages three buildings. Which organization oversees her license and her adherence to related laws and regulations? DC Council Department of Consumer and Regulatory Affairs Real estate appraisal board Real estate commission Real estate commission The DC Real Estate Commission is overseeing a hearing for licensee Doug Jones, who was accused of mishandling both client and broker funds. The complainants are also talking to the DA about possible criminal charges. Civil fines are one thing, but if Doug is found guilty in a criminal proceeding, what maximum fine might he face? $10,000 $15,000 $25,000 $5,000 (Criminal convictions may lead to a fine of up to $10,000, as well as up to a year in prison.) $10,000 Theodore was showing his buyer clients some homes in DC after he'd had lunch with a colleague. He was clearly under the influence of alcohol, and his clients were concerned and angry. They filed a complaint with the commission. Providing services while impaired is a very serious offense, so it's a good chance that Theodore will receive a ________ as a sanction. Censure Fine Reprimand Revocation Revocation Five consumers won a judgment against a DC licensee for a total of $55,000. The consumers applied to the guaranty fund, and they discovered that they won't each receive full payment since the fund liability is limited to $50,000 per licensee. How will they be paid? When losses exceed the liability, consumers are paid in a ratio proportional to their losses. When losses exceed the liability, consumers are paid on a first-come, first-served basis. When losses exceed the liability, the claims are held until a later date so that the fund can grow. When losses exceed the liability, the fund requires the licensee to take out a personal loan to make up the difference. When losses exceed the liability, consumers are paid in a ratio proportional to th