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DC Real Estate Exam Questions and Answers
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DC Real Estate Exam Questions and Answers
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DC Real Estate Exam Questions andAnswers
Minimum and Maximum Balance of the Guaranty & Education Fund - Answer -
$1,040,000
$5,000,000
The certificate filed with the Real Estate Commission to license a real estate partnership
must contain all of the following - Answer -The names of the partners,
The residence address of all partners
The percentage of each partners ownership
Misreprentation of a material fact which results in a loss is - Answer -fraud
If you do not agree with a penalty imposed by the DC Real Estate Commission, as a
licensee you can - Answer -Appeal to the DC Court of Appeals
If you perform routine services the do not create an agency relationship they are called -
Answer -ministerial acts
Real Estate sales persons license expires and need to be renewed - Answer -August 31
of every odd year
Brokers and property managers are Feb 28th of every odd year
Maximum amount a consumer can collect from the Real Estate Guaranty Fund -
Answer -$50,000
Records of transactions which a broker maintains must be kept, by law for - Answer -3
years from closing date
DC title search goes back how many years? - Answer -60
Maximum security deposit a landlord can collect in DC ? - Answer -One months rent
DCREC is made up of? - Answer -9 members appointed by the mayor with the consent
of the City Council
How many years does it take to establish adverse possession in DC? - Answer -15
years
, A building in DC can legally be limited to seniors who are at least how old? - Answer -62
years
The Real Estate Guaranty and Education Fund is? - Answer -Available to compensate
an aggrieved person for actual losses suffered to a licensees actions
in DC, a housing discrimination charge must be filed with the Human Rights
Commission within - - Answer -1 year
Fair Housing Seven Protected Classes - Answer -Race
Color
National Origin
Religion
Sex
Familial Status
Disability
The Housing and Community Develpment Act of 1974 - Answer -includes sex as a
protected class
Equal Credit Opportunity bAct of 1974 - Answer -this act requires lenders to give
businesses and consumers equal access to credit
Fair Housing Act Amendments Act of 1988 - Answer -this act added familial status and
disability to the existing list of protected classes
Architectural Barriers Act of 1968 - Answer -this act requires buildings and facilities
using federal funds after Sept 1969 to be accessible for handicap persons
Rehabilitation Act of 1973 - Answer -prohibits discrimination on the basis of disability in
any program, service of activity that receives federal financial assistance
Truth in Lending Act of 1969 - Answer -Title 1 of the consumer credit protection act
this act was designed to product consumers in dealings with lenders and creditors
Real Estate Settlement Procedures Act (RESPA) - Answer -designed to promote
consumer awareness, requiring certain disclosures and entitling consumers to accurate
and timely info about the actual costs of settling or closing a transaction
Plessy vs. Ferguson - Answer -1896 - Separate but equal
Congress passed the Fair Housing Act in what year? - Answer -1968
Fair Housing Act Covers: - Answer -dwellings, or structures designed or occupied as
residences and land offered for sale for the building of a residence
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