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DC Real Estate Legislation and Regs Exam Questions and Answers
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DC Real Estate Legislation and Regs Exam Questions and Answers
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DC Real Estate Legislation and RegsExam Questions and Answers
Property Manager Eligibility Requirements - Answer -Able to read, write, and
understand English
Real Estate Broker Practice - Answer -May engage in building housing and selling
housing, or may sell or negotiate the sale of any lot in any subdivision of land
comprising of 5 or more lots.
Agent Eligibility Requirements - Answer -1. Able to read, write, and understand English
2. Is a high school graduate or GED holder
3. Has successfully completed course of study (60 hours) prescribed by the
Commission at an approved school.
Certain Representations Prohibited - Answer -Unless licensed in DC, no person may
use the title "real estate salesperson (R.E.S.)" or any other device that would indicate
the the person is a licensed real estate salesperson in DC.
Exemptions from Licensure Requirement - Answer -No license necessary if:
2. Any owner or lessor of real estate performing real estate salesperson duties in the
course of regular management of their property.
3. Any trustee or auctioneer acting in a mortgage, deed of trust, or similar instrument
securing the payment of a debt.
4. Except for title companies, any bank, trust company, building and loan or savings and
loan association, or insurance company, having fiduciary interest when the company is
engaged.
Licensure of Real Estate Organizations - Answer -Every branch office managed by a
licensed real estate broker.
Broker Place of Business - Answer -b. When broker changes location, must notify
mayor within 15 days and replace licenses.
c. Failure results in suspension of license.
d. New licenses for unexpired term can be issued upon written request and payment.
, Automatic Suspension of License through Affiliation - Answer -a. When broker's license
is suspended, salespersons must return licenses within 15 days. Cannot perform in this
time.
b. When salesperson terminated, licensee will inform former employee that license was
returned to Mayor within 15 days.
c. When salesperson terminated, salesperson's duty to notify Mayor within 15 days.
Fiduciary Duties Representing a Seller - Answer -Disclose to seller material facts
related to the property which the licensee has actual knowledge.
General Provisions Governing Disclosure of Brokerage Relationships - Answer -a. If not
defined, brokerage relationship 90 days.
c. Licensee will disclose to client brokerage relationship with prospective nonclient
buyer or seller.
d. If not specified, will disclose brokerage relationship to non-client landlord or tenant
prior to signing lease. Does not apply to homes for lease terms less than 2 months.
f. Copies of any disclosures shall be kept for 3 years.
Prohibited Acts - I - Answer -Fines not to exceed $2,500 for:
(1) Made any substantial misrepresentation.
(4) Acted, as a broker or salesperson, for more than one party in a transaction without
the knowledge of all parties. (5) As a property manager, disclosed to a third party
confidential information which would be injurious concerning the business or personal
affairs of a client without prior written consent of the client, except as may be required or
compelled by applicable law or rules. (6) Accepted a fee, commission, or other valuable
consideration as a real estate salesperson for the performance of any of the acts as a
salesperson, except from the broker under whose name he or she is or was licensed at
the time the fee, commission, or other valuable consideration was earned. (8)
Represented or attempted to represent any real estate broker, other than the broker
under whose name he or she is licensed, as a real estate salesperson without the
express knowledge and written consent of the broker under whose name he or she is
licensed. (9) Used misleading or false advertising in a publication, sign or business
card.
Prohibited Acts - II - Answer -Fines not to exceed $2,500 for:
(10) Failed to, within a reasonable time, to account for or to remit any money, valuable
document, or other property coming into his or her possession which belongs to others.
(11) As a real estate broker and real estate salesperson, demonstrated unworthiness or
incompetence and thus endangered the public interest. (12) While acting or attempting
to act as agent or broker, purchased or attempted to purchase any business or real
estate for himself or herself, either in his or her own name or by use of a straw party,
without disclosing that fact to the party he or she represents.
Prohibited Acts - III - Answer -Fines not to exceed $2,500 for:
(27) Failed to advise the Board in writing within 15 days of the entry of any judgment
against the licensee in a civil or criminal proceeding by a court of competent jurisdiction.
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