Recovery fund - Study guides, Class notes & Summaries

(DPREC) How many real estate commissioners are there and how long do they serve? - Answer-4 serving 4 year terms (DPREC) Which activity does not require a real estate license? - Answer-Property management (DPREC) What is the maximum penalty for brokering a real estate deal without a license? - Answer-up to $5,000 and a year in jail (DPREC) Which organization monitors the code of ethics? - Answer-NAR (National association of Realtors) (DPREC) Which activity does IREC NOT have au...

Ohio Real Estate Exam test bank Questions with answers 2023May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund? CORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive CORRECT A...

The inspector is not required to determine ____ ___ of any system or component. - Answer- -Years of age -Life expectancy -Make model Horizontal waste pipe should slope ____ inch per foot - Answer- 1/4" per foot if < 3 inch pipe. 1/8" per foot if > or = to 3 inch pipe Drip screed - Answer- Also called weep screed. Used at the base/bottom of stucco walls to release moisture. Pressure Vacuum Breaker (PVB) - Answer- Used for Backflow Prevention. Lawn Irrigation systems: install...

Naslca Virginia Contractor’s Licensing Exam || Questions & Answers (Graded A+) Naslca Virginia Contractor’s Licensing Exam || Questions & Answers (Graded A+) Who is to be in charge of a local building department? - ANSWER - Building official. Contractors who are assessed a fee to support the Transaction Recovery Fund MUST pay this fee within a MINIMUM of how many days from when the assessment fee notice was mailed? - ANSWER - 45 days Contractors will be assessed a fee for the Trans...

Hawaiian Real Estate Module 2 Test 100% Correct Solved REAL ESTATE LICENSING LAWS ARE CONSTITUTIONAL BECAUSE THEY REPRESENT A VALID EXERCISE OF THE STATE'S POLICE POWER A. TRUE B. FALSE - Correct Answer ️️ -A. TRUE THE REAL ESTATE COMMISSION MAY REVOKE OR SUSPEND A LICENSE FOR WHICH OF THE FOLLOWING? A. ACTING FOR BOTH THE BUYER AND THE SELLER IN A REAL ESTATE TRANSACTION AND COLLECTING COMMISSIONS FROM BOTH AFTER OBTAINING THEIR ORAL CONSENTS TO DO SO B. AN ATTEMPT BY A SALESPER...

The Board Of Realty Regulation Consists of how many members and how are the members appointed? - ANS 7 members and are appointed by the governor What are the Civil and Criminal Penalties for those engaging in real estate without a license? - ANS Guilty of a misdemeanor First Offense will be fined b/t $100-$500 or imprisoned for 90 days or BOTH Subsequent Offense will be fined b/t $500-$2,000 or imprisoned for 6 months or BOTH What is the Real Estate Recovery Account? - ANS -Within...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - Answer $500 fine per day for each day of violation plus penalties for a misdemeanor. What is the PRIMARY purpose of licensing? - Answer Protect the health and welfare of the public. The application for licensure MUST include - Answer the business address of the proposed designated employee. All of the following must be licensed EXCEPT - Answer a material supplier who advis...

Rhode Island General Real Estate Study Guide with Complete Solution Real estate recovery act Dept of business regulation establishes this account Covers anyone aggrieved by an act, misrepresentation, transaction or conduct of a licensed real estate broker upon the grounds of fraud, misrepresentation or deceit may recover no more than 50000 per one license Can't be used to reimburse any broker or salesperson Agents pay a fee for the deposit in the real estate recovery fund when they first...

A designated employee should be? a) any full time worker b) At least 18 years old, full time employee, has passed required examination c) at least 18 years old and 5 years experienced for Class A d) the owner - b) At least 18 years old, full time employee, has passed required examination A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible when the contractor does not renew his license on time? a) USBC b) OSHA c) Th...

A designated employee should be? correct answersAt least 18 yrs old, full time employee, has passed required examination What is the initial Recovery Fund Fee? correct answers$25 A contractor does not notify a change of address and os does not receive a timely Notice of Renewal. Who is responsible when the contractor does not renew his license on time? correct answersThe licensed Contractor If a contractor earns more than $ per yr, then the contractor requires a Class A license. correct...