DC State Portion Exam

The amount of earnest money is negotiable between the parties, but it must be considered ______. "enough" "reasonable" "sizeable" "sufficient"

"reasonable"

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

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

The DC commission can impose civil fines for license law violations. Each violation may garner a fine up to ______. $1,000 $1,500 $2,500 $5,000 (Each violation may carry a fine of up to $5,000.)

$5,000

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 DC, how many hours of approved real estate courses must an individual complete before taking the real estate salesperson exam? 120 30 60 75

60

How many commissioners serve on the DC Commission on Human Rights? 1 11 15 3

11

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

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

Malcolm let his DC real estate license expire four years ago. Now that his daughter is starting school, he wants to reinstate his license. How much continuing education does he need to complete in order to reinstate his license? 15 hours 20 hours 30 hours Five hours

30 hours

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

Muriel is an endorsement license applicant from Kentucky. Daniel is a reciprocal license applicant from Maryland. While there are some differences in what they must submit to become licensed salespersons in DC, they both must submit ________. A Letter of Certification showing that their license is in good standing A recommendation from their current broker Detailed information regarding pre-licensing information Proof of at least two years of experience

A Letter of Certification showing that their license is in good standing

Which of the following can hold a broker's license? A brokerage company only A person only A person or an entity A salesperson with more than five years' experience only

A person or an entity

Which of the following statements is true regarding DC's licensing requirements? A person assisting a friend in selling a home must have a real estate license, even when no compensation is given. A person selling a home For Sale by Owner must have a real estate license. A person who helps a friend find and lease an apartment must have a real estate license. A property manager must have a real estate license, even if employed by only one property owner.

A property manager must have a real estate license, even if employed by only one property owner.

A buyer that Lydia worked with last year filed a complaint regarding her service, and she's now preparing for a hearing with the DC Real Estate Commission. The commission could ask her to participate in ______ prior to the hearing. A civil proceeding Arbitration A settlement conference Mediation

A settlement conference

By accepting and depositing earnest money funds, a DC escrow agent is agreeing to do what? Abide by DC license law related to handling of escrow funds. Disburse the funds as directed by his client. Hold the funds in the firm's operating account. Negotiate directly with the buyer and seller in case of earnest

Abide by DC license law related to handling of escrow funds.

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 the following statements is true regarding public attendance at DC Real Estate Commission meetings? All commission meetings are open to the public. Commissioners may each invite two consumers to each meeting. Consumers must request attendance passes in advance. Members of the public are only invited to quarterly meetings.

All commission meetings are open to the public.

A person performing real estate activities under the judgment or order of a court, such as a trustee in a bankruptcy, is _______. An exception to the real estate licensing requirement Required to have a broker license Required to have at least an associate broker license Required to have at least a salesperson license

An exception to the real estate licensing requirement

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

Jameson is auditing a list of broker applications in DC. He wants to make sure that everyone who applied to take the broker's exam has the correct qualifications. Which of the following applicants would most likely NOT be eligible for a broker's license? Annette, a real estate salesperson who has four years of real estate experience and has completed 60 hours of broker real estate courses Dustin, a licensed Virginia salesperson with a decade of experience and more than 180 hours of broker education Georgia, a real estate salesperson with three years of experience who has completed 135 hours of broker education Howard, a broker with six years of experience in Iowa who is moving to DC

Annette, a real estate salesperson who has four years of real estate experience and has completed 60 hours of broker real estate courses

Carmen is the vice-president of a DC investment firm that wants to start offering real estate sales services for its clients. Which of the following statements is true about the firm's submission of a broker license application? Anyone involved in providing real estate services needs to hold a DC real estate license. As a vice-president, Carmen must first get her real estate license. The executive leadership team must first obtain real estate licenses. The firm must be incorporated in DC.

Anyone involved in providing real estate services needs to hold a DC real estate license.

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

The DC Real Estate Commission includes only one ________. Attorney Broker Property manager Salesperson

Attorney

Darnell is a DC real estate licensee whose former client filed a complaint against him. The real estate commission may impose sanctions if he is found guilty of any violations. What other entity may pursue penalties against Darnell? Attorney general Director of BPLA Director of DCRA President of the DC Council

Attorney general

In DC, real estate salesperson licenses must be renewed every two years in odd years by which date? August 31 February 28 January 1 June 30

August 31

Tres is a DC real estate salesperson. He received his license on March 3, 2018. By what date will Tres have to renew his license? August 31, 2019 December 31, 2018 December 31, 2019 March 3, 2019

August 31, 2019

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.

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

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

In DC, which type of licensee must renew their license by February 28 in odd years? Broker Certified public accountant Real estate management license Salesperson

Broker

In DC, associate brokers are ______. Brokers-in-training Brokers who choose to be supervised by another broker Brokers with supervising authority Salespersons

Brokers who choose to be supervised by another broker

Under what circumstances can DC buyer agency agreements be terminated early? Buyers and their agent both agree in writing to end the agreement Buyers find another buyer to replace them. Buyers find out that their agent is representing other buyers. Buyers notify the agent in writing that they have a contract on a home another broker found for them.

Buyers and their agent both agree in writing to end the agreement

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

Refusing to show apartments, misrepresenting availability, quoting different terms, and failing to inform persons of color of opportunities to receive more favorable rent is discrimination based on what protected class? Citizenship status Color National origin Race

Color

Which of the following statements about condo/co-op conversions in DC is true? Conversions are illegal. Conversions require a tenant vote. Conversion to a co-operative may only be initiated by the tenants. Conversion to condos is prohibited.

Conversions require a tenant vote.

Brokers from Maryland and Virginia may be eligible for DC ________ licensing. Collaborative Endorsement Non-resident Reciprocal

Reciprocal

Brokers who are licensed in other states may be eligible for a DC license without sitting for the national exam if they provide proof of licensure and ________. Demonstrate that their home state's education requirements meet DC standards Pay a larger application fee Sign an oath that they will abide by DC law Take out a large errors and omissions policy

Demonstrate that their home state's education requirements meet DC standards

Which entity provides budget and resource support to the DC Real Estate Commission? DC Council DC mayor Department of Consumer and Regulatory Affairs National Association of REALTORS®

Department of Consumer and Regulatory Affairs

Chester is interested in becoming a real estate licensee in the District of Columbia. After completing the requirements for obtaining the license for a real estate salesperson, which agency will administer Chester's license? Department of Motor Vehicles Department of Revenue Department of Taxation and Finance District of Columbia Real Estate Commission

District of Columbia Real Estate Commission

Amanda helps her neighbor sell his DC home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______. Doesn't need a real estate license Must have a broker license Must have at least a broker associate license Must have at least a sales associate license

Doesn't need a real estate license

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.

One advantage to using electronic documents and signatures in DC is convenience. Another advantage is that ______. Electronically signed documents hold up in court better than wet signed documents Electronic documents can never be hacked Electronic signatures meet DC's requirement for delivery of signed documents Licensees can't be sued based on errors in electronic documents

Electronic signatures meet DC's requirement for delivery of signed documents

Daniella, a licensed real estate salesperson, is planning to apply for the next vacancy on the DC Real Estate Commission for which she is eligible. How many years of experience must she have in order to qualify? Five Seven Three Two

Five

Jeanette knows that she completed 10 hours of continuing education last year when she went to a real estate conference. How many additional hours does she need in order to renew her DC salesperson's license? 10 15 Five None

Five

Trina applied for inactive status for her DC broker's license when her son was diagnosed with leukemia four years ago. How long does she have to reactivate her license from the time it was made inactive? Five years Four years Seven years Three years

Five years

Tom is an unlicensed individual helping his sister, Katie, find a new house, in return for a trip to Europe. Which of the following activities can Tom legally perform? He can negotiate the sale of her old house. He can purchase a new property for Katie at an auction. He can receive compensation from Katie for locating a new house. He can search real estate sites and resources to find available homes in the area.

He can search real estate sites and resources to find available homes in the area.

Because of an ongoing legal matter, the DC Real Estate Commission has suspended the broker company license for Happy Home Realty. Sinead is the principal broker for Happy Home. What is true about her broker's license? Her license is demoted to a salesperson license. Her license is suspended while Happy Home's is suspended. She must submit a request to keep her license. There is no effect on Sinead's license.

Her license is suspended while Happy Home's is suspended.

Charlene has been working hard to repay the DC guaranty fund for the $18,000 claim it paid to one of her past clients. Once she finishes repaying the fund, what will happen? Her license suspension will end. Her probation will be lifted. She'll have to retake the licensing exam. She'll have to take additional continuing education.

Her license suspension will end.

Kunal lost money due to his DC real estate agent's negligence, but he's not a candidate to submit a claim to the real estate guaranty fund. What's a likely reason why he's not a candidate? His agent is his wife. His cousin is also a DC licensee. His losses are less than $3,000. His losses exceed the per-licensee maximum liability.

His agent is his wife.

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

Marilyn is a licensed DC salesperson who is putting her own house on the market so that she and her husband-to-be can purchase a new home together and plan their wedding. She knows she won't be able to keep up with her real estate business for the next six months, so she should probably apply for a(n) ________ status for her license. Expired Inactive On-hold Suspended

Inactive

Charmaine had her DC real estate license suspended after she neglected to tell her buyer clients about the documents and funds they would need for closing. Her suspension was a result of which type of disciplinable offense? Addiction Incompetence Misrepresentation Scope of practice

Incompetence

In addition to disciplinary sanctions imposed by the DC Real Estate Commission, licensees may face a(n) ________ if the attorney general files for one in superior court. Censure Injunction Reprimand Revocation

Injunction

A DC broker discloses to a potential buyer that she's not only the listing agent, but also the owner of the property the buyer's interested in. She makes this disclosure of personal interest because ______. It is required under DC law It will give her the upper hand in negotiations The buyer expressed an interest in becoming a real state licensee This tactic will usually make buyers offer more money

It is required under DC law

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 which of these scenarios would the consumer need a DC real estate license? Jessie is searching for a new home for a friend moving into town, who will compensate her 2% of the sale price for her time and effort. Mickey is selling his own home and isn't using the services of a listing agent. Peter is helping his sister, Kristen, find a new apartment and will not be compensated in any way. Ronald is acting as executor of his uncle's estate, which includes selling the property his uncle owned.

Jessie is searching for a new home for a friend moving into town, who will compensate her 2% of the sale price for her time and effort.

A prospective buyer has expressed interest in purchasing a house in DC. The property was built in 1919, is located in a historic district, and has a leaky roof. Select the option that best describes all the disclosures the buyer should receive Lead-based paint disclosure and property condition disclosure that notes the roof leak Lead-based paint disclosure and property condition disclosure that notes the roof leak and location in a designated historic district Property condition disclosure that notes the roof leak Property condition disclosure that notes the roof leak and location in a designated historic district

Lead-based paint disclosure and property condition disclosure that notes the roof leak and location in a designated historic district

Madeline lied about having her high school diploma on her DC salesperson license application. She was one credit short and never actually graduated. What's a likely disciplinary sanction after she's found to have lied on her application? License denial License revocation License suspension Probation

License denial

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

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

DC brokers ______ compensate an unlicensed person. Can in some cases May May not Must always

May not

Online advertising that contains a DC licensee's name must include an online disclosure. Which option best details the items required to be in this disclosure? Licensee's license number, name of affiliated firm, licensee's office location, jurisdiction where license is held Name of affiliated firm, firm's main office location, licensee's office location, jurisdiction where license is held Name of affiliated firm, licensee's office location Name of affiliated firm, licensee's office location, jurisdiction where license is held

Name of affiliated firm, licensee's office location, jurisdiction where license is held

Nathan assisted with the purchase of a commercial building that will be used as a community center. He doesn't hold a DC real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation? He received a commission of less than $1,000. Nathan is a public official whose salaried duties include real estate transactions. Nathan's church purchased the building. The commercial building was valued at less than $500,000.

Nathan is a public official whose salaried duties include real estate transactions.

Jim would like to sell his own home. What is the minimum real estate license he must possess? Associate broker Broker None Salesperson

None

Alyce worked as a DC real estate salesperson for three years before obtaining her broker's license last year. She was excited to learn about current vacancies on the real estate commission. For which of the following corresponding vacancies would Alyce be eligible? A broker vacancy, because she now holds her broker's license A consumer vacancy, because Alyce has bought and sold houses A salesperson vacancy, because she has more experience as a licensed salesperson None, because she doesn't have five years of professional experience

None, because she doesn't have five years of professional experience

Jaden, a DC licensee, presents his seller client with offers as soon as he receives them. What statutory duty is Jaden performing for his client? Adhere to the brokerage agreement. Promote the client's best interests. Treat customers fairly. Treat customers with honesty.

Promote the client's best interests.

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

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

In DC, which type of licensee must renew their license by August 31 in odd-numbered years? Associate broker Broker Managing broker Salesperson

Salesperson

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

Which type of real estate license requires a 60-hour licensing course as a condition of taking the licensing exam? Broker Process server Project management associate Salesperson

Salesperson

Sidney didn't appear at his DC hearing scheduled for November 1. What was the real estate commission's response to his absence? The commission asked for a continuance. The commission held him in contempt of court. The commission held the hearing without him. The commission sent the case to binding arbitration.

The commission held the hearing without him.

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.

A seller filed a complaint against DC licensee Tyrell. What will be the real estate commission's first action? File an injunction for Tyrell to stop practicing while it investigates. Phone Tyrell to hear his side of the story. Send Tyrell a written notice with complete information about the complaint. Subpoena witnesses on both sides.

Send Tyrell a written notice with complete information about the complaint.

Viola is a licensee who rents out two condo units. What does she need to disclose to potential tenants? Parties are only allowed during certain hours. She is a licensed real estate professional. She recently renovated the property. The neighbor has a dog who barks during the day.

She is a licensed real estate professional.

Sidney didn't appear at his DC hearing scheduled for November 1 because he was having an emergency appendectomy. The commission held the hearing and issued a ruling on November 9. What are Sidney's options now? Sidney can ask a civil court to vacate the commission's decision. Sidney can request a settlement conference. Sidney can request to reopen the case, as long as he does so within 30 days. Sidney must abide by the commission's ruling and sanctions.

Sidney can request to reopen the case, as long as he does so within 30 days.

When a licensee's actions could have an immediate negative effect on the public, the mayor of DC can take which action without an investigation or hearing? Deny the license renewal Formally reprimand the licensee Impose a civil fine on the licensee Summarily suspend the license

Summarily suspend the license

DC license law allows the mayor to suspend a real estate license without a hearing if the licensee is an immediate danger to the public. When Brynn's client filed a complaint about missing trust funds, the mayor immediately suspended Brynn's license. This is called a(n) ________. Cease-and-desist order Censure Injunction Summary suspension

Summary suspension

Dean's brokerage firm adopted an electronic transaction management system. Which of the following statements is true about brokerage policies related to the system? Backups are unnecessary if the system is cloud based. Confidential files can safely be sent via email. Licensees may only share their passwords with one personal assistant each. System permissions are on a need-to-know basis and passwords are required.

System permissions are on a need-to-know basis and passwords are required.

Carl lives in a three-unit DC rental property owned by Margaret. Which of these is the most inclusive statement about Carl's petition rights and responsibilities? Carl must submit a statement of interest within seven days if the tenant organization doesn't submit one within 15 days of the offer of sale. The law then allows a minimum 120 day negotiation period after the statement of intent is received. Margaret has seven days to provide tenants with a with a requested copy of a third-party property contract; if the tenant organization fails to file a statement of interest within seven days of the offer of sale, Carl has 15 additional days to do so. Tenants have seven days after the offer of sale to request more information from Margaret; within 15 days of the offer of sale, Carl must deliver a statement of interest to Margaret if the tenant organization fails to do so. Tenants have seven days after the offer of sale to request more information; Margaret has seven days to comply. The tenant organization has 15 days to file a statement of interest; Carl has seven days after that to file an individual petition.

Tenants have seven days after the offer of sale to request more information; Margaret has seven days to comply. The tenant organization has 15 days to file a statement of interest; Carl has seven days after that to file an individual petition.

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

If a DC-licensed salesperson decides to quit working for a given broker and look for other employment, what happens to the salesperson's license? The broker keeps it until they can pass it along to the salesperson's new employer. The broker who held the license returns it to the mayor. The salesperson keeps it until they find new employment. The salesperson returns it to the mayor.

The broker who held the license returns it to the mayor.

Licensee Enzo just received a letter from the DC commission with an invoice for $50 for the guaranty and education fund. What must have happened to have triggered this request for funds? Enzo had a claim filed against him. Enzo's license is up for renewal. The fund dipped below a minimum balance amount. The fund is investing funds in a new market.

The fund dipped below a minimum balance amount.

Who appoints members of the DC Real Estate Commission? The commission executive director The DC Council chairperson The mayor The outgoing commissioners

The mayor

Who or which entity administers the DC Real Estate Guaranty and Education Fund? The district secretary of education The district treasurer The mayor The real estate commission

The real estate commission

The written agreement with a DC client/customer establishes how the compensation is to be made and also establishes all the following EXCEPT ________. The broker's compensation The salesperson's commission The type of brokerage relationship being entered into Whether that compensation will be shared with the buyer's agent

The salesperson's commission

Members of the DC Real Estate Commission are limited to how many consecutive terms? No legal limit One Three Two

Three

Typically, a panel oversees a hearing for a DC license law violation rather than the full real estate commission. The hearing panel comprises at least how many commissioners? Five One Seven Three

Three

Nina knows that she will be able to select some elective continuing education courses in order to renew her DC real estate salesperson's license, but some of her required hours are prescribed by the commission. Which of the following is a commission requirement for Nina's continuing education? Four hours of ethics education Four hours of legal updates Three hours of antitrust education Three hours of fair housing education

Three hours of fair housing education

DC licensees convicted of criminal charges may face up to a $10,000 fine, as well as ________. Community reparations Having their license banned in every U.S. jurisdiction License suspension for five years Up to one year in jail

Up to one year in jail

How often do DC real estate licensees contribute to the Guaranty and Education Fund? Annually Every license renewal Upon initial licensure Upon initial licensure and at every license renewal

Upon initial licensure and at every license renewal

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?

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 their losses.

When is a real estate license required? When performing maintenance work for one property owner When performing real estate activities for others, for compensation of any kind When performing real estate activities for others, without compensation When performing real estate activities for yourself

When performing real estate activities for others, for compensation of any kind

A salesperson or associate broker may perform real estate brokerage activities under what circumstances? In the absence of a broker When requested to do so by a client When they have two years of experience While associated with and supervised by a broker

While associated with and supervised by a broker

A DC consumer was awarded a judgment from a real estate licensee. The consumer has been unable to collect the judgment and wishes to seek payment from the Guaranty and Education Fund. When must she submit her claim? Within 12 months from the date of the violation that resulted in the judgment Within 12 months from the date the judgment became final Within 12 months from the last day the consumer sought payment from the licensee Within 12 months of the licensee's last renewal date

Within 12 months from the date the judgment became final

Joan began a court case against a DC licensee who misrepresented a property, resulting in a financial loss for Joan. At this point, does Joan need to make any notifications to the mayor? No. Joan isn't required to make any notifications to the mayor, but the licensee does. No. Joan only needs to notify the mayor if she is awarded a judgment. Yes, Joan must notify the mayor of the action and provide regular updates on the progress of the case. Yes, Joan must notify the mayor within 30 days of the date she began her action.

Yes, Joan must notify the mayor within 30 days of the date she began her action.

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.

Under certain circumstances, an attorney may perform real estate services without holding a real estate license. This would be true for an attorney who employs up to ______ salespeople. Four Three Two Zero

Zero