DC Real Estate Study guides, Class notes & Summaries

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? - 5 years which entity provides budget and resource support to the DC real estate commission? - department of consumer and regulatory affairs colin was found guilty of a minor violation of dc license law. the commission decided that Colin needed remediation, which in this case likely incl...

Property Manager Eligibility Requirements correct answers Able to read, write, and understand English Real Estate Broker Practice correct answers 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 correct answers 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...

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? correct answers 5 years which entity provides budget and resource support to the DC real estate commission? correct answers department of consumer and regulatory affairs colin was found guilty of a minor violation of dc license law. the commission decided that Colin needed remediation, wh...

Online disclosures must include: correct answers Firm's licensed name, city/state of main office, jurisdiction(s) in which the firm holds a license. Commission related violations may be subject to disciplinary action and fines up to ____ per violation. correct answers $2,500 Electronic documents are permissible per the _____ correct answers Uniform Electronic Transactions (UET) Difference between conversion and commingling? correct answers Conversion: illegally using money received. C...

Law correct answers is the body of rules and principles that every member of society must follow. It is a collection of norms and rules that allow, mandate, or forbid conduct by both people and organizations. The system is designed to promote safety, equity, equality, and the general welfare of all its members. Without laws, society would be in chaos and anarchy would prevail. For this reason, society has designed a complex set of laws that set guidelines for personal and business conduct. I...

Based on DC's statutory reasons for eviction, for which of the following reasons can Don's landlord evict him from the house that Don rents? correct answers Don's landlord sold the house to Jeanette, who intends to live in it. What is a primary factor a lender reviews when determining if a borrower is a good credit risk? correct answers Buyer's income A DC licensee whose license has been inactive may reinstate the license if certain conditions have been met. Reinstatement must be reque...

Minimum and Maximum Balance of the Guaranty & Education Fund correct answers $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 correct answers 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 correct answers fraud If you do not agree with a penalty imposed by the DC Real...

Property Manager Eligibility Requirements correct answers Able to read, write, and understand English Real Estate Broker Practice correct answers 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 correct answers 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...

When preparing the sales contract, when is it acceptable for a licensee who is not an attorney to offer legal advice to the client? correct answers Never (Licensees should never offer legal advice to their clients—unless they also happen to be practicing attorneys.) In a real estate transaction, whom may a licensee represent? correct answers A client A defect on a title that can be monetary or physical is called an ______. correct answers Encumbrance What's the term for a contract...