Questions and Answers
How long does Trina 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 includes _______.
retraining
Who is the legally required recipient of the DC seller's disclosure statement?
Signup and view all the answers
What additional protected classes does DC's Human Rights Act include?
Signup and view all the answers
The DC Real Estate Commission is under the administrative oversight of ________.
Signup and view all the answers
Who else can file a fair housing complaint?
Signup and view all the answers
How many hours of continuing education must licensees complete every two years?
Signup and view all the answers
What is the current per-licensee maximum that can be collected from the DC Real Estate Guaranty and Education Fund?
Signup and view all the answers
What is the timeframe in which tenants must provide a statement of interest to purchase when a tenant organization exists?
Signup and view all the answers
Mixing earnest money with personal funds is known as _______.
Signup and view all the answers
How long must property owners or property managers keep a copy of a signed DC lead disclosure form?
Signup and view all the answers
What is the salesperson license renewal date?
Signup and view all the answers
What is the broker license renewal date?
Signup and view all the answers
What is this an example of: Herve withdrew funds from the trust account to pay the brokerage's rent?
Signup and view all the answers
How long do you have to keep the agency disclosure notice on file that you collected early on in the transaction?
Signup and view all the answers
What does the NPMA-33 form document?
Signup and view all the answers
Which penalties is Nick facing after being found guilty of discrimination?
Signup and view all the answers
What did the DC Historic Landmark and Historic District Protection Act create?
Signup and view all the answers
Agency disclosure notices in DC are informational only but required by law.
Signup and view all the answers
Which type of termite is most likely to cause damage to homes in DC?
Signup and view all the answers
What must have happened to trigger the invoice for $50 for the guaranty and education fund?
Signup and view all the answers
What is another term for dual agency?
Signup and view all the answers
Brokers from Maryland and Virginia may be eligible for DC ______ licensing.
Signup and view all the answers
What office uses planning, protection, and public education to promote stewardship of DC's historic properties?
Signup and view all the answers
Study Notes
DC Real Estate Licenses
- Inactive status for a DC broker's license can be reactivated within 5 years from when it was made inactive.
- Licensees must complete 15 hours of continuing education every two years.
- August 31 is the renewal date for salesperson licenses, while broker licenses renew on February 28.
DC Real Estate Commission
- The Department of Consumer and Regulatory Affairs provides budget and resource support to the DC Real Estate Commission.
- The National Association of REALTORS oversees the DC Real Estate Commission administratively.
Fair Housing and Tenant Rights
- The DC Human Rights Act adds several protected classes beyond those in the federal Fair Housing Act: age, marital status, personal appearance, sexual orientation, gender identity or expression, family responsibilities, matriculation, and political affiliation.
- Any individual can file a fair housing complaint, including the attorney general.
Real Estate Transactions
- A seller must provide the DC seller's disclosure statement to the buyer who inquired about the property via email.
- Tenants have 7 days to request more information after a sale offer; the landlord must comply in 7 days. Tenant organizations have 15 days to file interest, and individuals have 7 days post that to file petitions.
- If a tenant organization exists, interested tenants have 30 days from the sale offer to express interest; without an organization, they have 45 days.
Compliance and Violations
- Commingling refers to mixing earnest money with personal funds.
- Conversion occurs when funds are improperly withdrawn from a trust account, such as for brokerage rent.
- Property owners or managers must keep signed DC lead disclosure forms for 6 years.
- Licensees can be penalized with injunctive relief, compensatory damages, and attorney fee reimbursement for discrimination.
Historical and Environmental Regulations
- The NPMA-33 form documents inspections for wood-destroying insects.
- The DC Historic Landmark and Historic District Protection Act created the DC Inventory of Historic Sites by combining the landmark list with the National Register's catalog.
Other Important Facts
- The maximum amount collectible from the DC Real Estate Guaranty and Education Fund per licensee is $50,000.
- Agency disclosure notices are mandatory and serve informational purposes only.
- The most destructive termite species in DC is the subterranean termite.
- Reciprocal licensing opportunities exist for Maryland and Virginia brokers in DC.
- The Historic Preservation Office uses planning, protection, and public education to foster stewardship of DC's historic properties.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Prepare for the DC Real Estate Exam with this practice test featuring flashcard questions and answers. Each question focuses on key aspects of real estate regulations and requirements specific to DC. Enhance your knowledge and boost your confidence before the exam!
