Podcast
Questions and Answers
What should broker Able do when hiring a new salesperson?
What should broker Able do when hiring a new salesperson?
Which of the following can lead to disciplinary action against a licensee?
Which of the following can lead to disciplinary action against a licensee?
What constitutes grounds for disciplinary action for a licensee?
What constitutes grounds for disciplinary action for a licensee?
Which action does NOT subject a licensee to disciplinary action?
Which action does NOT subject a licensee to disciplinary action?
Signup and view all the answers
Which conduct is subject to disciplinary action for a licensee?
Which conduct is subject to disciplinary action for a licensee?
Signup and view all the answers
Under which circumstance is disciplinary action warranted?
Under which circumstance is disciplinary action warranted?
Signup and view all the answers
What behavior may lead to disciplinary action regarding profits?
What behavior may lead to disciplinary action regarding profits?
Signup and view all the answers
Which violation is associated with mobile home sales?
Which violation is associated with mobile home sales?
Signup and view all the answers
Which of the following actions could not lead to disciplinary measures?
Which of the following actions could not lead to disciplinary measures?
Signup and view all the answers
What is a potential consequence of making material misstatements?
What is a potential consequence of making material misstatements?
Signup and view all the answers
Study Notes
Supervision and Licensing Requirements
-
Broker Able must notify the commissioner of a new salesperson’s employment, marking out the former broker's name and inserting the new one.
-
A licensee may face disciplinary action for:
- Obtaining a license through fraud,
- Making a material misstatement in a license application,
- Entering a guilty plea for a felony.
-
Disciplinary action for a licensee includes:
- Knowingly making false representations,
- Willfully violating real estate law,
- Using the term “Realtor®” without National Association of Realtors® membership.
-
A licensee is NOT subject to disciplinary action for:
- Making a profit, unlike incompetence or violation of confidentiality.
-
Grounds for disciplinary action against a licensee include:
- Engaging in fraudulent conduct,
- Violating conditions of a restricted license,
- Making substantial misrepresentations.
-
Disciplinary action is warranted if a licensee:
- Makes false promises to influence others,
- Engages in a pattern of misrepresentation,
- Commingles personal and clients' funds.
-
Additional grounds for disciplinary action for a licensee include:
- Making secret profits,
- Not disclosing profits from options taken with listings,
- Engaging in fraudulent or dishonest dealings.
-
Violations related to mobile home sales include:
- Concealing material facts in registration applications,
- Failing to deliver proper ownership certificates,
- Participating in the sale of stolen mobile homes.
-
Agents may demand and receive compensation for customer referrals specifically from:
- Escrow agents,
- Structural pest control firms,
- Title insurers.
-
Violations of real estate law can be classified as:
- Misdemeanors,
- Felonies,
- Punishable by fines up to $10,000 and/or imprisonment for up to six months.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the supervision and licensing requirements for real estate professionals. This quiz covers important scenarios such as broker affiliation and potential disciplinary actions for licensees. Perfect for those preparing for their real estate licensing exam.
