Podcast
Questions and Answers
What should broker Able do when hiring a new salesperson?
What should broker Able do when hiring a new salesperson?
- Ask the salesperson to get a new license.
- Notify the commissioner about the employment change.
- Both B and C. (correct)
- Mark out the previous broker's name on the license.
Which of the following can lead to disciplinary action against a licensee?
Which of the following can lead to disciplinary action against a licensee?
- Procurement of a license through fraud. (correct)
- Providing incorrect details in a property listing.
- Submission of a truthful license application.
- Entering a plea of guilty for a misdemeanor.
What constitutes grounds for disciplinary action for a licensee?
What constitutes grounds for disciplinary action for a licensee?
- Making misleading statements about the funds received.
- Willfully violating real estate laws.
- Using professional titles not authorized.
- All of the above. (correct)
Which action does NOT subject a licensee to disciplinary action?
Which action does NOT subject a licensee to disciplinary action?
Which conduct is subject to disciplinary action for a licensee?
Which conduct is subject to disciplinary action for a licensee?
Under which circumstance is disciplinary action warranted?
Under which circumstance is disciplinary action warranted?
What behavior may lead to disciplinary action regarding profits?
What behavior may lead to disciplinary action regarding profits?
Which violation is associated with mobile home sales?
Which violation is associated with mobile home sales?
Which of the following actions could not lead to disciplinary measures?
Which of the following actions could not lead to disciplinary measures?
What is a potential consequence of making material misstatements?
What is a potential consequence of making material misstatements?
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Study Notes
Supervision and Licensing Requirements
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Broker Able must notify the commissioner of a new salesperson’s employment, marking out the former broker's name and inserting the new one.
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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.
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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.
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A licensee is NOT subject to disciplinary action for:
- Making a profit, unlike incompetence or violation of confidentiality.
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Grounds for disciplinary action against a licensee include:
- Engaging in fraudulent conduct,
- Violating conditions of a restricted license,
- Making substantial misrepresentations.
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Disciplinary action is warranted if a licensee:
- Makes false promises to influence others,
- Engages in a pattern of misrepresentation,
- Commingles personal and clients' funds.
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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.
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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.
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Agents may demand and receive compensation for customer referrals specifically from:
- Escrow agents,
- Structural pest control firms,
- Title insurers.
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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.
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