Chapter 1 Duties Of The Board Flashcards
Who makes up the DC Real Estate Board?
3 Brokers 2 Salespersons 2 Property Managers 1 RE Attorney 1 Consumer Member
Who can remove a board member?
The mayor.
What is the max amount of time someone can serve on the board?
3-3 year consecutive term.
What reason can a person be removed from the board?
Incompetence, misconduct, neglect of duty.
What is reciprocity?
Reciprocal licensing between jurisdictions.
What is required for DC reciprocity?
1-Someone licensed and in good standing.
2-Equivalent time for licensing.
3-admits dc licenses under similar circumstance.
4-Pays the fee.
Who establishes the fees?
The mayor. Fees are non refundable.
What are the general powers of the DCREB?
Hearings Administration Investigation Rules Renew Records
Budget
Notice
The DCREB is under administrative control by whom?
Mayor.
Who is responsible for issuing licenses and certificates?
The Mayor.
Under what circumstances will a hearing occur prior to reinstatement after revocation?
1-To deny a license for any cause other than failure to qualify.
2-To suspend a license.
3-To revoke license.
4-To restore a license.
5-To refuse to issue renewals by annual registration for any cause other than failure to pay the prescribed fees.
6-To impose a civil fine or other penalty.
7-To require a course of remediation or period of probation.
8-To deny an application for reinstatement.
9-Reprimands a licensee.
How much notice must be given to a licensee prior to a hearing?
15 days via certified mail.
What course of action can an aggrieved person take on the final decision of the DCREB?
They can appeal the decision to the District Court of Appeals.
Can the DCREB have jurisdiction over unlicensed persons?
No.
What is the first penalty for practicing Real Estate without a license?
A fine up to 10,000 and 1 year in prison or both.
What is the penalty for practicing Real Estate without a license a second time?
A fine up to 25,000 or 1 year in prison or both.
What is the penalty for a licensee for committing a prohibited act?
Fines not to exceed $2500 per violation.
Is dual agency without consent okay in DC?
No dual agency requires disclosure, and consent of both parties.
Can a salesperson accept a commission from anyone other than a broker?
No.
What must a licensee do once he/she receives any money, valuable document, or other property.??????
Turn it in to broker, or title company and make accounting.
How long must an agent keep records?
3 years.
Can an agent put clients money into a personal account?
No that would be a commingling of funds.
Issuing an appraisal report on a real estate or a business in which the licensee has an undisclosed interest ok?
No
What is revocation?
1-The state of being cancelled or annulled.
2-the act of annulling something previously done.
What is suspension?
The temporary halting of licensing.
When does automatic suspension through affiliation occur?
When the principal brokers license is suspended all licensees affiliated with that broker.
How is a license reinstated?
d
What is the guarantee fund?
A fund to help protect the consumer.
What are the boundaries of the guarantee fund?
A minimum of 1,040,000 and a maximum of 5,000,000
How much does a licensee have to pay into the guarantee fund?
$60.00
How much can the guarantee fund collect when there is a shortfall?
$50.00
Who can apply for payment from the Guaranty and Education fund?
Someone who has received a judgement.
What is the maximum payout from the Guaranty Fund?
$50,000 per transaction.
How much time does a claimant have to make a claim against the Guaranty Fund?
Make application within 1 year of incident Max lame of $50k per person per incident.
What is the penalty for a material misstatement of fact?
$3000 and up to 1 year in prison or both.
What is the penalty for a criminal act?
$10,000 and up to 1 year or both
What is the process for a hearing when a complaint is filed against a licensee?
1- Complaint Filed
2-Hearing scheduled within 30-60 days
3-Final Decision w/in 90 days
4-Appeals to Court of Appeals within 30 days
