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DC Real Estate Licensing Law > Chapter 1 Duties Of The Board > Flashcards

Chapter 1 Duties Of The Board Flashcards

0
Q

Who makes up the DC Real Estate Board?

A 
3 Brokers
2 Salespersons
2 Property Managers
1 RE Attorney
1 Consumer Member
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1
Q

Who can remove a board member?

A

The mayor.

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2
Q

What is the max amount of time someone can serve on the board?

A

3-3 year consecutive term.

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3
Q

What reason can a person be removed from the board?

A

Incompetence, misconduct, neglect of duty.

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4
Q

What is reciprocity?

A

Reciprocal licensing between jurisdictions.

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6
Q

What is required for DC reciprocity?

A

1-Someone licensed and in good standing.
2-Equivalent time for licensing.
3-admits dc licenses under similar circumstance.
4-Pays the fee.

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7
Q

Who establishes the fees?

A

The mayor. Fees are non refundable.

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8
Q

What are the general powers of the DCREB?

A 
Hearings
Administration
Investigation 
Rules
Renew
Records

Budget
Notice

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9
Q

The DCREB is under administrative control by whom?

A

Mayor.

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10
Q

Who is responsible for issuing licenses and certificates?

A

The Mayor.

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11
Q

Under what circumstances will a hearing occur prior to reinstatement after revocation?

A

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.

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12
Q

How much notice must be given to a licensee prior to a hearing?

A

15 days via certified mail.

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13
Q

What course of action can an aggrieved person take on the final decision of the DCREB?

A

They can appeal the decision to the District Court of Appeals.

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14
Q

Can the DCREB have jurisdiction over unlicensed persons?

A

No.

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15
Q

What is the first penalty for practicing Real Estate without a license?

A

A fine up to 10,000 and 1 year in prison or both.

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16
Q

What is the penalty for practicing Real Estate without a license a second time?

A

A fine up to 25,000 or 1 year in prison or both.

17
Q

What is the penalty for a licensee for committing a prohibited act?

A

Fines not to exceed $2500 per violation.

18
Q

Is dual agency without consent okay in DC?

A

No dual agency requires disclosure, and consent of both parties.

19
Q

Can a salesperson accept a commission from anyone other than a broker?

A

No.

20
Q

What must a licensee do once he/she receives any money, valuable document, or other property.??????

A

Turn it in to broker, or title company and make accounting.

21
Q

How long must an agent keep records?

A

3 years.

22
Q

Can an agent put clients money into a personal account?

A

No that would be a commingling of funds.

23
Q

Issuing an appraisal report on a real estate or a business in which the licensee has an undisclosed interest ok?

A

No

24
Q

What is revocation?

A

1-The state of being cancelled or annulled.

2-the act of annulling something previously done.

25
Q

What is suspension?

A

The temporary halting of licensing.

26
Q

When does automatic suspension through affiliation occur?

A

When the principal brokers license is suspended all licensees affiliated with that broker.

27
Q

How is a license reinstated?

A

d

28
Q

What is the guarantee fund?

A

A fund to help protect the consumer.

29
Q

What are the boundaries of the guarantee fund?

A

A minimum of 1,040,000 and a maximum of 5,000,000

30
Q

How much does a licensee have to pay into the guarantee fund?

A

$60.00

31
Q

How much can the guarantee fund collect when there is a shortfall?

A

$50.00

32
Q

Who can apply for payment from the Guaranty and Education fund?

A

Someone who has received a judgement.

33
Q

What is the maximum payout from the Guaranty Fund?

A

$50,000 per transaction.

34
Q

How much time does a claimant have to make a claim against the Guaranty Fund?

A

Make application within 1 year of incident Max lame of $50k per person per incident.

35
Q

What is the penalty for a material misstatement of fact?

A

$3000 and up to 1 year in prison or both.

36
Q

What is the penalty for a criminal act?

A

$10,000 and up to 1 year or both

37
Q

What is the process for a hearing when a complaint is filed against a licensee?

A

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

DC Real Estate Licensing Law (4 decks)

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