DC Exam Prep Flashcards
An airline pilot told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house. When may the broker pay the airline pilot for this valuable lead?
In the District of Columbia (DC), the broker may not pay the airline pilot for the valuable lead if the pilot is not a licensed real estate salesperson or broker. It is illegal to pay an unlicensed person for a real estate referral in DC.
What is the expiration date of every Salesperson’s license in the District of Columbia?
August 31 of each odd-numbered year
A salesperson engaged in activities that Constitute violations of the District of Columbia Human rights act, including blockbusting and discrimination on the basis of disability. The salesperson also cashed a $25,000 earnest Money check from a prospective buyer and used the proceeds to buy a new car. The Salesperson’s employing broker was unaware of All these activities. What is the impact on the Salesperson’s broker when the salesperson’s Violations are brought to the attention of the Real Estate Board?
The employing broker will not likely have his or her license revoked as a result of the salesperson’s violations
DC Real Estate Law is created by
The City Council and is enforced by the DCREC
The Council is made up of 13 members, who are elected to four-year terms.
Commission consists of how many members?
9 members
Commission members are appointed by the?
Mayor with the advice and consent of the DC City Council
Goal of the Commission
To protect the public from incompetent and fraudulent practices
Commission member consists of?
3 Brokers,
2 Salespersons,
2 Property Managers,
1 Real Estate Attorney,
1 Consumer Member
Commission Member Terms
3 year terms; maximum 3 consecutive terms
Commission Member Qualifications
-Must reside in DC for 1 year prior to appointment and remain resident during the term
-Industry members must have 5 years experience
-No Compensation but are reimbursed for expenses
Commission Member Qualifications
1 Must be a resident of the District of Columbia throughout their tenure on the Commission.
2. (3) members must each hold a Broker’s license.
3. (2) members must hold a Salesperson’s license.
4. (2) members must hold a Property Manager’s license.
5. (1) member must be a licensed attorney.
6. (1) member must be a consumer member who does not hold a real estate license.
DC Real Estate Law is created by
The City Council and is enforced by the DCREC
Goal of the Commission
To protect the public from incompetent and fraudulent practices
True or False: The failure of a member to attend at least half of the regularly scheduled meetings of the DCREC board within a 12-month period constitutes neglect of duty.
True. According to DC real estate law, the failure of a member to attend at least half of the regularly scheduled meetings of the DCREC board within a 12-month period constitutes neglect of duty.
What is the maximum payout of the Guaranty and Education Fund in DC, regardless of how many claimants?
Regardless of the number of claimants, the maximum payout from the Guaranty and Education Fund in DC is $50,000.
According to DC Law 11, which of the following is NOT an additional protected class? Personal appearance.
Personal appearance is not an additional protected class under DC Law 11, but it is a protected class under the DC Human Rights Act.
The other choices, age, marital status, and sexual orientation, are all protected classes under DC Law 11, but they are not additional protected classes.