Unit 8- Real Estate Law

Question 1

30-40-1

Answer 1

Real estate code

Question 2

What happens if your broker looses their license ?

Answer 2

Stop what your doing

You lose license

Can still close business in closing if approved

Question 3

What are the exceptions to holding a license?

Answer 3

For sale by owner

Ancillary job to real estate

Question 4

When did the RE commission start?

Answer 4

July 1 2002

Question 5

How many people sit on the commission, for how long, and who appoints them?

Answer 5

5 people for 4 years appointed by governor with advice from the senate

Question 6

Real estate fiscal year begins on what date?

Answer 6

July 1

Question 7

30-40-22 penalties of violations?

Answer 7

1st violation 1-2000 and 90 days in jail

2nd violation $2-5000 and 1 year in jail

Sentence by a judge

Question 8

WV RE clause 30-40-7 for violations?

Answer 8

Fines no less than 1k up to 2k per day per violation to the total amount

Fines by RE Commission

Question 9

Antitrust laws(Sherman)

Answer 9

Laws designed to free enterprise of an open market

Question 10

Boycott

Answer 10

Two or more broker team up to bring down other brokers

Reduce patronage to reduce competition

Question 11

Brokerage

Answer 11

Bringing two parties together for real estate transactions

Question 12

Commissions

Answer 12

Payment to a broker for service rendered

Question 13

Disclaimers

Answer 13

Statement indicating no legal responsibilities

Question 14

Electronic contacting

Answer 14

Two enforcing bodies(acts): UETA & E-Sign (federal

Allowing electronic contracts to be legal

Question 15

IDX

Answer 15

Internet Data Exchange- sharing data by RE professionals

MLS

Question 16

Internet listing display policy

Answer 16

IDX

Allowing equal rights to data

Question 17

Managing broker

Answer 17

The one broker - whop you work for

Question 18

Minimum level of service

Answer 18

Fee for services

Must at least present and deliver contracts , offers, and counter offers

Question 19

MLS

Answer 19

Multiple listing service

Sharing listings to find buyers homes quickly

Question 20

Do not call

Answer 20

Can call up to 18 month after RE transaction

Can call up to 3 month after inquiry

Stop calling immediately if asked to

Question 21

Price fixing

Answer 21

Anti trust law

Fixing prices to reduce competition

Question 22

Procuring cause

Answer 22

Direct reason why something happens

Sale of a house

Question 23

Ready willing and able buyer

Answer 23

Pre approval

Can deny showing if not pre approved

Question 24

UETA

Answer 24

Act governing electronic contract

Question 25

Transactional broker

Answer 25

Helps fill out forms

Not representing persons

Question 26

How many days to answer to accused provisions?

Answer 26

20 days

Question 27

How many days do you have to renew your license?

Answer 27

350 days or 50 weeks

$50 3 month late
$75 6 month late
$100 7 month late

Question 28

Creation of agency types

Answer 28

Express and implied

Question 29

Express agency

Answer 29

You have a contract

Written down
Binding in court

Question 30

Implied agency

Answer 30

Verbal or action

Not in writing

Question 31

Fiduciary duties are

Answer 31

COLD AC

Care
Obedience 
Loyalty 
Disclosure 
Accounting
Confidentiality

Question 32

Types of agency relationships

Answer 32

3 types

Universal - sales powers as agent, just for one, POA

General - property manager, many jobs, related to business

Special - RE agent, set list of things todo, one specific act

Question 33

Disclosure laws, notice of agency

Answer 33

Show who they are working for

Question 34

Single agency

Answer 34

Working for one party

Question 35

Seller representation

Answer 35

Principal and client you owe fiduciary too

Question 36

Owner as the principal

Answer 36

Property manager, hired to rent lease and take care