DC Real Estate Licensing and Regulations, Exams of Real Estate Management

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DISTRICT OF COLUMBIA Salesperson

(Real Estate License Exam) 2024-

new update

In addition to disciplinary sanctions imposed by the DC Real Estate Commission, licensees may face a(n) ________ if the attorney general files for one in superior court. - answer Injunction How often do DC real estate licensees contribute to the Guaranty and Education Fund? - answer Upon initial licensure and at every license renewal Typically, a panel oversees a hearing for a DC license law violation rather than the full real estate commission. The hearing panel comprises at least how many commissioners? - answer Three DC license law allows the mayor to suspend a real estate license without a hearing if the licensee is an immediate danger to the public. When Brynn's client filed a complaint about missing trust funds, the mayor immediately suspended Brynn's license. This is called a(n) ________. - answer Summary Suspension The DC Real Estate Commission is overseeing a hearing for licensee Doug Jones, who was accused of mishandling both client and broker funds. The complainants are also talking to the DA about possible criminal charges. Civil fines are one thing, but if Doug is found guilty in a criminal proceeding, what maximum fine might he face? - answer $10, Kunal lost money due to his DC real estate agent's negligence, but he's not a candidate to submit a claim to the real estate guaranty fund. What's a likely reason why he's not a candidate? - answer His agent was his wife Darnell is a DC real estate licensee whose former client filed a complaint against him. The real estate commission may impose sanctions if he is found guilty of any violations. What other entity may pursue penalties against Darnell? - answer Attorney General

Which of the following statements about condo/co-op conversions in DC is true? - answer Conversions require a tenant vote. Jaden, a DC licensee, presents his seller client with offers as soon as he receives them. What statutory duty is Jaden performing for his client? - answer Promote the client's best interests. Breanna is selling her DC condo in order to pay for grad school. Her father Stan has agreed to pay listing broker Martin's commission so that Breanna can use all of the equity in the condo. What is true about the relationships in this situation? - answer Martin represents Breanna only Which type of termite is most likely to cause damage to homes in DC? - answer Subterranean Termite Online advertising that contains a DC licensee's name must include an online disclosure. Which option best details the items required to be in this disclosure? - answer Name of affiliated firm, licensee's office location, jurisdiction where license is held Alyce worked as a DC real estate salesperson for three years before obtaining her broker's license last year. She was excited to learn about current vacancies on the real estate commission. For which of the following corresponding vacancies would Alyce be eligible? - answer None, because she doesn't have five years of professional experience Theodore was showing his buyer clients some homes in DC after he'd had lunch with a colleague. He was clearly under the influence of alcohol, and his clients were concerned and angry. They filed a complaint with the commission. Providing services while impaired is a very serious offense, so it's a good chance that Theodore will receive a ________ as a sanction. - answer Revocation The DC Real Estate Commission includes only one - answer Attorney DC licensees convicted of criminal charges may face up to a $10,000 fine, as well as ________. - answer Up to one year in jail

Charmaine had her DC real estate license suspended after she neglected to tell her buyer clients about the documents and funds they would need for closing. Her suspension was a result of which type of disciplinable offense? - answer Incompetence Who appoints members of the DC Real Estate Commission? - answer The Mayor Joan began a court case against a DC licensee who misrepresented a property, resulting in a financial loss for Joan. At this point, does Joan need to make any notifications to the mayor? - answer Yes, Joan must notify the mayor within 30 days of the date she began her action A DC consumer was awarded a judgment from a real estate licensee. The consumer has been unable to collect the judgment and wishes to seek payment from the Guaranty and Education Fund. When must she submit her claim? - answer Within 12 months from the date the judgement became final Shannon is a DC property manager who currently manages three buildings. Which organization oversees her license and her adherence to related laws and regulations? - answer Real Estate Commission Charlene has been working hard to repay the DC guaranty fund for the $18,000 claim it paid to one of her past clients. Once she finishes repaying the fund, what will happen? - answer Her license suspension will end Members of the DC Real Estate Commission are limited to how many consecutive terms? - answer Three DC licensee Jenna presented her evidence at a commission hearing held March 19. How long does the commission have to issue its final decision regarding her case? - answer 90 Days Dennis was surprised to learn that the DC Real Estate Commission isn't a completely independent body, but is instead under the administrative oversight of ________. - answer The DC Mayor

In addition to disciplinary sanctions imposed by the DC Real Estate Commission, licensees may face a(n) ________ if the attorney general files for one in superior court. - answer Injunction Which entity provides budget and resource support to the DC Real Estate Commission? - answer Department of Consumer & Regulatory Affairs Which of the following persons may file a fair housing complaint on behalf of another? - answer Attorney General Dean's brokerage firm adopted an electronic transaction management system. Which of the following statements is true about brokerage policies related to the system? - answer System permissions are on a need-to-know basis and passwords are required. Ahmad is a DC licensee who is getting ready for his first-ever closing. He knows that he must keep his client Cynthia's information confidential, even after his agency relationship with her ends. When does his responsibility for accounting for her funds and personal property end? - answer When the closing statement is presented Diane receives her DC property tax bill in the middle of February, and it covers October 1 - March 31. Her payment is due by ______. - answer March 31 DC licensee Jenna presented her evidence at a commission hearing held March 19. How long does the commission have to issue its final decision regarding her case? - answer 90 days If a DC-licensed salesperson decides to quit working for a given broker and look for other employment, what happens to the salesperson's license? - answer The broker who held the license returns it to the mayor. In DC, real estate salesperson licenses must be renewed every two years in odd years by which date? - answer August 31

Under certain circumstances, an attorney may perform real estate services without holding a real estate license. This would be true for an attorney who employs up to ______ salespeople. - answer Zero Which of the following statements is true regarding DC's licensing requirements? - answer A property manager must have a real estate license, even if employed by only one property owner. Trina applied for inactive status for her DC broker's license when her son was diagnosed with leukemia four years ago. How long does she have to reactivate her license from the time it was made inactive? - answer Five Years A salesperson or associate broker may perform real estate brokerage activities under what circumstances? - answer While associated with and supervised by a broker Nathan assisted with the purchase of a commercial building that will be used as a community center. He doesn't hold a DC real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation? - answer Nathan is a public official whose salaried duties include real estate transactions Which of the following can hold a broker's license? - answer A person or an entity Malcolm let his DC real estate license expire four years ago. Now that his daughter is starting school, he wants to reinstate his license. How much continuing education does he need to complete in order to reinstate his license? - answer 30 hours Refusing to show apartments, misrepresenting availability, quoting different terms, and failing to inform persons of color of opportunities to receive more favorable rent is discrimination based on what protected class? - answer Color How long must property owners or property managers keep a copy of a signed DC Lead Disclosure Form? - answer Six years

DC licensee Jared assisted a colleague with a complicated transaction. The colleague wants to compensate Jared to say thank you. What must happen first? - answer Jared has to get authorization from his broker Simon is selling a 10 unit property. Within how many days from the offer of sale must the tenants provide Simon with a statement of interest to purchase if a tenant organization already exists? - answer 30 Days Which of these statements about escrow accounts in DC is correct? - answer Escrow accounts are managed by escrow agents and are used to hold funds belonging to others, such as earnest money deposits A DC licensee is working with a buyer who is making an offer to purchase a property. What should the licensee do immediately after the buyer signs the offer? - answer Provide a copy of the signed offer to the buyer Which of these TOPA requirements differs between a single unit building and a two - four unit building?

• answer Delivery of the statement of interest Finish the following statement. Puffery is an exaggeration, whereas misrepresentation is ______. - answer A false statement made about a material fact Which of the following is an example of conversion? - answer Herve withdrew funds from the trust account to pay the brokerage's rent Reba is selling a three unit property and makes an offer of sale to the tenants. Within how many days must the tenants submit a statement of interest to exercise their right to purchase? - answer 15 days if the tenants are collectively exercising the right, an additional seven days if tenants are acting individually

A DC property is part of The L'Enfant Trust. Which of these activities may be restricted? - answer Changing the exterior paint color of the property DC brokers ______ compensate an unlicensed person. - answer May not Which of these tenants of a single-family property in DC would NOT be eligible to exercise TOPA rights? - answer A disabled veteran who signed a lease on August 11, 2018 Which of the following is true about the deposit of DC earnest money funds? - answer Escrow records must always be available to the commission on demand DC consumers who believe they are the victims of housing discrimination may file a complaint with ______. - answer The Office of Human Rights Which of the following statements best describes the items required in the online disclosure required on a DC real estate firm-owned web page? - answer Firms licensed name, city/state of main office, jurisdiction in which the firm holds a license A DC buyer entered into a purchase agreement with a seller for a single-family property. At the time of execution, the seller has not provided the property disclosure form. Which of these is an action the buyer could take? - answer The buyer can terminate the agreement, in writing, no more than five calendar days after receiving the disclosure Which one of the following statements about the DC agency disclosure notice is true? - answer The agency disclosure notice is not a contract Carl lives in a three-unit DC rental property owned by Margaret. Which of these is the most inclusive statement about Carl's petition rights and responsibilities? - answer Tenants have seven days after the offer of sale to request more information; Margaret has seven days to comply. The tenant organization has 15 days to file a statement of interest; Carl has seven days after that to file an individual petition.

As a new DC licensee, Niles is thrilled to have completed his first transaction. He bundled up all of the transaction-related paperwork and will send it to his broker's offsite storage facility with a _______-year retention period. - answer Three What are the terms of service for someone appointed as a commissioner on the DC Commission of Human Rights? - answer Three years of service without compensation In order to fulfill the DC statutory duty to promote the client's best interests, when must licensee Angelique present offers or counter-offers to her client Sandy? - answer Promptly until an offer has been accepted Forrest found out that he pays higher rent for his DC apartment than another tenant in a same-sized unit, and he thinks it's because he is an African-American male. Where should Forrest file a complaint? - answer DC Office of Human Rights (OHR) Which of the following is an example of misrepresentation? - answer Greenwashing A DC apartment complex is being converted to condominiums. Advance notice of _____ must be provided to existing tenants and subtenants. - answer 120 Days DC landlord Mila was found guilty of refusing to rent to Muslims. Which of the following are penalties she may face? - answer Civil fine up to $50,000 and compensatory damages for the complaints Real property tax payments in DC are due twice each year. On which dates are the payments due? - answer March 31 and September 15 How long is a DC condo developer required to warranty structural defects of a newly constructed unit? - answer Two Years

Which of the following statements is true regarding agency disclosure notices in DC? - answer They are informational only but required by law Which one of the following statements best differentiates puffing and misrepresentation? - answer Misrepresentation is using deception to induce a buyer to purchase Ahmad is a DC licensee who is getting ready for his first-ever closing. He knows that he must keep his client Cynthia's information confidential, even after his agency relationship with her ends. When does his responsibility for accounting for her funds and personal property end? - answer When all funds and property have been disbursed A licensee includes this phrase in a listing: "The solar panels on this home eliminate your electric bill." The panels reduce the electric bill, but hasn't eliminated it. This is an example of ______. - answer Greenwashing A DC property owner is considering donating a conservation easement to The L'Enfant Trust. What tax benefits may the owner receive? - answer The owner may receive a tax benefit based on the diminished value of the property resulting from the placement of the easement Which of the following is one of the buyer's responsibilities as stated in the DC buyer agency agreement? - answer The buyer must work exclusively with the broker during the term of the agreement You and your client just successfully closed on a home. How long do you have to keep the agency disclosure notice on file that you collected early on in the transaction? - answer Three Years How many commissioners serve on the DC Commission on Human Rights? - answer 15 Tran, the seller, and Vicki, the buyer, are represented by licensee Martin. Martin provided dual agency disclosures and received written consent from both Tran and Vicki to represent them both in the transaction. Which fiduciary duty are Tran and Vicki foregoing? - answer Undivided Loyalty

An individual who is not a U.S. citizen wants to make an offer on a property. The DC licensee should ______. - answer Refer the prospective buyer to a financial institution to begin the loan process as soon as possible Which of these statutory duties of DC real estate licensees is included under the broader duty of promoting the client's best interests? - answer Seek out the best terms for one's client Frank is selling his deceased aunt's home in DC and is having trouble completing some of the sections on the Seller's Disclosure Statement. Who is legally able to give him information he can use to complete the form? - answer A licensed home inspector Which statement is an example of puffery? - answer "This condo has the best view this side of the river!" What happens next after a DC discrimination complaint is filed with the OHR and it finds probable cause? - answer An evidentiary hearing is held to collect all the facts and to present them before an administrative law judge or panel of three commissioners In which of the following scenarios is a DC Seller's Disclosure Statement required? - answer Beth is selling a Duplex You're the buyer's agent and are meeting with the DC seller for the first time. You present the seller with a disclosure of brokerage relationship form and explain that you represent the buyer. You then ask the seller to acknowledge receipt of the agency disclosure, but the seller refuses to sign the form. What do you do? - answer Make a note of the seller's refusal on the agency disclosure, and the d ate it was presented The DC Historic Landmark and Historic District Protection Act combined the landmark list with the National Register's catalog of DC properties to create what? - answer The DC Inventory of Historic Sites

When you walk into the reception area of Happy Homes Realty, you see the licenses of ________ displayed on the wall. - answer All brokers, associate brokers, and salespersons affiliated with the brokerage