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DC Real Estate Law Exam Questions and Answers 2024 (Graded A)
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DC Real Estate Law Exam Questions and Answers
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DC Real Estate Law Exam Questionsand Answers
Real estaet law in DC is created by___________and enforced by_____________ -
Answer -City Council; DC Real Estate Commission
The DC Real Estate Commission is part of the________________________ - Answer -
DC Department of Consumer and Regulatory Affairs
DCREC... - Answer -creates the rules and regulations concerning real property and land
interests including condos, co-ops, leases and time shares
The DC Real Estate Commission has the authority to (3 things) - Answer -1. Issue or
revoke licenses
2. Implement DC law
3.. Establish and enforce a code of ethics for real estate brokers, associate brokers,
salespeople, and property managers
The ultimate purpose of the DCREC is.... - Answer -to protect the public from
incompetent and fraudulent practices
9 members of the DCREC - Answer -3 real estate brokers, 2 DC licensed salespersons,
2 DC licensed property managers, 1 attorney, 1 consumer member
DCREC term - Answer -3 years
DCREC members may serve a max of ___ cnosecutive _____ year terms - Answer -3;
3
DCREC member conditions (2) - Answer -1. Must have resided in DC for one year
2. Must maintain residency during the term
A DCREC chairperson is appointed by the _______ - Answer -mayor
DCREC members may be removed from the Commission by the mayor for just cause
such as_______ - Answer -neglect of duty
, Do DCREC commissioners receive compensation for their efforts? - Answer -No, but
they are reimbursed for expenses
Who is required to have a real estate license? - Answer -any person selling real estate
and receiving compensation for the act
Exemptions for real estate license - Answer -attorneys (unless they frequently engage in
real estate transactions)
Salesperson age minimum - Answer -18 years old
Salespeople are licensed under who? - Answer -brokers
Salespeople must activate their license within _______ months of passing the District
exam - Answer -6
Brokers have the same requirements for salespeople PLUS: (2 things) - Answer -1. has
been licensed and actively engaged in business for at least 2 years immediately
preceding the date application is filed, or equivalent experience acceptable to the
Commission
2. 135 hours of additional approved real estate education
inactive status - Answer -licensee may place his/her license on inactive status for up to
5 years
If inactive for 5 years or more, he/she.... - Answer -shall be considered a new applicant
Currently, licensees are required to complete _____ clock hours of CE during each
_____ year licensing period - Answer -15; 2
CE should be completed at least _____ months prior to license renewal - Answer -2
Of the 15 hours, ____ hours must be on required topics - Answer -9
Licenses for sales people expire on ________ in _____ years - Answer -August 31; odd
Licenses for brokers expire _________ in ______ years - Answer -February 28; odd
The _____ may grant reciprocity to real estate agents if they hold a license in another
state that has essentially equivalent requirements - Answer -mayor
Buyer-Broker Agreement - Answer -a written contract that clearly establishes the
obligations of both parties and specifies how the salesperson will be compensated
In DC, property managers are required to pass a ______ - Answer -District approved
exam
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