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DC Real Estate Laws Exam with complete solutions
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DC Real Estate Laws Exam with complete solutions
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DC Real Estate Laws Exam withcomplete solutions
DCREC - Answer -Real Estate law in DC is created bt City Council and enforced by the
District of Columbia Real Estate Commision (DCREC)
DCREC job - Answer -- Creates the *rules and regulations* concerning real property
and land interest including condos, co-ops, leases, and time-share
- Has the authority to *issue and revoke licenses*, implement DC law, and establish a
code of conduct
- *Approves schools* and training center, sets licensing fees, and administers the Real
Estate Guaranty Fund.
- *Protect the public* from imcompetent and fraudulent practices.
How many members in the commission? - Answer -9 members appointed by the mayor:
3 Real Estate brokers - must be currently licensed in DC
2 Real Estate Salesperson - must be currently licensed in DC
2 DC licensed Property Manager
1 Attoney admmited to bar in DC and engaged in the practice of real estate law
1 customer member who cannot be, or train to be, in the real estate profession
Commission term - Answer -Commission terms run 3 years, except to fill a vacancy
through the end of a term
Members may serve a maximum of 3 consecutive 3 year term.
(must reside in DC 1 year prior and during term + in the profession for 5)
Chairperson is appointed by... - Answer -...the Mayor
Members are removed from the commission by... - Answer -..the Mayor
Commission payment - Answer -do not receive compensation, just reimbursed for
expenses.
, Who is required to hold a license - Answer -- Anyone who sells, purchases, leases, rent,
or collects rent and recieves compensation for these act
- Negotiates, offers, or attempt to negotiate loans to be secured by mortage, deed of
trust, or other emcumbrace.
- Build home
- Sell or offer lots for sale in a subdivision of 5 or more lots.
Who is required to hold a license - EXCEPTION - Answer -Attorneys, attorney-in-fact,
executors, guardians, trustee, auctioneers
Licensing Requirment - Answer -- Must be 18
- able to read, write, and understand
- high school (or equal) diploma
- complete courses prescribed by the commision
- pass an examination by the commision
- have not had an application for real estate denied
- have not had real estate licensed suspended
- have not had licensed revoked
- must passed Dc-approved exam (within one year of complete course)
- must not been convicted
Sales person licenses activation required - Answer -...after 6 months of passing the
District exam. If they do not, they will have to retake the test again.
Brokers licenses activations required - Answer -Same as salesperson +
- Have been licensed and actively engaged for at least 2 years
- 135 hours of additional approved real estate education
- passing score on the Dc approved broker exam
Inactive Status - Answer -Inactive status is good for 5 years. During these 5 years you
can not practice or attempt to practice real estate.
- Still need to renew once license expires
- Still need to demostrate compliance with continual education
if more than 5 years, he/she shall be consider a new applicant.
License Renewal - Answer -- Complete 15 clock hours of continuing education during
each two years licensing period
- Of the 15 hours, 9 of which is a required topic
- CE must be completed 2 months prior to license renewal
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