Recovery fund - Study guides, Class notes & Summaries

A broker is found guilty and ordered to pay monetary damages to a consumer. What timeframe must the injured party file a claim for payment from the real estate recovery fund? Injured parties must file claim to real estate recovery fund one year after termination of proceedings in connection to judgement awarded consumer. What statement is TRUE regarding the real estate recovery fund? An agreement of sale must contain disclosure language advising parties of the existence of the rea...

Tennessee License Law Questions and Answers Already Passed The Human Rights Act exists to ensure that federal civil rights laws are carried out. What are the primary sources of laws and regulations governing real estate licensees in Tennessee? The Tennessee Real Estate License Act and the Commission rules. Which of the following is a section in the License Act? Qualifications and licensing What is a Commission policy statement? An occasional amplification that becomes part of th...

Naslca Virginia Contractor’s Licensing Exam || Questions & Answers (Graded A+) Naslca Virginia Contractor’s Licensing Exam || Questions & Answers (Graded A+) Who is to be in charge of a local building department? - ANSWER - Building official. Contractors who are assessed a fee to support the Transaction Recovery Fund MUST pay this fee within a MINIMUM of how many days from when the assessment fee notice was mailed? - ANSWER - 45 days Contractors will be assessed a fee for the Trans...

Naslca Virginia Exam Practice Questions with Certified Solutions What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? Protect the health and welfare of the public. When a claimant is pa...

* Arizona Property Taxes and Assessments (Delinquent) - ● Penalty for delinquency 16% and tax lien ● Purchaser of tax liens gets a certificate of purchase ● May foreclose in 3yrs if taxes are not paid by the property owner. * Arizona Property Taxes - ● Charged "ad valorem" (A Latin phrase meaning "according to value"; used to refer to taxes assessed on the value of property) or assessed value ● Levied once (Jan. 1st) and paid twice a year ● Oh No More Money (Oct, Nov, Mar,...

(DPREC) How many real estate commissioners are there and how long do they serve? - Answer-4 serving 4 year terms (DPREC) Which activity does not require a real estate license? - Answer-Property management (DPREC) What is the maximum penalty for brokering a real estate deal without a license? - Answer-up to $5,000 and a year in jail (DPREC) Which organization monitors the code of ethics? - Answer-NAR (National association of Realtors) (DPREC) Which activity does IREC NOT have au...

Azure Fl Real Estate Pre-Licensing Course Review 556 Questions with Correct Answers Updated 2024 Penalties can include: Fines - Up to $_______ for each offense; License Suspension - Up to _____ years; License Revocation - ______________ practice real estate in the state of Florida. - Correct Answer $5,000 for each offense; 10 years; Permanent loss of the ability to practice real estate in the state of Florida. The Recovery Fund can also be used to reimburse a consumer who won a court...

Tennessee License Law Questions and Answers Rated A+ The Human Rights Act exists to ensure that federal civil rights laws are carried out. What are the primary sources of laws and regulations governing real estate licensees in Tennessee? The Tennessee Real Estate License Act and the Commission rules. Which of the following is a section in the License Act? Qualifications and licensing What is a Commission policy statement? An occasional amplification that becomes part of the rule...

The Board Of Realty Regulation Consists of how many members and how are the members appointed? - ANS 7 members and are appointed by the governor What are the Civil and Criminal Penalties for those engaging in real estate without a license? - ANS Guilty of a misdemeanor First Offense will be fined b/t $100-$500 or imprisoned for 90 days or BOTH Subsequent Offense will be fined b/t $500-$2,000 or imprisoned for 6 months or BOTH What is the Real Estate Recovery Account? - ANS -Within...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - Answer $500 fine per day for each day of violation plus penalties for a misdemeanor. What is the PRIMARY purpose of licensing? - Answer Protect the health and welfare of the public. The application for licensure MUST include - Answer the business address of the proposed designated employee. All of the following must be licensed EXCEPT - Answer a material supplier who advis...