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DC REAL ESTATE EXAM- STATUTORY REQUIREMENTS GOVERNING THE ACTIVITIES OF LICENSEES PART 1 QUESTIONS WITH 100% CORRECT ANSWERS

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DC REAL ESTATE EXAM- STATUTORY REQUIREMENTS GOVERNING THE ACTIVITIES OF LICENSEES PART 1 QUESTIONS WITH 100% CORRECT ANSWERS

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--- is required when licensees represent a party to a transaction, then have a
substantive discussion with another party to the same transaction.


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Agency disclosure
Agency disclosure doesn't create a brokerage relationship and isn't a
contract. It's simply informational.




If tenant(s) are interested in purchasing a --- must be sent to landlord and Mayor
within the statutory time frame. Whether tenants are acting collectively or not will
influence this time frame.


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, "Statement of Interest"




Payment cannot be accepted from anyone other than ---


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the licensee's principal broker.




Document storage can be ---


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electronic or paper.




A --- is required, and licensees shall not receive commission without an agreement.


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written listing contract




Under the Rental Housing Conversion and Sale Act of 1980, the --- prohibits
rental housing sale, demolition, or conversion without first offering property for sale
to tenants.


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, Tenant Opportunity to Purchase Act (TOPA)




A property is exempt from some fair housing laws when the owner or the owner's
family occupy a living unit in the property that either has:


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-Four families or fewer, with a shared kitchen or bathroom
-Two-family properties where the families live independently of each other
(e.g., a duplex)




It is a violation under DC law for --- dual agency to occur (it requires informed
consent) or disclosing confidential information without client permission.


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undisclosed




Offers of sale must be --- (market value and terms).


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bona fide




Conversions of rental property are subject to a --- by the tenants.

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