DC State Portion Exam 2024 Latest Update!!

DC State Portion Exam 2024 Latest Update!! Who appoints members of the DC Real Estate Commission? The commission executive director The DC Council chairperson The mayor The outgoing commissioners - ANSWER The mayor Jersey, a real estate licensee who lives in DC, inherited a 5% interest in a strip mall. Pete, her neighbor, saw a for sale sign at the strip mall and wants her to make an offer on the property on his behalf. Jersey considers her personal interest in the property too minor to bother disclosing it. Is this a violation of DC law? No. Jersey must disclose that the buyer is her neighbor, but she doesn't need to disclose her interest in the property. No. Jersey need not disclose unless she holds at least a 10% interest in a property. No. Jersey need not disclose unless she holds at least a 15% interest in a property. Yes. Jersey must disclose any interest she holds in a property. - ANSWER Yes. Jersey must disclose any interest she holds in a property. Colin was found guilty of a minor violation of DC license law. The commission decided that Colin needed remediation, which in this case likely includes ________. Fines Probation Retraining Suspension - ANSWER Retraining Phyllis has been working independently as a DC broker for six years and recently decided that she no longer wants to deal with the paperwork or insurance requirements. She's going to work as an associate broker for a colleague. What should she do next? Call the real estate commission secretary Courier a transfer application to the real estate commission Notify the commission via a letter sent by certified mail Submit a transfer application to the Division of Business and Professional Licensing - ANSWER Notify the commission via a letter sent by certified mail Which protected classes does DC's Human Rights Act add to those already protected under the federal Fair Housing Act? Age, marital status, personal appearance, sexual orientation, and gender identity or expression Age, marital status, personal appearance, sexual orientation, gender identity or expression, family responsibilities, matriculation, and political affiliation Age, sex, marital status, disability Sex, disability, and religion - ANSWER Age, marital status, personal appearance, sexual orientation, gender identity or expression, family responsibilities, matriculation, and political affiliation Which of these statutory duties of DC real estate licensees is included under the broader duty of promoting the client's best interests? Comply with all fair housing laws and regulations. Disclose any material facts. Seek out the best terms for one's client. Treat all parties honestly. - ANSWER Seek out the best terms for one's client. 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 ________. The Better Business Bureau The DC Council The DC mayor The National Association of REALTORS® - ANSWER The DC mayor Serena is accused of commingling trust funds from two different clients. She has a hearing before the DC Real Estate Commission next week. If she is found guilty of two separate license law violations, what is the maximum civil penalty that can be imposed on her? $10,000 fine $20,000 fine $5,000 fine No fine - ANSWER $10,000 fine Karen just received her real estate license in DC. She must renew her license on August 31, 2019. What kind of license does Karen have? Associate broker Broker Managing broker Salesperson - ANSWER Salesperson What is the current per-licensee maximum that can be collected from the DC Real Estate Guaranty and Education Fund? $20,000 $25,000 $35,000 $50,000 - ANSWER $50,000 In which of the following scenarios is a DC Seller's Disclosure Statement required? Beth is selling a duplex. Haley is selling a 12-unit midrise apartment building. Jaime is selling a building with three outpatient surgical suites. Mina is selling warehouse facility. - ANSWER Beth is selling a duplex.