DC Real Estate Law || With error-free answers.

Purpose of the DC Real Estate Commission correct answers To protect the public from incompetent and fraudulent practices Commission Members correct answers 9 members. 3 real estate brokers. 2 salespersons. 2 Property Managers. 1 attorney. 1 consumer member. Commission terms correct answers 3 years. Max of 3 consecutive 3 year terms commission membership Requirements correct answers Active license in DC. Actively engaged in their field at least for the 5 years prior to appointment and remain active during appointment. Do no receive compensation Exemptions to licensing requirements correct answers Attorneys. Attorney in fact. executors, guardians. Someone carrying out court orders. Trustees; auctioneers, owners selling their own property, government employees carrying out official duties, secretaries in real estate offices, people providing rental information Some Licensing Requirements correct answers Not had an application for real estate license denied for reasons other than failing the examination within one year prior to applying. Not had a real estate license revoked within 3 years prior. No money/fraud related conviction within 5 prior years. Inactive Status correct answers Apply and pay a fee to go inactive for up to 5 years. To reactivate must pay a fee, guaranty fund assessment and compliance with CE. Renewal correct answers 15 hrs of CE during each 2 year licensing period. Completed at least 2 months prior to renewal. 9 hrs on required topics. Licenses expire on August 31st in odd years. Code of Ethics violaions correct answers Fines up to $2,500/instance, and/or suspension or revocation of license by the mayor. If convicted by the Superior Court, additional penalty up to one year in prison and a fine up o $2,500. Corporations can be fined up to $5,000. Code of Ethics Complaint correct answers In writing. Hearing must be scheduled between 30 - 60 days of the notice. The commission deals with ethics/regulations. Attorney General deals with criminal charges. Real Estate Transaction Records correct answers Kept for at least 3 years