DC REAL ESTATE LAW QUESTIONS &
ANSWERS (RATED A+)
Purpose of the DC Real Estate Commission - ANSWERSTo protect the public from
incompetent and fraudulent practices
Commission Members - ANSWERS9 members.
3 real estate brokers.
2 salespersons.
2 Property Managers.
1 attorney.
1 consumer member.
Commission terms - ANSWERS3 years. Max of 3 consecutive 3 year terms
commission membership Requirements - ANSWERSActive 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 - ANSWERSAttorneys. 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 - ANSWERSNot 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 - ANSWERSApply 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.
Punishment for knowingly filing false documents - ANSWERS$3k fine and up to 1
year in prison.
Escrow Account Requirements - ANSWERSMust be in a federally insured depository
(FDIC or FSLIC). Institution must be in DC. Brokers must provide DCREC with info
within 14 days of opening it.
Purpose of DC Real Estate Guaranty and Education Fund - ANSWERSCompensate
people who have suffered monetary losses as a result of the actions of a licensee.
Example: Fraud, embezzlement, misrepresentation.
ANSWERS (RATED A+)
Purpose of the DC Real Estate Commission - ANSWERSTo protect the public from
incompetent and fraudulent practices
Commission Members - ANSWERS9 members.
3 real estate brokers.
2 salespersons.
2 Property Managers.
1 attorney.
1 consumer member.
Commission terms - ANSWERS3 years. Max of 3 consecutive 3 year terms
commission membership Requirements - ANSWERSActive 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 - ANSWERSAttorneys. 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 - ANSWERSNot 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 - ANSWERSApply 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.
Punishment for knowingly filing false documents - ANSWERS$3k fine and up to 1
year in prison.
Escrow Account Requirements - ANSWERSMust be in a federally insured depository
(FDIC or FSLIC). Institution must be in DC. Brokers must provide DCREC with info
within 14 days of opening it.
Purpose of DC Real Estate Guaranty and Education Fund - ANSWERSCompensate
people who have suffered monetary losses as a result of the actions of a licensee.
Example: Fraud, embezzlement, misrepresentation.
