DC Real Estate Law UPDATED Exam
Questions and CORECT Answers
DC Real Estate Law is created by - CORRECT ANSWER - The City Council and is
enforced by the DCREC
Commission consists of how many members? - CORRECT ANSWER - 9 members
Commission members are appointed by the? - CORRECT ANSWER - Mayor with the
advice and consent of the DC City Council
Goal of the Commission - CORRECT ANSWER - To protect the public from incompetent
and fraudulent practices
Commission member consists of? - CORRECT ANSWER - 3 Brokers, 2 Salespersons, 2
Property Managers, 1 Real Estate Attorney, 1 Consumer Member
Commission Member Terms - CORRECT ANSWER - 3 year terms; maximum 3
consecutive terms
Commission Member Qualifications - CORRECT ANSWER - -Must reside in DC for 1
year prior to appointment and remain resident during the term
-Industry members must have 5 years experience
-No Compensation but are reimbursed for expenses
Home builders - CORRECT ANSWER - Require licenses if they sell or offers for sale in a
subdivision for 5 of more lots
License Terms - CORRECT ANSWER - Valid for 2 years
-Brokers: Expire Feb. 28th of odd years
, -Salespersons: Expire August 31st of odd years
-Property Managers: Expire Feb. 28th of odd years
Disclosure Requirements - CORRECT ANSWER - Should make clear to non-clients who
they represent at the first meeting
Buyer-Broker Agreement - CORRECT ANSWER - The compensation for the salesperson
is agreed upon
Inactive Status - CORRECT ANSWER - Up to 5 years
Time limit for keeping records - CORRECT ANSWER - 3 years
Fine for filing false documents - CORRECT ANSWER - $3,000
Maximum number of signs on property - CORRECT ANSWER - 3 signs
Partnership requirements - CORRECT ANSWER - Must file all names, addresses, and
percentages with DCREC for all partners
Escrow Account Requirements - CORRECT ANSWER - -Maintained in a FDIC located in
DC
-Name and addresses of institution, account number and all of licenses info must be submitted to
the commission within 14 days of opening the account
Escrow Accounts for - CORRECT ANSWER - Down Payments
Rents Collected
Earnest Money Deposits
Security Deposits
Questions and CORECT Answers
DC Real Estate Law is created by - CORRECT ANSWER - The City Council and is
enforced by the DCREC
Commission consists of how many members? - CORRECT ANSWER - 9 members
Commission members are appointed by the? - CORRECT ANSWER - Mayor with the
advice and consent of the DC City Council
Goal of the Commission - CORRECT ANSWER - To protect the public from incompetent
and fraudulent practices
Commission member consists of? - CORRECT ANSWER - 3 Brokers, 2 Salespersons, 2
Property Managers, 1 Real Estate Attorney, 1 Consumer Member
Commission Member Terms - CORRECT ANSWER - 3 year terms; maximum 3
consecutive terms
Commission Member Qualifications - CORRECT ANSWER - -Must reside in DC for 1
year prior to appointment and remain resident during the term
-Industry members must have 5 years experience
-No Compensation but are reimbursed for expenses
Home builders - CORRECT ANSWER - Require licenses if they sell or offers for sale in a
subdivision for 5 of more lots
License Terms - CORRECT ANSWER - Valid for 2 years
-Brokers: Expire Feb. 28th of odd years
, -Salespersons: Expire August 31st of odd years
-Property Managers: Expire Feb. 28th of odd years
Disclosure Requirements - CORRECT ANSWER - Should make clear to non-clients who
they represent at the first meeting
Buyer-Broker Agreement - CORRECT ANSWER - The compensation for the salesperson
is agreed upon
Inactive Status - CORRECT ANSWER - Up to 5 years
Time limit for keeping records - CORRECT ANSWER - 3 years
Fine for filing false documents - CORRECT ANSWER - $3,000
Maximum number of signs on property - CORRECT ANSWER - 3 signs
Partnership requirements - CORRECT ANSWER - Must file all names, addresses, and
percentages with DCREC for all partners
Escrow Account Requirements - CORRECT ANSWER - -Maintained in a FDIC located in
DC
-Name and addresses of institution, account number and all of licenses info must be submitted to
the commission within 14 days of opening the account
Escrow Accounts for - CORRECT ANSWER - Down Payments
Rents Collected
Earnest Money Deposits
Security Deposits
