DC Real Estate Laws UPDATED ACTUAL
Exam Questions and CORECT Answers
DCREC - CORRECT ANSWER - Real Estate law in DC is created bt City Council and
enforced by the District of Columbia Real Estate Commision (DCREC)
DCREC job - CORRECT ANSWER - - Creates the *rules and regulations* concerning
real property and land interest including condos, co-ops, leases, and time-share
- Has the authority to *issue and revoke licenses*, implement DC law, and establish a code of
conduct
- *Approves schools* and training center, sets licensing fees, and administers the Real Estate
Guaranty Fund.
- *Protect the public* from imcompetent and fraudulent practices.
How many members in the commission? - CORRECT ANSWER - 9 members appointed
by the mayor:
3 Real Estate brokers - must be currently licensed in DC
2 Real Estate Salesperson - must be currently licensed in DC
2 DC licensed Property Manager
1 Attoney admmited to bar in DC and engaged in the practice of real estate law
1 customer member who cannot be, or train to be, in the real estate profession
Commission term - CORRECT ANSWER - Commission terms run 3 years, except to fill a
vacancy through the end of a term
Members may serve a maximum of 3 consecutive 3 year term.
, (must reside in DC 1 year prior and during term + in the profession for 5)
Chairperson is appointed by... - CORRECT ANSWER - ...the Mayor
Members are removed from the commission by... - CORRECT ANSWER - ..the Mayor
Commission payment - CORRECT ANSWER - do not receive compensation, just
reimbursed for expenses.
Who is required to hold a license - CORRECT ANSWER - - Anyone who sells, purchases,
leases, rent, or collects rent and recieves compensation for these act
- Negotiates, offers, or attempt to negotiate loans to be secured by mortage, deed of trust, or
other emcumbrace.
- Build home
- Sell or offer lots for sale in a subdivision of 5 or more lots.
Who is required to hold a license - EXCEPTION - CORRECT ANSWER - Attorneys,
attorney-in-fact, executors, guardians, trustee, auctioneers
Licensing Requirment - CORRECT ANSWER - - Must be 18
- able to read, write, and understand
- high school (or equal) diploma
- complete courses prescribed by the commision
- pass an examination by the commision
- have not had an application for real estate denied
- have not had real estate licensed suspended
Exam Questions and CORECT Answers
DCREC - CORRECT ANSWER - Real Estate law in DC is created bt City Council and
enforced by the District of Columbia Real Estate Commision (DCREC)
DCREC job - CORRECT ANSWER - - Creates the *rules and regulations* concerning
real property and land interest including condos, co-ops, leases, and time-share
- Has the authority to *issue and revoke licenses*, implement DC law, and establish a code of
conduct
- *Approves schools* and training center, sets licensing fees, and administers the Real Estate
Guaranty Fund.
- *Protect the public* from imcompetent and fraudulent practices.
How many members in the commission? - CORRECT ANSWER - 9 members appointed
by the mayor:
3 Real Estate brokers - must be currently licensed in DC
2 Real Estate Salesperson - must be currently licensed in DC
2 DC licensed Property Manager
1 Attoney admmited to bar in DC and engaged in the practice of real estate law
1 customer member who cannot be, or train to be, in the real estate profession
Commission term - CORRECT ANSWER - Commission terms run 3 years, except to fill a
vacancy through the end of a term
Members may serve a maximum of 3 consecutive 3 year term.
, (must reside in DC 1 year prior and during term + in the profession for 5)
Chairperson is appointed by... - CORRECT ANSWER - ...the Mayor
Members are removed from the commission by... - CORRECT ANSWER - ..the Mayor
Commission payment - CORRECT ANSWER - do not receive compensation, just
reimbursed for expenses.
Who is required to hold a license - CORRECT ANSWER - - Anyone who sells, purchases,
leases, rent, or collects rent and recieves compensation for these act
- Negotiates, offers, or attempt to negotiate loans to be secured by mortage, deed of trust, or
other emcumbrace.
- Build home
- Sell or offer lots for sale in a subdivision of 5 or more lots.
Who is required to hold a license - EXCEPTION - CORRECT ANSWER - Attorneys,
attorney-in-fact, executors, guardians, trustee, auctioneers
Licensing Requirment - CORRECT ANSWER - - Must be 18
- able to read, write, and understand
- high school (or equal) diploma
- complete courses prescribed by the commision
- pass an examination by the commision
- have not had an application for real estate denied
- have not had real estate licensed suspended
