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DC REAL ESTATE LAW Exam Questions
With 100% Correct answer Top Rated A+
What are licensure and practice requirements of the DCREB
members? correct answer>> All real estate members must be
currently licensed in DC and the attorney member must be barred in
DC and engaged in the practice of real estate law.
Where and how often does the DCREB meet? correct answer>> At
the DCRA headquarters building, every second Tuesday of the month.
Who supports the DCREB administratively? correct answer>> 3 DC
government employees: 2 professional staff members and 1 clerical
assistant.
What is the DCREB's ultimate responsibility? correct answer>> To
uphold and protect the license law.
How does the Mayor select DCREB members? correct answer>>
With the advice and consent of the City Council.
What is the term for DCREB members? correct answer>> 3 years,
with new appointments beginning February 28.
How long can DCREB members serve? correct answer>> No more
than 3 successive three-year terms (or 9 years in a row).
Are there residence requirements for DCREB members? correct
answer>> Any person appointed must have been a resident for at
least one year immediately preceding appointment and remain a
resident while serving on the board.
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Can DCREB members be removed? correct answer>> The Mayor
may remove any member at any time for failure to maintain
qualification, neglect of duty or incompetence (for cause).
How is the DCREB Chairperson selected? correct answer>> The
Mayor elects the chairperson, who then elects the vice-chair, or the
person who will serve as chairperson in his or her absence.
What authority does the DCREB Chairperson have? correct
answer>> The authority to sign all official documents on behalf of
the DCREB and is eligible for re-election for an additional term as
chairperson.
What's the difference between the DCREB and the DC Real Estate
Commission? correct answer>> The Board is just the nine members
and the Commission includes the two professional support staff and
the one clerical assistant.
How often does the DC Real Estate Commission meet in public
session? correct answer>> Twice a month.
What constitutes a quorum of the DC Real Estate Board? correct
answer>> A majority of the number of positions and a majority of a
quorum is deemed an action of the Board.
Are DC Real Estate Board/Commission records open to public
inspection? correct answer>> Yes, under the DC FOIA.
Where can DCREB/Commission records be found? correct answer>>
At the DCREB/Commission offices and the DC Office of Public
Records.
The DCREB/Commission has the authority to do what (via the
Mayor)? correct answer>> 1. Issue licenses
2. Formulate Rules and Regs Implementing the DC License Law
3. Establish and enforce the Code of Ethics for licensees
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4.Suspend, revoke or decline to renew licenses
5. Impose penalties of up to $2500 (or more with licensees
permission)
6. Hold hearings
7. Administer oaths and issue subpoenas for individuals and
documents
8. Seek DC Superior Ct assistance in enforcing subpoenas
9. Authenticate Board records for use in court
10. Waive the examination requirement for applicants who are
licensed in states where the requirements are similar to DC's
11. Grant reciprocity to any licensed broker or salesperson in any
territory of the US
12. Approve schools for conducting authorized RE courses
13. License, authorize, conduct or sponsor real estate institutes,
seminars, etc.
14. Set license fees
15. Administer the Real Estate Guaranty and Education Fund
16. Determine minimum and maximum balances for the Fund and
order payment from the Fund
17. Publish annual register of licensees
18. Publish annual list of licensees who've been disciplined in
previous 3 years
19. Notify other jurisdictions of disciplinary action against licensees
What is the DCREB/Commission NOT responsible for? correct
answer>> 1. Arbitration of disputes between salespersons and brokers
(Go to GCAAR)
2. Arbitration of disputes between brokers (Go to GCAAR)
3. Establishing commission rates or splits (these are always
negotiable)
4. Standardizing listing agreements, contracts of sale, etc.--with the
exception of the agency disclosure agreement
Who is required to have a real estate license? correct answer>> Any
person, firm, partnership, association or corporation, who or which,
for a fee:
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1. Sells, purchases, exchanges, leases, rents or collects rents
2. Engages in the business of erecting homes (someone on staff must
be licensed or have 3rd party real estate agent), or
3. Sells or offers to sell any lot in a subdivision of land containing five
(5) or more lots
Are mortgage brokers and lenders required to be licensed? correct
answer>> Yes, under the Mortgage Lender and Broker Act of 1996.
Requirements for Real Estate Salesperson Licensure are: correct
answer>> (18, English, HS/GED, Gd character, 60 hrs study, exam,
no lic den-1 or rev-3 or convict-5)
1. 18 years of age
2. Read, write and understand English
3. HS school graduate or GED
4. Good character
5. 60 approved hours or pre-licensing classroom study
6. Pass real estate salespersons exam
7. Have not been denied a license for 1 year prior to exam
8. Have not had a real estate license revoked within 3 years prior to
exam
9. No conviction for forgery, embezzlement, extortion, etc. within
previous 5 years
Requirements for Real Estate Broker (and Associate Broker)
Licensure are: correct answer>> (18, 2 yrs exp immed prior, 135 hrs
study, exam)
1. Be 18
2. Minimum of two (2) years continuous active experience as a real
estate salesperson immediately prior to taking the broker's exam
3. 135 hours of approved classroom study
4. Pass broker's exam
What's the difference between a Broker and an Associate Broker?
correct answer>> An associate real estate broker is anyone who has
met the requirements of a broker, but who is employed by or
DC REAL ESTATE LAW Exam Questions
With 100% Correct answer Top Rated A+
What are licensure and practice requirements of the DCREB
members? correct answer>> All real estate members must be
currently licensed in DC and the attorney member must be barred in
DC and engaged in the practice of real estate law.
Where and how often does the DCREB meet? correct answer>> At
the DCRA headquarters building, every second Tuesday of the month.
Who supports the DCREB administratively? correct answer>> 3 DC
government employees: 2 professional staff members and 1 clerical
assistant.
What is the DCREB's ultimate responsibility? correct answer>> To
uphold and protect the license law.
How does the Mayor select DCREB members? correct answer>>
With the advice and consent of the City Council.
What is the term for DCREB members? correct answer>> 3 years,
with new appointments beginning February 28.
How long can DCREB members serve? correct answer>> No more
than 3 successive three-year terms (or 9 years in a row).
Are there residence requirements for DCREB members? correct
answer>> Any person appointed must have been a resident for at
least one year immediately preceding appointment and remain a
resident while serving on the board.
,2
Can DCREB members be removed? correct answer>> The Mayor
may remove any member at any time for failure to maintain
qualification, neglect of duty or incompetence (for cause).
How is the DCREB Chairperson selected? correct answer>> The
Mayor elects the chairperson, who then elects the vice-chair, or the
person who will serve as chairperson in his or her absence.
What authority does the DCREB Chairperson have? correct
answer>> The authority to sign all official documents on behalf of
the DCREB and is eligible for re-election for an additional term as
chairperson.
What's the difference between the DCREB and the DC Real Estate
Commission? correct answer>> The Board is just the nine members
and the Commission includes the two professional support staff and
the one clerical assistant.
How often does the DC Real Estate Commission meet in public
session? correct answer>> Twice a month.
What constitutes a quorum of the DC Real Estate Board? correct
answer>> A majority of the number of positions and a majority of a
quorum is deemed an action of the Board.
Are DC Real Estate Board/Commission records open to public
inspection? correct answer>> Yes, under the DC FOIA.
Where can DCREB/Commission records be found? correct answer>>
At the DCREB/Commission offices and the DC Office of Public
Records.
The DCREB/Commission has the authority to do what (via the
Mayor)? correct answer>> 1. Issue licenses
2. Formulate Rules and Regs Implementing the DC License Law
3. Establish and enforce the Code of Ethics for licensees
,3
4.Suspend, revoke or decline to renew licenses
5. Impose penalties of up to $2500 (or more with licensees
permission)
6. Hold hearings
7. Administer oaths and issue subpoenas for individuals and
documents
8. Seek DC Superior Ct assistance in enforcing subpoenas
9. Authenticate Board records for use in court
10. Waive the examination requirement for applicants who are
licensed in states where the requirements are similar to DC's
11. Grant reciprocity to any licensed broker or salesperson in any
territory of the US
12. Approve schools for conducting authorized RE courses
13. License, authorize, conduct or sponsor real estate institutes,
seminars, etc.
14. Set license fees
15. Administer the Real Estate Guaranty and Education Fund
16. Determine minimum and maximum balances for the Fund and
order payment from the Fund
17. Publish annual register of licensees
18. Publish annual list of licensees who've been disciplined in
previous 3 years
19. Notify other jurisdictions of disciplinary action against licensees
What is the DCREB/Commission NOT responsible for? correct
answer>> 1. Arbitration of disputes between salespersons and brokers
(Go to GCAAR)
2. Arbitration of disputes between brokers (Go to GCAAR)
3. Establishing commission rates or splits (these are always
negotiable)
4. Standardizing listing agreements, contracts of sale, etc.--with the
exception of the agency disclosure agreement
Who is required to have a real estate license? correct answer>> Any
person, firm, partnership, association or corporation, who or which,
for a fee:
, 4
1. Sells, purchases, exchanges, leases, rents or collects rents
2. Engages in the business of erecting homes (someone on staff must
be licensed or have 3rd party real estate agent), or
3. Sells or offers to sell any lot in a subdivision of land containing five
(5) or more lots
Are mortgage brokers and lenders required to be licensed? correct
answer>> Yes, under the Mortgage Lender and Broker Act of 1996.
Requirements for Real Estate Salesperson Licensure are: correct
answer>> (18, English, HS/GED, Gd character, 60 hrs study, exam,
no lic den-1 or rev-3 or convict-5)
1. 18 years of age
2. Read, write and understand English
3. HS school graduate or GED
4. Good character
5. 60 approved hours or pre-licensing classroom study
6. Pass real estate salespersons exam
7. Have not been denied a license for 1 year prior to exam
8. Have not had a real estate license revoked within 3 years prior to
exam
9. No conviction for forgery, embezzlement, extortion, etc. within
previous 5 years
Requirements for Real Estate Broker (and Associate Broker)
Licensure are: correct answer>> (18, 2 yrs exp immed prior, 135 hrs
study, exam)
1. Be 18
2. Minimum of two (2) years continuous active experience as a real
estate salesperson immediately prior to taking the broker's exam
3. 135 hours of approved classroom study
4. Pass broker's exam
What's the difference between a Broker and an Associate Broker?
correct answer>> An associate real estate broker is anyone who has
met the requirements of a broker, but who is employed by or
