DC Real Estate Laws || Well-Enlightened.

DCREC correct answers Real Estate law in DC is created bt City Council and enforced by the District of Columbia Real Estate Commision (DCREC) DCREC job correct answers - 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 answers 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 answers 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 answers ...the Mayor Members are removed from the commission by... correct answers ..the Mayor Commission payment correct answers do not receive compensation, just reimbursed for expenses. Who is required to hold a license correct answers - 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 answers Attorneys, attorney-in-fact, executors, guardians, trustee, auctioneers