DC Real Estate Law (Questions with 100% correct solutions)

District of Columbia Licensure Act was enacted by? correct answers The City Council as an exercise of the police powers of the city. The Purpose of the DC Licensure Act is? correct answers To protect the public interest against incompetence. In addition to the usual definition, Real Estate in DC includes? correct answers 1. Condominiums 2. Leaseholds 3. Timeshare 4. Government owned property, and 5. Cooperative apartments. How is the DC Licensure Act implemented? correct answers The Mayor is the implementing authority of the Act through the Department of Consumer and Regulatory Affairs via the DC Real Estate Board (DCREB). What is DCREB? correct answers The District of Columbia Real Estate Board What does the DCREB do? correct answers The Board is responsible for: 1. Promulgating rules on education and other issues 2. Establishing fees 3. Deciding disciplinary action against licensees, and 4. Setting policy. How many members are on the DCREB? correct answers Nine What is the composition of DCREB? correct answers Nine members: -3 real estate brokers -2 real estate salespersons -2 property managers -1 attorney (who practices RE law) -1 consumer member Who selects members of the DCREB? correct answers Members of the DCREB are appointed by the Mayor, based on their abilities, experience and interest in serving the public. What are licensure and practice requirements of the DCREB members? correct answers 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 answers At the DCRA headquarters building, every second Tuesday of the month. Who supports the DCREB administratively? correct answers 3 DC government employees: 2 professional staff members and 1 clerical assistant.