DC Real Estate Law || Well-Enlightened.

Real estate law in DC is created by___________and enforced by_____________ correct answers City Council; DC Real Estate Commission The DC Real Estate Commission is part of the________________________ correct answers DC Department of Consumer and Regulatory Affairs DCREC... correct answers creates the rules and regulations concerning real property and land interests including condos, co-ops, leases and time shares The DC Real Estate Commission has the authority to (3 things) correct answers 1. Issue or revoke licenses 2. Implement DC law 3.. Establish and enforce a code of ethics for real estate brokers, associate brokers, salespeople, and property managers The ultimate purpose of the DCREC is.... correct answers to protect the public from incompetent and fraudulent practices 9 members of the DCREC correct answers 3 real estate brokers, 2 DC licensed salespersons, 2 DC licensed property managers, 1 attorney, 1 consumer member DCREC term correct answers 3 years DCREC members may serve a max of ___ cnosecutive _____ year terms correct answers 3; 3 DCREC member conditions (2) correct answers 1. Must have resided in DC for one year 2. Must maintain residency during the term A DCREC chairperson is appointed by the _______ correct answers mayor DCREC members may be removed from the Commission by the mayor for just cause such as_______ correct answers neglect of duty Do DCREC commissioners receive compensation for their efforts? correct answers No, but they are reimbursed for expenses Who is required to have a real estate license? correct answers any person selling real estate and receiving compensation for the act Exemptions for real estate license correct answers attorneys (unless they frequently engage in real estate transactions) Salesperson age minimum correct answers 18 years old Salespeople are licensed under who? correct answers brokers Salespeople must activate their license within _______ months of passing the District exam correct answers 6