DC Real Estate Legislation and Regulations Latest Update 100% Pass

DC Real Estate Legislation and Regulations Latest Update 100% Pass Property Manager Eligibility Requirements Able to read, write, and understand English Real Estate Broker Practice May engage in building housing and selling housing, or may sell or negotiate the sale of any lot in any subdivision of land comprising of 5 or more lots. Agent Eligibility Requirements 1. Able to read, write, and understand English 2. Is a high school graduate or GED holder 3. Has successfully completed course of study (60 hours) prescribed by the Commission at an approved school. Certain Representations Prohibited Unless licensed in DC, no person may use the title "real estate salesperson (R.E.S.)" or any other device that would indicate the the person is a licensed real estate salesperson in DC. Exemptions from Licensure Requirement No license necessary if: 2. Any owner or lessor of real estate performing real estate salesperson duties in the course of regular management of their property. 3. Any trustee or auctioneer acting in a mortgage, deed of trust, or similar instrument securing the payment of a debt. 4. Except for title companies, any bank, trust company, building and loan or savings and loan association, or insurance company, having fiduciary interest when the company is engaged. Licensure of Real Estate Organizations Every branch office managed by a licensed real estate broker. Broker Place of Business b. When broker changes location, must notify mayor within 15 days and replace licenses. c. Failure results in suspension of license. d. New licenses for unexpired term can be issued upon written request and payment. Automatic Suspension of License through Affiliation a. When broker's license is suspended, salespersons must return licenses within 15 days. Cannot perform in this time. b. When salesperson terminated, licensee will inform former employee that license was returned to Mayor within 15 days. c. When salesperson terminated, salesperson's duty to notify Mayor within 15 days. Fiduciary Duties Representing a Seller Disclose to seller material facts related to the property which the licensee has actual knowledge. General Provisions Governing Disclosure of Brokerage Relationships a. If not defined, brokerage relationship 90 days. c. Licensee will disclose to client brokerage relationship with prospective nonclient buyer or seller. d. If not specified, will disclose brokerage relationship to non-client landlord or tenant prior to signing lease. Does not apply to homes for lease terms less than 2 months. f. Copies of any disclosures shall be kept for 3 years. Prohibited Acts - I Fines not to exceed $2,500 for: 6. Accepting payment for real estate services from anyone other than licensed broker. 8. Representing other broker. 9. False advertising. 14. Using trademarks of real estate organization but non member. 18. Selling/Leasing property without owner authorization. Prohibited Acts - II Fines not to exceed $2,500 for: 19. Listing contract to sell real estate without written contract and definite termination date not subject to prior notice. 20. Failure to give copy of listing or contract to all signatories at execution. 22. Failure to maintain escrow/trustee accounting of funds deposited for period of 3 years. 24. Inducing any party to break a written transaction agreement