DC Real Estate Law || With complete solutions.

DC Real Estate Law is created by correct answers The City Council and is enforced by the DCREC Commission consists of how many members? correct answers 9 members Commission members are appointed by the? correct answers Mayor with the advice and consent of the DC City Council Goal of the Commission correct answers To protect the public from incompetent and fraudulent practices Commission member consists of? correct answers 3 Brokers, 2 Salespersons, 2 Property Managers, 1 Real Estate Attorney, 1 Consumer Member Commission Member Terms correct answers 3 year terms; maximum 3 consecutive terms Commission Member Qualifications correct answers -Must reside in DC for 1 year prior to appointment and remain resident during the term -Industry members must have 5 years experience -No Compensation but are reimbursed for expenses Home builders correct answers Require licenses if they sell or offers for sale in a subdivision for 5 of more lots License Terms correct answers Valid for 2 years -Brokers: Expire Feb. 28th of odd years -Salespersons: Expire August 31st of odd years -Property Managers: Expire Feb. 28th of odd years Disclosure Requirements correct answers Should make clear to non-clients who they represent at the first meeting Buyer-Broker Agreement correct answers The compensation for the salesperson is agreed upon Inactive Status correct answers Up to 5 years Time limit for keeping records correct answers 3 years Fine for filing false documents correct answers $3,000 Maximum number of signs on property correct answers 3 signs Partnership requirements correct answers Must file all names, addresses, and percentages with DCREC for all partners Escrow Account Requirements correct answers -Maintained in a FDIC located in DC