course of regular management of their property.3. Any

DC Real Estate Legislation and Regulations Flashcards Exemptions from Licensure RequirementNo 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.Real Estate FranchiseReal Estate Franchise brokerage firm does not own/operate individual offices, but licenses name to independent brokerage firms.Real EstateIncludes membership in a cooperative organized pursuant of Chapter 9 of Title 29.Establishment of Boards9 members of which: 3 brokers, 2 salespersons, 2 property managers, 1 attorney, 1 consumer.Applications for Payments from the FundAny person who obtains final judgment against licensee on counts of fraud, misrepresentation, etc. may apply for payment from the Fund no later than 12 months after

judgment.In order to qualify, applicant:1. Must not be a

licensee, or rep of licensee. Nor child or spouse of licensee against whom final judgment was passed.2. Has made investigation to determine whether the debtor possesses assets liable to be sold in satisfaction of judgment and investigation does not disclose exsistence of personal property. Filed affidavit with Commission.Escrow Accounts InterestIf held for 90 days, escrow will earn interest starting on 91st

day at highest of following:1. legal maximum federal rate on

savings in commercial banks2. rate on the escrow account3. rate on the security given as escrowService fee less than $15 may be deducted from interest by financial institution.Board Hearings, Final DecisionsFinal hearing within 90 days in writing.The Real Estate CommissionThe Commission must meet at least four times a year. May meet in public session at least once a month. Five (5) members constitute a quorum.

Prohibited Acts - IIFines 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 for personal gain.Licensure of Property ManagersApplicant must:a. Pass approved examination.b. Submit completed application.c. Include business and home addresses, which cannot be PO Box.d. Have application notarized.e. Pay application fee.f. Meet requirements in DC

code.Inactive StatusA licensee can remain inactive for 5 years. After 5 years, must apply as a new applicant, unless excused by The Commission.Inactive persons may resume practice if

they:1. Pay required fee.2. Demonstrate continuing

education requirements.3. Comply with renewal requirements.Property ManagementIncludes physical, administrative and fiscal management of property serviced by licensee.