DC Real Estate Exam Licensing Requirements Flashcards

DC Real Estate Exam Licensing Requirements Flashcards Brokers who are working --- can change their status to associate broker, or member, partner, trustee, or officerof a business entity. The broker's license is transferred for the --- portion of the license term. The commission must be notified of the change via --- independently, unexpired, certified letter Salespersons are employed by a --- to assist with real estate transactions under the broker's supervision.licensed broker Reciprocal applicants from --- must show proof of current license in good standing, complete a --- hour DC Fair Housing course, and pass the --- portion of the licensing examination.Maryland and Virginia, 3, state Generally, activities performed for others, for a ___, require a real estate license.fee A --- is a person who or entity that assists in real estate transactions for a fee or other valuable consideration.broker Salesperson applicants should hold the following

qualifications:

Ability to read, write, and understand EnglishHave high school diploma or equivalentComplete 60 hours of pre-licensing educationBe at least 18 years oldPass the salesperson licensing examination with a 75% or betterHave never had a license denied, suspended, or revokedSubmit application within six months of passing the exam Licensees can get a ----day extension for good cause.60 days Reinstatement occurs if all --- requirementshave been met and the licensee pays a --- CE, reinstatement fee --- applicants from states other than MD and VA must show proof of current license in good standing, demonstrate that pre-licensing education met or exceeded DC standards, complete the DC Fair Housing course,and pass the state licensing examination.Endorsement or waiver Broker applicants should meet all of the salesperson

qualifications, plus the following:

Have two years of experience immediately preceding application as a real estate salesperson or brokerComplete 135 hours of broker pre-licensing educationPass the broker licensing examination with a 75% or betterSubmit application within six months of passing the exam Certain activities are exempt from licensing. attorneys performing real estate activities; individuals sellingtheir own property; individuals helping another to find an apartment; trustees, executors, or public officers performingofficial duties; persons acting under the judgment or order of a court; or certain property managers (most propertymanagers are required to be licensed).

Brokers may employ other brokers, associate brokers, salespersons, property managers, and resident managers.Brokers are responsible for their day-to-day --- supervision Licensees who hold licenses in other jurisdictions --- submit CE credit from that jurisdiction, as long as it's completedwithin the required two years.may Brokers renew their licenses every ---two years, by February 28 of odd-numbered years.Entities applying for a real estate broker's license must

meet the following criteria:

The company must be organized according to all applicable laws.Every person, member, partner, trustee, or officer who is engaged in any real estate licensable activity must belicensed.Every employee who will perform real estate services must be licensed.Every branch office within the district must be managed by a real estate broker.An associate broker is someone with a broker's license who chooses to work under --- broker's supervision rather than --- another, independently Similarly, licensees who let their licenses --- may apply for reinstatement in the same time period-five years-and mustprove that they've completed all CE requirements and pay a reinstatement fee.expire All broker and salesperson licenses must be --- at the brokerage office.displayed Salespersons renew their licenses every --- two years, by August 31 of odd-numbered years.You can renew up to 60 days after expiration if you pay a ---, but if later your license is expired and you'll have to submit a reinstatement application and fee.late fee Licensees-both brokers and salespersons-must complete --- hours of continuing education (CE) every --- in orderto maintain their licenses.15, 2 years

The 15 hours includes:nine hours of commission-mandated courses and six hours

of general electives.After five years of inactive or expired status, licensees must reapply as --- new applicants Renewal applications are sent by certified or registered mail at least --- days prior to license expiration.60 Activities includelisting or offering to list or sell real estate, selling or leasing real estate, and purchasing or renting, oroffering to purchase or rent real estate.Licensees can apply to have their licenses made inactive for up to --- years.five