REAL ESTATE EXAM DC QUESTIONS AND ANSWERS (ACTUAL AND CORRECT EXAMS AND SOLUTIONS)

REAL ESTATE EXAM DC QUESTIONS AND ANSWERS (ACTUAL AND CORRECT EXAMS AND SOLUTIONS)

Real estate law in DC created by...
City Council
How many members in DREC?
Terms run?
9 (3 brokers, 2 salespersons, 2 property managers, 1 attorney, 1 consumer
not in real estate profession)--must be in field for 5 years
3 years (max 3 consecutive terms)
Must take DC test within....of completing education
1 year
Salespersons must activate license within...
6 months of passing
Can keep license on inactive for how many years
5
How much CE during how many years
15 hours every 2 years (9 are required topics)
License for sales people expire when
August 31st in odd years
If buyer wants real estate professional to act as his or her agent without
monetary obligations to seller, must use this contract
Buyer-Broker Agreement
Violation of code of ethics how much per violation?
If convicted by superior court?
Corporations fined what?
Hearing must be scheduled between
Files false document with mayor?
$2,500
$2,500 and 1 year in prison
$5,000 per violation
30 and 60 days
$3,000 and 1 year in prison
Keep records for how long?
3 years
Have to tell commission of criminal judgment within?
Broker has to return terminated license within?
Change of business address?
15 days
15 days
15 days
Brokers must provide DREC with name and address of financial institution
etc. within (for escrow account)
14 days of opening account
Earnest money deposited within
After how many days, interest paid on escrow funds
7 days, 5 business days
90 days
Guaranty Fund maximum payout
How much of fund committed to continuing education
Each member pays if falls below?
$50,000
20 percent
$50
Application fee
Exam fee
Renewal Fee
Reinstatement of expired
295
61.50
170
Application fee + 50
To get DC license you must have no suspensions within?
No fraud convictions within?
3 years
5 years
How many days eviction for?
Month to month tenants
When owner wants to recover unit for self or to sell
For substation renovation or rehab?
Building being demolished
30 days
90 days
180 days

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