DC Real Estate Exam |32 Questions with 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
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
