D.c. Real Estate Exam

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Powers of DCREB Determine the scope of practice

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licensure and continuing education requirements; hear and decide licensing protests; receive complaints

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Powers of the Mayor DCREB provides administrative support for Mayor. Mayor sets fees; issues and renewes licenses

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budgets

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License Terms Salesperson is for two years

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starting September 1 in an odd year; Broker starts March 1 in an odd year. 6 months to activate license from passing of exam.

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Broker Qualifications Two years as salesperson

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135 hours

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Broker Firm Headed by one principal broker who does not have to be the owner

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but does manage the day-to-day affairs. May hire and use salespersons for whom he is responsible.

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Broker License Suspension If a broker's license is suspended

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so are the licenses of all of the salespersons working under him.

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Property Managers Property Managers have their own licensing scheme and are not allowed to sell real estate

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but only manage property. Resident managers are no longer licensed

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Changing Brokers A salesperson can change brokers at any time. The old license must be mailed to the commission with the request for the new one

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signed by the new broker. This should take 30 days. No transfers 60 days prior to renewal.

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Escrow Accounts Must be in a federally insured DC bank

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in broker's name

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Violations of DC Code For violation of licensing provisions- up to 1 year or $10

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000. Fine for second offense is $25

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Landlord Tenant Laws Maximum occupancy is 2 times the number of bedrooms plus one. Maximum security deposit is one month. Lessor must inspect within 48 hours of vacancy

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any deductions must be documented and the balance of the deposit returned to the tenant within 45 days.

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Rent Stablization Applicability DC Rental housing Act says owners of four or more units must comply

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and five or more must register.

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Disclosure A sales person must disclose all pertinent facts on a property

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including any defects. Need not disclose AIDS or medical condition not transferred through property; or crime scene or murder.

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Guarantee and Education Act Fund Restitution for defrauded members of the public. Each licensee pays $60. Fund no less that $1

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040

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Licensing Exceptions Attorney

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attorney in fact

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Property Managers Agent for owner for property management. May employ resident managers

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but property manager remains responsible. May not preform sales

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Property Managers Qualifications English

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pass exam

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Real Estate Broker For a fee

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lists for sale

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Real Estate Broker Employees May employ other brokers

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associate brokers

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Real Estate Salesperson Qualifications English

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high school

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Licensure of Real Estate Organizations May be issued to an entity that is organized under DC or federal law; every person member

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employee and branch manager must be licensed.

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Place of Business If more than one office in DC can get duplicate licenses; if a broker changes location

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he has have 15 days to notify mayor and return old licenses and get new ones. May be suspended for failure to notify DCREB of new address.

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Prohibit Names Names are not allowed that are misleading

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imply a partnership that does not exist

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Fidiciary Duties When Representing a Seller Perform in accordance with agreement; act in the best interest of seller

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seek agreed upon price and terms

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Fiduciary Duties When Representing a Buyer Act in accordance with agreement; act in buyer's interest; seek property at buyer's price; present offers timely; disclose material defects

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account

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Fiduciary Duties When Representing a Landlord Act in accordance with agreement; act in landlord's interest; seek lease rates at landlord's rent; present offers timely; disclose material defects

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account

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Fiduciary Duties When Representing a Tenant Act in accordance with agreement; act in tenant's interest; seek property at tenant's price; present offers timely; disclose material defects

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account

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Brokerage Relationships Must have a definite termination; If not

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90 days after entry into relationship. Broker owes no duty after termination

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Brokerage Disclosure Upon any substantive conversation about a specific property

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the licensee shall disclose in writing his or her brokerage relationship. If relationsip changes

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Dual Agency Must be disclosed in writing and creates a presumption of consent in substantially the form provided by the DCREB. No cause of action shall accrue by virtue of making the disclosures. Licensee may withdraw without liability from representing any client that refuses to consent. Broker may appoint two designated representatives

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and only the broker is considered to be a dual agent.

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Escrow Accounts Deposited within 7 days in an insured financial institution located in DC.; Notify the DCREB within 14 days of establishment of an excrow account; If held for more than 90 days

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must earn interest at highest legal rate for savings or rate on the escrow account

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Real Estate Guaranty and Education Fund Established; every broker pays in as a condition of renewing license. Defrauded persons with final judgments for fraud may have access within 12 months after the date of final judgment up to $50

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000.00. Notify Mayor after 30 days of commencement of action.

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Supervision by Broker Broker is responsible for day-to-day supervision of salespersons

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associate brokers

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License Term For Broker or Property Manager-March 1

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odd year for two years. For salesperson September 1

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Reinstatement of a Suspended or Revoked License. Must wait three years after revocation

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otherwise similar to reinstatement. Must recognize seriousness of conduct and take steps to rectify. If reinstatement is denied

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Hearing `Entitled to notice and opportunity to be heard before DCREB denies

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suspends

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Conduct of Hearing Open to public; majority of board or panel of 3; right to counsel and to present evidence

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cross-examination and subpoenas; issue findings in writing. May seek review in DC Superior Court.

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Suspension Through Affiliation If broker is suspended

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all salespersons under him are suspended. 15 days to send in license or notify board. Same if salesperson is fired or terminated. A firm license can also be summarily revoked if no longer eligible.

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Human Rights Act Protected Classes Race

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color

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Human Rights Prohibitions Discrimination

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refusing to sell or rent

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Human Rights Prohibitions Continued Setting different fees

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discrimination in furnishing repairs

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Human Rights Prohibition Exceptions If used for a dwelling

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and owmer resides there

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Rental Housing Conversions Tenant must be given offer for sale with statement that you have 30 days to provide a written statement of interest. If you submit statement of interest

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you have 60 days to negotiate a sales contract. Deposit is less than 5% of purchase price. 60-90 days for arranging financing. Also a 15 day right of first refusal to match a third party offer. If 5 or more units