2002 5 people on commission. Appointed by governor with approval of senate for 4 years. Correct answer: 0 If you get in trouble with real estate commission it will not to exceed 1,000 dollars per day per violation. Up to the entire commission amount made. Wvrec correct answer: 0 The broker most notify the real estate commission with in how many days of the establishment or any change to a trust fund account or move it correct answer: 10 days Do not bear interest for broker only client Ways to loose license correct answer: 1. Application has false information 2. Any substantial misrepresentation 3. Any false promises or representations of a character 4. False promise through advertising 5. Uses misleading advertising 6. Uses any trade name or insignia of membership in any organization in which the licensee is not a member. (not a relator) 7. Acts for more than one party in transaction without the knowledge 8. Fails, within a reasonable time, to account for or to remit moneys or other assets coming into possession. 9. Commingles moneys 10. Advertises or displays for sale without an agency relationship being established 11. Advertises any property on any terms other that those said by owner 12. Fails to disclose on the notice of agency relationship form. 13. Fails to voluntary furnish copies of paper they signed 14. Accepts compensation as a salesperson other then our broker 14. Procures an attorney for any client or customer, or solicits legal business for any attorney at law; not allowed to tell someone where to go 15. Engages in the unlawful or unauthorized practice of law as defined by the supreme court 16. Commits or is a party to any material fraud, misrepresentation, concealment, conspiracy, collusion 17. Accepts the services of any broker whos not licensed 18. Accepts anything other than cash or equivalent as earnest money deposit unless this fact is disclosed. 19. Accepts, takes or charges any undisclosed compensation. If you get in trouble the accused party shall file an answer within correct answer: 20 days Any person convicted of a first violation and imposed by a court of law correct answer: guilty of a misdemeanor Shall be fined 1000-2000 or confined in the county jail for 90 days or less Any person convicted of a second violation and imposed by a court of law correct answer: 2000-5000 or up to 1 year in prison Licensee application fee correct answer: 25 Application is valid correct answer: 3 months from approval date Change of employing broker correct answer: $20.00 New broker signs the application and mail letter to first broker stating yore moving on. Old broker to commission to new broker. Application for change of licensee name correct answer: $10.00 Any broker shall notify the commission in writing of any change of the company's address within correct answer: 10 days Office sign requirements correct answer: not less than 1 inch Shall prominently display the name of the broker, the term "broker and the company name, if any. Ernest money deposit Real estate salesperson jen receives an offer along with an earnest money check for $5,000 to accompany it. It is sunday afternoon. When should jen deposit this (get it to her broker for them to deposit)? Correct answer: immediately or by next business day Immediately or in this case because its sunday afternoon the next business day. If interest is earned on money it needs documented and property disbursed. Correct answer: Advertsing in news correct answer: name of the responsible broker and the term "broker" The physical address of a licensed office location, And the phone number of record. This information must be prominently displayed. The names of associate brokers and salespersons shell not be included in the advertising unless the associate brokers and salesperson are clearly identified as such Internet advertising correct answer: information must appear on the home pafe of the screen that is first seen by the viewer Exemption of property owner Real estate salesperson jen is selling her own home. She places a sign in the yard with only her name on it. Is she in violation? Correct answer: licensee who is the owner of the property has all the rights of an unlicensed person with regard to that property Yes, everything needs to have their brokers name on it