You can expect to see two questions on the end-of-course exam and two questions on the state exam from this unit.
After successfully completing this topic, you will be able to
• explain the procedures involved in the reporting of violations, the investigation of complaints and the conduct of hearings,
• define the elements of a valid complaint,
• discuss the composition of the probable-cause panel,
• recognize events that would cause a license application to be denied,
• distinguish actions that would cause a license to be subject to suspension or revocation,
• identify individuals who would be eligible and the procedure to seek reimbursement from the Real Estate Recovery Fund,
• identify individuals who are not qualified to make a claim from the Real Estate Recovery Fund,
• describe the monetary limits imposed by law on the Real Estate Recovery Fund,
• explain the penalty for a first- and second-degree misdemeanor and what real estate activities are first degree misdemeanors,
• provide examples of unlicensed practice of law, and
• illustrate presumptions for a party performing real estate services.
|breach of trust||mediation|
|commingle||notification of noncompliance|
|failure to account for and deliver||stipulation|
|formal or administrative complaint||subpoena|
|fraud||summary/emergency suspension order|
|legally sufficient||voluntary relinquishment for permanent|
This unit describes the procedures involved in reporting violations, the investigation process, and how disciplinary hearings are conducted. You will also learn how consumers may be repaid for losses due to the misconduct of real estate licensees through the Real Estate Recovery Fund. Finally, you’ll be able to review the range of penalties against licensees’ violations of the law.