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28 Cards in this Set
- Front
- Back
If approved, for what reasons could a landlord increase rent in a rent controlled property?
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1) Hardship - Rent won't cover expenses
2) Capitol Improvements 3) Increased Services 4) Substantial Rehabilitation 5) Voluntary Agreement |
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Who is exempted in rent control?
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1) Landlords that rent 4 or fewer units
2) Some new units: a) building permits issued after 12/31/75 b) units whose cert of occupancy was issued after 1/1/80 c) vacant units since 1/1/80 3) Non-profits |
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What is the purpose of the Guaranty and Education Fund?
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Compensate people who have suffered monetary losses as a result of the actions of a licensee.
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What's the definition of an escrow account?
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-Money that belongs to others and is kept in an account, called an escrow account.
In DC the following apply to all escrow accounts: 1) FDIC account 2) Physically in DC 3) holds money belonging to others |
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Who are the members of the DC real estate commission?
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3 Brokers licensed in DC
2 Salespeople licensed in DC 2 Property Managers licensed in DC 1 Attorney in DC Bar and practices real estate law 1 Consumer (not in or trained in real estate) |
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Who needs a real estate license in DC?
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Any person selling real estate and receiving compensation for the act is required to have a real estate license.
Exemptions: Attorneys who work in real estate doing real law duties; Individual dealing for themselves; Trustees or auctioneers doing their jobs; Government officers, again doing their job; Non-profit housing organizations, again, doing their job; People who do clerical, etc jobs in real estate offices; Loan officers and clerical workers , again doing their jobs |
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What is discrimination in fair housing in DC?
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Fed - race, color, nat origin, sex, religion, disability, familial status
+ DC - age, marital status, sexual orientation, personal appearance, students, political affiliation, source of income, place of residence or business, gender identity, domestic abuse victim, family responsibility |
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What does an owner need to do when negotiating with a tenant regarding the sale of the property?
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1) Within 7 days of receiving notification, the owner must provide the following:
floorplan recent rent roll list of current tenants list of vacant apartments monthly operating expenses capitol expenditures from last 2 years 2) Ask for no more than 5% earnest money 3) operate in good faith |
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What are violations under DC's code of ethics?
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-Guaranteeing future profits
- Accepting an oral listing contract without a specified termination (all listings must be in writing, and must include a termination date. Including a time, date, and year is advised. - Failure to furnish clients with a copy of contracts at the time of execution - accepting fees or comissions from more than one party, without knowledge of all parties - Commingling of funds (mixing escrow money with personal funds) - Inducing someone to break a contract for personal gain - Failure to notify the Commission with 15 days of entry of a criminal or civil court judgement against the licensee Failure of a broker to return the license of a terminated salesperson to the mayor within 15 days acceptance of an appraisal fee contingent upon a predetermined value Giving free lots or prizes as an incentive to buy |
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What are the number of days needed to negotiate with an owner as a group of (2 to 4), and what are the number of days needed for a new offer to be made by a single person when Rental housing conversions for sale?
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Group is 90 Days
Single is 180 Days |
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What's the definition of brokerage relationship or real estate broker?
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Contractual relationship between client and real estate licensee for the purpose of procuring a seller, buyer, option, tenant, or landlord who is ready able and willing to sell , buy, option, exchange, or rent real estate.
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What are the requirements for real estate licensures?
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-Application with home address (not PO Box)
-Pay fee at filing - Complete 60 hours of class time and pass exam and DC law exam |
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Which court is used in DC for compliance?
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DC Superior Court
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If you get a commission from two parties, what do you have to do?
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You must disclose this information
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Who appoints the DC real estate commissioners?
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The Mayor
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What is the maximum pay-out allowed from the Guaranty and Education Fund?
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$50000
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Claimants eligible for payment from the fund must do what first?
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1) Court Order
2) Force sale of any real or personal property of the debtor for payment of the claim 3) Mayor's approval |
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What's the minimum and maximum of the Guaranty and Education Fund?
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Min - $1040000
Max - $3500000 |
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How many years of experience is needed before being able to get a broker's license?
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2 Years
also must have 135 hours of additional education and pass the broker's exam |
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What does a broker do when he/she receives monies belonging to others?
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put it in an escrow account
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Who hears discrimination complaints in DC?
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Office of Human Rights
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How much money of a new licensees fee goes to the Guaranty and Education Fund?
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60 dollars
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How does a broker pay commission to salespersons?
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They have an agreement
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What must every real estate office have?
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desks, real estate sign, pertinent files
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What happens when an agent transfers brokers?
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Broker has 15 days to send back license
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When do you give agency disclosure?
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When you start substantive discussions about a specific property or properties with an actual buyer or seller or landlord or tenant. Plus must disclose any relationship with a party to the transaction in writing.
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What is non-resident consent to suits and services?
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If an agent isn't a DC resident and working in DC, he/she would need to sign this for any legal reasons
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What happens when a broker's license is revoked or suspended?
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Al;l salesperson's licenses must be mailed to the mayor within 15 days. All activities must stop. The Salesperson should get to another broker ASAP.
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