PSI Licensing Laws and Regulations 5

Question 1

A real estate broker is found to have violated license law. Which disciplinary action would allow the broker to continue practicing with oversight?

Accepted Answer

Probation

Answer

Probation is a sanction that permits continued practice subject to conditions, unlike revocation which terminates the license.

Question 2

A licensee who has had their license suspended wishes to get it reinstated. They must generally:

Accepted Answer

Satisfy the conditions set by the board and apply for reinstatement

Answer

Reinstatement after suspension usually requires demonstrating compliance with board-imposed conditions and formally applying for reinstatement.

Question 3

Under license law, a broker must keep transaction records for a minimum period, typically:

Accepted Answer

Three to five years

Answer

Most states require brokers to retain transaction records, including contracts and trust account records, for three to five years.

Question 4

Which of the following individuals is typically EXEMPT from real estate licensing requirements?

Accepted Answer

An attorney-in-fact acting under a power of attorney for a family member's property sale

Answer

Individuals acting under a power of attorney to sell property on behalf of a family member are generally exempt from licensing requirements.

Question 5

A broker who has been in business for 20 years applies for license renewal but has not completed required continuing education. The state board will most likely:

Accepted Answer

Deny renewal until the education requirement is satisfied

Answer

Continuing education is a mandatory renewal requirement regardless of experience, and the board will deny renewal if it is incomplete.

PSI - Exams Practice Test

PSI - Exams Practice Test

PSI Licensing Laws and Regulations 5