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28 Cards in this Set

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If approved, for what reasons could a landlord increase rent in a rent controlled property?
1) Hardship - Rent won't cover expenses
2) Capitol Improvements
3) Increased Services
4) Substantial Rehabilitation
5) Voluntary Agreement
Who is exempted in rent control?
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
What is the purpose of the Guaranty and Education Fund?
Compensate people who have suffered monetary losses as a result of the actions of a licensee.
What's the definition of an escrow account?
-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
Who are the members of the DC real estate commission?
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)
Who needs a real estate license in DC?
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
What is discrimination in fair housing in DC?
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
What does an owner need to do when negotiating with a tenant regarding the sale of the property?
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
What are violations under DC's code of ethics?
-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
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?
Group is 90 Days

Single is 180 Days
What's the definition of brokerage relationship or real estate broker?
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.
What are the requirements for real estate licensures?
-Application with home address (not PO Box)
-Pay fee at filing
- Complete 60 hours of class time and pass exam and DC law exam
Which court is used in DC for compliance?
DC Superior Court
If you get a commission from two parties, what do you have to do?
You must disclose this information
Who appoints the DC real estate commissioners?
The Mayor
What is the maximum pay-out allowed from the Guaranty and Education Fund?
$50000
Claimants eligible for payment from the fund must do what first?
1) Court Order
2) Force sale of any real or personal property of the debtor for payment of the claim
3) Mayor's approval
What's the minimum and maximum of the Guaranty and Education Fund?
Min - $1040000
Max - $3500000
How many years of experience is needed before being able to get a broker's license?
2 Years
also must have 135 hours of additional education and pass the broker's exam
What does a broker do when he/she receives monies belonging to others?
put it in an escrow account
Who hears discrimination complaints in DC?
Office of Human Rights
How much money of a new licensees fee goes to the Guaranty and Education Fund?
60 dollars
How does a broker pay commission to salespersons?
They have an agreement
What must every real estate office have?
desks, real estate sign, pertinent files
What happens when an agent transfers brokers?
Broker has 15 days to send back license
When do you give agency disclosure?
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.
What is non-resident consent to suits and services?
If an agent isn't a DC resident and working in DC, he/she would need to sign this for any legal reasons
What happens when a broker's license is revoked or suspended?
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.