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DC Real Estate Legislation and Regulations
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Terms in this set (24)
Property Manager Eligibility Requirements
Able to read, write, and understand English
Real Estate Broker Practice
May engage in building housing and selling housing, or may sell or negotiate the sale of any lot in any subdivision of land comprising of 5 or more lots.
Agent Eligibility Requirements
1. Able to read, write, and understand English
2. Is a high school graduate or GED holder
3. Has successfully completed course of study (60 hours) prescribed by the Commission at an approved school.
Certain Representations Prohibited
Unless licensed in DC, no person may use the title "real estate salesperson (R.E.S.)" or any other device that would indicate the the person is a licensed real estate salesperson in DC.
Exemptions from Licensure Requirement
No license necessary if:
2. Any owner or lessor of real estate performing real estate salesperson duties in the course of regular management of their property.
3. Any trustee or auctioneer acting in a mortgage, deed of trust, or similar instrument securing the payment of a debt.
4. Except for title companies, any bank, trust company, building and loan or savings and loan association, or insurance company, having fiduciary interest when the company is engaged.
Licensure of Real Estate Organizations
Every branch office managed by a licensed real estate broker.
Broker Place of Business
b. When broker changes location, must notify mayor within 15 days and replace licenses.
c. Failure results in suspension of license.
d. New licenses for unexpired term can be issued upon written request and payment.
Automatic Suspension of License through Affiliation
a. When broker's license is suspended, salespersons must return licenses within 15 days. Cannot perform in this time.
b. When salesperson terminated, licensee will inform former employee that license was returned to Mayor within 15 days.
c. When salesperson terminated, salesperson's duty to notify Mayor within 15 days.
Fiduciary Duties Representing a Seller
Disclose to seller material facts related to the property which the licensee has actual knowledge.
General Provisions Governing Disclosure of Brokerage Relationships
a. If not defined, brokerage relationship 90 days.
c. Licensee will disclose to client brokerage relationship with prospective nonclient buyer or seller.
d. If not specified, will disclose brokerage relationship to non-client landlord or tenant prior to signing lease. Does not apply to homes for lease terms less than 2 months.
f. Copies of any disclosures shall be kept for 3 years.
Prohibited Acts - I
Fines not to exceed $2,500 for:
6. Accepting payment for real estate services from anyone other than licensed broker.
8. Representing other broker.
9. False advertising.
14. Using trademarks of real estate organization but non member.
18. Selling/Leasing property without owner authorization.
Prohibited Acts - II
Fines not to exceed $2,500 for:
19. Listing contract to sell real estate without written contract and definite termination date not subject to prior notice.
20. Failure to give copy of listing or contract to all signatories at execution.
22. Failure to maintain escrow/trustee accounting of funds deposited for period of 3 years.
24. Inducing any party to break a written transaction agreement for personal gain.
Prohibited Acts - III
Fines not to exceed $2,500 for:
27. Failure to inform Commission of court judgement within 15 days.
28. Failure as broker to return former employee's license.
35. Representing to prospective buyer that improvements will be made after conveyance, unless represented in writing at least 5 days before.
37. Offering reward to attract/persuade purchasers.
Designated Agent/Representative
Licensee assigned by broker to represent client when different client is represented by broker.
Ministerial Acts
Routine acts performed by licensee without need for judgement.
Property Management
Includes physical, administrative and fiscal management of property serviced by licensee.
Real Estate
Includes membership in a cooperative organized pursuant of Chapter 9 of Title 29.
Real Estate Franchise
Real Estate Franchise brokerage firm does not own/operate individual offices, but licenses name to independent brokerage firms.
Written Listing Contract
Owner grants broker right to find purchaser at agreed price and terms for fee.
Escrow Accounts
- Deposited within 7 days with DC financial institution
- Escrow holder may keep personal funds in account to maintain activity.
- Shall notify Commission the financial institution and address within 14 days.
Escrow Accounts Interest
If held for 90 days, escrow will earn interest starting on 91st day at highest of following:
1. legal maximum federal rate on savings in commercial banks
2. rate on the escrow account
3. rate on the security given as escrow
Service fee less than $15 may be deducted from interest by financial institution.
Applications for Payments from the Fund
Any person who obtains final judgment against licensee on counts of fraud, misrepresentation, etc. may apply for payment from the Fund no later than 12 months after judgment.
In order to qualify, applicant:
1. Must not be a licensee, or rep of licensee. Nor child or spouse of licensee against whom final judgment was passed.
2. Has made investigation to determine whether the debtor possesses assets liable to be sold in satisfaction of judgment and investigation does not disclose exsistence of personal property. Filed affidavit with Commission.
Maximum Payments from Fund
If aggregate claim exceeds $50,000, Commission will pay $50,000 in proportion to claims. If more claims may arise, Mayor can withhold payment for 1 year.
Applications for Payments from the Fund II
e. Failure to notify Mayor of action leading to payment from fund within 30 days will be grounds to deny application, unless good cause proven.
l. If Fund is below minimum balance, licensees will be assessed an amount of $50 or less within 30 calendar days. If above maximum, contributions will be waived.
n. Failure to pay assessment within 30 days results in suspension. Notified within 5 days.
o. Commission may expend sum no more than 20% of deposits on October 1 of each year for education.
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