Leasing License Practice Exam

What remuneration do members of the Real Estate Administration and Disciplinary Board receive during their terms?

1. Only commissions on licenses issued

2. A stipend and reimbursement for expenses

3. A salary based on state regulations

4. Only travel expenses

The correct answer is: A stipend and reimbursement for expenses

Members of the Real Estate Administration and Disciplinary Board receive a stipend and reimbursement for expenses during their terms. This means that while they are compensated for their service, it is not in the form of a standard salary, nor do they receive commissions based on licenses issued or just travel expenses. A stipend provides a set amount of money intended to cover the costs associated with their work on the board, which may include time spent in meetings, administrative tasks, and other responsibilities. Additionally, reimbursement for expenses ensures that they can cover out-of-pocket costs incurred while performing their duties, such as travel or materials necessary for their work. This structure is often designed to encourage participation in regulatory roles without making it a full-time job, making it accessible for individuals who may have other professional obligations.