A licensed real estate sales associate conducted an appraisal for a fee. The FREC found the licensee to be in violation of the uniform standards of professional appraisal practice. Which statement is true?
1) The licensee will face legal consequences for the violation.
2) The licensee will be required to retake the appraisal exam.
3) The licensee will receive a warning from the FREC.
4) The licensee will be suspended from practicing real estate.