VA Real Estate Exam with complete solutions- Latest update

Sole Proprietor: Principal Broker Owner - Answer-An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer-A brokerage firm owned by an unlicensed individual. The firm must get a business entity firm license before transacting RE business. The firm still must have a licensed principal broker Inactive Status - Answer-Any broker or salesperson not under supervision of a broker, not active in a firm or sole Proprietorship, and not performing and RE acts Valuable Consideration - Answer-Anything of value given as commission, referral fee, finder's fee, etc. Active - Answer-Any broker or Salesperson who is under the supervision of a principal broker Actively Engaged - Answer-Active licensure with a licensed firm performing RE activities for an average of 40 hours a week Associate Broker - Answer-A licensed broker that is required to meet the same education requirements as the principal broker but has the same restrictions as salespeople The Virginia General Assembly (is responsible for...) - Answer-Who is responsible for creating and amending the Code of Virginia? Chapter 21 of Title 54.1, Professions and Occupations of the Code of Virginia (addresses what?) - Answer-What doctrine addresses real estate professionals in VA? Police Power (allows what?) - Answer-What power allows the commonwealth of Virginia to establish the VA real estate license law? Seven members who have been licensed for at least 5 consecutive years and two citizen members (make up...) - Answer-The Real Estate Board (consists of...) The Governor (appoints...); one 4 year term and can be reappointed for another 4 years - Answer-Who appoints RE Board Members and how long are their terms? 1. Proclaim necessary regulations to maintain chapter 21