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Virginia Quiz 1 Exam Questions and Answers (SCORED A+)
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  • Virginia
  • Institution
  • Virginia

The REB is authorized to do all of the following EXCEPT - ANSWER-regulate the Property Owners' Association Act The Virginia Real Estate Transaction Recovery Fund is administered by - ANSWER-the REB The current real estate regulations went into effect - ANSWER-November 1, 2015 The Common In...

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  • April 4, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • virginia quiz 1 exam questions and answers scored
  • virginia quiz 1 exam questions and answers stuvia
  • the real estate board reb rules and regulations

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  • Virginia
  • Virginia

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Virginia Quiz 1 Exam Questions and
Answers (SCORED A+)

The Real Estate Board (REB) rules and regulations are found in - ANSWER-the
Virginia Administrative Code (VAC)

The REB is authorized to do all of the following EXCEPT - ANSWER-regulate the
Property Owners' Association Act

The Virginia Real Estate Transaction Recovery Fund is administered by - ANSWER-
the REB

The current real estate regulations went into effect - ANSWER-November 1, 2015

The Common Interest Community (CIC) regulates all of the following EXCEPT -
ANSWER-the Residential Property Disclosure Act

The CIC was established to regulated CIC managers by means of - ANSWER-
Licensure

The Office of the Common Interest Community Ombudsman was established to all of
the following EXCEPT - ANSWER-officiate in making adverse decisions

The term broker may refer to all of the following EXCEPT - ANSWER-a principal in a
brokerage relationship

By Virginia statutory definition, a salesperson may perform all of the following
functions EXCEPT - ANSWER-serve as managing broker

When a licensee acts as an independent contractor and NOT as a standard agent,
the relationship is governed by - ANSWER-a written agreement between licensee
and client

An individual wants to sell her own house. Which of the following statement is
TRUE? - ANSWER-She does not need a real estate license to sell her property

All of the following are exempt from the state licensing requirements EXCEPT -
ANSWER-an officer of a firm who actively participates in brokerage business

The Virginia Real Estate Transaction Recovery Fund was created to - ANSWER-
reimburse consumers who suffer monetary loss due to a licensee's misconduct

The REB may assess each active and inactive licensee a proportionate amount
whenever the Transaction Recovery Fund falls below a minimum balance of -
ANSWER-$400,000

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