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Real Estate: VA LAW Exam Questions and Answers (Rated A+) $10.19
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Real Estate: VA LAW Exam Questions and Answers (Rated A+)
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Cooperative Apartments - ANSWER-VA Law considers them real estate even though the shares held by co-op members are considered personal property. VA REB Details - ANSWER-7 members with 2 civilians appointed by the Governor for 4 year terms with option for one additional term. It ISSUES, SUSPENDS,...

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Real Estate: VA LAW Exam Questions
and Answers (Rated A+)

Virginia Real Estate Board - ANSWER-Purpose is to protect the public interest
against fraud in real estate transactions--established by police power of the state.

Cooperative Apartments - ANSWER-VA Law considers them real estate even
though the shares held by co-op members are considered personal property.

VA REB Details - ANSWER-7 members with 2 civilians appointed by the Governor
for 4 year terms with option for one additional term. It ISSUES, SUSPENDS, and
REVOKES, and is charged with administering the Virgina Fair Housing Act, the
Virginia Real Estate Transaction Recovery Fund, and Common Interest
Communities.

Department of Professional and Occupational Regulation (DPOR) - ANSWER-
Authorized to recover civil penalties for certain violations to enforce real estate
licensure and regulatory provisions. ($200 no more than $1000 per violation and no
more than $10,000 per year before moving into criminal penalties)

Active - ANSWER-Any broker or salesperson who performs real estate transactions

Actively Engaged - ANSWER-Active licensure in performing real estate for an
average of 40 hours per week.

Actively Engaged in the brokerage business - ANSWER-Anyone who holds an active
real estate license

Associate Broker - ANSWER-Holds a broker's license but is not the principal broker

Firm - ANSWER-Required to obtain a separate brokerage firm license

Inactive Status - ANSWER-Any licensee who is not performing real estate
transactions and is NOT under the supervision of a principle broker.

Principal Broker - ANSWER-The broker designated by each firm to receive
communications and notices from the board

Principal to a Transaction - ANSWER-A party to a real estate transaction--under VA
Law the listing/selling broker are not by virtue of their brokerage principals to the
transaction

Real Estate Salesperson - ANSWER-Engages in real estate transactions

, Supervising Broker - ANSWER-Broker designated by the principal broker to
supervise a branch office.

Referral Fees - ANSWER-A person in an inactive status may not engage in acts of
brokerage or earn eany compensation INCLUDING referral fees.

12 months - ANSWER-All initial applications for licensure must be made within 2
months of the examination date or the exam must be retaken

Sole proprietor (principal broker owner) - ANSWER-Can operate as a sole
proprietorship under his broker's license as the principal broker. May be licensed
under his own name but if he wants to use a ficticious name they ust also obtain a
business entity license.

Sole proprietor (non-broker owner) - ANSWER-Needs a firm license and a principle
broker (with his broker's license) to conduct real estate transactions

Branch Office License - ANSWER-If a real estate broker maintains more than one
place of business within the state, a branch office license shall be issued for each
place of business maintained. A branch office license and a roster of every
salesperson/broker assigned to that branch must be maintained.

Requirements for Initial Licensure - ANSWER-Honesty, truthfulness, and fair dealing.
Passed all required courses (4 Semester Hours) prior to taking the licensing exam.
High school diploma or its equivalent. 18 years old.

Requirements for Broker License - ANSWER-High school or equivalent. 12 semster
hours (vice 4 for salespersons). 18 years old. actively engage for 36 of 48 months
preceeding application.

License by Reciprocity - ANSWER-Comparable real estate course completed. Must
pass VA's examination--exception for prior to July 1, 1975. Must be in good standing
in prior jurisdictions. 18 years old. If for broker by reciprocity, active in 36 out of 48
months preceeding application.

Fees for Renewal - ANSWER-Salesperson (65), Business Entity (90), Broker/Sole
Proprietor (80), Concurrent Broker (80), Firm Renewal (160), Branch Renewal (90)

Application Fees - ANSWER-Salesperson (150+20 recovery fee), Salesperson
reciprocity (150+20), Business Entity/Sole Proprietor, Associate or Principal Broker
(210....0 additional for add-on), Firm (270), Branch (190)

Post Licensing vs. Continuing Education - ANSWER-Techically two different
requirements. Post licensing must be completed within one year of liensure
regardless of inactive or active (30 hours) and continuing education is required if you
are active or WANT to become active from an inactive status (16 hours for
salespersons in 2 years an 24 hours for brokers in 2 years)...standard package for
both is 3 hours ethics, 2 hours fair housing, 1 hour legal updates, 1 hour agency, 1
hour contracts + 8 more elective hours + 8 hours on management for brokers)

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