Virginia psi exam prep by performance programs company Questions and Solutions

Virginia psi exam prep by performance programs company Questions and Solutions What is the purpose of Chapter 21 in the Virginia code? - Answer -To present license requirements brokerage relationships and Real Estate Board authorizations Delaney is licensed under a real estate firm and legally performs real estate activities for an average of at least 40 hours a week. What term would she properly be called? - Answer -Actively engaged salesperson Josh hired an unlicensed assistant what activities can the assistant participate in? - Answer -Compute commission checks How long does a license have to reinstate her license after it expires - Answer -30 Calendar days If an aggrieved party's claim is related to a single transaction with only one claimant and one licensee what is the maximum payment that can be granted from the Recovery Fund? - Answer -20,000 Rick wants to file a complaint with the DPOR against a licensee for allegedly violating a license law statute. How much time does he have to file a complaint? - Answer -3 years What is the name of a license issued by the board to brokers active in more than one firm at the same time? - Answer -Concurrent license What best characterizes the mission of the Virginia Real Estate Board? - Answer -To certify and license practitioners and to enforce laws with rules and regulations What happens if a licensee fails to provide a lead paint disclosure to buyers or tenants? - Answer -The licensee can face a civil penalty up to $10,000 for each violation Bill wants to apply for his brokers license. How long must he be actively engaged in real estate before applying? - Answer -40 hours a week for 36 months of the 48 months prior to applying How many hours post license education are required within the first year of licensure - Answer -30 hours Kelly got her salesperson license on September 20,2019 when does her license expire? - Answer - September 30, 2021 What is a business entity - Answer -A partnership, association, corporation, or LLC What does the REB have jurisdiction over - Answer -Determining license fees What would be deemed improper by the Virginia Administration Code? - Answer -Entering into a brokerage relationship that does not include a termination date