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unit 1 Virginia license law Exam Questions and Answers
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Which of the following people involved in a real estate transaction are "Principal to a transaction" according to Virginia real estate law? Selling broker buyer Listing broker appraiser - ANSWER-buyer A person or business entity who for compensation, sells or offers for sale, units or int...

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  • April 5, 2024
  • 20
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • unit 1 virginia license law exam questions and ans
  • unit 1 virginia license law exam questions stuvia
  • the virginia real estate board may issue real esta

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unit 1 Virginia license law Exam
Questions and Answers

The Virginia Real Estate Board may issue real estate licenses to all of the following,
except a

Virginia Association.
non-resident testamentary trust.
Virginia Limited Liability Company.
Virginia partnership. - ANSWER-non-resident testamentary trust.

Which of the following people involved in a real estate transaction are "Principal to a
transaction" according to Virginia real estate law?

Selling broker
buyer
Listing broker
appraiser - ANSWER-buyer

A person or business entity who for compensation, sells or offers for sale, units or
interest in condominiums, cooperative interests, or time-shares in a time-share
program, describes a

supervising broker
real estate salesperson.
real estate broker
affiliate broker. - ANSWER-real estate broker

A party to a real estate transaction including without limitation a seller or buyer,
landlord, or tenant, optionor or optionee, licensor or licensee, describes which of the
following?

Real estate broker
Principal to a transaction
Real estate salesperson
Affiliate broker - ANSWER-Principal to a transaction

A real estate license in Virginia is not required for which of the following?

Negotiating the purchase or the exchange of property for another person or entity

Renting or negotiating to rent an apartment for another person

Making an offer to purchase a home for yourself

,Placing an advertisement in the paper to sell your neighbor's home - ANSWER-
Making an offer to purchase a home for yourself

A broker's salaried employee may not do the following without a real estate license?

Provide the prospective tenants with factual information about the lease

Accept applications for leases

Accept security deposits and rentals for such real estate

Negotiate the amounts of such security deposits, rentals, or leases on behalf of the
owner or broker - ANSWER-Negotiate the amounts of such security deposits,
rentals, or leases on behalf of the owner or broker

The Virginia Real Estate Board does not

establish commission rates or commission splits.

renew real estate licenses.


administer license laws.

suspend or revoke real estate licenses. - ANSWER-establish commission rates or
commission splits.

The Virginia Real Estate Board does not

administer license laws.

renew real estate licenses

handle disputes between salespeople and brokers.

suspend or revoke real estate licenses. - ANSWER-handle disputes between
salespeople and brokers.

The Virginia Association of REALTORS(R)

is the same as the Virginia Real Estate Board.

is not the same as the Board but is a trade organization.

establishes state real estate rules and laws like the Board.

has the responsibility to administer the Virginia Transaction Recovery Fund. -
ANSWER-is not the same as the Board but is a trade organization.

, The Virginia Real Estate Board currently requires anyone wishing to obtain a real
estate license to complete a state-approved _________ course on the principles of
real estate with a passing grade.


30-hour
75-hour
60-hour
180-hour - ANSWER-60 hour

A new license applicant whether broker or salesperson must be under the
supervision of a(an)______________________ broker of a firm or sole proprietor.
principal or supervising
affiliate
concurrent
designated - ANSWER-Principal or supervising

People who are not residents of Virginia, and are not licensed in another jurisdiction

must meet the same requirements as the residents of Virginia, in order to be
licensed in Virginia.

must become residents of Virginia to become licensed in Virginia.

cannot become licensed in Virginia.

must be recommended by the
Governor for licensure. - ANSWER-must meet the same requirements as the
residents of Virginia, in order to be licensed in Virginia.

Licensees and providers must keep records of proof of continuing education
for_______years.
six
five
four
three - ANSWER-three

All of the following require a thirty day Board notification of any change, except?
Change of business name or location
Termination or status change of any salesperson or broker
Salesperson's change of home address
Broker's change of legal name - ANSWER-termination or status change of any
salesperson or broker

Every broker applicant must have acted in the capacity of real estate salesperson
for______________________ before applying for a broker's license.
12 of the previous 24 months
24 of the previous 36 months
30 of the previous 60 months
36 of the previous 48 months - ANSWER-36 of the previous 48 months

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