Exam (elaborations)

VA real estate psi notes Questions and Answers (100% Pass)

0 purchase

Course
VA real estate

Institution
VA Real Estate

If there is in effect at the date of the foreclosure sale a real estate purchase contract to buy the property foreclosed upon and the real estate purchase contract provides that the earnest money deposit held in escrow by a firm or sole proprietorship shall be paid to a principal to the contr...

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Uploaded on November 10, 2024
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va real estate psi notes questions and answers 1

Institution VA real estate
Course VA real estate

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VA real estate psi notes Questions
and Answers (100% Pass)
If there is in effect at the date of the foreclosure sale a real estate purchase

contract to buy the property foreclosed upon and the real estate purchase

contract provides that the earnest money deposit held in escrow by a firm or

sole proprietorship shall be paid to a principal to the contract in the event of

a termination of the real 25 estate purchase contract, what shall happen>

✓ If there is in effect at the date of the foreclosure sale a real estate

purchase contract to buy the property foreclosed upon and the real

estate purchase contract provides that the earnest money deposit

held in escrow by a firm or sole proprietorship shall be paid to a

principal to the contract in the event of a termination of the real 25

estate purchase contract, the foreclosure shall be deemed a

termination of the real estate purchase contract, and the principal

broker or supervising broker may, absent any default on the part of the

purchaser, disburse the earnest money deposit to the purchaser

pursuant to such provisions of the real estate purchase contract

without further consent from or notice to the principals.

"Active"

Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ any broker or salesperson who is under the supervision of a principal or

supervising broker of a firm or sole proprietor and who is performing

those activities defined

"Actively engaged"

✓ means active licensure with a licensed real estate firm or sole

proprietorship in performing those activities as defined in §§ 54.1-2100

and 54.1-2101 of the Code of Virginia for an average of at least 40

hours per week. This requirement may be waived at the discretion of

the board

"Actively engaged in the brokerage business"

✓ means anyone who holds an active real estate license.

"Associate broker"

✓ means any individual licensee of the board holding a broker's license

other than one who has been designated as the principal broker.

"Client"

✓ means a person who has entered into a brokerage relationship with a

licensee

Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

"Firm"

✓ means any sole proprietorship (non-broker owner), partnership,

association, limited liability company, or corporation, other than a sole

proprietorship (principal broker owner), which is required by 18VAC135-

20-20 B to obtain a separate brokerage firm license. The firm's licensed

name may be any assumed or fictitious name properly filed with the

board.

"Inactive status"

✓ means any broker or salesperson who is not under the supervision of a

principal broker or supervising broker, who is not active with a firm or

sole proprietorship, and who is not performing any of the activities

"Independent contractor"

✓ means a licensee who acts for or represents a client other than as a

standard agent and whose duties and obligations are governed by a

written contract between the licensee and the client.

"Licensee"

✓ means real estate brokers and salespersons

"Principal broker"
Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ means the individual broker who shall be designated by each firm to

assure compliance with Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of

the Code of Virginia, and this chapter, and to receive communications

and notices from the board that may affect the firm or any licensee

active with the firm. In the case of a sole proprietorship, the licensed

broker who is the sole proprietor shall have the responsibilities of the

principal broker. The principal broker shall have responsibility for the

activities of the firm and all its licensees. The principal broker shall have

signatory authority on all escrow accounts maintained by the firm.

"Principal to a transaction"

✓ means a party to a real estate transaction including without limitation

a seller or buyer, landlord or tenant, optionor or optionee, licensor or

licensee. For the purposes of this chapter, the listing or selling broker, or

both, are not by virtue of their brokerage relationship, principals to the

transaction.

"Sole proprietor"

✓ means any individual, not a corporation, limited liability company,

partnership, or association, who is trading under the individual's name

or under an assumed or fictitious name

Master01 | October, 2024/2025 | Latest update

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VA real estate psi notes Questions and Answers (100% Pass)

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