Moseley - VA (all state sections) Exam Questions With Correct Answers

Active status - ANSWER-Any broker/salesperson legally engaging in regulated real estate brokerage acts Actively engaged - ANSWER-One with an active license and engaged in min 40 hrs/wk real estate activity Applicant - ANSWER-One who applies to board for real estate license Associate broker - ANSWER-Licensed broker other than principal broker at firm Board - ANSWER-Virginia real estate board (VREB) Brokerage agreement - ANSWER-Written agreement establishing brokerage relationship btwn client and licensee Must state whether licensee will represent client as agent or independent contractor Brokerage relationship - ANSWER-Contractual relationship btwn client and licensee Inactive status - ANSWER-Broker/salesperson not under supervision of principal or broker, not active with firm, prohibited from performing acts of brokerage Limited services agent - ANSWER-Licensee working for client, but with agreement stating licensee will not be performing 1+ acts of typical agent