Virginia Real Estate (Licensing) Exam Questions & Answers. (Graded A)
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Course
Virginia Real Estate
Institution
Virginia Real Estate
Who is not required to have a license to sell RE? - ANSWER-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sin...
Virginia Real Estate (Licensing) Exam
Questions & Answers. (Graded A)
Who is not required to have a license to sell RE? - ANSWER-Those: (1) selling their
own property, (2) act without compensation under POA, (3) resolve client issues as a
licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole
proprietor-broker owned firms with a single location
Minimum qualifications for individual licenses - ANSWER-High school diploma or eq.,
18 yrs or older, good standing with other jurisdictions where licensed, must pass pre-
license course
Qualifications for broker candidates - ANSWER-Must have exp as licensed active
salesperson for 36 or preceding 48 months before application
Qualifications for Firm Licenses - ANSWER-All firms (unless owned by singe licensed
broker with single location must be licensed and also be registered to do business in VA
Application deadlines for licenses - ANSWER-Within 12 months of passing exam
What must non-residents so to apply for VA license? - ANSWER-File irrevocable
consent to suits and services
Consent to suits and services - ANSWER-Agreement which allows the Board to receive
notice of any in-state lawsuit on the licensee's behalf
License by reciprocity - ANSWER-Intended for those already licensed in another state.
Salespersons must be actively engaged for 12 of the 36 months prior to application.
Brokers must be actively engaged for 36 of the 48 months prior. Must pass state portion
of exam and pay application fee
Concurrent broker's license - ANSWER-License for brokers seeking to be active in
multiple firms
Broker owned sole proprietor - ANSWER-Firms owned by a single licensed broker with
a single location do not need a license
Change in active or inactive status must be reported to the board within ___days -
ANSWER-10
Changes in personal information must be reported within ___days - ANSWER-30
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