PSI QUESTIONS: STATE 2024 WITH 100% COMPLETE SOLUTIONS

When a land contract is entered into; correct answersThe buyer acquires equitable title Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: correct answersCan only conclude the transactions in the process to facilitate the termination of the business Which person would NOT need a real estate license? correct answersAn owner who sells no more than three of her own houses in a year, a salaried property manager who is employed to manage the apartment and lease individual units, and an attorney who is offering real property for sale under court order Which person would require a license, issued by the Real Estate Board? correct answersAn employee of a broker, who negotiates leases NOT the executor of an estate, an auctioneer, or an individual employed by the owner of rental property Which person is most likely required to have an active real estate license? correct answersIndependent contractors, negotiating leases on behalf of another for a fee The act of buying, selling, or leasing real estate on behalf of another and for compensation is an act of real estate brokerage. Therefore, a license is required UNLESS there's an applicable exemption. Virginia License Law specifies that salaried rental property personnel may show units, provide facts, and accept applications and security deposits without a real estate license. Similarly, persons selling property under a court order can do so without a real estate license. Licensed auctioneers may auction real estate if they are employed by the owner and the bidding is open for no longer than 48 hours. However, an independent contractor paid to negotiate a lease on behalf of another must be licensed. Under the broker's supervision, his unlicensed assistant may: correct answersPrepare and file papers for tenant eviction for non-payment of rent