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Exam (elaborations)

VA Real Estate Exam Questions and Answers 100% Solved
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  • Course
  • VA Real Estate
  • Institution
  • VA Real Estate

A developer put two lots together and sold them as one large lot. The increase in value is referred to as: - ANSWER-plottage A 20-unit apartment building rented for $750 per month. The annual gross income multiplier was 9. What is the value of the property? - ANSWER-1,620,000 he Virginia Real...

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  • April 5, 2024
  • 8
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • va real estate exam questions and answers 100 so
  • va real estate exam questions and answers stuvia
  • the tax base in a jurisdiction is derived by subtr

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  • VA Real Estate
  • VA Real Estate

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VA Real Estate Exam Questions and
Answers 100% Solved

The tax base in a jurisdiction is derived by subtracting exemptions from - ANSWER-
assessed values

A developer put two lots together and sold them as one large lot. The increase in
value is referred to as: - ANSWER-plottage

A 20-unit apartment building rented for $750 per month. The annual gross income
multiplier was 9. What is the value of the property? - ANSWER-1,620,000

he Virginia Real Estate Board is composed of _______ members who have been
licensed real estate brokers or salespersons for at least ____ consecutive years and
____ citizen members - ANSWER-7
5
2

The terms of VA Real Estate Board members are ____ years in length - ANSWER-4

Who administers?

The Virginia Fair Housing, Condominium and Time-Share Act
Common Interest Community Management Information Fund
The Virginia Transaction Recovery Fund - ANSWER-VA Real estate board

Which 3 does the VA board NOT do?

-Handle disputes between salespeople and brokers or between brokers.
-Standardize any other forms used in real estate practice.
-Establish commission rates or splits.
-Prescribes standards for licensure and for professional conduct
-Administers the provisions of the license laws
-Enforces the license laws
-Issues, renews, denies or suspends real estate licenses.
-Develops and distributes an association annual report form for use - ANSWER--
Handle disputes between salespeople and brokers or between brokers.
-Standardize any other forms used in real estate practice.
-Establish commission rates or splits.

Salesperson/Broker Requirements

Age ? Be at least ____ years of age (___ w/ exception)
education? Must have a __________ diploma or equivalent.
Have not been found guilty of violating the ________ Laws of any jurisdiction.

, Pass a written license examination within ______months of the application.
Have not had a real estate license _________ or _______ in any state.
Have not been convicted anywhere in the United States for a ____________ -
ANSWER-20, (18)
high school
Fair Housing

12 months

revoked or suspended
misdemeanor.

Educational Requirements for Salespeople

State-approved _____-hour course.
State examination within ______ months to apply for a license.
For brokers license ,act in the capacity of real estate salesperson for ____ of the
previous 48 months before applying for a broker's license.
Complete ______ hours of board-approved real estate study. - ANSWER-60
12
36
180

The license always hangs in the __________ of the broker - ANSWER-main office

An __________ license is one in which the broker or salesperson is not affiliated
with a supervising broker, firm, or sole proprietorship. - ANSWER-inactive

Licenses must be renewed every _____ years on the _____ day of the month during
which the license was issued - ANSWER-2 years
last

What is renewal policy for licenses - ANSWER-here is no automatic renewal of real
estate licenses.

If you change your home address, you must notify VA board within ______ days -
ANSWER-30 calendar

If license expired less than 30 days ago , what is process for getting it reinstated? -
ANSWER-the licensee must pay the normal renewal fee, and complete the
necessary continuing education.

If license expired more than 30 days ago , what is process for getting it reinstated? -
ANSWER-the licensee must pay the reinstatement fee, and complete the necessary
continuing education.

If license has been expired for more than 12 months, how do reinstate it? -
ANSWER-If the license remains expired after 12 months, the license may not be
reinstated.

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