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VREB Licensing Overview Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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VREB Licensing Overview Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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  • August 3, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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VREB Licensing Overview
Advertising - ✔✔Rules apply to all mediums and must include firm name, licensee's name, and
contact information.

Assessments - ✔✔Fees new licensees must pay, with additional fees if balance falls below $400,000
minimum; failure to pay results in automatic license suspension

Branch Offices - ✔✔Each office must be licensed, attached to a main office, and display licenses of
assigned licensees.

Broker Educational Requirements - ✔✔Pre-Licensing: 180 credit hours, Continuing Education: 24
credit hours every 2 years, Reciprocity: 16 hours

Chairman - ✔✔One member elected by the Board to serve as the chairman.

Change Reporting to VREB - ✔✔Obligation to report changes in status, termination of brokers or
licensees, personal or firm information changes, and voluntary inactivation to the Board within
specified timeframes.

100%
Commingling - ✔✔Mixing escrow and non-escrow funds, such as placing firm operating funds or
commission checks into escrow accounts.

Commissions - ✔✔Licensees can only be compensated by the principal broker.

Compensation based on % of sales price - ✔✔Brokers receive a percentage of the sales price as
compensation.

Consumer Reimbursement - ✔✔Payments from the fund to those who obtain a final judgment for
licensee misconduct but fail to receive full compensation; limited to actual damages only

Continuing Education - ✔✔Mandatory education for active licensees, with salespersons required to
complete 16 credits and brokers required to complete 24 credits every renewal period.

Disciplinary Process - ✔✔Steps include automatic license revocation if TRF payment made on
behalf of guilty licensee, with possibility of reinstatement after reimbursing the fund

Establishment and maintenance of escrow accounts - ✔✔Principal broker establishes accounts,
reports violations, while all licensees must acknowledge receipt of funds.

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