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PSI VA Real Estate Notes Exam With Complete Solutions Latest Update
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PSI VA Real Estate Notes Exam With CompleteSolutions Latest Update
If there is in effect at the date of the foreclosure sale a real estate purchase contract to
buy the property foreclosed upon and the real estate purchase contract provides that
the earnest money deposit held in escrow by a firm or sole proprietorship shall be paid
to a principal to the contract in the event of a termination of the real 25 estate purchase
contract, what shall happen> - ANSWER If there is in effect at the date of the foreclosure
sale a real estate purchase contract to buy the property foreclosed upon and the real
estate purchase contract provides that the earnest money deposit held in escrow by a
firm or sole proprietorship shall be paid to a principal to the contract in the event of a
termination of the real 25 estate purchase contract, the foreclosure shall be deemed a
termination of the real estate purchase contract, and the principal broker or supervising
broker may, absent any default on the part of the purchaser, disburse the earnest
money deposit to the purchaser pursuant to such provisions of the real estate purchase
contract without further consent from or notice to the principals.
"Active" - ANSWER any broker or salesperson who is under the supervision of a
principal or supervising broker of a firm or sole proprietor and who is performing those
activities defined
"Actively engaged" - ANSWER means with active licensure with a licensed real estate
firm or sole proprietorship in performing those activities as defined in §§ 54.1-2100 and
54.1-2101 of the Code of Virginia for an average of at least 40 hours per week. The
board may, in its discretion, waive this requirement
"Actively engaged in the brokerage business" - ANSWER means any person who holds
an active real estate license.
"Associate broker" - ANSWER means any licensee of the board holding a broker's
license other than one who has been designated as the principal broker.
"Client" - ANSWER means a person who has entered into a brokerage relationship with
a licensee
,"Firm" - ANSWER means any sole proprietorship (non-broker owner), partnership,
association, limited liability company, or corporation, other than a sole proprietorship
(principal broker owner), which is required by 18VAC135-20-20 B to obtain a separate
brokerage firm license. The firm's licensed name may be any assumed or fictitious name
properly filed with the board.
"Inactive status"- ANSWER means any broker or salesperson who is not under the
supervision of a principal broker or supervising broker, who is not active with a firm or
sole proprietorship and who is not performing any of the activities
"Independent contractor" - ANSWER means a licensee who acts for or represents a
client other than as a standard agent and whose duties and obligations are governed by
a written contract between the licensee and the client.
"Licensee" - ANSWER means real estate brokers and salespersons
"Principal broker" - ANSWER means the individual broker who shall be designated by
each firm to assure compliance with Chapter 21 § 54.1-2100 et seq. of Title 54.1 of the
Code of Virginia, and this chapter, and to receive communications and notices from the
board that may affect the firm or any licensee active with the firm. In the case of a sole
proprietorship, the licensed broker who is the sole proprietor shall have the
responsibilities of the principal broker. The principal broker shall have responsibility for
the activities of the firm and all its licensees. The principal broker shall have signatory
authority on all escrow accounts maintained by the firm.
"Principal to a transaction" - ANSWER means a party to a real estate transaction
including without limitation a seller or buyer, landlord or tenant, optionor or optionee,
licensor or licensee. For purposes of this chapter, the listing or selling broker, or both,
are not by virtue of their brokerage relationship, principals to the transaction.
"Sole proprietor" means any person, other than a corporation, limited liability company,
partnership, or association, who is trading under such person's own name or under an
assumed or fictitious name
, "Standard agent" represents a client in an agency relationship. A standard agent shall
have the obligations as provided in Article 3 (§ 54.1 2130 et seq.) of Chapter 21 of Title
54.1 of the Code of Virginia.
"Supervising broker" - ANSWER the individual broker who shall be designated by the
principal broker to supervise the provision of real estate brokerage services by the
associate brokers and salespersons assigned to branch offices or real estate teams or
(ii) the broker, who may be the principal broker, designated by the principal broker to
supervise a designated agent
Sole proprietor (principal broker owner). A real estate broker's license shall be issued
to any person trading under an assumed or fictitious name, that is a name other than the
person's full name, only after the person has signed and acknowledged a certificate
provided by the board which states the name under which the business is to be
organized and conducted, the address of the person's residence, and the address of the
person's place of business. The Board shall consider the application of an applicant
after such applicant is authorized to conduct business
Sole proprietor (nonbroker owner), - ANSWER partnership, association, limited liability
company or corporation. Each sole proprietor (nonbroker owner), partnership,
association, limited liability company or corporation shall obtain a real estate license for
its firm before engaging in real estate business. This license is separate and distinct
from the individual broker license required of each partner, associate, manager of a
limited liability company, and officer of a corporation who is active in the firm's
brokerage business. Each applicant for such license shall disclose and the license shall
be issued to the name under which the applicant intends to do or does business and
holds itself out to the public. Each applicant shall also state the business address of the
firm. The board shall not consider the application of any partnership, association,
corporation, or limited liability company until the entity is authorized to conduct
business
Each real estate firm must have - ANSWER a principal broker whose license is in good
standing with the board in order to transact real estate business.
Branch office license. - ANSWER If a real estate broker maintains more than one place
of business within the state, a branch office license shall be issued for each place of
business maintained. Application for the license shall be made on forms provided by the
board and shall disclose the name of the firm, the location of the branch office, and the
name of the supervising broker for that branch office. The branch office license shall be
kept in the branch office location.
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