Virginia Real Estate Exam Prep, VA Questions and Answers 100% Correct
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Course
Virginia Real Estate
Institution
Virginia Real Estate
VREB Stands For - ANSWER-Virginia Real Estate Board
Title 54.1, Chapter 21 of the Code of Virginia Defines - ANSWER-the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be ...
Virginia Real Estate Exam Prep, VA
Questions and Answers 100% Correct
VREB Stands For - ANSWER-Virginia Real Estate Board
Title 54.1, Chapter 21 of the Code of Virginia Defines - ANSWER-the composition and
authority of the Virginia Real Estate Board; Also sets for the requirements for licensure,
defines the duties a licensee must perform, how those duties must be performed and
what happens when if the licensee breaches those duties
How many meetings does the VREB hold a year? - ANSWER-8 meetings per year
Members of the VREB serve a term of what length? - ANSWER-4 Years
Can members of the VREB be appointed an additional term? If so, how long? -
ANSWER-Yes, they may be appointed to an additional 4 year term
How many members are there in the VREB and who appoints these members? -
ANSWER-There are 9 members appointed by the Governor
There are ________ members who are licensed real estate professionals and
________ members who are non-licensed citizens. - ANSWER-7 & 2
How many years of experience must licensed real estate professionals have in order to
be appointed to the VREB? - ANSWER-5 years of practicing experience
The Virginia Administrative Code, Title 18, Agency 125 describes... - ANSWER-how the
VREB must carry out its duties
The VREB is responsible for... - ANSWER--Licensing of real estate professionals and
brokers.
-Setting standards of licensure and professional conduct
-Administration of the Virginia Real Estate Recovery Fund
-Enforcement of the Real Estate Settlement's Agent Act
-Regulation and Enforcement of Virginia's Fair Housing Laws
-Development of residential property disclosure statement for use according to existing
laws
How is the VREB Chairperson Elected? - ANSWER-Members elect their own
chairperson
,A salesperson or associate broker may perform as a real estate broker only when... -
ANSWER-associated with a supervising broker
A broker may work independently, but a salesperson or associate broker must -
ANSWER-work supervised by a broker
A broker is responsible for - ANSWER-the supervision of salespersons and associate
brokers who work for the broker,
maintaining a place of business,
displaying the licensed name of the brokerage which must include the words Real
Estate, Realty or the name of a recognized organization of real estate professionals,
and notifying the VERB of any changes to the address or name of the brokerage within
30 days of the change
An associate broker is - ANSWER-a licensed broker who may perform the acts of a
broker but chooses to work under a supervising broker
A broker may be a person or... - ANSWER-an entity, such as a corporation
Broker license applicants must have had their salesperson's license and been active in
real estate for at least... - ANSWER-3 to 4 years
Broker applicants must complete a _______ hour licensing course and pass the broker
exam - ANSWER-180
Salesperson applicants must have completed a ______ hour pre-licensing course and
pass the licensing exam - ANSWER-60
Real estate salespersons must be at least _____ years old - ANSWER-18
For a real estate salesperson to apply for licensing by reciprocation in the state of
Virginia they must have been active in real estate for ______ of the last _____ months. -
ANSWER-36 of the last 48 months
Could having a license in another state allow you to skip retaking courses for the
national portion of the real estate licensing exam? - ANSWER-Yes, however you would
still have to have taken courses similar to the state's that you plan to apply with
Can brokers practice under a name different than what they have been licensed as? -
ANSWER-No, brokers may only practice real estate under the same name as they are
licensed
Brokers are required to have their own firm license in addition to their broker's license,
except.... - ANSWER-if they are a sole proprieter
, True or False, Licensees must carry their pocket ID on them at all times when
conducting real estate business - ANSWER-True
True or False, Brokers must display the licenses of associated licensees at the
brokerage office - ANSWER-True
Referral Agents are - ANSWER-active licensees who only refer clients to their broker
and perform no other real estate activities
True or False: Only licensees with active real estate licenses may perform real estate
activities - ANSWER-True
If a licensee wants to change their license in any way, they must do so through the
VREB, True or False? - ANSWER-True
If a supervising broker's license gets revoked, what happens to all of the associated
licenses? - ANSWER-They must be returned to the VREB who will hold the licenses
until the licenses are transferred to a new broker, or they are placed in inactive status.
Changes to address, the name of the brokerage, or even a change of the primary
broker are required to be sent to the VREB within ______ days of the change -
ANSWER-30
True or False, To legally change brokers, your current broker and your new broker must
participate in the transfer. - ANSWER-True
Licenses not renewed before _____ days, will have late fees or penalties. - ANSWER-
31
Licenses not renewed before _____ _____ passed due date, will require the license to
be renewed. - ANSWER-One year
Brokers must complete at lease ______ hours of CE every renewal cycle - ANSWER-24
Salespersons must complete at least ______ hours of CE every renewal cycle -
ANSWER-16
Continuing Education requirements must be met every _____ years. - ANSWER-2
years
Post Licensing requirements include _____ hours of contract writing, _____ hours of
real estate law and regulations, and _____ hours of agency law. - ANSWER-6, 8, 3
Within the first year of having your license, you are require to take how many hours of
education to continue to be a salesperson? - ANSWER-30
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