100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Unit 26: Virginia Brokerage Regulation & Disclosures Exam Questions & Answers $10.09   Add to cart
Quickly navigate to
Preview
  2.  
  3. Unit 26: Virginia Brokerage Regulation & Disclosur
  4.  
  5. Unit 26: Virginia Brokerage Regulation & Disclosur

Exam (elaborations)

Unit 26: Virginia Brokerage Regulation & Disclosures Exam Questions & Answers
 8 views  0 purchase
  • Course
  • Unit 26: Virginia Brokerage Regulation & Disclosur
  • Institution
  • Unit 26: Virginia Brokerage Regulation & Disclosur

Employment agreement - ANSWER-employment agreements include the type of relationship between the broker and the licensee Compensation - ANSWER-based on employment relationship and agreement; salespersons and associate brokers may accept compensation only from the supervising broker Broker's s...

[Show more]

Preview 1 out of 3  pages

Document information

  • April 5, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • unit 26 virginia brokerage regulation disclosur
  • unit 26 virginia brokerage regulation stuvia
  • independent contractor vs employee answer licen

Written for

  • Unit 26: Virginia Brokerage Regulation & Disclosur
  • Unit 26: Virginia Brokerage Regulation & Disclosur

Seller

avatar-seller
IMORA

Reviews received

Content preview

Unit 26: Virginia Brokerage Regulation
& Disclosures Exam Questions &
Answers
independent contractor vs. employee - ANSWER-licensees are either employees or
independent contractors based on the characteristics of the job they perform

Employment agreement - ANSWER-employment agreements include the type of
relationship between the broker and the licensee

Compensation - ANSWER-based on employment relationship and agreement;
salespersons and associate brokers may accept compensation only from the
supervising broker

Broker's supervisory requirements - ANSWER-include broker's availability to
licensees, providing training and written procedures, monitoring licensure and
activities, maintaining records, reporting to REB, no disciplinary action against
brokers for licensee violations if unknown to broker

death or disability of principal broker - ANSWER-firm can appoint individual to
complete broker's business within 180 days of death or disability; must select from
designated list of individuals

escrow account requirements - ANSWER-● escrow accounts used for rents and
deposits and purchase transactions
● maintained to hold funds belonging to others until transaction closes or cancels;
broker is responsible for accounts and must have signatory authority; funds to be
identified as to source and labeled "escrow," interest to be disbursed according to
contract; interest-bearing not required; interest allowed with disclosure
● broker must comply with proper maintenance of escrow funds; if broker fails, the
REB can file a petition with the court to protect the funds

deposits - ANSWER-lease transactions; deposit funds by end of 5th business day

withdrawals and disbursements - ANSWER-● no licensee withdrawal until closing
except by written agreement
● no disbursement unless funds sufficient
● if transaction fails to close, funds are to be disbursed based on agreement of
principals, court order, interpleader, or terms of contract

protection of escrow - ANSWER-REB may freeze broker escrow activity; court may
appoint receiver, charge broker for expenses

misuse of funds - ANSWER-illegal: commingling personal funds with others' funds
illegal; converting escrow funds for broker's own purposes

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.09. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.09
  • (0)
  Add to cart