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Chapter 1 Virginia Real Estate Law Exam Questions and Answers 100% Correct
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REB - ANSWER-Real Estate Board -licensing -rules & regulation -discipline (fines & suspension) CIC - ANSWER-Common Interest Community -condos -time shares -POA's or HOA's When did the current real estate regulation go into effect? - ANSWER-November 1, 2015 Broker - ANSWER-Sells, buys...

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

Subjects

  • chapter 1 virginia real estate law exam questions
  • chapter 1 virginia real estate law exam stuvia
  • dpor answer department of professional and occup

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  • Chapter 1 Virginia Real Estate Law
  • Chapter 1 Virginia Real Estate Law

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Chapter 1 Virginia Real Estate Law
Exam Questions and Answers 100%
Correct

DPOR - ANSWER-Department of Professional and Occupational Regulation

REB - ANSWER-Real Estate Board
-licensing
-rules & regulation
-discipline (fines & suspension)

CIC - ANSWER-Common Interest Community
-condos
-time shares
-POA's or HOA's

When did the current real estate regulation go into effect? - ANSWER-November 1,
2015

Broker - ANSWER-Sells, buys, leases, rents or negotiates purchase of real estate.

Salesperson - ANSWER-Employed directly to a broker

Principal broker - ANSWER-Individual who is head of the company

Associate Broker - ANSWER-Anyone else within the company

Supervising broker - ANSWER-Manages branch office

Sole proprietor - ANSWER-An individual who is doing business under his own name
or under a Leah ally registered fictitious name

Public notice requirements - ANSWER--business entity or firm license
-managing brokers license
-roster of every salesperson and broker in the office

Exemptions of having a real estate license - ANSWER--renting or selling your own
property
-attorneys involved in real estate transactions in their normal role as attorneys
-trustee
-licensed auctioneers selling real estate

Virginia real estate transaction recovery fund - ANSWER-Purpose is to reimburse
parties who suffer monetary loss due to a licensees improper or dishonest conduct

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