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 1 Virginia license law Exam Questions and Answers $10.89   Add to cart
Quickly navigate to
Preview
  2.  
  3. Unit 1 Virginia License Law
  4.  
  5. Unit 1 Virginia license law

Exam (elaborations)

unit 1 Virginia license law Exam Questions and Answers
 9 views  0 purchase
  • Course
  • Unit 1 Virginia license law
  • Institution
  • Unit 1 Virginia License Law

Which of the following people involved in a real estate transaction are "Principal to a transaction" according to Virginia real estate law? Selling broker buyer Listing broker appraiser - ANSWER-buyer A person or business entity who for compensation, sells or offers for sale, units or int...

[Show more]

Preview 3 out of 20  pages

Document information

  • April 5, 2024
  • 20
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • unit 1 virginia license law exam questions and ans
  • unit 1 virginia license law exam questions stuvia
  • the virginia real estate board may issue real esta

Written for

  • Unit 1 Virginia license law
  • Unit 1 Virginia license law

Seller

avatar-seller
IMORA

Reviews received

Content preview

unit 1 Virginia license law Exam
Questions and Answers

The Virginia Real Estate Board may issue real estate licenses to all of the following,
except a

Virginia Association.
non-resident testamentary trust.
Virginia Limited Liability Company.
Virginia partnership. - ANSWER-non-resident testamentary trust.

Which of the following people involved in a real estate transaction are "Principal to a
transaction" according to Virginia real estate law?

Selling broker
buyer
Listing broker
appraiser - ANSWER-buyer

A person or business entity who for compensation, sells or offers for sale, units or
interest in condominiums, cooperative interests, or time-shares in a time-share
program, describes a

supervising broker
real estate salesperson.
real estate broker
affiliate broker. - ANSWER-real estate broker

A party to a real estate transaction including without limitation a seller or buyer,
landlord, or tenant, optionor or optionee, licensor or licensee, describes which of the
following?

Real estate broker
Principal to a transaction
Real estate salesperson
Affiliate broker - ANSWER-Principal to a transaction

A real estate license in Virginia is not required for which of the following?

Negotiating the purchase or the exchange of property for another person or entity

Renting or negotiating to rent an apartment for another person

Making an offer to purchase a home for yourself

,Placing an advertisement in the paper to sell your neighbor's home - ANSWER-
Making an offer to purchase a home for yourself

A broker's salaried employee may not do the following without a real estate license?

Provide the prospective tenants with factual information about the lease

Accept applications for leases

Accept security deposits and rentals for such real estate

Negotiate the amounts of such security deposits, rentals, or leases on behalf of the
owner or broker - ANSWER-Negotiate the amounts of such security deposits,
rentals, or leases on behalf of the owner or broker

The Virginia Real Estate Board does not

establish commission rates or commission splits.

renew real estate licenses.


administer license laws.

suspend or revoke real estate licenses. - ANSWER-establish commission rates or
commission splits.

The Virginia Real Estate Board does not

administer license laws.

renew real estate licenses

handle disputes between salespeople and brokers.

suspend or revoke real estate licenses. - ANSWER-handle disputes between
salespeople and brokers.

The Virginia Association of REALTORS(R)

is the same as the Virginia Real Estate Board.

is not the same as the Board but is a trade organization.

establishes state real estate rules and laws like the Board.

has the responsibility to administer the Virginia Transaction Recovery Fund. -
ANSWER-is not the same as the Board but is a trade organization.

, The Virginia Real Estate Board currently requires anyone wishing to obtain a real
estate license to complete a state-approved _________ course on the principles of
real estate with a passing grade.


30-hour
75-hour
60-hour
180-hour - ANSWER-60 hour

A new license applicant whether broker or salesperson must be under the
supervision of a(an)______________________ broker of a firm or sole proprietor.
principal or supervising
affiliate
concurrent
designated - ANSWER-Principal or supervising

People who are not residents of Virginia, and are not licensed in another jurisdiction

must meet the same requirements as the residents of Virginia, in order to be
licensed in Virginia.

must become residents of Virginia to become licensed in Virginia.

cannot become licensed in Virginia.

must be recommended by the
Governor for licensure. - ANSWER-must meet the same requirements as the
residents of Virginia, in order to be licensed in Virginia.

Licensees and providers must keep records of proof of continuing education
for_______years.
six
five
four
three - ANSWER-three

All of the following require a thirty day Board notification of any change, except?
Change of business name or location
Termination or status change of any salesperson or broker
Salesperson's change of home address
Broker's change of legal name - ANSWER-termination or status change of any
salesperson or broker

Every broker applicant must have acted in the capacity of real estate salesperson
for______________________ before applying for a broker's license.
12 of the previous 24 months
24 of the previous 36 months
30 of the previous 60 months
36 of the previous 48 months - ANSWER-36 of the previous 48 months

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 $10.89. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79650 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

Recently viewed by you

Exam (elaborations) ·

(0)

Dialysis Technician CCHT study guide latest updated

Package deal ·

(0)

Abeka All Exam | Latest Bundle
$10.89
  • (0)
  Add to cart