VA real estate psi notes Questions and Answers (100% Pass)
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Course
VA real estate
Institution
VA Real Estate
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 contr...
✓ 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"
✓ 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 the 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 individual, not a corporation, limited liability company,
partnership, or association, who is trading under the individual's name
or under an assumed or fictitious name
Master01 | October, 2024/2025 | Latest update
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