Virginia Real Estate Salesperson Exam,
state portion, Virginia VA State Portion
Exam Prep Questions With Correct
Answers
Firm - CORRECT ANSWER✔✔-any sole proprieteorship, partnership,
| | | | | | |
assoc, LLC, or Corp that is required to have a separate brokerage firm
| | | | | | | | | | | | |
license. "ABC Realty" must have a firm license, and a licensed principle
| | | | | | | | | | | |
broker
DPOR - CORRECT ANSWER✔✔-Board of Professional and Occupational
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Regulation. Consists of 9 members, appointed by governor to 4 yr
| | | | | | | | | | |
terms. REB (real estate board) is part of DPOR.
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CIC Board - CORRECT ANSWER✔✔-Common Interest Community Board,
| | | | | | |
within the DPOR; separate from the REB. Creates licensure to govern
| | | | | | | | | | | |
condos, time shares, coops and HOAs. 80 hr CIC manager training
| | | | | | | | | | |
program.
regulations for firm license - CORRECT ANSWER✔✔-every resident real
| | | | | | | | |
estate broker must maintain a place of business in VA.
| | | | | | | | |
,every member or officer who actively participates in brokerage business
| | | | | | | | |
must hold a license as a broker.
| | | | | | |
a salesperson and a broker may not be principals in the firm together.
| | | | | | | | | | | | |
SPs must be under the supervision of principal broker.
| | | | | | | |
business entity license - CORRECT ANSWER✔✔-a salesperson who
| | | | | | | |
heads a team of licensees within a brokerage and wishes to advertise
| | | | | | | | | | | |
under the team name must obtain a business entity license for the
| | | | | | | | | | | |
team.
penalty for engaging in unlicensed real estate activity - CORRECT
| | | | | | | | | |
ANSWER✔✔-civil penalty not to exceed $1000 | | | | |
real estate license exemptions - CORRECT ANSWER✔✔--selling or
| | | | | | | |
renting own property | |
-acting without compensation as an atty in fact under a power of
| | | | | | | | | | | |
attorney issued by property owner | | | |
-attorneys involved in RE transactions in their normal role as attnys
| | | | | | | | | |
-trustees, admins or executors of estates. | | | | |
-licensed auctioneers at public auction | | | |
VA RE Transaction Recovery Fund - CORRECT ANSWER✔✔--est. to
| | | | | | | | |
reimburse parties who suffer from monetary loss due to licensee's
| | | | | | | | | |
conduct. est. by DPOR. | | | |
, -New licensees must pay $20 into the fund
| | | | | | |
-min balance $400K, may assess if balance falls.
| | | | | | |
-failure to pay assessment within 30 days of second notice results in
| | | | | | | | | | | |
suspended license. |
-over $2mil then funds transfer to VA Housing Trust fund
| | | | | | | | |
claim on the VA transaction recovery fund must: - CORRECT
| | | | | | | | | |
ANSWER✔✔--have pursued all legal means for recovery before claim | | | | | | | | |
can be filed
| |
-amt of claim limited to actual monetary damages suffered in the
| | | | | | | | | | |
transaction, court costs, and attny fees | | | | |
max payment from VA recovery fund: - CORRECT ANSWER✔✔-single
| | | | | | | | |
transaction: $50K to all injured parties; single claimant can only receive
| | | | | | | | | | |
$20K
Multiple transactions during 2 yr pd: $100K to all claimants
| | | | | | | | |
penalty to licensee for claims from the fund: - CORRECT ANSWER✔✔-
| | | | | | | | | |
immediately revoked license; possible other disciplinary action. may not
| | | | | | | |
|apply for new license until repay fund plus interest. payment does not
| | | | | | | | | | | |
guarantee license reinstatement. | |
va residential property disclosure act applies to: - CORRECT
| | | | | | | | |
ANSWER✔✔-everyone, including FSBO, except: | | |
state portion, Virginia VA State Portion
Exam Prep Questions With Correct
Answers
Firm - CORRECT ANSWER✔✔-any sole proprieteorship, partnership,
| | | | | | |
assoc, LLC, or Corp that is required to have a separate brokerage firm
| | | | | | | | | | | | |
license. "ABC Realty" must have a firm license, and a licensed principle
| | | | | | | | | | | |
broker
DPOR - CORRECT ANSWER✔✔-Board of Professional and Occupational
| | | | | | | |
Regulation. Consists of 9 members, appointed by governor to 4 yr
| | | | | | | | | | |
terms. REB (real estate board) is part of DPOR.
| | | | | | | |
CIC Board - CORRECT ANSWER✔✔-Common Interest Community Board,
| | | | | | |
within the DPOR; separate from the REB. Creates licensure to govern
| | | | | | | | | | | |
condos, time shares, coops and HOAs. 80 hr CIC manager training
| | | | | | | | | | |
program.
regulations for firm license - CORRECT ANSWER✔✔-every resident real
| | | | | | | | |
estate broker must maintain a place of business in VA.
| | | | | | | | |
,every member or officer who actively participates in brokerage business
| | | | | | | | |
must hold a license as a broker.
| | | | | | |
a salesperson and a broker may not be principals in the firm together.
| | | | | | | | | | | | |
SPs must be under the supervision of principal broker.
| | | | | | | |
business entity license - CORRECT ANSWER✔✔-a salesperson who
| | | | | | | |
heads a team of licensees within a brokerage and wishes to advertise
| | | | | | | | | | | |
under the team name must obtain a business entity license for the
| | | | | | | | | | | |
team.
penalty for engaging in unlicensed real estate activity - CORRECT
| | | | | | | | | |
ANSWER✔✔-civil penalty not to exceed $1000 | | | | |
real estate license exemptions - CORRECT ANSWER✔✔--selling or
| | | | | | | |
renting own property | |
-acting without compensation as an atty in fact under a power of
| | | | | | | | | | | |
attorney issued by property owner | | | |
-attorneys involved in RE transactions in their normal role as attnys
| | | | | | | | | |
-trustees, admins or executors of estates. | | | | |
-licensed auctioneers at public auction | | | |
VA RE Transaction Recovery Fund - CORRECT ANSWER✔✔--est. to
| | | | | | | | |
reimburse parties who suffer from monetary loss due to licensee's
| | | | | | | | | |
conduct. est. by DPOR. | | | |
, -New licensees must pay $20 into the fund
| | | | | | |
-min balance $400K, may assess if balance falls.
| | | | | | |
-failure to pay assessment within 30 days of second notice results in
| | | | | | | | | | | |
suspended license. |
-over $2mil then funds transfer to VA Housing Trust fund
| | | | | | | | |
claim on the VA transaction recovery fund must: - CORRECT
| | | | | | | | | |
ANSWER✔✔--have pursued all legal means for recovery before claim | | | | | | | | |
can be filed
| |
-amt of claim limited to actual monetary damages suffered in the
| | | | | | | | | | |
transaction, court costs, and attny fees | | | | |
max payment from VA recovery fund: - CORRECT ANSWER✔✔-single
| | | | | | | | |
transaction: $50K to all injured parties; single claimant can only receive
| | | | | | | | | | |
$20K
Multiple transactions during 2 yr pd: $100K to all claimants
| | | | | | | | |
penalty to licensee for claims from the fund: - CORRECT ANSWER✔✔-
| | | | | | | | | |
immediately revoked license; possible other disciplinary action. may not
| | | | | | | |
|apply for new license until repay fund plus interest. payment does not
| | | | | | | | | | | |
guarantee license reinstatement. | |
va residential property disclosure act applies to: - CORRECT
| | | | | | | | |
ANSWER✔✔-everyone, including FSBO, except: | | |
