STATE - VA License Law
When a salesperson transfers from one broker to another, it is the salesperson's responsibility to: A. Pay a license reinstatement fee B. Return his or her license to the Board C. Apply for inactive status until the new broker has business cards printed D. None of the above
D. None of the above (applying for individual licenses) The former broker (NOT the salesperson) must return the license to the Board if a salesperson transfers to another firm. Therefore, none of the above are true.
The real estate license of any person or firm may be revoked by which of the following entities? A. Attorney General of the Commonwealth of Virginia B. Virginia Association of Realtors C. Virginia Real Estate Board D. Both A and C
C. Virginia Real Estate Board (virginia real estate board) Only the Board can revoke real estate licenses. If court action was brought against a licensee, the Attorney General may request that the Board revoke the real estate license. However, only the Board may actually perform such an action.
The VREB regulations require that complete records of real estate transactions: A. Be retained by the principal broker indefinitely B. Be furnished to the Board upon request C. Be furnished to the Board every three years D. Be maintained in a federally insured bank
B. Be furnished to the Board upon request (operating a firm) The principal broker must maintain all required records for three years. The records must be furnished to the board's agent upon request.
The Real Estate Board consists of: A. 6 brokers, 2 salespersons, and 1 attorney B. 7 licensees (with at least 3 years experience) and 2 consumers C. 6 licensees and 1 consumer D. 7 licensees (with at least 5 years experience) and 2 consumers
D. 7 licensees (with at least 5 years experience) and 2 consumers (virginia real estate board) The Board consists of 7 licensees (broker or salespersons) with at least 5 years experience, AND 2 consumers (citizens).
A. An owner who sells no more than three of her own houses in a year B. A salaried property manager who is employed to manage the apartment and lease individual units C. An attorney who is offering real property for sale under court order D. All of the above
D. All of the above (qualifications and requirements) Each of these persons are specifically exempt from licensure.
The Real Estate Board regulates the: A. Real estate licensing examinations B. Real estate sales commissions C. Wording contained in standard exclusive right-to-sell listing agreements D. Size of "For Sale" signs placed on private property
A. Real estate licensing examinations (virginia real estate board) The Real Estate Board regulates the format, scheduling, and administration of the real estate licensing exam. The other choices are outside of the Board's authority.
A person applying for a license by reciprocity must: A. Take and pass the Virginia portion of the licensing examination B. Be 21 years of age C. Be actively licensed for the last 48 months in their home state D. Sign an affidavit that they understand the laws of the state of Virginia
A. Take and pass the Virginia portion of the licensing examination (applying for individual licenses) All applicants must pass the state portion of the licensing exam before applying for a Virginia reciprocal license. Any other requirements (ex. prelicensing courses and the national portion of the test) can be waived at the Board's discretion.
Newly licensed brokers must complete: A. 30 hours of postlicense education B. 45 hours of postlicense education C. 16 hours of continuing education D. 24 hours of continuing education
D. 24 hours of continuing education (licensing requirements) Post license education is ONLY required for newly licensed salespersons. Newly licensed brokers must complete 24 hours of continuing education.
If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: A. The broker notify the Board within 10 days B. The licensee notify the Board within 10 days C. The broker notify the Board within 30 days D. The licensee notify the Board within 30 days
D. The licensee notify the Board within 30 days (maintaining individual and firm licenses) The licensee, not the broker, must advise the Board of any changes in personal information within 30 days.
A broker is required to return an affiliated agent's license to the Board in all of the following situations, EXCEPT: A. Upon demand by the Board B. Upon revocation of the broker's license C. Upon the request from the salesperson to transfer to another broker D. When the salesperson refuses to perform real estate duties
D. When the salesperson refuses to perform real estate duties (licensing procedures) If the person refuses to perform his or her duty, this is an issue between the broker and the salesperson. The law does not require that the license be returned unless the broker "fires" the agent.
Which of the following statements is true about a branch office? A. To facilitate supervision, it must be located within a reasonable distance from the main office B. It may be supervised by a salesperson with 3 years experience C. It must be supervised by an onpremises principal or associate broker D. A broker may mange two separate offices if they are within three miles of one another
C. It must be supervised by an onpremises principal or associate broker (applying for firm licenses) Branch offices can only be managed by the principal OR an associate broker (who has been designated as the "supervising broker"). A manager can only manage one office.
Licensees with an inactive license must: A. Apply for active status within 3 years B. Do nothing, as the license automatically renews every 2 years C. Retake their prelicense education and pass a licensing exam D. Either A or C
D. Either A or C (applying for individual licenses) Licensees with inactive licenses must apply for active status within three (3) years or requalify (retake their pre license education and exam). As always, the license activation is subject to the Board's discretion. Also remember that inactive licensees cannot engage in ANY acts that require a real estate license.
A nonresident broker may open an office in Virginia, provided she does which of the following actions? A. Employs a resident broker to represent her B. Closes her outofstate office C. The firm must be incorporated in Virginia D. Files an irrevocable consent to suits and services
D. Files an irrevocable consent to suits and services (licensing procedures) For outofstate (nonresident) brokers and salespersons, the Board requires applicants to file an irrevocable consent to suits and services (agreement which allows the Board to receive notice of any instate lawsuit on the licensee's behalf).
Which of the following statements must be true about a real estate salesperson's license? A. It is mailed to the licensee for delivery to the employing broker B. It is prominently displayed in the main office of the salesperson's firm C. It is prominently displayed in the branch office where the salesperson works D. It is kept in the custody of the employing broker
D. It is kept in the custody of the employing broker (licensing procedures) All licenses are kept in custody of the principal broker at the main firm location. However, licenses do not need to be displayed in the main office or any branch office where salespersons may be assigned. Virginia only requires that the license be available upon request.
A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. The salesperson can pay this referral bonus to: A. Any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer B. The owner, as long as he finds a ready, willing, and able buyer C. An unlicensed friend, as long as he finds a ready, willing, and able buyer D. None of the above
D. None of the above (operating a firm) Only brokers can pay referral fees and split commissions with other brokers/firms. Salespersons are NOT allowed, so this particular salesperson is violating the License Law. In addition, licensees can only be compensated by the principal broker (or brokerowner). As such, a salesperson cannot accept compensation from another salesperson.
Which person must have a license issued by the Real Estate Board? A. A person acting without compensation under powerof-attorney B. A person acting as a trustee in bankruptcy C. A tenant who refers a prospective tenant to the landlord D. None of the above
D. None of the above (qualifications and requirements) A license is not required if a person acts as a trustee, gives a referral, or acts without compensation under power-of-attorney. A license is required (with limited exemptions) if, on behalf of another person and for a fee, they: sell or offer to sell; buy or offer to buy; negotiate for purchase/exchange; or rent, lease, or negotiate a lease for real estate.
Before a person can apply to obtain a broker's license, how much experience must she have as a salesperson? A. 1 year B. 2 years C. 3 years D. 5 years
C. 3 years (minimum qualifications for individual licenses) The law requires that a person be an active salesperson for 36 of the last 48 months before applying for a broker license.
Who is exempt from Virginia's real estate license requirements? A. A referral agent B. The manager of a branch real estate office C. A rental location agent D. None of the above are exempt
C. A rental location agent (qualifications and requirements) Note that persons who act as rental location agents are not required to have a license. As of July 1, 1992, rental location agents were no longer required to register with the Board.
Marty Fields just found out that he passed the Virginia real estate sales exam! What must Marty do before he can start selling real estate? A. Complete the mandatory postlicense education requirement B. Apply for a temporary license until he affiliates with a broker C. Affiliate with a broker and submit an application for licensure
C. Affiliate with a broker and submit an application for licensure (licensing procedures) Marty must submit an application, pay the associated fees, and affiliate with a broker. The salesperson license can then be activated and Marty will have permission to sell (no need to apply for a temporary license). New salespersons must complete PLE within the initial year of licensure, but they are able to sell before that deadline if they possess an active license.
An associate broker must be: A. A member of the National Association of Realtors B. A member of the MLS C. Employed by another broker D. Part of a franchise firm
C. Employed by another broker (licensing definitions) Any person who holds a broker's license, but is NOT the principal broker of a firm, is considered to be an associate broker. Therefore, an associate broker must work for another broker.
How much experience should a salesperson have before applying for a broker's license? A. 6 months B. 12 months C. 24 months D. 36 months
D. 36 months (licensing requirements) Prospective brokers must have 36 months (3 years) experience as a salesperson before applying to be a broker.
A licensee presents a fullprice offer to the seller, subject to a home inspection. The agent orders the home inspection from a friend, who then pays him a referral fee. This action would violate the Real Estate Board regulations unless: A. The inspector is licensed in Virginia B. The fee is less than $100 C. The fee is acknowledged, in writing, by the parties to contract D. The inspection service provides a warranty
C. The fee is acknowledged, in writing, by the parties to contract (operating a firm) Except as otherwise prohibited by RESPA, all active licensees may accept referral fees for services required by a sales contract (inspection, survey), so long as the fee is acknowledged by the parties in writing before requesting the service (failure to properly receive consent is a violation).
Which of the following statements is true about the branch office of a Virginia real estate firm? A. The office must have an escrow account B. The office can be managed by a salesperson with 3 years experience C. The office must have a separate license D. The branch office must display the licenses of all agents assigned to that particular office
C. The office must have a separate license (operating a firm) Remember that a branch office must be licensed. This license is separate and distinct from an individual license (ex. salesperson or broker license). The branch license is also separate and distinct from the firm license held at the main place of business. Note that branch offices must display the branch license and a list of all salespersons and associate brokers assigned to that particular location.
Which person can hold a concurrent license? A. A broker that is active in more than one brokerage firm B. A rental location agent that is also licensed as a broker C. A salesperson that is also licensed as a rental location agent D. A salesperson that performs residential sales with one broker, but sells time share property for another
A. A broker that is active in more than one brokerage firm (applying for initial licenses) A concurrent broker's license is a license for BROKERS seeking to become active in multiple firms.
Under which circumstance can a salesperson be licensed with more than one Virginia broker? A. Under no circumstance B. With written permission of the Virginia Real Estate Board C. With written permission of each broker D. With written permission of the Association of Realtors
A. Under no circumstance (applying for individual licenses) Salespersons cannot hold concurrent licenses only brokers can.
Which of the following persons is NOT exempt from the licensure requirements? A. A trustee who is required to sell a house at foreclosure B. An administrator who is required to sell a house in order to liquidate an estate C. A sheriff ordered by the court to sell a house at foreclosure D. An attorney-at-law who is regularly engaged as a real estate broker
D. An attorney-at-law who is regularly engaged as a real estate broker (licensing requirements) An attorney is only exempt from licensing if required to perform an act of real estate IN THE NORMAL PRACTICE OF HIS OR HER PROFESSION. However, an attorney that is regularly engaged in the practice of real estate is not exempt. Therefore, the attorney who is regularly engaged as a real estate broker must have a real estate license.
Which of the following nonresidents may obtain a Virginia real estate license? A. A salesperson licensed in another state B. A broker licensed in another state C. A person that is NOT licensed in another state D. Any of the above
D. Any of the above (licensing requirements) Any NONRESIDENT may obtain a Virginia license by complying with the regulations of the Real Estate Board. Whether or not that person is licensed in another state is irrelevant.
Two brokers are involved in a dispute over a commission split. Which of the following entities could become involved in settling the matter? A. A court having jurisdiction over the brokers B. The Virginia Real Estate Board C. The Director of the Department of Professional and Occupational Regulation (DPOR) D. The enforcement branch of DPOR
A. A court having jurisdiction over the brokers (virginia real estate board) Of the choices presented, only a court could become involved in a commission dispute between brokers.
Which person is required to hold a real estate license? A. A person who, for compensation, helps to sell his neighbor's home B. A government employee selling land owned by the government C. A property manager who leases property for the owner in the course of his employment D. All of the above
A. A person who, for compensation, helps to sell his neighbor's home (licensing requirements) Employees of property owners (ex. government employees and property managers) are exempt from the License Law. However, you MUST be licensed if you do not have an exemption, but sell another person's property for a fee.
By Virginia regulation, a licensee that is "actively engaged" is defined as someone who works: A. At least 40 hours per week B. At least 30 hours per week C. Less than 20 hours per week D. Any amount of time
A. At least 40 hours per week (licensing definitions) The regulations define "actively engaged" as someone who has an active license AND is engaged in regulated real estate activity for at least 40 hours per week.
If a broker operates the firm from an office in his home, it must: A. Be clearly separate from the living area B. Not exceed 500 square feet in size C. An office cannot operate on a residential property D. Only be accessible to the public
A. Be clearly separate from the living area (operating a firm) A firm cannot operate on residential property unless the business office is completely separated from the living quarters (i.e., separate entrances).
The Virginia Real Estate Board is empowered to do all of the following actions, EXCEPT: A. Establish standardized listing and sales contract agreements B. Administer the Fair Housing Act C. Administer the Transaction Recovery Act D. Administer the Residential Property Disclosure Act
A. Establish standardized listing and sales contract agreements (virginia real estate board. ) The Real Estate Board does NOT get involved with standardization of forms used in the industry, but they are involved in administrating the other listed laws.
The Virginia Real Estate Board is empowered to: A. Levy fines B. Reimburse aggrieved persons C. Adjudicate disputes between licensees D. Enforce the code of ethics
A. Levy Fines (virginia real estate board) Of the choices given, the Virginia Real Estate Board only has the power to fine licensees. They may also suspend, revoke, or fail to renew a license. The Board does not pay aggrieved persons, but they do investigate complaints and can AUTHORIZE payments to be made from the Transaction Recovery Fund.
Every resident broker licensed in Virginia MUST: A. Maintain an office in Virginia B. Maintain an escrow account in Virginia C. Employ at least one salesperson or associate broker that is also a resident of Virginia D. All of the above
A. Maintain an office in Virginia (operating a firm) This is a question where the word "MUST" (an absolute term) may cause problems. Brokers are only required to have an escrow account if they hold escrow funds on behalf of another. There is no requirement in the law regarding the number of employees. However, the law does state that EVERY resident broker is required to maintain an office in the State. Note that the broker may display signage at his office, but it is NOT required.
Every Virginia resident who is also licensed as a broker MUST: A. Maintain an office in the state of Virginia B. Maintain an escrow account at an insured depository in the state C. Identify his place of business with an appropriate sign D. All of the above
A. Maintain an office in the state of Virginia (operating a firm) Be careful of the absolute term "MUST." Resident brokers are required to maintain an office in Virginia. However, brokers are only required to establish escrow accounts if they receive escrow funds. Brokers are no longer required to have office signs.
When a broker opens an office, which statement is most likely to be true? A. The office must be licensed B. A salesperson with 5 years experience may run the office C. The names and address of all salespersons must be sent to the Real Estate Board D. All of the above
A. The office must be licensed (operating a firm) Each brokerage firm must be licensed (unless a broker is operating a sole proprietorship with a single location). This firm license is separate and distinct from the individual licenses of persons affiliated with the firm. Note that a licensed broker must manage every firm location. However, there is no requirement to submit the addresses of licensees to the Board. Instead, main offices must submit the name and license number of the supervising broker, if one is designated. Branch offices are also required to submit the name and license number of the supervising broker, as well as the names and license numbers of all licensees assigned to that branch.
A tenant lives in a fourunit apartment building. He agrees to maintain the building if he can receive a reduced rental fee. In this situation, which of the following statements is correct? A. The owner and the tenant are exempt from the real estate License Law B. The tenant must establish an escrow account C. Both the tenant and owner are subject to Board regulations D. To be exempt, the tenant must pay his own utilities
A. The owner and the tenant are exempt from the real estate License Law (licensing requirements) The owner doesn't need a license because he is acting in relation to his own property. The tenant does not need a license because maintenance services are not acts of real estate brokerage
When a broker renews his license, which of the following items must accompany that renewal application? A. The renewal fee B. The renewal fee, plus $20 payment for the Transaction Recovery Fund C. The renewal fee, plus proof of membership in the Association of Realtors D. The renewal fee, plus proof of Errors and Omissions Insurance
A. The renewal fee (licensing procedures) The $20 fee for the Transaction Recovery Fund is only paid when a person first applies for their license. However, an additional assessment could be imposed if the fund drops below $400,000. To renew one's license, a person must complete all required education, fill out the renewal application, and send the renewal fee to the Board.
A salesperson took a listing on October 15. The property sells on December 20 and closing takes place on January 15. Unfortunately, the salesperson forgot to renew her license when it expired on December 31. Which of the following statements is true in this situation? A. The salesperson is entitled to receive her commission B. The salesperson can only be paid if her license is renewed prior to January 31 C. The salesperson cannot be paid D. The salesperson can be paid if she retakes the state licensing exam
A. The salesperson is entitled to receive her commission (licensing procedures) The salesperson was properly licensed when a buyer was found in the transaction. Therefore, she would be entitled to the earned commission.
Two individuals want to form a real estate partnership in Virginia. Which of the following statements is NOT true? A. The person who is active on the brokerage side of the business must have a broker's license B. Both partners must have a broker's license C. One of the partners may be unlicensed D. A license must be obtained from the Real Estate Board for the partnership
B. Both partners must have a broker's license (qualifications and requirements) The law specifies that if partners are licensed, they must be licensed as brokers (so, a salesperson cannot be a partner). Note that a person doesn't need to be licensed to have ownership rights in a firm. However, if the owners are engaged in acts of brokerage, then they MUST be licensed.
Which person would need a license to sell property on behalf on another? A. An auctioneer B. A person receiving a gift certificate to sell a property C. An attorney D. A court appointed trustee
B. A person receiving a gift certificate to sell a property (licensing requirements) The law states that a license is required if performing real estate services for a fee or other valuable consideration (ex. a gift certificate). All of the other choices are persons specifically exempt from the licensing regulations.
Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: A. Will be issued a temporary license by the Board B. Can only conclude the transactions in the process to facilitate the termination of the business C. May take new listings and find buyers for any listings on the books D. Must find a licensed broker to run the business
B. Can only conclude the transactions in the process to facilitate the termination of the business (operating a firm) The only thing that Adam can do is to conclude and terminate the business. This must be done within the designated 180 day period. All listings on the books will terminate automatically, by operation of law, because the "agent" to the contract has died.
If a real estate company has more than one office in Virginia, that company must: A. File an annual report with the Board which details the activities of each location B. Designate one location as the main office C. Operate profitably for at least one year D. Submit a copy of each office lease to establish that the location does exist
B. Designate one location as the main office (operating a firm) If a firm has multiple offices, one of those offices must be designated as the "main" office.
The Real Estate Board is responsible for: A. Regulating brokerage fees B. Enforcing the License Law C. The code of ethics for real estate professionals D. Enforcing the Virginia Homestead Act
B. Enforcing the License Law (virginia real estate board) The Real Estate Board may enforce Virginia's License Law (the Code of Virginia, Title 54.1, Chapter 21), as well as its own rules and regulations. Note that the phrase "code of ethics" generally refers to standards required by private organizations, like the National Association of Realtors
Which person is most likely required to have an active real estate license? A. Salaried rental property personnel, accepting lease applications on behalf of another B. Independent contractors, negotiating leases on behalf of another for a fee C. Administrators, selling property under court order and for a fee D. Auctioneers, auctioning property on behalf of the property owner and for a fee
B. Independent contractors, negotiating leases on behalf of another for a fee (qualifications and requirements) The act of buying, selling, or leasing real estate on behalf of another and for compensation is an act of real estate brokerage. Therefore, a license is required UNLESS there's an applicable exemption. Virginia License Law specifies that salaried rental property personnel may show units, provide facts, and accept applications and security deposits without a real estate license. Similarly, persons selling property under a court order can do so without a real estate license. Licensed auctioneers may auction real estate if they are employed by the owner and the bidding is open for no longer than 48 hours. However, an independent contractor paid to negotiate a lease on behalf of another must be licensed.
An individual passes the real estate license examination, then sends in his license application. If approved, the Virginia Real Estate Board must do which of the following actions? A. Send a license to the employing broker by certified mail B. Mail a license to the broker named on the license application C. Publish a list of persons that have been granted licenses D. Mail a license directly to the applicant
B. Mail a license to the broker named on the license application (licensing procedures) Licenses are delivered directly to the licensee's principal broker. However, the law does not require the Board to mail the license by certified mail.
In April, Mary took a continuing education course to satisfy her October renewal requirements. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. Mary didn't realize until January that her license had expired. Which of the following statements is correct? A. Mary is required to retake the license examination in order to reinstate her license B. Mary should apply for reinstatement of her license C. Mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice D. Mary is required to meet the current educational requirements as if she had never been licensed
B. Mary should apply for reinstatement of her license (maintaining individual and firm licenses) Renewal responsibilities always rest in the hands of the individual licensee. Failure to receive notice is no excuse. Mary is allowed to apply for reinstatement since it's still within one year of her expiration date. However, she will be required to pay the applicable fees.
A builder wants to sell tracts of land that he owns. This person: A. Must have a broker's license B. May allow unlicensed employees (on a regular salary) to sell the tracts C. May only employ licensees to sell each tract D. Must register with the Real Estate Board
B. May allow unlicensed employees (on a regular salary) to sell the tracts (licensing requirements) Regular, salaried employees of a property owner can sell or lease the property without needing a license. This is true because owners are allowed to sell their own land without being licensed.
What is NOT a requirement to become a broker in Virginia? A. Must be 18 years of age B. Must complete 145 credit hours of courses approved by the Board C. Must have been active as a salesperson for 3 years D. Must be in good standing in any jurisdiction where licensed
B. Must complete 145 credit hours of courses approved by the Board (minimum qualifications for individual licenses) A broker candidate must have 180 credithours of classroom, correspondence, or distance learning study.
An unlicensed investor plans to open a real estate brokerage business. The business will be operated as a sole proprietorship. In this situation, which of the following statements is true? A. The business name must include the name of the investor B. The investor must hire a broker to manage the business C. The business can only be organized as a corporation D. Unlicensed persons cannot own a real estate brokerage
B. The investor must hire a broker to manage the business (licensing terms) Unlicensed investors may own brokerage firms, so long as they hire a broker to manage the business and do not directly engage in acts of brokerage.
The Real Estate Board is responsible for: A. Determining commission splits between all MLS brokers B. Waiving education or experience requirements C. Standardization of the clauses contained in a listing agreement D. Setting the commission rates for different types of property
B. Waiving education or experience requirements (virginia real estate board) Of the items listed, the only thing that the Board has any involvement in are the education and testing requirements. The Board may choose to waive experience or education requirements for a candidate who applies for a license by reciprocity. They may also waive/reduce CE requirements in cases of certified illness or undue hardship. However, the licensee still needs to pass the Virginia Law portion of the licensing exam.
Once a license has been issued to a salesperson, her license: A. Must be carried at all times to establish that she is licensed B. Must be displayed in a conspicuous place in her home office C. Must be kept at the employing broker's main place of business D. Must be displayed in the branch office where she is assigned
C. Must be kept at the employing broker's main place of business (applying for individual licenses) The Board will issue an active license directly to the applicant's principal broker (not the licensee). The principal broker must then make the license publicly available at the firm's main office, regardless of where the salesperson actually works. The license doesn't need to be displayed, but should be attainable upon request. In a branch office, the branch license and a list of all licensees assigned to that location must be displayed.
All firms must have one principal broker. The principal broker has all of the following duties, except: A. Responsible for all escrow accounts B. Must supervise all firm advertising C. Must keep all financial records for 5 years D. Must ensure compliance with all laws and regulations at all locations
C. Must keep all financial records for 5 years (operating a firm) Principal brokers must keep all financial records (source of funds, disclosures, executed documents) for 3 YEARS in one location (main or branch office).
Susan currently owns a house in Virginia, but is looking to move to Texas this summer. Susan decides to sell her own house. Under the circumstances, which of the following statements is true? A. In Virginia, anyone who sells real property must have a real estate license B. She can obtain a temporary license from the VREB to sell her house C. She does not need a real estate license to sell her own house D. In Virginia, she can only sell her house if she is a licensed appraiser
C. She does not need a real estate license to sell her own house (qualifications and requirements) In Virginia, you must be licensed if, ON BEHALF OF ANOTHER PERSON and for a fee, you perform a regulated act of real estate. A person does not need a license to sell her own property.
A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. In this situation, which of the following statements is true? A. The clerk must be a licensed salesperson B. Neither the broker nor the clerk is in violation of the law C. The clerk must be licensed as a broker D. This is a good sales strategy
C. The clerk must be licensed as a broker (licensing requirements) Of the choices given, the best answer is that the clerk must be licensed as a broker. He could receive payment if licensed as a salesperson AND employed by the paying broker (since salespersons can only accept compensation from the employing broker). However, we don't have enough information to know if that is true. We DO know that a broker can pay another broker without violating the law.
If a principal broker's license is suspended, what happens to the licenses of any affiliated agents at that firm? A. Their licenses are not affected B. Their licenses will also be suspended C. Their licenses must be returned to the Board D. They must retake the exam
C. Their licenses must be returned to the Board (operating a firm) In this instance, the licenses will be returned to the Board and reissued to the same firm when a new principal broker is named, or to the principal broker at another firm if the subordinate chooses to switch firms.
The real estate license of any person or firm may be revoked by which of the following entities? A. Attorney General of the Commonwealth B. Virginia Association of Realtors C. Virginia Real Estate Board D. Both A and C
C. Virginia Real Estate Board (virginia real estate board) Only the Board has power to issue and revoke licenses. The Attorney General may suggest that the Board revoke a license as a form of punishment, but he/she cannot revoke a license.
The Real Estate Board has a responsibility to settle disputes between: A. A broker and a salesperson, involving employment conditions B. Cooperating brokers, concerning commission splits C. A broker and the local Association of Realtors D. A broker and a salesperson, but only if there is a violation of License Law
D. A broker and a salesperson, but only if there is a violation of License Law (virginia real estate board) The Real Estate Board does NOT get involved in disputes between licensees unless one party has violated the license law.