Real Bis: VA Law and Regulations - Chapter 2

What is the benefit to a licensee becoming a referral agent, rather than becoming inactive?

A referal agent may be paid a referral fee for referring prospective buyers and sellers to the broker with whom they are active

Any person, firm, partnership, association, corporation, limited liability company or sole proprietor that sells or offers to sell property in Virginia must be licensed in Virginia if they:

Accept a fee, commision or other valuable consideration

Each of the following statements about a licensee who wishes to transfer affiliation from one broker to another EXCEPT the: A. Licensee and new broker make application to the Real Estate Board B. The application must be signed by the licensee and the new supervising broker C. Former broker sending the license to the new broker within 30 days D. The transfer becomes effective upon the new supervising broker's execution of the transfer application

C. Former broker sending the license to the new broker within 30 days

Under what circumstances, if any, may an expired license be reinstated? A. within 30 days by paying the regular renewal fee plus reinstatement fee and completing continuing education requirements B. Within one year by paying the regular renewal fee and reinstatement fee and completing continuing education requirements C. Within one year by paying the reinstatement fee and completing continuing education requirements D. Within 13 months by paying the reinstatement fee and completing continuing education requirements

C. Within one year by paying the reinstatement fee and completing continuing education requirements

A person seeking a real estate license in Virginia MUST be:

Competent and have a good reputation for honesty

The penalty for engaging in real estate brokerage without a license is determined by the:

Court after action brought by the attorney general

A builder selling tracts of land which he owns:

May employ unlicensed people, on a regular salary, to sell the tracts

All of the following are exempt from licensure in Virginia EXCEPT a(n): A. Owner dealing with his or her own property B. Attorney-at-law in performance of his or her duties C. Salaried employee of a licensed broker negotiating rents for an owner D. Trustee in bankruptcy acting under order of the court

Salaried employee of a licensed broker negotiating rents for an owner

If a licensee has placed his or her license on inactive status, it means:

That the licensee is not affiliated with a brokerage firm or sole proprietorship

All initial applications for licensure must be made within

Within 12 months of passing the state real estate exam