Virginia Principles of Real Estate Law Practice Test Latest Updated

A nonresident who obtains a license as an active salesperson in VA is required to - Answer Activate with a Virginia licensed broker The purpose of the Virginia real estate license law and Board related rules and regulations is to - Answer Protect the public interest Two brokers are involved in a dispute over a commission split. Which of the following could become involved in the settlement of their dispute? - Answer A court having jurisdiction over the brokers If the board receives a written complaint regarding the actions of a regulate, what is the first thing the board will do? - Answer Review the complaint for possible violation Which of the following is true regarding a branch office of a Virginia real estate firm? - Answer The office must have a separate license An unlicensed investor plans to open a real estate brokerage business. The business will be operated as a sole proprietorship. Which of the following is true? - Answer The investor must hire a broker to manage the business. The objective of the Virginia Fair Housing Law is - Answer protect and ensure the welfare of the general public When a salesperson terminates affiliation with a broker, what it is the salesperson required to do? - Answer Nothing A licensee who is actively engaged in real estate brokerage works at least - Answer 40 hours a week When a real estate license has expired how long does the licensee have to reinstate the license, without monetary penalty? - Answer 30 days If a broker opens a branch office in VA, which of the following is true? - Answer Upon proper application, the Board will issue a license with the branch Which of the following persons may NOT obtain a real estate license in VA? - Answer a 17 year old college graduate who majored in real estate To become licensed in VA it is necessary to take a pass an examination. Which of the following could become licensed and not be required to take an examination? - Answer Any person who is currently licensed in another jurisdiction and meets all requirements for reciprocity. The statute of Virginia mandates the number of people on the Real Estate Board. Currently the Board consists of: - Answer 9 members; 7 licensees and 2 citizens A licensed salesperson can be licensed with more than one Virginia broker under which of the following circumstances? - Answer Under NO circumstances Persons appointed to the Real Estate Board, serve for - Answer 4 years and may serve for one additional 4 year term Virginia real estate offices are required, by regulations, to - Answer Keep records for a period of three years General requirements for licensure as either salesperson or broker include which of the following? - Answer An applicant must be at least 18 years of age