Virginia Principles of Real Estate Questions With Correct Answers

The Real Estate Board consist of - Answer Nine members (7 licensed and 2 citizen) The governor appoints people to Real Estate Board for - Answer Four years The Real Estate Board does - Answer promulgate regulations, issue and renew licenses, enforce license law, suspend or revoke license, establish requirements for license, approves schools, determine fees, levy fines, and waive any education or experience requirements The Board does not have the power to discipline - Answer non-licensees Who is required to have a license - Answer Any person, firm, partnership, association, corporation, limited liability company, or sole proprietor who, for a fee, commission or other valuable consideration sells, buys, negotiates either or rents, leases real estate. When can a Board waive any requirement relating to education and experience? - Answer When the broker or salesperson is found to have education or experience equivalent to that required. What must an applicant submit to the Board before application? - Answer Fingerprint for background check General qualifications to become a real estate salesperson - Answer at least 18, high school diploma, good reputation, good standing, not have license suspended, revoked, or surrendered, not convicted, not violation of fair housing, and pass an exam within 12 months following all exam taking procedures. How many hours of training prior to licensing examination? - Answer 60 hours How many hours of training in the first year of being license? - Answer 30 hours How much experience to become a broker? - Answer 36 months of the last 48 months acting salesperson What would be addition requirements for a non-resident applicant? - Answer file an irrevocable consent to suits and services, agreeing to allow the Director of DPOR to accept service of any legal process or pleading on the license behalf. (be able to take legal action against someone outside of Virginia) Requirements for licensee by reciprocity - Answer at least 18, exam substantially equivalent, sign statement understand Virginia laws, pass Virginia exam, good reputation, good standing, not suspended, revoked or surrendered, not convicted, not violated fair housing, and 12 out of last 36 months as salesperson or 36 our of last 48 as broker. Before first renewal salesperson has to complete 30 hours of training within first year and broker has to complete CEUs before next renewal. A sole proprietorship is not required to - Answer have a firm license, can operate under his individual license Every employee or independent contractor who acts as a salesperson for a firm is required - Answer Have a sales or broker's license