Virginia Real Estate Practice & Law Exam Questions & Answer

Associate Broker - Answer Any individual licensed as a broker who practices within a brokerage firm as a sales associate. An associate broker is required to meet the same educational, experience, and testing requirements as a principal broker but is subject to the same restrictions of brokerage activity as a sales person. Broker - Answer In practice, the word broker may refer to a firm, a sole Proprietor who transact real estate business, a managing Broker for a branch office of a larger firm,or a person who holds a broker's license but practices under the supervision of a principal Broker (ie an associate broker). CAN-SPAM Act - Answer Also known as controlling the assault of non-solicited pornography and marketing. Designed to create a national standard to control the growing problem of deceptive or fraudulent commercial email and outlines a series of practices that email senders must follow. Do Not Call Registry - Answer Helps consumers avoid unwanted telemarketing calls. Violaters are subject to civil penalties of up to sixteen thousand per violation. Fair and Accurate Credit Transaction Act (FACTA) - Answer Is primarily concerned with credit report issues. There is part of the act however that deals with protecting the consumer from identity theft that does involve office procedures for a real estate firm Firm - Answer Any sole proprietorship (broker-owned or non-broker-owned) partnership, association, limited liability company, or corporation, other than a sole proprietorship (principal-broker-owned) that is required by regulation to obtain a separate brokerage firm license. Licensee - Answer Any person, partnership, association, limited liability company, or corporation that holds a license issued by the Virginia Real Estate Board (REB) to act as a real estate broker or salesperson. Managing Broker - Answer Or supervising broker. An individual associate broker who shall be designated by the firm to supervise the activities of a branch office. Principal Broker - Answer The individual broker designated by each firm to ensure compliance the code of Virginia and to receive all communications and notices from REB that may affect the firm and/or its licensees. In the case of a sole proprietorship, the licensed broker who is the sole Proprietor has the responsibilities of the principal broker. The principal broker shall have responsibility for the activities of the firm and it's licensees. Salesperson - Answer Although a salesperson may generally perform the same functions as a broker, the salesperson must be employed by or affiliated with a licensed real estate broker to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale, or exchange or real estate. Sole Proprietor - Answer An individual, not a corporation, who is doing business under either his or her own name or under a legally registered fictitious name. A licensed broker who is a sole Proprietor shall have the same responsibilities as a principal Broker. A sole Proprietor who is not licensed must designate a licensed broker to perform the duties of a principal broker. Stigmatized Property - Answer Refers to any property that is made undesirable by some event or circumstance that had no actual effect on its physical structure, environment, or improvements. Subrogate - Answer ... Standard Agent - Answer A licensee, either broker or salesperson, who acts for or represents a client in an agency relationship according to the statutory duties. Limited Service Agent - Answer Performs only specific duties of a standard agent as agreed upon between agent and client. Independent contractor - Answer A licensee who acts for or represents a client. This is a specific distinction pertaining to agency law and is not related to the definition of independent contractor as used for tax purposes by the internal revenue service (IRS) Common Source Information Company - Answer Any person or entity that complies or provides information regarding real estate for sale or lease and other data and includes, but is not limited to, a multiple-listing service (MLS). No broker or salesperson license is required. Distance Learning - Answer Instruction delivered by an approved provider through a medium other than a classroom setting. Agency - Answer Is defined as any relationship in which a real estate licensee acts for or represents a person by such persons express authority in a real estate transaction Brokerage relationship - Answer ... Is a contractual relationship between a client and a licensee who has been engaged by the client to procure a seller, buyer, option, tenant, or landlord who is ready, willing, and able to sell, buy, auction, exchange, or rent real estate Client - Answer ... Is a person who was entered into a brokerage relationship with a broker licensee. Customer - Answer ... Any other party to the transaction with whom the licensee does not have a broken relationship but for whom the licensee may perform routine services called ministerial acts Defective drywall - Answer ... Designated agent - Answer ... Is a licensee assigned by the broker to represent a client when a different client is also represented by the broker in the same transaction. in this way, do I can see you from the same brokerage firm can take part in the same transaction while retaining standard agent duties to their clients. dual agent or representative - Answer ... Where a licensee has a brokerage relationship with both the seller and buyer, or landlord and tenant, in the same transaction. Independent contractor - Answer ... The parties are free to enter into a broken relationship based on a brokerage agreement that specifically states that the licensee is acting as an independent contractor and not as an agent . the independent contractor has no obligations required by 54.1 2131 through 54.1 21:35 the duties of a standard agent Limited service agents - Answer ... The licensee may act as a limited service agent only place you went to a written brokerage agreement limited service announcement disclose their status as such and prevent in reading to the client a list of the services that will be provided on with the list of the duties required of a standard agent to civic Lee listing the standard agency duties and services that will not be performed.