Virginia Real Estate Salesperson Exam,
state portion Questions & Answers.
Firm - ANSWER-any sole proprieteorship, partnership, assoc, LLC, or Corp that is
required to have a separate brokerage firm license. "ABC Realty" must have a firm
license, and a licensed principle broker
DPOR - ANSWER-Board of Professional and Occupational Regulation. Consists of 9
members, appointed by governor to 4 yr terms. REB (real estate board) is part of
DPOR.
CIC Board - ANSWER-Common Interest Community Board, within the DPOR; separate
from the REB. Creates licensure to govern condos, time shares, coops and HOAs. 80 hr
CIC manager training program.
regulations for firm license - ANSWER-every resident real estate broker must maintain a
place of business in VA.
every member or officer who actively participates in brokerage business must hold a
license as a broker.
a salesperson and a broker may not be principals in the firm together. SPs must be
under the supervision of principal broker.
business entity license - ANSWER-a salesperson who heads a team of licensees within
a brokerage and wishes to advertise under the team name must obtain a business
entity license for the team.
penalty for engaging in unlicensed real estate activity - ANSWER-civil penalty not to
exceed $1000
real estate license exemptions - ANSWER--selling or renting own property
-acting without compensation as an atty in fact under a power of attorney issued by
property owner
-attorneys involved in RE transactions in their normal role as attnys
-trustees, admins or executors of estates.
-licensed auctioneers at public auction
VA RE Transaction Recovery Fund - ANSWER--est. to reimburse parties who suffer
from monetary loss due to licensee's conduct. est. by DPOR.
-New licensees must pay $20 into the fund
-min balance $400K, may assess if balance falls.
-failure to pay assessment within 30 days of second notice results in suspended license.
-over $2mil then funds transfer to VA Housing Trust fund
state portion Questions & Answers.
Firm - ANSWER-any sole proprieteorship, partnership, assoc, LLC, or Corp that is
required to have a separate brokerage firm license. "ABC Realty" must have a firm
license, and a licensed principle broker
DPOR - ANSWER-Board of Professional and Occupational Regulation. Consists of 9
members, appointed by governor to 4 yr terms. REB (real estate board) is part of
DPOR.
CIC Board - ANSWER-Common Interest Community Board, within the DPOR; separate
from the REB. Creates licensure to govern condos, time shares, coops and HOAs. 80 hr
CIC manager training program.
regulations for firm license - ANSWER-every resident real estate broker must maintain a
place of business in VA.
every member or officer who actively participates in brokerage business must hold a
license as a broker.
a salesperson and a broker may not be principals in the firm together. SPs must be
under the supervision of principal broker.
business entity license - ANSWER-a salesperson who heads a team of licensees within
a brokerage and wishes to advertise under the team name must obtain a business
entity license for the team.
penalty for engaging in unlicensed real estate activity - ANSWER-civil penalty not to
exceed $1000
real estate license exemptions - ANSWER--selling or renting own property
-acting without compensation as an atty in fact under a power of attorney issued by
property owner
-attorneys involved in RE transactions in their normal role as attnys
-trustees, admins or executors of estates.
-licensed auctioneers at public auction
VA RE Transaction Recovery Fund - ANSWER--est. to reimburse parties who suffer
from monetary loss due to licensee's conduct. est. by DPOR.
-New licensees must pay $20 into the fund
-min balance $400K, may assess if balance falls.
-failure to pay assessment within 30 days of second notice results in suspended license.
-over $2mil then funds transfer to VA Housing Trust fund
