Virginia Quiz 1 with complete solution

The Real Estate Board (REB) rules and regulations are found in - ANSWER-the Virginia Administrative Code (VAC) The REB is authorized to do all of the following EXCEPT - ANSWER-regulate the Property Owners' Association Act The Virginia Real Estate Transaction Recovery Fund is administered by - ANSWER-the REB The current real estate regulations went into effect - ANSWER-November 1, 2015 The Common Interest Community (CIC) regulates all of the following EXCEPT - ANSWER-the Residential Property Disclosure Act The CIC was established to regulated CIC managers by means of - ANSWER-Licensure The Office of the Common Interest Community Ombudsman was established to all of the following EXCEPT - ANSWER-officiate in making adverse decisions The term broker may refer to all of the following EXCEPT - ANSWER-a principal in a brokerage relationship By Virginia statutory definition, a salesperson may perform all of the following functions EXCEPT - ANSWER-serve as managing broker When a licensee acts as an independent contractor and NOT as a standard agent, the relationship is governed by - ANSWER-a written agreement between licensee and client