Real Estate: VA LAW Exam Questions & Answers 100% Accurate

Virginia Real Estate Board - ANSWER-Purpose is to protect the public interest against fraud in real estate transactions--established by police power of the state. Cooperative Apartments - ANSWER-VA Law considers them real estate even though the shares held by co-op members are considered personal property. VA REB Details - ANSWER-7 members with 2 civilians appointed by the Governor for 4 year terms with option for one additional term. It ISSUES, SUSPENDS, and REVOKES, and is charged with administering the Virgina Fair Housing Act, the Virginia Real Estate Transaction Recovery Fund, and Common Interest Communities. Department of Professional and Occupational Regulation (DPOR) - ANSWER-Authorized to recover civil penalties for certain violations to enforce real estate licensure and regulatory provisions. ($200 no more than $1000 per violation and no more than $10,000 per year before moving into criminal penalties) Active - ANSWER-Any broker or salesperson who performs real estate transactions Actively Engaged - ANSWER-Active licensure in performing real estate for an average of 40 hours per week. Actively Engaged in the brokerage business - ANSWER-Anyone who holds an active real estate license Associate Broker - ANSWER-Holds a broker's license but is not the principal broker Firm - ANSWER-Required to obtain a separate brokerage firm license