Unit 1; Virginia Real Estate Law Exam
Questions & Answers 100% Accurate
DPOR - ANSWER-Nine member board appointed by the governor for staggered
four-year terms
Agency 135 - ANSWER-Real Estate Board
Agency 48 - ANSWER-Common Interest Community Board
Real Estate Board - ANSWER-1. issues regulations that further describe what will be
expected of both salespersons and brokers
2. administers the VA Real Estate Transaction Recovery Fund
3. Enforces the provisions of the Virginia Fair Housing Law
Common Interest Community Act - ANSWER-- changed condominium law
- 9 members appointed by the governor
- Ombudsman created to provide assistance to both community associations and
consumers
Common Interest Community Board (CIC) - ANSWER-- regulatory body responsible
for licensing association managers, certifying certain employees of licensed
management firms, receiving annual reports filed by associations, and registering
condominium and time-share projects
Acts under the CIC Board - ANSWER-1. Condominium Act
2. Real Estate Time-Share Act
3. Real Estate Cooperative Act
4. Property Owners' Association Act
Common Interest Community Manager - ANSWER-a person or business entity that
provides management services to an association for a fee or other compensation
CIC Managers - ANSWER-- have at least one qualifying supervisory employee with
five years experience in providing management services
- complete a comprehensive 80-hr CIC Manager Training Program
- 50% of persons who have principle responsibility for the management will have to
meet specific experience requirements, hold a specific designation, or complete and
introductory 16-hour CIC Manager Training Program
- CIC Manager training program must be approved by CIC Board
Office of the CIC Ombudsman responsibilities - ANSWER-offering assistance and
information to association members regarding the rights and processes available to
them through their association
, Real Estate Broker - ANSWER-Any person or business entity, including, but not
limited to, a partnership, association, corporation or limited liability corporation, who,
for compensation or valuable consideration:
1. Sells or offers to sell, buys or offers to buy, or negotiates the purchase or sale or
exchange of real estate, including units or interest in condominiums, cooperative
interest, or time-shares in a time-share program OR
2. leases or offers to lease, or rents or offers to rent, any real estate or the
improvements thereon for others
"Broker" can refer to - ANSWER-- a firm
- a sole proprietor
- a managing broker for a branch office of a larger firm
- a person who holds a broker's license but practices under the supervision of
principal broker
associate broker - ANSWER-a person who holds a broker's license but practices
under the supervision of a principal broker (having a broker's license means you fall
under a principal broker and you're an associate broker
Brokerage Relationship is established... - ANSWER-between the principal broker or
sole proprietor as the agent and the client as the principal
Principal broker - ANSWER-- all supervising brokers, managing brokers, managing
brokers, associate brokers and salespersons are general agents of the principal
broker
- there can only be one principal broker of a brokerage
Real Estate Salesperson - ANSWER-any person, or business entity of not more than
two persons unless related by blood or marriage, who for compensation or valuable
consideration is employed either directly or indirectly by, or affiliated as an
independent contractor with, a real estate broker, to sell or offer to sell, or to buy or
offer to buy, or to negotiate the purchase, sale or exchange of real estate, or to
lease, rent or offer for rent any real estate, or to negotiate leases thereof, or of the
improvements thereon
Real Estate Broker vs. Salesperson - ANSWER-- sales person must be employed by
or affiliated with a licensed real estate broker
- brokers are expected to supervise all activities of the salesperson and is
responsible for their actions
Real Estate Brokers and Salespersons - ANSWER-any licensed broker or
salesperson may prepare written contracts for the sale, purchase, option, exchange,
or rental of real estate provided the preparation of such contracts is incidental to a
real estate transaction in which the licensee is involved and does not charge a
separate fee for preparing the contract
Sole proprietor - ANSWER-- an individual, not a corporation who is doing business
under his own name or under a legally registered fictitious name
- a licensed broker who is a sole proprietor has the same responsibilities as a
principal broker
Questions & Answers 100% Accurate
DPOR - ANSWER-Nine member board appointed by the governor for staggered
four-year terms
Agency 135 - ANSWER-Real Estate Board
Agency 48 - ANSWER-Common Interest Community Board
Real Estate Board - ANSWER-1. issues regulations that further describe what will be
expected of both salespersons and brokers
2. administers the VA Real Estate Transaction Recovery Fund
3. Enforces the provisions of the Virginia Fair Housing Law
Common Interest Community Act - ANSWER-- changed condominium law
- 9 members appointed by the governor
- Ombudsman created to provide assistance to both community associations and
consumers
Common Interest Community Board (CIC) - ANSWER-- regulatory body responsible
for licensing association managers, certifying certain employees of licensed
management firms, receiving annual reports filed by associations, and registering
condominium and time-share projects
Acts under the CIC Board - ANSWER-1. Condominium Act
2. Real Estate Time-Share Act
3. Real Estate Cooperative Act
4. Property Owners' Association Act
Common Interest Community Manager - ANSWER-a person or business entity that
provides management services to an association for a fee or other compensation
CIC Managers - ANSWER-- have at least one qualifying supervisory employee with
five years experience in providing management services
- complete a comprehensive 80-hr CIC Manager Training Program
- 50% of persons who have principle responsibility for the management will have to
meet specific experience requirements, hold a specific designation, or complete and
introductory 16-hour CIC Manager Training Program
- CIC Manager training program must be approved by CIC Board
Office of the CIC Ombudsman responsibilities - ANSWER-offering assistance and
information to association members regarding the rights and processes available to
them through their association
, Real Estate Broker - ANSWER-Any person or business entity, including, but not
limited to, a partnership, association, corporation or limited liability corporation, who,
for compensation or valuable consideration:
1. Sells or offers to sell, buys or offers to buy, or negotiates the purchase or sale or
exchange of real estate, including units or interest in condominiums, cooperative
interest, or time-shares in a time-share program OR
2. leases or offers to lease, or rents or offers to rent, any real estate or the
improvements thereon for others
"Broker" can refer to - ANSWER-- a firm
- a sole proprietor
- a managing broker for a branch office of a larger firm
- a person who holds a broker's license but practices under the supervision of
principal broker
associate broker - ANSWER-a person who holds a broker's license but practices
under the supervision of a principal broker (having a broker's license means you fall
under a principal broker and you're an associate broker
Brokerage Relationship is established... - ANSWER-between the principal broker or
sole proprietor as the agent and the client as the principal
Principal broker - ANSWER-- all supervising brokers, managing brokers, managing
brokers, associate brokers and salespersons are general agents of the principal
broker
- there can only be one principal broker of a brokerage
Real Estate Salesperson - ANSWER-any person, or business entity of not more than
two persons unless related by blood or marriage, who for compensation or valuable
consideration is employed either directly or indirectly by, or affiliated as an
independent contractor with, a real estate broker, to sell or offer to sell, or to buy or
offer to buy, or to negotiate the purchase, sale or exchange of real estate, or to
lease, rent or offer for rent any real estate, or to negotiate leases thereof, or of the
improvements thereon
Real Estate Broker vs. Salesperson - ANSWER-- sales person must be employed by
or affiliated with a licensed real estate broker
- brokers are expected to supervise all activities of the salesperson and is
responsible for their actions
Real Estate Brokers and Salespersons - ANSWER-any licensed broker or
salesperson may prepare written contracts for the sale, purchase, option, exchange,
or rental of real estate provided the preparation of such contracts is incidental to a
real estate transaction in which the licensee is involved and does not charge a
separate fee for preparing the contract
Sole proprietor - ANSWER-- an individual, not a corporation who is doing business
under his own name or under a legally registered fictitious name
- a licensed broker who is a sole proprietor has the same responsibilities as a
principal broker
