ANSWERS|LATEST !!!!2026|GRADED A+| (EXAM
Firm - ANSWER any sole proprietorship, partnership, association , 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
1
, 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
claim on the VA transaction recovery fund must: - ANSWER -have pursued all legal
means for recovery before claim can be filed
-amt of claim limited to actual monetary damages suffered in the transaction, court costs,
and attny fees
max payment from VA recovery fund: - ANSWER single transaction: $50K to all
injured parties; single claimant can only receive $20K
Multiple transactions during 2 yr pd: $100K to all claimants
penalty to licensee for claims from the fund: - ANSWER immediately revoked
license; possible other disciplinary action. may not apply for new license until repay fund
plus interest. payment does not guarantee license reinstatement.
2
Firm - ANSWER any sole proprietorship, partnership, association , 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
1
, 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
claim on the VA transaction recovery fund must: - ANSWER -have pursued all legal
means for recovery before claim can be filed
-amt of claim limited to actual monetary damages suffered in the transaction, court costs,
and attny fees
max payment from VA recovery fund: - ANSWER single transaction: $50K to all
injured parties; single claimant can only receive $20K
Multiple transactions during 2 yr pd: $100K to all claimants
penalty to licensee for claims from the fund: - ANSWER immediately revoked
license; possible other disciplinary action. may not apply for new license until repay fund
plus interest. payment does not guarantee license reinstatement.
2
