Ch 1 Law Exam Questions & Answers 100% Correct

When may the Board adjust the required hours for re-licensure of a broker and salesperson? - ANSWER-Year-by-year basis Performing what activity is exempt from holding a Virginia real estate license? - ANSWER-trustee performing their duties under a living trust instrument Any person, or business entity of not more than two persons, who for compensation 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 real estate, describes which of the following? - ANSWER-Real estate salesperson The minimum educational requirement for a licensee during the first year after obtaining a real estate salesperson's license in Virginia consists of? - ANSWER-30 hours of classroom, or correspondence or other distance learning The Virginia Real Estate Board may issue real estate licenses to all of the following, except a a) Virginia Association. b) non-resident testamentary trust. c) Virginia Limited Liability Company. d) Virginia partnership. - ANSWER-non-resident testamentary trust. Which of the following people involved in a real estate transaction are "Principal to a transaction" according to Virginia real estate law? a) Selling broker b) Buyer c) Listing broker d) Appraiser - ANSWER-Buyer