VA Real Estate Test Prep| exam study gui
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ActivehdStatushd-hdcorrecthdanswers-
Describeshdanyhdbrokerhdorhdsalespersonhdthathdishdlegallyhdengaginghdinhdregulatedhdactshdofhdrealhdestatehdbrok
eragehd(somehdrequirements,hdsuchhdashdcontinuinghdeducation,hddifferhdforhdactivehdandhdinactivehdlicenses).
ActivelyhdEngagedhd-hdcorrecthdanswers-
Onehdwithhdanhdactivehdlicense,hdengagedhdathdleasthd40hdhourshdperhdweekhdinhdregulatedhdrealhdestatehdactivity.
hdThishdapplieshdtohdthehdbrokerhdexperiencehdrequirementhd(salespersonhdforhd36hdofhd48hdmonths)hdandhdtohdlic
enseeshdseekinghdreciprocity.
Applicanthd-hdcorrecthdanswers-OnehdwhohdapplieshdtohdthehdBoardhdforhdahdrealhdestatehdlicense.
AssociatehdBrokerhd-hdcorrecthdanswers-
Ahdlicensedhdbrokerhdotherhdthanhdthehdpersonhddesignatedhdashdprincipalhdbrokerhdathdahdfirm.
BrokeragehdAgreementhd-hdcorrecthdanswers-
writtenhdagreementhdestablishinghdthehdbrokeragehdrelationshiphdbetweenhdahdclienthdandhdahdlicensee,hdwhich
hdmusthdstatehdwhetherhdthehdlicenseehdwillhdrepresenthdthehdclienthdashdanhdagenthd(standardhdorhdlimitedhdservi
ce)hdorhdashdanhdindependenthdcontractor.
BrokeragehdRelationshiphd-hdcorrecthdanswers-
Thehdcontractualhdrelationshiphdbetweenhdahdclienthdandhdahdlicensee
Clienthd-hdcorrecthdanswers-Personhdwhohdhashdenteredhdintohdahdbrokeragehdrelationshiphdwithhdahdlicensee
Firmhd-hdcorrecthdanswers-
Partnership,hdassociation,hdcorporation,hdlimitedhdliabilityhdcompany,hdorhdsolehdproprietorshiphd(principalhdbr
okerhdowner)hdengagedhdinhdthehdsalehdofhdrealhdestatehdonhdbehalfhdofhdothershdforhdprofit.hdFirmshdmusthdbehdlic
ensedhd(unlesshdthehdfirmhdishdahdsolehdproprietor-principalhdbrokerhdowner).
InactivehdStatushd-hdcorrecthdanswers-
Describeshdahdbrokerhdorhdsalespersonhdwhohdishdnothdunderhdthehdsupervisionhdofhdahdprincipalhdorhdsupervising
hdbroker,hdnothdactivehdwithhdahdfirm,hdandhdprohibitedhdfromhdperforminghdanyhdactshdofhdbrokeragehd(compareh
dthishdtohdactivehdstatus,hdabove).
IndependenthdContractorhd-hdcorrecthdanswers-
Licenseehdwhohdentershdintohdahdbrokeragehdagreementhdwithhdahdclient,hdwhichhdspecificallyhdstateshdthathdthehd
licenseehdishdactinghdashdanhdindependenthdcontractorhdandhdnothdashdanhdagent.hdAnhdindependenthdcontractorh
dhashdthehdobligationshdagreedhduponhdbyhdthehdpartieshdinhdthehdbrokeragehdagreement,hdashdwellhdashdsomehdof
hdthehddutieshd(buthdnothdall)hdthathdahdstandardhdagenthdhashdtowardshdahdclient.
Licenseehd-hdcorrecthdanswers-Onehdwhohdishdlicensedhd(salesperson,hdbroker,hdorhdfirm)hdbyhdthehdBoard.
LimitedhdServiceshdAgenthd-hdcorrecthdanswers-
Licenseehdwhohdactshdforhdahdclienthdpursuanthdtohdahdbrokeragehdagreementhdinhdahdresidentialhdtransaction,hdw
hichhdstateshdthathdthehdagenthdwillhdnothdprovidehdonehdorhdmorehdofhdthehddutieshdthathdahdstandardhdagenthdishd
requiredhdtohdprovide.hdAhdlimitedhdservicehdagenthdhashdthehdobligationshdagreedhduponhdbyhdthehdpartieshdinhdt
hehdbrokeragehdagreement,hdashdwellhdashdsomehddisclosurehdobligationshdrequiredhdbyhdlaw.
Personhd-hdcorrecthdanswers-Anyhdnaturalhd(person)hdorhdartificialhd(company)hdentity.
PrincipalhdBrokerhd-hdcorrecthdanswers-
IndividualhdbrokerhdwhohdmusthdbehddesignatedhdbyhdeachhdfirmhdtohdensurehdcompliancehdwithhdthehdVirginiahd
LicensehdLaw,hdtohdreceivehdcommunicationshdfromhdthehdBoard,hdandhdtohdsupervisehdaffiliatedhdlicenseehdandhd
firmhdactivity.
, PrincipalhdtohdahdTransactionhd-hdcorrecthdanswers-
Ahdpartyhdtohdahdrealhdestatehdtransaction,hdincludinghdwithouthdlimitation:hdahdsellerhdorhdbuyer,hdahdlandlordhdor
hdtenant,hdorhdanhdoptionorhdorhdoptionee.hdForhdthehdpurposeshdofhdVirginiahdLicensehdLaw,hdthehdlistinghdorhdselli
nghdbroker,hdorhdboth,hdarehdnothdprincipalshdtohdthehdtransactionhdbyhdvirtuehdofhdtheirhdbrokeragehdrelationship
.
RealhdEstatehdTeamhd-hdcorrecthdanswers-
Twohdorhdmorehdindividualshdwhohdworkhdtogetherhdashdahdunithdwithinhdthehdsamehdbrokeragehdfirm,hdrepresent
hdthemselveshdtohdthehdpublichdashdsuchhdunit,hdandhddesignatehdthemselveshdbyhdahdfictitioushdname.hdAthdleasthd
onehdmemberhdmusthdbehdahdlicensee.
SolehdProprietorhd(PrincipalhdBrokerhdOwner)hd-hdcorrecthdanswers-
Brokeragehdfirmhdthathddoeshdnothdrequirehdahdfirmhdlicense,hdashdlonghdashdthehdindividualhdbroker/ownerhdishdlic
ensed.hdPrincipalhdbrokerhdownershdmayhdoperatehdunderhdlegalhdorhdfictitioushdnameshdashdapprovedhdbyhdthehd
Board.
StandardhdAgenthd-hdcorrecthdanswers-
Licenseehdwhohdactshdforhdorhdrepresentshdahdclienthdinhdanhdagencyhdrelationshiphd(otherhdthanhdashdahdlimitedhds
ervicehdagent)hdinhdahdresidentialhdtransaction.
SupervisinghdBrokerhd-hdcorrecthdanswers-
Eitherhdthehdbrokerhdappointedhdbyhdthehdprincipalhdbrokerhdtohdsupervisehdassociatehdbrokershdandhdsalespers
onshd(couldhdbehdthehdprincipalhdbroker),hdorhdthehdbrokerhdappointedhdbyhdthehdprincipalhdbrokerhdtohdsupervise
hdahddesignatedhdagent/representative.
Compositionhd-hdcorrecthdanswers-
ThehdVREBhdconsistshdofhdninehd(9)hdmembers:hdsevenhd(7)hdlicensedhdbrokershdorhdsalespersonshdwithhdfivehdcon
secutivehdyearshdofhdexperience,hdandhdtwohd(2)hdcitizens.
ThehdRealhdEstatehdBoardhdshallhdbehdcomposedhdofhd-hdcorrecthdanswers-
ninehdmembershdashdfollows:hdsevenhdmembershdwhohdhavehdbeenhdlicensedhdrealhdestatehdbrokershdorhdsalespe
rsonshdforhdathdleasthdfivehdconsecutivehdyearshdbeforehdtheirhdappointmenthdandhdtwohdcitizenhdmembers.
ThehdtermshdofhdBoardhdmembershd-hdcorrecthdanswers-shallhdbehdfourhdyears.
Authorityhd-hdcorrecthdanswers-
ThehdBoardhdmayhdonlyhdregulatehdthehdrealhdestatehdprofessionhdashdauthorizedhdbyhdthehdVirginiahdlegislature.
LicensinghdOversighthd-hdcorrecthdanswers-
ThehdBoardhdregulateshdrealhdestatehdlicenseshdthroughhdthehdrulehdmaking,hdlicensinghdandhdenforcement
Rulemakinghd-hdcorrecthdanswers-ThehdBoardhdmayhdcreatehdandhdenforcehditshdownhdadministrativehdrules.
Licensinghd-hdcorrecthdanswers-ThehdBoardhdmayhdissuehdandhdrenewhdrealhdestatehdlicenses.
Enforcementhd-hdcorrecthdanswers-
ThehdBoardhdmayhdenforcehdthehdlicensehdlawhd(inhdadditionhdtohditshdownhdregulations).hdEnforcementhdauthori
tyhdincludeshdthehdpowerhdtohdwithdrawhdahdlicensehdtemporarilyhd(suspension)hdorhdpermanentlyhd(denyhdrene
wal,hdrevocation),hdandhdtohdimposehdmonetaryhdpenaltieshd(fines)hdforhdviolatinghdthehdlawhdandhdregulationshd(
nohdcriminalhdauthority).
BoardhdEducationhdAuthorityhd-hdcorrecthdanswers-
Consistenthdwithhdthehdlaw,hdthehdBoardhdregulateshdeducationalhdrequirementshdforhdallhdlicensehdcandidateshd(
pre-
licensinghdeducation)hdandhdexistinghdlicenseeshd(posthdlicensinghdeducationhdandhdcontinuinghdeducation—
PLEhdandhdCE).hdThehdBoardhdalsohdregulateshdrealhdestatehdeducationhdprovidershd(schools).
BoardhdAuthorityhdUnderhdOtherhdRealhdEstatehdLawshd-hdcorrecthdanswers-
ThehdBoardhdmayhdenforcehdthehdVirginiahdFairhdHousinghdActhdinhdcaseshdinvolvinghdrealhdestatehdlicenseeshdandh
dtheirhdemployees.hdThehdBoardhdmayhdpromulgatehdrealhdestatehdformshdifhdspecificallyhddirectedhdbyhdthehdstat
ehdlegislature,hdashdinhdthehdcasehdofhdthehdPropertyhdDisclosurehdformshdunderhdthehdVirginiahdResidentialhdProp
hd hd hd hd hd hd hd
de verified 100%
hd hd
ActivehdStatushd-hdcorrecthdanswers-
Describeshdanyhdbrokerhdorhdsalespersonhdthathdishdlegallyhdengaginghdinhdregulatedhdactshdofhdrealhdestatehdbrok
eragehd(somehdrequirements,hdsuchhdashdcontinuinghdeducation,hddifferhdforhdactivehdandhdinactivehdlicenses).
ActivelyhdEngagedhd-hdcorrecthdanswers-
Onehdwithhdanhdactivehdlicense,hdengagedhdathdleasthd40hdhourshdperhdweekhdinhdregulatedhdrealhdestatehdactivity.
hdThishdapplieshdtohdthehdbrokerhdexperiencehdrequirementhd(salespersonhdforhd36hdofhd48hdmonths)hdandhdtohdlic
enseeshdseekinghdreciprocity.
Applicanthd-hdcorrecthdanswers-OnehdwhohdapplieshdtohdthehdBoardhdforhdahdrealhdestatehdlicense.
AssociatehdBrokerhd-hdcorrecthdanswers-
Ahdlicensedhdbrokerhdotherhdthanhdthehdpersonhddesignatedhdashdprincipalhdbrokerhdathdahdfirm.
BrokeragehdAgreementhd-hdcorrecthdanswers-
writtenhdagreementhdestablishinghdthehdbrokeragehdrelationshiphdbetweenhdahdclienthdandhdahdlicensee,hdwhich
hdmusthdstatehdwhetherhdthehdlicenseehdwillhdrepresenthdthehdclienthdashdanhdagenthd(standardhdorhdlimitedhdservi
ce)hdorhdashdanhdindependenthdcontractor.
BrokeragehdRelationshiphd-hdcorrecthdanswers-
Thehdcontractualhdrelationshiphdbetweenhdahdclienthdandhdahdlicensee
Clienthd-hdcorrecthdanswers-Personhdwhohdhashdenteredhdintohdahdbrokeragehdrelationshiphdwithhdahdlicensee
Firmhd-hdcorrecthdanswers-
Partnership,hdassociation,hdcorporation,hdlimitedhdliabilityhdcompany,hdorhdsolehdproprietorshiphd(principalhdbr
okerhdowner)hdengagedhdinhdthehdsalehdofhdrealhdestatehdonhdbehalfhdofhdothershdforhdprofit.hdFirmshdmusthdbehdlic
ensedhd(unlesshdthehdfirmhdishdahdsolehdproprietor-principalhdbrokerhdowner).
InactivehdStatushd-hdcorrecthdanswers-
Describeshdahdbrokerhdorhdsalespersonhdwhohdishdnothdunderhdthehdsupervisionhdofhdahdprincipalhdorhdsupervising
hdbroker,hdnothdactivehdwithhdahdfirm,hdandhdprohibitedhdfromhdperforminghdanyhdactshdofhdbrokeragehd(compareh
dthishdtohdactivehdstatus,hdabove).
IndependenthdContractorhd-hdcorrecthdanswers-
Licenseehdwhohdentershdintohdahdbrokeragehdagreementhdwithhdahdclient,hdwhichhdspecificallyhdstateshdthathdthehd
licenseehdishdactinghdashdanhdindependenthdcontractorhdandhdnothdashdanhdagent.hdAnhdindependenthdcontractorh
dhashdthehdobligationshdagreedhduponhdbyhdthehdpartieshdinhdthehdbrokeragehdagreement,hdashdwellhdashdsomehdof
hdthehddutieshd(buthdnothdall)hdthathdahdstandardhdagenthdhashdtowardshdahdclient.
Licenseehd-hdcorrecthdanswers-Onehdwhohdishdlicensedhd(salesperson,hdbroker,hdorhdfirm)hdbyhdthehdBoard.
LimitedhdServiceshdAgenthd-hdcorrecthdanswers-
Licenseehdwhohdactshdforhdahdclienthdpursuanthdtohdahdbrokeragehdagreementhdinhdahdresidentialhdtransaction,hdw
hichhdstateshdthathdthehdagenthdwillhdnothdprovidehdonehdorhdmorehdofhdthehddutieshdthathdahdstandardhdagenthdishd
requiredhdtohdprovide.hdAhdlimitedhdservicehdagenthdhashdthehdobligationshdagreedhduponhdbyhdthehdpartieshdinhdt
hehdbrokeragehdagreement,hdashdwellhdashdsomehddisclosurehdobligationshdrequiredhdbyhdlaw.
Personhd-hdcorrecthdanswers-Anyhdnaturalhd(person)hdorhdartificialhd(company)hdentity.
PrincipalhdBrokerhd-hdcorrecthdanswers-
IndividualhdbrokerhdwhohdmusthdbehddesignatedhdbyhdeachhdfirmhdtohdensurehdcompliancehdwithhdthehdVirginiahd
LicensehdLaw,hdtohdreceivehdcommunicationshdfromhdthehdBoard,hdandhdtohdsupervisehdaffiliatedhdlicenseehdandhd
firmhdactivity.
, PrincipalhdtohdahdTransactionhd-hdcorrecthdanswers-
Ahdpartyhdtohdahdrealhdestatehdtransaction,hdincludinghdwithouthdlimitation:hdahdsellerhdorhdbuyer,hdahdlandlordhdor
hdtenant,hdorhdanhdoptionorhdorhdoptionee.hdForhdthehdpurposeshdofhdVirginiahdLicensehdLaw,hdthehdlistinghdorhdselli
nghdbroker,hdorhdboth,hdarehdnothdprincipalshdtohdthehdtransactionhdbyhdvirtuehdofhdtheirhdbrokeragehdrelationship
.
RealhdEstatehdTeamhd-hdcorrecthdanswers-
Twohdorhdmorehdindividualshdwhohdworkhdtogetherhdashdahdunithdwithinhdthehdsamehdbrokeragehdfirm,hdrepresent
hdthemselveshdtohdthehdpublichdashdsuchhdunit,hdandhddesignatehdthemselveshdbyhdahdfictitioushdname.hdAthdleasthd
onehdmemberhdmusthdbehdahdlicensee.
SolehdProprietorhd(PrincipalhdBrokerhdOwner)hd-hdcorrecthdanswers-
Brokeragehdfirmhdthathddoeshdnothdrequirehdahdfirmhdlicense,hdashdlonghdashdthehdindividualhdbroker/ownerhdishdlic
ensed.hdPrincipalhdbrokerhdownershdmayhdoperatehdunderhdlegalhdorhdfictitioushdnameshdashdapprovedhdbyhdthehd
Board.
StandardhdAgenthd-hdcorrecthdanswers-
Licenseehdwhohdactshdforhdorhdrepresentshdahdclienthdinhdanhdagencyhdrelationshiphd(otherhdthanhdashdahdlimitedhds
ervicehdagent)hdinhdahdresidentialhdtransaction.
SupervisinghdBrokerhd-hdcorrecthdanswers-
Eitherhdthehdbrokerhdappointedhdbyhdthehdprincipalhdbrokerhdtohdsupervisehdassociatehdbrokershdandhdsalespers
onshd(couldhdbehdthehdprincipalhdbroker),hdorhdthehdbrokerhdappointedhdbyhdthehdprincipalhdbrokerhdtohdsupervise
hdahddesignatedhdagent/representative.
Compositionhd-hdcorrecthdanswers-
ThehdVREBhdconsistshdofhdninehd(9)hdmembers:hdsevenhd(7)hdlicensedhdbrokershdorhdsalespersonshdwithhdfivehdcon
secutivehdyearshdofhdexperience,hdandhdtwohd(2)hdcitizens.
ThehdRealhdEstatehdBoardhdshallhdbehdcomposedhdofhd-hdcorrecthdanswers-
ninehdmembershdashdfollows:hdsevenhdmembershdwhohdhavehdbeenhdlicensedhdrealhdestatehdbrokershdorhdsalespe
rsonshdforhdathdleasthdfivehdconsecutivehdyearshdbeforehdtheirhdappointmenthdandhdtwohdcitizenhdmembers.
ThehdtermshdofhdBoardhdmembershd-hdcorrecthdanswers-shallhdbehdfourhdyears.
Authorityhd-hdcorrecthdanswers-
ThehdBoardhdmayhdonlyhdregulatehdthehdrealhdestatehdprofessionhdashdauthorizedhdbyhdthehdVirginiahdlegislature.
LicensinghdOversighthd-hdcorrecthdanswers-
ThehdBoardhdregulateshdrealhdestatehdlicenseshdthroughhdthehdrulehdmaking,hdlicensinghdandhdenforcement
Rulemakinghd-hdcorrecthdanswers-ThehdBoardhdmayhdcreatehdandhdenforcehditshdownhdadministrativehdrules.
Licensinghd-hdcorrecthdanswers-ThehdBoardhdmayhdissuehdandhdrenewhdrealhdestatehdlicenses.
Enforcementhd-hdcorrecthdanswers-
ThehdBoardhdmayhdenforcehdthehdlicensehdlawhd(inhdadditionhdtohditshdownhdregulations).hdEnforcementhdauthori
tyhdincludeshdthehdpowerhdtohdwithdrawhdahdlicensehdtemporarilyhd(suspension)hdorhdpermanentlyhd(denyhdrene
wal,hdrevocation),hdandhdtohdimposehdmonetaryhdpenaltieshd(fines)hdforhdviolatinghdthehdlawhdandhdregulationshd(
nohdcriminalhdauthority).
BoardhdEducationhdAuthorityhd-hdcorrecthdanswers-
Consistenthdwithhdthehdlaw,hdthehdBoardhdregulateshdeducationalhdrequirementshdforhdallhdlicensehdcandidateshd(
pre-
licensinghdeducation)hdandhdexistinghdlicenseeshd(posthdlicensinghdeducationhdandhdcontinuinghdeducation—
PLEhdandhdCE).hdThehdBoardhdalsohdregulateshdrealhdestatehdeducationhdprovidershd(schools).
BoardhdAuthorityhdUnderhdOtherhdRealhdEstatehdLawshd-hdcorrecthdanswers-
ThehdBoardhdmayhdenforcehdthehdVirginiahdFairhdHousinghdActhdinhdcaseshdinvolvinghdrealhdestatehdlicenseeshdandh
dtheirhdemployees.hdThehdBoardhdmayhdpromulgatehdrealhdestatehdformshdifhdspecificallyhddirectedhdbyhdthehdstat
ehdlegislature,hdashdinhdthehdcasehdofhdthehdPropertyhdDisclosurehdformshdunderhdthehdVirginiahdResidentialhdProp
