VA HIC LICENSE FINAL PAPER
EXAMINATION QUESTIONS AND FULLY
CORRECT RESPONSES GUARANTEED TO
PASS
⩥ Virginia Real Estate Board.
Answer: Virginia State Government body authorized to regulate the real
estate profession in VA. Consists of 9 member; 7 licensed brokers or
salespersons with 5 consecutive year of experience, and 2 citizens
⩥ VREB: Licensing Oversight: Rulemaking.
Answer: The board may create and enforce its own admin rules. As an
example, the Board may establish criteria relating to which activities an
unlicensed employee may perform for a licensee or firm.
⩥ VREB: Licensing Oversight: Licensing.
Answer: The board may issue and renew real estate licenses.
⩥ VREB: Licensing Oversight: Enforcement.
Answer: The Board may enforce the license law (in addition to its own
regulations). Enforcement authority includes the power to withdraw a
license temporarily (suspension) or permanently (deny renewal,
revocation), and to impose monetary penalties (fines) for violating the
law and regulations (no criminal authority)
,⩥ VREB: Licensing Oversight: Education.
Answer: Consistent with the law, the Board regulates educational
requirements for all license candidates (pre licensing education- PLE
and CE). The Board also regulates real estate education providers
(schools)
⩥ VREB: Authority Under Other Real Estate Laws.
Answer: The Board may enforce the VA Fair Housing Act in cases
involving real estate licensees and their employees. The Board may
promulgate real estate forms if specifically directed by the state
legislature, as in the case of the Property Disclosure forms under the VA
Residential Property Disclosure Act. The Board also has authority to
administer the VA Real Estate Transaction Recovery Fund
⩥ VREB: Lack of Authority.
Answer: The Board may not arbitrate disputes between licensees, and
the Board may not establish commission rates or standardized
agreements (such as sales contracts)
⩥ VREB: Compared to Trade Organizations.
Answer: Trade organization membership and standards (such as NVAR)
are voluntary and do not affect licensure; VREB rules and order are
mandatory
, ⩥ Qualifications and Requirements.
Answer: Certain persons and firms must be licensed to engage in
specified real estate activities.
⩥ Licensed Required.
Answer: Subject to the exemptions below, all persons and some firms
must be licensed if, on behalf of another person for a fee, they: sell or
offer to sell real estate; buy or offer to buy real estate; negotiated the
purchase or exchange of real estate; or rent, lease or negotiate a lease for
real estate.
⩥ License Exemptions.
Answer: Persons and firms do not require a license solely because they:
sell their own property; act without compensation under a power of
attorney; resolve client issues as a licensed attorney; follow a court order
(bankruptcy, will,s trusts, estates); auction property (auctioneers); or
merely show rental property (rental agents). Also, sole proprietor broker
owned firms with a. Single location do not require a firm license (but the
principal broker owner must be licensed)
⩥ Individual Qualifications: Personal Attributes.
Answer: Candidates for a real estate license must have a high school
diploma or its equivalent, be at least 18 years old, be in good standing in
all other jurisdictions where licensed, and be reputed to act honestly,
truthfully, fairly, and competently. Broker candidates must have
EXAMINATION QUESTIONS AND FULLY
CORRECT RESPONSES GUARANTEED TO
PASS
⩥ Virginia Real Estate Board.
Answer: Virginia State Government body authorized to regulate the real
estate profession in VA. Consists of 9 member; 7 licensed brokers or
salespersons with 5 consecutive year of experience, and 2 citizens
⩥ VREB: Licensing Oversight: Rulemaking.
Answer: The board may create and enforce its own admin rules. As an
example, the Board may establish criteria relating to which activities an
unlicensed employee may perform for a licensee or firm.
⩥ VREB: Licensing Oversight: Licensing.
Answer: The board may issue and renew real estate licenses.
⩥ VREB: Licensing Oversight: Enforcement.
Answer: The Board may enforce the license law (in addition to its own
regulations). Enforcement authority includes the power to withdraw a
license temporarily (suspension) or permanently (deny renewal,
revocation), and to impose monetary penalties (fines) for violating the
law and regulations (no criminal authority)
,⩥ VREB: Licensing Oversight: Education.
Answer: Consistent with the law, the Board regulates educational
requirements for all license candidates (pre licensing education- PLE
and CE). The Board also regulates real estate education providers
(schools)
⩥ VREB: Authority Under Other Real Estate Laws.
Answer: The Board may enforce the VA Fair Housing Act in cases
involving real estate licensees and their employees. The Board may
promulgate real estate forms if specifically directed by the state
legislature, as in the case of the Property Disclosure forms under the VA
Residential Property Disclosure Act. The Board also has authority to
administer the VA Real Estate Transaction Recovery Fund
⩥ VREB: Lack of Authority.
Answer: The Board may not arbitrate disputes between licensees, and
the Board may not establish commission rates or standardized
agreements (such as sales contracts)
⩥ VREB: Compared to Trade Organizations.
Answer: Trade organization membership and standards (such as NVAR)
are voluntary and do not affect licensure; VREB rules and order are
mandatory
, ⩥ Qualifications and Requirements.
Answer: Certain persons and firms must be licensed to engage in
specified real estate activities.
⩥ Licensed Required.
Answer: Subject to the exemptions below, all persons and some firms
must be licensed if, on behalf of another person for a fee, they: sell or
offer to sell real estate; buy or offer to buy real estate; negotiated the
purchase or exchange of real estate; or rent, lease or negotiate a lease for
real estate.
⩥ License Exemptions.
Answer: Persons and firms do not require a license solely because they:
sell their own property; act without compensation under a power of
attorney; resolve client issues as a licensed attorney; follow a court order
(bankruptcy, will,s trusts, estates); auction property (auctioneers); or
merely show rental property (rental agents). Also, sole proprietor broker
owned firms with a. Single location do not require a firm license (but the
principal broker owner must be licensed)
⩥ Individual Qualifications: Personal Attributes.
Answer: Candidates for a real estate license must have a high school
diploma or its equivalent, be at least 18 years old, be in good standing in
all other jurisdictions where licensed, and be reputed to act honestly,
truthfully, fairly, and competently. Broker candidates must have
