Virginia Real Estate Salesperson Exam, State Portion with 100% Correct Answers

Firm - Answer-any sole proprieteorship, partnership, assoc, 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 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.