Chapter 1 Virginia Real Estate Law
Exam Questions and Answers 100%
Correct
DPOR - ANSWER-Department of Professional and Occupational Regulation
REB - ANSWER-Real Estate Board
-licensing
-rules & regulation
-discipline (fines & suspension)
CIC - ANSWER-Common Interest Community
-condos
-time shares
-POA's or HOA's
When did the current real estate regulation go into effect? - ANSWER-November 1,
2015
Broker - ANSWER-Sells, buys, leases, rents or negotiates purchase of real estate.
Salesperson - ANSWER-Employed directly to a broker
Principal broker - ANSWER-Individual who is head of the company
Associate Broker - ANSWER-Anyone else within the company
Supervising broker - ANSWER-Manages branch office
Sole proprietor - ANSWER-An individual who is doing business under his own name
or under a Leah ally registered fictitious name
Public notice requirements - ANSWER--business entity or firm license
-managing brokers license
-roster of every salesperson and broker in the office
Exemptions of having a real estate license - ANSWER--renting or selling your own
property
-attorneys involved in real estate transactions in their normal role as attorneys
-trustee
-licensed auctioneers selling real estate
Virginia real estate transaction recovery fund - ANSWER-Purpose is to reimburse
parties who suffer monetary loss due to a licensees improper or dishonest conduct
Exam Questions and Answers 100%
Correct
DPOR - ANSWER-Department of Professional and Occupational Regulation
REB - ANSWER-Real Estate Board
-licensing
-rules & regulation
-discipline (fines & suspension)
CIC - ANSWER-Common Interest Community
-condos
-time shares
-POA's or HOA's
When did the current real estate regulation go into effect? - ANSWER-November 1,
2015
Broker - ANSWER-Sells, buys, leases, rents or negotiates purchase of real estate.
Salesperson - ANSWER-Employed directly to a broker
Principal broker - ANSWER-Individual who is head of the company
Associate Broker - ANSWER-Anyone else within the company
Supervising broker - ANSWER-Manages branch office
Sole proprietor - ANSWER-An individual who is doing business under his own name
or under a Leah ally registered fictitious name
Public notice requirements - ANSWER--business entity or firm license
-managing brokers license
-roster of every salesperson and broker in the office
Exemptions of having a real estate license - ANSWER--renting or selling your own
property
-attorneys involved in real estate transactions in their normal role as attorneys
-trustee
-licensed auctioneers selling real estate
Virginia real estate transaction recovery fund - ANSWER-Purpose is to reimburse
parties who suffer monetary loss due to a licensees improper or dishonest conduct
