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Real Estate Exam - State Portion - Virginia
Terms in this set (22)
broker's supervisory requirements
Each place of business, each branch office, and each real estate team shall be supervised by a supervising broker. The supervising broker shall exercise reasonable and adequate supervision of the provision of real estate brokerage services by associate brokers and salespersons assigned to the branch office or real estate team. The supervising broker may designate another broker to assist in administering the provisions required by this section, but such designation does not relieve the supervising broker of responsibility for the supervision of the acts of all licensees assigned to the branch office or real estate team.
1. Offering real property for sale or for lease without the knowledge and consent of the owner or the owner's authorized representative, or on any terms other than those authorized by the owner or the owner's authorized representative;
2. Placing a sign on any property without the consent of the owner of the property or the owner's authorized representative; and
3. Causing any advertisement for sale, rent, or lease to appear in any format or medium without including in the advertisement the name of the firm or sole proprietorship.
1. Offering to pay or paying a transaction-based fee, fees, or other valuable consideration to any person not licensed in this or any jurisdiction for services that require a real estate license;
2. Accepting a commission, fee, or other valuable consideration, as a real estate salesperson or associate broker, for any real estate services from any person or entity except the licensee's principal broker or supervising broker at the time of the transaction;
3. Receiving financial benefit from the use of any information about the property, the transaction, or the parties to the transaction, when the information is gained as a result of the performance of acts specified in Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia without the prior written consent of the licensee's principal broker;
4. Receiving financial benefit from any person other than the licensee's principal broker at the time of the transaction, for the performance of any of the acts specified in Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia without the prior written consent of the licensee's principal broker;
5. Receiving financial benefit or other valuable consideration for any work or service related to a transaction without the prior written acknowledgment of the person paying for such work or service; and
6. Making a listing contract or lease which provides for a "net" return to the seller/lessor, leaving the licensee free to sell or lease the property at any price he can obtain in excess of the "net" price named by the seller/lessor.
activities requiring license
a. Show property; b. Hold an open house; c. Answer questions on listings, title, financing, closing, contracts, brokerage agreements, and legal documents; d. Discuss, explain, interpret, or negotiate a contract, listing, lease agreement, or property management agreement with anyone outside the firm; and e. Negotiate or agree to any commission, commission split, management fee, or referral fee.
16 hours every two years
30 hours one year later
to transfer a license, the original broker will first terminate the license of the salesperson or the broker-salesperson through the online real estate commission procedures.
Once the license is inactive in the system, the new broker can affiliate the license to his firm, again through the online system
informing board of changes
must be reported to the board in writing within 30 calendar days of such change.
Chesapeake Bay Act
designed to improve water quality in the Chesapeake Bay and other waters of the State by requiring the use of effective land management and land use planning.
aircraft noise + crash disclosure
owner of residential real property located in any locality in which a military air installation is located shall disclose to the purchaser whether the subject parcel is located in a noise zone or accident potential zone, or both, if so designated on the official zoning map by the locality in which the property is located.
a specific disclosure is required if the property has a septic system needing repair or maintenance and the seller has a waiver from the State Board of Health allowing the seller to keep using the septic.
legislation requiring that communities be alerted to the presence of sex offenders
Virginia's Seller Disclosure law defines stigmatizing events (such as ghosts, murders, etc.) that had no material effect on the property as non-material. Standard of Practice 2-5, combined with this disclosure law, releases Virginia's REALTORS® from the obligation of disclosing stigmatizing events.
-salesperson is licensed to perform transactions on behalf of the broke
disclosure of agency
*Real estate licensees are required to disclose the parties they represent
duties to client
a. Put the interests of the client rst
b. Give full disclosure to the client (advice and opinions in addition to disclosing all pertinent facts - both material and other)
c. Exhibit trust and honesty
d. Exercise good business judgment
e. Be loyal to the principal
f. Be competent
duties to customer
To be fair, honest and accurate to someone
The principal (buyer or seller) who is hiring an agent specifies exactly which person(s) will act as agent or subagent and exercise fiduciary care in representing the principal's best interest.
brokers taking both parties as principals
virginia residential landlord and tenant act
PUrpose is to protect the rights of landlords and tenants.
The trust account established by a real estate professional under the provisions of the license law for the purpose of holding funds on behalf of the real estate professional's principal or some other person until the consummation or termination of a transaction; trust account established by an escrow agent to hold funds pending distribution at the closing of a transaction.
virginia property owner's association act
series of laws that regulate associations that manage real estate developments that have certain characteristics, notably a subdivision declaration, restrictive covenants, dues, assessments, etc.
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