Virginia's Real Estate License Law (10) Flashcards Preview

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Flashcards in Virginia's Real Estate License Law (10) Deck (113)
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1

________________, is the section of the statute that governs the practice of real estate professionals. The purpose of the law is to protect the public interest against fraud, misrepresentation, dishonesty, and incompetence in real estate transactions.

The law designates the __________________ as the authority with the power to enforce, amend, and promulgate rules and regulations for implementing the law.

Title 54.1, Chapter 21 of the Code of Virginia
Real Estate Board (REB)

2

Actively Engaged

- active licensure
- at least 40 hours per week.

*The REB may waive the 40-hour-per-week requirement at its discretion.

3

Independent contractor

- licensee who represents a client other than as a standard agent
- duties governed by a written contract

4

Real estate

Includes condominiums, leaseholds, time-sharing, and any other interest in real property....including cooperatives. As defined by Virginia Law.

5

Standard Agent

A licensee who acts for or represents a client in an agency relationship.

6

The ___________ is 1 of _____ boards that regulate more than 30 occupations and professions including practitioners, including salespersons, associate and principal brokers, and sole proprietors.

Virginia Real Estate Board (VREB)
19

7

Through what 2 means does the Department of Professional and Occupational Regulation (DPOR) serve and protect the public?

1) licensure

2) enforcement of laws

8

Whom appoints the members, comprising of practitioners and citizens, of the DPOR?

the governor

9

The _________ is composed of _______members. ______ members may be either ________________ with at least ______ consecutive years' experience immediately prior to appointment, and ______ are ___________ members. Appointments are made by the governor for a term of ________. Sitting members may be reappointed for one additional ________ term. Members of the REB select the chairperson.

REB
9
7
brokers or salespersons
5
2
citizen (consumer)
4 years
4 year

10

In addition to administering the real estate license law, the REB has the responsibility of administering what ? (6)

1) Virginia Fair Housing Act
2) Virginia Condominium Act
3) Virginia Time-Share Act
4) Virginia Cooperative Act
5) Virginia Real Estate Transaction Recovery Fund
6) Virginia Property Owners Association Act

11

What are 4 aspects of real estate practice with which the REB does not become involved?

1) disputes between salespersons and brokers
2) disputes between brokers
3) establish commission rates
4) standardize sales contracts

12

T/F. A broker-owned sole proprietorship is not required to obtain a separate firm license unless operating under a fictitious name?

True

13

Regarding operating without a license, the REB may refer the matter to the Commonwealth _________ for action. Any penalty for such activities against the individual or firm will be determined by the _________. Operating without a license is considered to be a________________ with a penalty of up to ___________ per violation. A _________ or subsequent violation within a single _____________ period constitutes a ______________. The civil penalties against one person or business entity cannot exceed ______________ per year.

attorney
courts
class-1 Misdemeanor
$1,000
3rd
3-year
Class-6 Felony
$10,000

14

Regarding requirements for licensure, an applicant for a broker's license must meet additional educational requirements and must have been actively engaged as a real estate salesperson for how long?

"Actively engaged" here means how long?

- 36 of the previous 48 months.

- An average of 40 hours per week

15

Regarding VA real estate licensure, all initial applications for licensure must be made within ___________ of the _____________. Failure to apply within this time period will require retaking the exam.

12 months
examination date

16

Regarding real estate salesperson licensure, an applicant for licensure as a real estate salesperson must have successfully completed a "Principles of Real Estate" or similar course approved by the REB. The course must contain ________ semester credit hours or a minimum of ________ classroom, correspondence, or other distance learning instruction hours prior to making application for the examination.

4
60

17

Regarding real estate broker licensure, applicants for a real estate broker's license must meet the following requirements in addition to meeting the salesperson licensing requirements. An applicant must

have been actively engaged as a real estate salesperson for ____________ immediately preceding the date of application for licensure as a real estate broker, and
have successfully completed _______ classroom or correspondence semester credit hours (______ 45-hour courses, or ______ classroom hours) of study approved by the REB in such subjects as brokerage, real estate law, real estate investments, real estate finance, and real estate appraisal, or related approved subjects prior to the licensing examination. All applicants are required to complete the _______________.

36 of the 48 months
12
4
180
45-hour brokerage course

18

Concurrent Licenses?

Will be issued to brokers who are active in more than one legal entity, that is, who work for more than one brokerage firm. ***Concurrent licensure does not refer to persons holding licenses in multiple states.

19

T/F. Regarding concurrent licenses, written statements verifying that written notice of the applicant's concurrent status must be provided to the principal broker of each firm with which the applicant is or will be associated?

True

20

What 3 things must be included in a branch office application form?

1) Name of the firm
2) location of the branch office
3) name of the branch office's supervising broker

21

What 2 things must be made available at each branch office?

1) branch office license
2) a roster of every salesperson and broker assigned to the branch

22

An ___________ means that the licensee is affiliated with or employed by a broker. The licensee's broker must certify his or her license application and agrees to be responsible for the licensee's brokerage activities. When the REB has approved the application, the license will be issued and sent to the _____________. The licensee is now considered to have active status: He or she is licensed to engage in real estate activities and receives a ___________ as evidence of his or her status as a broker or salesperson. The principal broker is responsible for maintaining the licenses of every salesperson and broker (affiliated with or employed by the brokerage entity) at the __________ of the firm.

active license
principal broker
pocket card
main office

23

T/F. Though a licensee has an inactive status, he or she may still be able to collect referral fees?

False

24

Regarding changes of a licensee changing from active to inactive status, if the broker has not yet returned the license of the individual involved in the change, the broker must do so by certified mail so that it is received by the REB within how long?

10 days of the date of notification

25

Regarding a licensees move from inactive to active status, if a licensee has been on inactive status for ________ or more, the licensee must meet educational requirements in effect at that time to be reinstated to active status.

3 years

26

If a licensee has been on inactive status for three years or more, the licensee must meet educational requirements in effect at that time to be reinstated to active status. How can this educational requirement be waived?

if licensee was engaged in a real estate-related field while inactive and can demonstrate to the REB that the knowledge of real estate has been retained.

27

If a licensee was on inactive status at the time the license was renewed, the licensee must submit evidence that he or she did successfully complete the required ______ of continuing education during the __________ preceding reactivation.

16 hours
24 months

28

Referral Agent

A licensee who refers prospective buyers or sellers to the broker with whom the agent is affiliated.

29

T/F. The REB considers a person acting in the capacity of a referral agent to be inactive.

False. Active status

30

T/F. A referral agent will be required to complete the mandatory continuing education requirements every licensing cycle?

True