ActivitiesRequiringRealEstateLicenseVA Flashcards
“on behalf of others, for compensation of any kind.”
You MUST have a real estate license
You __ have a real estate license to perform real estate activities for another person for any kind of payment.
MUST
What can you do as the owner or the lessor of a property without a real estate license
- Sell
- offer for sale
- negotiate the purchase or sale or exchange of that property
- buy
- offer to buy property for yourself
If you do the following for another person:
- Sell
- offer for sale
- negotiate the purchase or sale or exchange of that property
- buy
- offer to buy property for yourself
You must have a real estate license except in specific circumstances.
attorney under a power of attorney
Exempt from license requirement
Auctioneers selling real estate and an auction for the owner
Exempt from license requirement
Attorneys at law in the performance of their duties
Exempt from license requirement
Trustees and their employees under trust agreements
Exempt from license requirement
Persons acting under the judgement or order of a court
- executors
- guardians
- trustees in a backruptcy
Exempt from license requirement
Corporations and their employees managing their own rental housing that do not manage property for others
Exempt from license requirement
An existing tenant of a residential building who receives a fee for referring a prospective tenant to the owner, agent, or employee of the building
Exempt from license requirement
Salaried employee of a broker who manages residential property for the broker on behalf of the owner.
Exempt from license requirement
Individuals are not allowed to perform real estate activities for another person for any kind of payment
Unless they have a license
Individuals who wish to sell their home
Do not need a real estate license
Ralph is the executor of Donald’s estate. Following Donald’s passing, Ralph sells the condominium and two homes that Donald owned at the time of his death. Ralph is not a licensed real estate professional. Did he break the law?
Ralph was acting under the judgment or order of a court as an executor of Donald’s estate and is exempt from needing a real estate license while acting under those orders.
Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he’s had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they’ve offer to pay Travis $1,000 for his time and effort. Travis isn’t currently licensed. Which of these actions can he perform for his friends?
He can perform doing a search of schools, crime rates and other stats about several neighborhoods
Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he’s had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they’ve offer to pay Travis $1,000 for his time and effort. Travis isn’t currently licensed. Which of these actions can he perform for his friends?
He cannot legally list his friends condo for sale
Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he’s had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they’ve offer to pay Travis $1,000 for his time and effort. Travis isn’t currently licensed. Which of these actions can he perform for his friends?
He can search the internet and drive the streets to locate properties for sale
Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he’s had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they’ve offer to pay Travis $1,000 for his time and effort. Travis isn’t currently licensed. Which of these actions can he perform for his friends?
He can schedule showings for properties
Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he’s had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they’ve offer to pay Travis $1,000 for his time and effort. Travis isn’t currently licensed. Which of these actions can he perform for his friends?
He can not legally negotiate the exchange of real estate
Let’s put a different spin on this scenario. Suppose Travis is helping out friends but will not be compensated in any way. Which of these actions can he perform for his friends?
He can perform doing a search of schools, crime rates and other stats about several neighborhoods
Let’s put a different spin on this scenario. Suppose Travis is helping out friends but will not be compensated in any way. Which of these actions can he perform for his friends?
He can advertise his friend’s condo for sale on Craiglist
Let’s put a different spin on this scenario. Suppose Travis is helping out friends but will not be compensated in any way. Which of these actions can he perform for his friends?
He can search the internet and drive the streets to locate properties for sale
Let’s put a different spin on this scenario. Suppose Travis is helping out friends but will not be compensated in any way. Which of these actions can he perform for his friends?
He can schedule showings for properties
Let’s put a different spin on this scenario. Suppose Travis is helping out friends but will not be compensated in any way. Which of these actions can he perform for his friends?
He CAN negotiate the exchange of real estate
Activities requiring a Real Estate License Recap
“for others, for compensation of any kind”
