ActivitiesRequiringRealEstateLicenseVA

Question 1

“on behalf of others, for compensation of any kind.”

Answer 1

You MUST have a real estate license

Question 2

You __ have a real estate license to perform real estate activities for another person for any kind of payment.

Answer 2

MUST

Question 3

What can you do as the owner or the lessor of a property without a real estate license

Answer 3

• Sell
• offer for sale
• negotiate the purchase or sale or exchange of that property
• buy
• offer to buy property for yourself

Question 4

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

Answer 4

You must have a real estate license except in specific circumstances.

Question 5

attorney under a power of attorney

Answer 5

Exempt from license requirement

Question 6

Auctioneers selling real estate and an auction for the owner

Answer 6

Exempt from license requirement

Question 7

Attorneys at law in the performance of their duties

Answer 7

Exempt from license requirement

Question 8

Trustees and their employees under trust agreements

Answer 8

Exempt from license requirement

Question 9

Persons acting under the judgement or order of a court
- executors
- guardians
- trustees in a backruptcy

Answer 9

Exempt from license requirement

Question 10

Corporations and their employees managing their own rental housing that do not manage property for others

Answer 10

Exempt from license requirement

Question 11

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

Answer 11

Exempt from license requirement

Question 12

Salaried employee of a broker who manages residential property for the broker on behalf of the owner.

Answer 12

Exempt from license requirement

Question 13

Individuals are not allowed to perform real estate activities for another person for any kind of payment

Answer 13

Unless they have a license

Question 14

Individuals who wish to sell their home

Answer 14

Do not need a real estate license

Question 15

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?

Answer 15

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.

Question 16

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?

Answer 16

He can perform doing a search of schools, crime rates and other stats about several neighborhoods

Question 17

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?

Answer 17

He cannot legally list his friends condo for sale

Question 18

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?

Answer 18

He can search the internet and drive the streets to locate properties for sale

Question 19

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?

Answer 19

He can schedule showings for properties

Question 20

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?

Answer 20

He can not legally negotiate the exchange of real estate

Question 21

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?

Answer 21

He can perform doing a search of schools, crime rates and other stats about several neighborhoods

Question 22

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?

Answer 22

He can advertise his friend’s condo for sale on Craiglist

Question 23

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?

Answer 23

He can search the internet and drive the streets to locate properties for sale

Question 24

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?

Answer 24

He can schedule showings for properties

Question 25

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?

Answer 25

He CAN negotiate the exchange of real estate

Question 26

Activities requiring a Real Estate License Recap

Answer 26

“for others, for compensation of any kind”