UNIT EXAM

Question 1

Where to find the rules about what licensees may and may not do

Answer 1

Code of Virginia Administrative Code

Question 2

Which VA agency administers reciprocity to sales persons from another state

Answer 2

VREB
Virginia Real Estate Board
must take and pass the VA State portion of exam

Question 3

Sarah and Jim have their broker’s licenses and want to start a business toghether

Answer 3

They need a Firm license to do so

Question 4

A person who acts for any form of compensation

Answer 4

Must have a VA real estate license

Question 5

To receive broker license in VA

Answer 5

180 hours of online education
36 of 48 months practicing real estate

Question 6

If you want to sell your home

Answer 6

You do not need a license

Question 7

Tom is unlicensed helping out relative to find a new home in return for a trip to Europe.

Answer 7

He can search real estate and resources to find available homes in the area BUT he cannot do the sale without a license