Virginia Broker Final Chris and Angela Flashcards
Describe “Active Status”
Broker or salesperson legally engaging in regulated acts of real estate brokerage (some requirements, such as continuing education, differ for active and inactive licenses).
Describe “Actively Engaged”
Broker/salesperson w/active license engaged at least 40 hrs./week in regulated real estate activity. Related to broker requirement of actively engaged 36 of 48 months and to licensed seeking reciprocity.
What is an applicant
Someone who applies to the board for a RE license
What is an Associate Broker
A licensed broker other than a principal broker at a firm.
What is the VREB
Virginia Real Estate Board
Describe a Brokerage Agreement
Written agreement establishing the brokerage relationship between client and licensee. It must state whether licensee will represent client as an agent (standard or limited service) or as an independent contractor.
What is a Brokerage Relationship?
Contractual relationship between client and licensee
Client
Person who has entered into a brokerage relationship w/ licensee
Firm
Partnership, association, corporation, limited liability company, or sole proprietorship (principal broker owner) engaged in sale of real estate on behalf of others for profit. Firms must be licensed (unless the firm is a sole proprietor-principal broker owner).
Inactive Status
A broker or salesperson not under supervision of principal or supervising broker, not active w/ a firm, and prohibited from performing acts of brokerage (not “active”).
Independent Contractor
Licensee who enters into brokerage agreement w/client, which specifically states licensee is acting as an independent contractor, not as an agent. An independent contractor has the obligations agreed upon by the parties in the brokerage agreement, as well as some (but not all) duties a standard agent has toward client.
Limited Services Agent
Licensee who acts for client pursuant to a brokerage agreement in a residential transaction, which states that the agent will NOT provide one or more of the duties that a standard agent is required to provide. Obligations agreed upon by the parties in the brokerage agreement, as well as some disclosure obligations required by law.
Principal Broker
Individual broker at each firm who ensures compliance with Virginia License Law, receives communications from the Board, and supervises affiliated licensee and firm activity.
Principal to a Transaction
Party to a real estate transaction, including without limitation: a seller or buyer, a landlord or tenant, or an optionor or optionee. Listing or selling broker, or both, per VA license law, are not principals to the transaction by virtue of their brokerage relationship.
Real Estate Team
Two+ individuals who work as unit within same brokerage firm, represent themselves as such, and designate themselves by a fictitious name. At least one member must be a licensee.
