Virginia License Law

Question 1

Licenses may be issued to:

Answer 1

Individuals
Organizations, 
LLCs (Limited Liability Companies),
Partnerships
Associations
Sole proprietorships which are not owned by a broker

Question 2

A license is required to perform which services?

Answer 2

1. Sells or offers to sell real estate
2. Buys or offers to buy real estate
3. Negotiates the purchase or the exchange of property
4. Rents, leases, or negotiates a lease of real estate

Question 3

A license is NOT required to

Answer 3

1. Sell your own property
2. When acting as attorney-in-fact without compensation
3. When court-ordered
4. Corporation managing rental housing where ownership and management are the same; AND manages no other property for any other person or corporation.
5. Auctioneer selling at a public auction open no more than 48 hours

Question 4

Broker’s salaried employee don’t need a license to do these things:

Answer 4

1. Provide factual lease information
2. Accept lease applications & security deposits
3. Show residential units

Question 5

License applicants with a prior misdemeanor must submit:

Answer 5

1. An official FBI record and a state police criminal record.
2. Certified copies of all court records.
3. A written explanation of his part in the offense, including the current status and final resolution.

Question 6

Real Estate Salesperson

Answer 6

Person, or business entity of not more than two persons unless related by blood or marriage
Employed a real estate broker

Question 7

Real Estate Broker

Answer 7

Can be a person, partnership, association, corporation or LLC

Question 8

Principal to transaction

Answer 8

Seller, buyer
Landlord, tenant
Optionor, Optionee
Licensor, Licensee

Question 9

Supervising Broker

Answer 9

Designated by a principal broker to supervise (brokerage services, salespersons, etc.

Question 10

What is VA Real Estate Board Term?

Answer 10

Four years

Question 11

How many VA Real Estate Board Members are there?

Answer 11

9 Members:
7 Brokers or salespeople for 5 consecutive years, citizens
Chair is chosen from membership.

Question 12

What 3 things does the VA Real Estate Board Administer?

Answer 12

1. The Virginia Fair Housing, Condominium and Time-Share Act
2. Common Interest Community Management Information Fund
3. The Virginia Transaction Recovery Fund

Question 13

5 Tasks of VA Real Estate Board

Answer 13

1. Prescribes standards for licensure and for professional conduct
2. Administers the provisions of the license laws
3. Enforces the license laws
4. Issues, renews, denies or suspends real estate licenses.
5. Develops and distributes an association annual report form for use

Question 14

3 things the VA Real Estate Board doesn’t do:

Answer 14

1. Handle disputes between salespeople and brokers or between brokers.
2. Standardize any other forms used in real estate practice.
3. Establish commission rates or splits.