Virginia Licensing And Regulation

Question 1

What is the purpose of chapter 21 in the Virginia Code?

Answer 1

To present license requirements brokerage relationships and real estate authorization

Question 2

Delaney is licensed under a real estate firm and legally performs real estate activities for an average of at least 40 hours per week. Which of the following would be properly called?

Answer 2

Actively engaged salesperson

Question 3

Joshua hired a unlicensed assistant which of the following activities can his assistant participate in?

Answer 3

Joshua assistant can compute commission checks

Question 4

How long does a license have to reinstate his license after it expires

Answer 4

30 calendar days

Question 5

If an aggressive party’s claim is related to a single transaction with only one claimant and licensee, what is the maximum payment that can be granted from recovery fund

Answer 5

$20,000

Question 6

Richard wants to file a complaint with the DPOR against a license for allegedly violating a license law statue how much time does he have to file the complaint?

Answer 6

3 years

Question 7

What is the name of a license issue by the board to brokers active in more than firm at the same time?

Answer 7

Concurrent lisencse

Question 8

Which of the following best characterizes the mission of the Virginia real estate board

Answer 8

To certify and license practitioners and to enforce license laws with rules regulations

Question 9

What happens if a licensee fails to provide a lead-paint disclosure to buyers or tenants

Answer 9

The licensee can face a civil penalty of $10,000 for each violation

Question 10

William wants to apply for his broker how long must he be actively engaged in real estate before applying?

Answer 10

For 40 hours a week for 36 of the 48 months prior to applying

Question 11

How many hours of post license education are required within the first year of licensure

Answer 11

30 hours

Question 12

Bernadette got her salesperson license on September 20 2019 when does her license expire?

Answer 12

September 30 2021

Question 13

What is a business entity?

Answer 13

A partnership associate corporation or llc

Question 14

For which of the following does the REB have jurisdiction over?

Answer 14

Determines license fees

Question 15

Which of the following would be deemed improper by Virginia administration code?

Answer 15

Entering into a brokerage relationship that does not include a termination date

Question 16

How often is the code of Virginia amended?

Answer 16

The code gets amended as needed at he annual meeting

Question 17

What does DPOR stand for?

Answer 17

Department of professional and occupational Regulation

Question 18

Who maintains all REB records

Answer 18

Director of the DPOR

Question 19

Operating without a license__________ with monetary penalties

Answer 19

Class 1 misdemeanor

Question 20

The DPOR may suggest that_____ mediate(s) complaints to avoid months of formal investigation and potential civil litigation

Answer 20

Alternative Dispute Resolution

Question 21

Which regulatory board certifies and licenses individuals wishing to conduct real estate business?

Answer 21

The Virginia Real Estate Board

Question 22

Which of the following powers do not fall to the REB?

Answer 22

Standardizing sales contracts

Question 23

The REB may impose fine up to_____for violations of laws and regulations within jurisdiction

Answer 23

$1,000

Question 24

If an investigation finds probable cause a violation occurred, what can the REB do?

Answer 24

Refuse renew the individual’s license

Question 25

What is the Recovery funds minimum balance?

Answer 25

$400,000