Frequent question: What penalties can the Virginia real estate Board impose?

What does the Virginia Real Estate Board administer?

The Real Estate Board licenses salespersons, brokers, and firms representing others in property transactions. The Board also enforces Fair Housing Law in cases involving real estate licensees and their employees.

Which of the following best describes what the Virginia Real Estate Board VREB does?

Which of the following best describes what the Virginia Real Estate Board (VREB) does? It oversees the requirements needed for real estate licensure in Virginia.

What is the purpose of Virginia real estate law?

Purpose is to protect the public interest against fraud in real estate transactions–established by police power of the state. VA Law considers them real estate even though the shares held by co-op members are considered personal property.

What disqualifies you from being a real estate agent in Virginia?

Applicant Denial

They can deny an applicant with a felony if the felony relates to the licensee’s practice. If the felony poses a valid threat to the integrity of the practice, the DPOR may choose to deny it.

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Who is exempt from Virginia real estate license requirements?

Any person who is licensed and is in good standing as a real estate broker or salesperson in another state, and who assists a prospective purchaser, tenant, optionee, or licensee located in another state to purchase, lease, option, or license an interest in commercial real estate, as defined in § 55.1-1100, in the …

How long do Virginia real estate Board members serve?

The Real Estate Board shall be composed of nine members as follows: seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment and two citizen members. The terms of Board members shall be four years.

Are stigmatized property disclosures required in Virginia?

No, stigmatized property disclosures are not required in Virginia.

What is the difference between positive misrepresentation and inadvertent misrepresentation?

What is the difference between positive misrepresentation and inadvertent misrepresentation? Positive means intentional; inadvertent means it wasn’t intentional. … Misrepresentation falsely represents material facts that a reasonable person would rely upon.

What is used in Virginia to promote smart growth?

Recommendations. The Virginia General Assembly should do the following: Target scarce public tax dollars. Prioritize state infrastructure funds to existing communities and designated growth areas, including economic development; transit, bike, pedestrian, local street investment; schools; and water and sewer.

Which of the following is not a reason to investigate a real estate licensee?

Which of the following is NOT a reason to investigate a real estate licensee? probation, denial, suspension, or revocation of the license. A responsible broker has three transactions waiting to close when his license is revoked.

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Which of the following actions would violate the Virginia Fair Housing Law?

Which of the following actions would violate the Virginia fair housing law? … Redlining (virginia fair housing act) Lenders cannot attempt to limit risk by setting limits on particular geographic Fair Housing laws, also the Equal Credit Opportunity Act (ECOA).