The Code of Virginia Title 54.1, Chapter 21 establishes the VREB and gives it the authority to enforce Virginia real estate law.
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 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 is a statutory duty a Virginia agent owes to seller clients?
Which of the following is a statutory duty a Virginia agent owes to seller clients? … information shared by the seller with the buyer’s agent. Receive and present all offers in a timely manner.
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 to secure a home loan in Virginia?
As used in this section, “loan secured by real estate” means an obligation executed or assumed by the borrower that is secured by mortgage, deed of trust, or similar instrument, encumbering real estate that is owned by the borrower and upon which the bank relies as the principal security for the loan.
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 …
What states does Virginia have real estate reciprocity with?
The full license reciprocity states are: Alabama, Kansas, Virginia, Colorado, Mississippi, Alaska, Washington, Missouri, Georgia, Delaware, Kentucky, and Maine. Any state with full reciprocity allows you to bypass the general real estate courses and narrow your focus to the state-specific laws and requirements.
What penalties can the Virginia real estate Board impose?
Any person engaging in unlicensed activity shall be subject to further proceedings before the Board and the Board may impose a civil penalty not to exceed $1,000 for any real estate transaction or the compensation received from any such real estate transaction, whichever is greater.