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Licensing Craig the Broker got his license two years ago, so it is up for renewal. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. What will happen to Craig's license if he doesn't complete the required courses before renewal? Select one: a. His license will expire b. He can pay a fine to extend the renewal date c. His license is null and void d. He will have to retake the licensing exam correct answersA Licensing Licensees may accept ref...

1. Methods of risk management include: A. Transfer B. Sharing C. Avoidance D. All of the above. correct answersD. All of the above. 2. An insured has suffered a fire loss to his/her dwelling. This insured is which party to the claim? A. Third party B. First party C. Second party D. Loss payee correct answersB. First party 3. Mr. Jones, a pedestrian, was injured by Mr. Smith while driving his vehicle. Mr. Smith is insured by I Am Bogus Insurance Company. The insurance company would ...

In contracting for any work on someone else's property, a contractor's license is NOT needed: correct answersIf work costs less than $500. A contractor's license can be suspended or revoked for: correct answersAbandoning a project, violating building laws, breaching a construction contract. A type of roof with two steeply pitched planes is called a: correct answersGable A dutch colonial house is distinguished by: correct answersOne and one-half or two and one-half stories, distinctiv...

Hierarchy correct answersState Corporation Commission. Bureau of Insurance. Commissioner. Examination by the Commission correct answersThe commission must examine every insurer licensed in Virginia at least once every 5 years. Investigation Powers of the Commission correct answersThe commission has power to examine and investigate the business affairs of any person engaged or alleged to be engaged in the business of insurance in the Commonwealth. Essentially they have the right to invest...

In Virginia, what action is prohibited in an advertisement for real estate? A. Failing to get a client's written consent to advertise his property B. Failing to identify the type of services offered in a general property description C. Advertising that a property listed by a firm is for sale by owner D. All of the above correct answersAll of the above The principal broker must keep all of the following records at the main firm office, EXCEPT: A. Firm license B. Branch license C. P...

Providing excellent customer service is one of the VA Core values. In the VA, who are our customers? (Select all that apply) correct answers-Veterans - Family members - Employees /contractors - Students/trainees A Veteran can be eligible for community care based on all of the following criteria EXCEPT: correct answers-Best Medical Interest of the Veteran -Care or Services are non-compliant with VA's standards for quality - Care or Services not provided within designated access stand...

In Virginia, which protected class would cover hoarding? A) Elderliness B) Age C) Familial status D) Handicap correct answersThe answer is handicap. Of the eight protected classes in Virginia's Fair Housing Act, handicap - physical, mental‒includes hoarding. The term Miss Utility commonly refers to A) the Virginia Underground Utility Act. B) the Virginia Utility Power Line Excavation Act. C) the Virginia Damage Prevention Act. D) the Virginia Underground Utility D...

Active status correct answersAny broker/salesperson legally engaging in regulated real estate brokerage acts Actively engaged correct answersOne with an active license and engaged in min 40 hrs/wk real estate activity Applicant correct answersOne who applies to board for real estate license Associate broker correct answersLicensed broker other than principal broker at firm Board correct answersVirginia real estate board (VREB) Brokerage agreement correct answersWritten agreement e...

Which of the following is NOT a requirement for licensure as a real estate salesperson in Virginia? correct answersBe at least 21 years old At a Virginia real estate brokerage, who is ultimately responsible for the actions of all its associated licensees and unlicensed employees? correct answersThe principal broker What is the primary purpose of the Residential Property Disclosure Statement? correct answersTo notify buyers that it's their responsibility to discover property condition issu...

Licensing Oversite correct answersRulemaking - to create administrative rules Licensing - to issue/renew licenses Enforcement - suspend/revoke licenses, deny applications, fines Education - Licensing, PLE and CE requirements Lack of Authority correct answers-No criminal authority -VREB is not a mediator between licenses -VREB may not establish a set commission rate or standardized agreement Compared to Trade Organizations correct answers-Organization membership and standards are ...