Estate Board. Post-license education courses include Fair

Virginia Principles and Practices of Real Estate Chapter 1 Flashcards Real Estate BrokerSomeone who sells, or offers for sale, buys, or offers for purchase or exchange, or negotiate for an interest in real estate on behalf of another. A broker can be a person or entity Virginia Code Section 54.1-2105.01requires all newly licensed salespeople to complete 30 hours of post-license education. The 30 hours must be completed within one year of licensure. Failure to complete the 30 hours within a calendar year will result in the salesperson being placed in inactive status by the Real Estate Board. Post-license education courses include Fair Housing law, ethics, industry trends, risk manage- ment, and escrow management.But before a salesperson or broker can renew their licensehey must complete continuing educa- tion courses.Continuing education courses and post-licensure courses are different. Post-licen- sure courses are required to be completed within one year of obtaining a salesperson or broker's license. Continuing education courses must be completed before license renewal... in other words, every two years. Continuing education requirements kick in after the first license renewal.Code of Virginia Title 54.1 (Professions and Occupations) and Agency 135 of Title of the Administration Code The laws and regulations that pertain to the practice of real estate in the Commonwealth of Virginia Chapter 20.1Sets out the regulation of real estate appraisers.If the applicant is a licensed real estate agent or broker in another state They must be in good standing in that other state. The applicants cannot have any discipline, suspension, or revocation of their license in the other state. And they must be compliant in paying all fees, costs, and penal- ties in those other jurisdictions.salesperson licensure examthere are 120 questions given over 150 minutes, divided as

follows: national real estate topics are covered in 80

questions over 105 minutes and state-specific topics are covered in 40 questions over 45 minutes.Section 40 of Chapter 30Relates specifically to the additional qualifications for an applicant seeing a broker's license. In addition to the requirements of Section 30, a broker licensure applicant must complete additional educational requirements, and must have worked as a real estate sales person for 36 of the previous 48 months immediately preceding the application. Evidence of the required experience is verified by the supervising broker that the applicant worked for prior to the applica- tion being made.

The Virginia Code section 54.1-2105(1)outlines the pre-licensing educational requirements for a real estate salesperson license applicant. The applicant must complete a course on the Principles of Real Estate of at least four semesters hours of academic credit, with not less than 60 hours of classroom time, or distance learning equivalent. The course must be offered by an accredited institution of higher education or its equiv- alent, like a high school adult course, or other educational institution Section 54.1-2106.1 of the Virginia Code Requires a real estate salesperson to get a license from the Real Estate Board before acting as an agent. A real estate agent that is a business can act as an agent if every member of the business has a real estate agent license from the Board.Real Estate AppraiserSimilar to brokers, ap- praisers are required to be licensed, except when specifically exempt. Appraisers are required to meet education requirements before and after licensure.And a Real Estate Appraiser Board is es- tablished to monitor, regulate, and discipline real estate appraisers.Virginia Administrative Code Title 18, Agency 135. Section 30 of Chapter 20 Sets out the minimum requirements for all real estate license candidates.Real Estate SalespersonA person or entity (of not more than two people) who, for compensation, works as an agent of a broker to sells, or offers for sale, buys, or offers for purchase or exchange, or negotiate for an interest in real estate on behalf of another Professions regulated by their own independent bodiesReal estate brokers, salespersons, and rental agents, and real estate appraisers.An applicant for reciprocitymeaning someone who has a real estate salesperson or broker's li- cense in another state and wishes to also be licensed in Virginia, must have completed a similar course of study for the same amount of academic credits as required for Virginia applicants. The applicant for reciprocity must also pass the Virginia licensing examination.Inactive StatusReal estate salespersons and brokers can voluntarily, or involuntarily, go into inactive status. When a salesperson or agent goes into inactive status, there are continuing education requirements to re- gain active status. Pursuant to Virginia Code section 54.1-2105.04, a salesperson or broker who has been inactive for more than three years must complete the continuing education requirements for the renewal period in effect at the time the inactive licensee seeks activation.The Real Estate BoardThe sole body vested with the power to license real estate brokers and real estate salesper- sons. The Board is empowered to establish licensing and testing standards for brokers and agents, authorize schools to provide

coursework and testing to train and examine individuals seeking a license, and set out continuing education requirements for licensed agents and brokers.Chapter 21 of Title 54.1The subsection for real estate brokers, salespersons, and rental agents. This chapter first defines real estate brokers and salespersons

Chapter 21 pertaining to the Real Estate Board Sets out the composition, powers, and duties of the Virginia Real Estate Board. The Chapter sets out education requirements, both pre- and post-licensure for agents and brokers. The education requirements are monitored by the Real Estate Board.Becoming A Real Estate BrokerA person must get a license from the Real Estate Board. A licensed broker can act as an agent for another broker. And a licensed broker counts as a licensed sales per- son for the purpose of creating a licensed real estate salesperson company.For brokersincluding real estate brokerage, finance, ap- praisal, real estate law, real estate contract law, real estate economics, investments, property management, commercial lending, land use law, and urban development.Real Estate Broker As an EntityBut a real estate broker that is an entity must obtain a separate broker license for itself. In order for an entity to obtain a broker's license from the Real Estate Board, every member of the company (meaning LLC member, corporate board member, or partner in a partnership) must also have a real estate broker's license. Further, all employees who act as salespersons for the broker entity must have either a real estate broker's license or salesperson license.For the broker licensure examThere are 130 questions given over 160 minutes. 80 questions on national real estate topics with 105 minutes to complete those. And 50 questions on state real estate topics with 55 minutes to respond.Brokers continued educationrequired to complete 24 hours of continuing education courses, including required sub- jects like broker and agent management and supervision, ethics, fair housing, legal updates, agen- cy, and contracts. Salespersons are required to complete 16 hours of continuing education courses from the same subject, but less hours per subject.For brokers and salespersons that hold a license in another state in addition to Virginia, the Board will accept up to 8 hours of credit from the other state If the broker entity is a sole proprietorship the broker and the business are one and the same, then the entity may not use a fictitious name. The business must have the same name as the broker. Broker entities that are partnerships, corporations, or other types of entities may use a fictitious name for the licensed broker entity.The Virginia Administrative Code in Title 18, Agency 135Establishes the Real Estate Board as an official governmental body in charge of regulating real estate brokers and agents.Allows brokers and real estate salespersons who are licensed to prepare and negotiate written sales contracts