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20 Cards in this Set

  • Front
  • Back
The Virginia Transaction Recovery Refund Act
Any broker or salesperson who is under the supervision of a principal, or supervising, broker of a firm or sole proprietor, and who performs real estate activities.
Actively engaged
Active licensure with a licensed real estate firm or sole proprietor performing real estate activities for an average of at least 40 hours per week. The requirement may be waived at the discretion of the board.
Associate broker
An individual, licensed by the board as a broker, other than one that has been designated as the principal broker. An associate broker is required to meet the same educational, experience and testing requirement as a principal broker. An associate broker, because of his or her affiliation with a firm or sole proprietorship is subject to the same restriction of brokerage activity as a salesperson.
The use of the word "board" in this text shall apply to hte Real Estate Board, the regulatory body responsible for the Virginia Real Estate Licensure Law and related rules and regulations.
A person who has entered into a brokerage relationship with a licensee.
The Department of Professional and Occupational Regulation (DPOR).
The Director of the DPOR.
Any building, structure, or portion thereof, which is occupied as, or designated or intended for occupancy as a residence by one or more families, and any vacant land which is offered for sale or lease for the construction or location theron of any such building or structure.
Any sole proprietorship (non-broker owner), partnership, association, limited liagility company, or corporation, which is required by regulation to obtain a separate brokerage firm lease. (A sole proprietor-principal broker owner, is ot classified as a "firm", and is not required to obtain a sepate brokerage firm license.) A firm's license name may be an assumed or fictitious name, as long as that name is properly filed with the board.
The Virginia Real Estate Transaction Recovery Fund
Inactive status
Any broker or salesperson who is not under the supervision of a principal or supervising broker, not active with a firm or sole proprietorship and not performing any acts of real estate brokerage.
Independent contractor
A licensee who acts for or represents a client other than as a standard agent, and whose dities and obligations are governed by a written contract between the licenseee and client.
Any broker or salesperson who performs real estate activities under the Code.
One or more natural person(s) or any artificial person. Any legal entity such as a corporation, partnership, association and the like are considered to be artifical persons.
Principal broker
The individual broker that shall be designated by each firm to assure compliance with the Virginia Real Estate Licensure Law and related rules and regulations, and to assure compliance with the Virginia Real Estate Licensure Law ansd related reles and regulations, and to recieve communications and notices from the board which may affect the firm or any licensee active with the firm. The principal broker shall have responsibility for the activities of the firm and all its licensees.
Principal to a transaction
A party to a real estate transaction including without limitation a seller or buyer, landlord or tenant, optionor or optionee, licensor or licensee. Real estate agents, who are performing only brokerage services, are not considered principals to the transaction.
Any person, partnership, association, corporation, agency, firm or other entity licensed as a real estate broker or real estate salesperson.
The person named as defendant in an action for possible violations of License law, Fair Housing law or claims, for payment from the Transaction Recovery Fund.
Sole proprietor (non-broker owner)
A brokerage firm owned by an unlicensed individual. Such firm must secure a real estate license before transacting real estate business. The non-broker owner may not be active in the brokerage business, and the firm must employ a licensed broker as the firm's principal broker.