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10 Cards in this Set
- Front
- Back
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ACTIVE STATUS
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An accociate broker or salesperson under the supervision of a principal or supervising broker, who is engaging in regulated acts of real estate brokerage (some requirements, such as continuing education, differ for active and inactive licenses).
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ACTIVELY ENGAGED
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One with an active license engaged at least 40 hrs per week in regulated real estate activity. Applies to the broker experience requirement (salesperson for 36 of 48 months), and to licensees seeking reciprocity.
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APPLLICANT
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One who applies to the Board for a real estate license.
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ASSOCIATE BROKER
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A licensed broker, other than the principal broker or broker/owner at a firm.
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BOARD
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The Virginia Real Estate Board, or VREB
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CLIENT
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Person who has entered into a brokerage relationship with a licensee. (Representation agreement)
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FIRM
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Partership, association, corporation, limited liability company, or sole proprietorship engaged in the sale of real estate on behalf of others for profit. Firms(other than sole proprietor-principal broker oweners) must be licensed.
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INACTIVE STATUS
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A broker or salesperson who is not under the supervision of a principal or supervising broker, not active with a firm, and prohibited from performing any acts of brokerage.
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INDEPENDENT CONTRACTOR
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Licensee who acts for or represents a client other than as a STANDARD AGENT and whose duties and obligations are governed by a written contract between the licensee and the client.
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LICENSEE
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One who is licensed (salesperson or broker) by the Board.
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