Virginia Real Estate Exam Prep, Va Questions

What percentage of a building's replacement value must be covered by fire insurance according to typical coinsurance clauses? {Ans: 80%}Broker license applicants must have had their salesperson's license and been active in real estate for at least... {Ans: 3 to 4 years}Edwin sold Barry a parcel of land; title has passed, but to date Barry has not paid the purchase price in full as originally agreed. If Edwin does not receive payment, which could he use to enforce the payment? {Ans: Vendor's lien Explanation: A vendor's lien is a seller's claim in cases where the seller does not receive the full agreed-on purchase amount.}True or False: Only licensees with active real estate licenses may perform real estate activities {Ans: True}Unworthiness and Incompetence {Ans: Includes everything from generally being dishonest, cheating on your licensing exam, being convicted of or pleading no contest to forgery, fraud, or any felony. (If any conviction occurs, you are required to notify the VREB)}Accepting your commission from anyone other than your broker is an example of {Ans: Improper Brokerage}