Virginia License Law
A Virginia licensee who represents themselves as a 'real estate counselor' when providing investment advice for compensation but without a license is:
AExempt as a financial advisor
BPracticing real estate without a license, which is a criminal violation✓ Correct
COperating under an implied license
DPermitted if registered with the SEC
Explanation
Providing real estate brokerage services, including investment counseling related to specific real estate transactions, for compensation requires a Virginia real estate license. Operating without one is a misdemeanor.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
State-Specific Concepts
License Law
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