Virginia License Law
The Virginia Real Estate Board requires a principal broker to:
ABe present at all real estate closings conducted by affiliated salespersons
BSupervise all licensed activities of affiliated salespersons and associate brokers✓ Correct
CPersonally negotiate all listing agreements
DConduct quarterly performance reviews of all licensees
Explanation
A principal broker in Virginia has a legal obligation to supervise all real estate activities of their affiliated salespersons and associate brokers, ensuring compliance with license law and regulations.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
State-Specific Concepts
License Law
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