Virginia License Law
Under Virginia law, a broker's 'policy manual' for their real estate office should include procedures for:
ASetting commission rates for the industry
BAgency disclosures, handling escrow funds, advertising, and supervision of licensees✓ Correct
COnly HR policies for employees
DVREB exam preparation
Explanation
A well-structured Virginia brokerage policy manual should address agency relationships, escrow procedures, advertising compliance, VREB notification requirements, and supervision of affiliated licensees.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Math Concepts
State-Specific Concepts
DRE Regulation
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