Lisa is a licensed real estate broker in Maryland and wants to obtain a Virginia real estate license without retaking the full Virginia licensing exam. She has held her Maryland broker license actively for the past five years. Which Virginia provision, if applicable, would most likely allow her to obtain a Virginia license with reduced requirements?
Correct Answer
B) Virginia's license recognition provision, which may allow Lisa to obtain a Virginia license by passing only the Virginia state portion of the exam
Virginia has license recognition (sometimes called reciprocity) agreements with certain states. Under these agreements, a licensee from a qualifying state may obtain a Virginia license by passing only the Virginia state portion of the licensing exam, rather than both the national and state portions. The applicant must still meet Virginia's application requirements, but the national exam portion may be waived. Maryland is among the states with which Virginia has such a recognition arrangement. This is not automatic full licensure — the state exam must still be passed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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