2022 Virginia Real Estate Salesperson Exam Lesson 2

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Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

Virginia Real Estate Salesperson Exam Lesson 2

2022 Virginia Real Estate Salesperson Exam Lesson 2 This is the second of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate department for licensure.

2022 Virginia Real Estate Salesperson Exam Lesson 2: The Business of Real Estate

Real estate brokers must be licensed in the state in which they are working.

Brokers can specialize in residential, commercial, and industrial property. They deal with the land and the rights that go with the land, such as water and mineral rights.

Real estate brokers act as an agent for others in a real estate transaction in exchange for a commission. Real estate salespeople have to work under the supervision of a real estate broker. Commissions are split between the broker and the agent.

Other real estate professions:

  • Appraisers
  • Property managers
  • Home inspectors
  • Mortgage brokers
  • Architects
  • Contractors

Kind of Property

  • Residential property (single homes, multi-family dwellings)
  • Commercial properties (retail stores, restaurants, offices, hotels, etc.)
  • Mixed-use properties (mixes commercial and residential)
  • Industrial properties (factories and warehouses)
  • Agricultural properties (farms and ranches)
  • Special purpose land (schools, church, etc.)
  • Vacant land

Supply vs. Demand

Factors that Affect Supply

  • Fear of missing out
  • Location
  • Construction costs
  • Local and state government influence

Factors that Affect Demand

  • Demographics of the area
  • Economy of an area
  • Interest rates

The Cycle of Real Estate

  • Recovery
  • Expansion
  • Hyper Supply
  • Recession

 

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

 
You May also be interested in passing the SIE Exam

Beginning in October 2018 the SIE Exam is a new regulatory exam that will allow candidates to demonstrate their mastery of the essentials of the financial industry. The exam will cover the foundational knowledge used in careers in investment banking, wealth management, sales and trading, and more.

The SIE exam is a prerequisite for many of the FINRA licensing exams including the Series 7 Exam.

This is a big change from the current exam structure, which requires individuals to be employed and sponsored by a FINRA-registered firm before taking an industry qualification exam.

For the other states lessons we offer check out our webpage

2022 Virginia Real Estate Salesperson Exam Lesson 1

Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

2022 Virginia Real Estate Salesperson Exam Lesson 1

This is the first of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate  department for licensure.

2022 Virginia Real Estate Salesperson Exam Lesson 1

Virginia Real Estate Law
2022 Virginia Real Estate Salesperson Exam Lesson 1
Agent vs. Broker

Powers of the Real Estate Board

  • Ability to give licenses
  • Ability to take away licenses

Requirements for a Real Estate Salesperson License

  • Reputation for honesty and fair play.
  • Pass a background check.
  • Must be in good standing in other states.
  • Real estate licensing courses.
  • Pass real estate exam.
  • 18-years old
  • High school diploma
  • Submitted application with 12 months after the exam.

Some states allow for reciprocity.

Real Estate Salesperson Exam

  • 120 total questions, 150 total minutes
  • National topics, 80 questions, 105 minutes
  • State topics 40 questions, 45 minutes

Real Estate Broker Exam

  • 130 total questions, 160 total minutes
  • National topics, 80 questions, 105 minutes
  • State topics 50 questions, 55 minutes

Post License Education and Renewal

  • 30 hours within a year or you will be placed in inactive status
  • Licenses have to be renewed every two years
  • Brokers need 24 hours of courses to renew.
  • Salespersons need 16 hours of courses to renew.
  • You can put yourself in inactive status and you will have to take courses to get back in active status. (Exceptions for military service.)

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

You May also be interested in passing the SIE Exam

Beginning in October 2018 the SIE Exam is a new regulatory exam that will allow candidates to demonstrate their mastery of the essentials of the financial industry. The exam will cover the foundational knowledge used in careers in investment banking, wealth management, sales and trading, and more.

The SIE exam is a prerequisite for many of the FINRA licensing exams including the Series 7 Exam.

This is a big change from the current exam structure, which requires individuals to be employed and sponsored by a FINRA-registered firm before taking an industry qualification exam.

For the other states lessons we offer check out our webpage

Virginia Real Estate Salesperson Exam Lesson 5

Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

Virginia Real Estate Salesperson Exam Lesson 5

This is the 5th of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate department for licensure.

Lesson 5: Real Estate and Real Property

 Types of Ownership:

  • Land = Raw land without improvements, above and below.
  • Real Estate = Land plus any improvements (houses, fences, fixtures, etc.)
  • Personal Property = Moveable things (mobile home, etc.)
  • Real Property = Real Estate plus all the rights that go with it.

The Bundle of Rights

  • Right of possession (alone or jointly)
  • Right of quiet enjoyment
  • Right to dispose (Transferring, bequeathing, easements, etc.)
  • Right to encumber
  • Right to the subsurface (oil, minerals, natural resources)
  • Right to the air
  • Right to the water (littoral vs. riparian)
  • Right to hunt

Criteria for Fixtures

  • Method of attachment
  • Adaptability
  • Relationship of the parties
  • Intent of the parties
  • Agreement

Characteristics of Real Estate

  • Scarcity
  • Price
  • Location
  • Improvements
  • Not-liquid

Characteristics of Land

  • Immobility
  • Indestructibility
  • Uniqueness

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

 

Virginia Real Estate Salesperson Exam Lesson 4

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Virginia Real Estate Salesperson Exam Lesson 4

This is the 4th of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate department for licensure.

Lesson 4: Real Estate Salesperson Exam Lesson on Real Estate Investing

The capitalization rate is the rate of interest that you can consider a reasonable return on investment. The formula is this: cap rate = Net Operating Income/purchase price.

Benefits of Real Estate Investing

  • Cash flow from the property
  • Long-term appreciation from the property
  • Providing a hedge against inflation
  • Gaining tax benefits (mortgage interest, wages for repairs, maintenance)
  • Property can be used as leverage for other investments.

Drawbacks of Real Estate Investing

  • Your assets are not liquid.
  • There can be a great deal of upkeep.
  • Housing markets can fluctuate.

High cap rate = high risk

Low cap rate = low risk

Time Value of Money = Money in hand is more valuable than money that might be made in the future.

Rates of Depreciation

  • Residential properties depreciate over 27.5 years.
  • Commercial properties depreciate over 39 years.

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

 

Virginia Real Estate Salesperson Exam Lesson 3

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Virginia Real Estate Salesperson Exam Lesson 3

This is the third of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate department for licensure.

Lesson 3: Owning a Home

Real estate professionals help people navigate complex laws, zoning ordnances and other regulations to find the kind of home they want and need.

Types of Housing

  • Condos
  • Single-family homes (most common)
  • Apartments (low-rise, mid-rise, and high-rise)
  • Cooperatives
  • Mobile Homes
  • Modular Homes
  • Time-Shares (Fee simple, Right-to-Use, Leasehold)
  • Planned Unit Development (PUD)
  • Retirement communities

Things to Consider in Home Ownership

  • Interest rate
  • Length of the loan
  • Down payment requirements

Types of Mortgage Loans

  • FHA Loans (Federal Housing Administration)
  • VA Loans (Veterans Affairs)
  • HUD Loans (Housing Urban Development)

Home Taxing Terms

  • Appreciation vs. Depreciation
  • Capital gains vs. capital losses

Real Estate taxes can be assessed by various levels of government. They are typically based on the appraised value of the property.

Tax Advantages for Home Owners

  • Homeowners can deduct mortgage interest
  • You can get a tax break for depreciation on your property
  • Capital gains are not taxes unless they are over a certain amount

Virginia Tax Law

  • Local taxing authorities determine the value of real estate and then apply the local tax code to it.
  • Certain types of property are tax exempt, such as churches, burying grounds, public libraries and learning institutions. Public parks and non-profit organizations are also exempt.

 

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

 

Virginia Real Estate Salesperson Exam Lesson 2

Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

Virginia Real Estate Salesperson Exam Lesson 2

This is the second of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate department for licensure.

Lesson 2: The Business of Real Estate

Real estate brokers must be licensed in the state in which they are working.

Brokers can specialize in residential, commercial, and industrial property. They deal with the land and the rights that go with the land, such as water and mineral rights.

Real estate brokers act as an agent for others in a real estate transaction in exchange for a commission. Real estate salespeople have to work under the supervision of a real estate broker. Commissions are split between the broker and the agent.

Other real estate professions:

  • Appraisers
  • Property managers
  • Home inspectors
  • Mortgage brokers
  • Architects
  • Contractors

Kind of Property

  • Residential property (single homes, multi-family dwellings)
  • Commercial properties (retail stores, restaurants, offices, hotels, etc.)
  • Mixed-use properties (mixes commercial and residential)
  • Industrial properties (factories and warehouses)
  • Agricultural properties (farms and ranches)
  • Special purpose land (schools, church, etc.)
  • Vacant land

Supply vs. Demand

Factors that Affect Supply

  • Fear of missing out
  • Location
  • Construction costs
  • Local and state government influence

Factors that Affect Demand

  • Demographics of the area
  • Economy of an area
  • Interest rates

The Cycle of Real Estate

  • Recovery
  • Expansion
  • Hyper Supply
  • Recession

 

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

 

Virginia Real Estate Salesperson Exam Lesson 1

Virginia Real Estate Sales Exam Prep Audio Lesson Cover 600px

This is the first of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate  department for licensure.

Virginia Real Estate Salesperson Exam Lesson 1

Virginia Real Estate Law

Agent vs. Broker

Powers of the Real Estate Board

  • Ability to give licenses
  • Ability to take away licenses

Requirements for a Real Estate Salesperson License

  • Reputation for honesty and fair play.
  • Pass a background check.
  • Must be in good standing in other states.
  • Real estate licensing courses.
  • Pass real estate exam.
  • 18-years old
  • High school diploma
  • Submitted application with 12 months after the exam.

Some states allow for reciprocity.

Real Estate Salesperson Exam

  • 120 total questions, 150 total minutes
  • National topics, 80 questions, 105 minutes
  • State topics 40 questions, 45 minutes

Real Estate Broker Exam

  • 130 total questions, 160 total minutes
  • National topics, 80 questions, 105 minutes
  • State topics 50 questions, 55 minutes

Post License Education and Renewal

  • 30 hours within a year or you will be placed in inactive status
  • Licenses have to be renewed every two years
  • Brokers need 24 hours of courses to renew.
  • Salespersons need 16 hours of courses to renew.
  • You can put yourself in inactive status and you will have to take courses to get back in active status. (Exceptions for military service.)

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington