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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: