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:

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