2022 Virginia Real Estate Salesperson Exam Lesson 2

Real Estate Exam Lessons for the Audio Learner

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

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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