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

 

 

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