Laws & Regulations/Math

An officer of a real estate brokerage corporation doing business in Virginia:

May not hold a salesperson's license

When the license of a broker is revoked, the salesperson:

Must have his license re-issued to another broker

A property is listed for sale with a real estate agent at a price of $90,000. A buyer submits a proper written offer of $85,000. Under these circumstances, which of the following is true?

The buyer may withdraw his offer at anytime prior to acceptance by the seller

A licensee may act as a dual agent with the:

Written consent of all parties

A salesperson could have her license suspended and/or revoked for all of the following EXCEPT:

Advertising a property for sale without including the principal broker's name and phone number in the advertisement

Copies of records for the transactions of a VA branch office of a NY real estate firm must be kept where?

At the branch office in VA

A licensee may have his license suspended or revoked for any of the following EXCEPT:

Failing to provide in a timely manner written notice of any material facts relating to the property

When accepting a listing, a broker MUST:

Give written disclosure regarding disbursement of interest earned on escrow funds placed in an interest bearing account

All are true of a business entity salesperson licensee, EXCEPT:

If two salesperson combine, both names must appear in the name of the entity

The day after an exclusive right to sell listing of Ready Sale, Inc. expires, a salesperson with Ready Sales Inc. buys the property. Which of the following is true?

It is permissible as long as the salesperson reveals to the seller his status as a licensee and his relationship to the broker

Broker Grant employs citizen Kane to manage two apartment complexes both of which are owned by the same man and are located within one mile of each other. Grant pays Kane a salary and Kane lives in one of the units rent free. Which of the following statements is TRUE?

Kane must be licensed

When a salesperson transfers from one brokerage firm to another, the former broker MUST:

Mail the salesperson's license by certified mail so its received within 10 days by REB

A purchaser gives the listing broker a $3,000 earnest money deposit and later needs part of the funds to pay appraisal and survey costs. The broker:

May withdraw the necessary funds with written agreement from all parties

A real estate firm desires more listings. It can do all of the following EXCEPT:

Negotiate exclusive agency contracts with no termination date

Salesperson Smith secured an open listing. His broker refused to accept the listing because it had no termination provision. Was the broker correct?

No, because only exclusive listings must include definite termination provisions

A building is worth $540,000 with rents of $100,000 per year. The GRM is:

None of the above

If a complaint, alleging a licensee has violated the VA Fair Housing Law is filed with the REB, which of the following is ALWAYS true?

The burden of proof is on the complainant

If a broker takes a listing from a seller who later tells the broker that the house should not be shown to minorities, the broker should explain to the seller that:

This is illegal under federal and state law

A seller receives a written offer of purchase and gives his accountant a power-of-attorney to consummate the transaction on his behalf. Which of the following is true?

This is permitted under VA license law

When is it permissible for a broker NOT to place an earnest money deposit in his separate escrow account?

With written consent of all parties to the transaction

Salesman Bif, working as an independent contractor for ABC Realty committed an act which was in violation of the real estate license law. His broker was aware of the violation but did not participate in it. Could the broker's license be revoked?

Yes, because he had guilty knowledge of the act.

To avoid paying a penalty, a licensee MUST renew his license:

within 30 days of expiration

Associate broker Toms, associated with Ink Real Estate Company, wishes to advertise his own home for sale. May he advertise under his own name?

Yes, because he is the owner of the property

For a Maryland resident to sell real estate in the state of VA, he must do all of the following EXCEPT:

submit a certificate of licensure to the REB

If the REB feels that a licensed broker is not able to properly handle funds in the broker's escrow account, a receiver may be appointed by which of the following:

Any court having jurisdiction over the broker

A licensee who incurred expenses on behalf of the client may accept reimbursement for the expenditures:

From any person with the written consent of the client

All online advertising must include the appropriate disclosures, EXCEPT:

Instant messaging

Upon receipt of a written complaint, what is the FIRST thing the REB does?

Investigates the complaint

The max award for the TRV to one claimant filing multiple claims against a licensee is?

$100,000

To accept any non-negotiable instrument as a deposit on a sales contract, the licensee MUST:

Acknowledge its acceptance in the contract

If property taxes are $1,338.75 and the tax rate is $1.19 per $100, the assessed value is?

$112,500

A three year old property recently appraised at $105,000 has depreciated 21%. What was its original value?

$132,911.39

An agent sold a house for $68,000. The total commission paid was 7% with the broker receiving 30% of the commission. How much did the agent receive?

$3,332

A sale is to be closed on April 16. Real estate taxes for the current year are $1,860 and have not been paid. What amount of the real estate tax proration will be credited to the buyer?

$542.51

If a room is 22'6'' by 15', the carpet is $19.95per square yard and the padding is $5.00 per square yard, the total cost would be?

$935.62

When purchasing a new condo, the purchasers right of rescission extends for:

10 days

On sale of property in a PUD, the right of rescission is for:

3 days

According to the VA Residential Landlord and Tenant Act, how many months of security deposit interest is due and payable to a tenant whose security deposit was held by a broker for 30 months?

30

Prior to application for VA broker's license the applicant MUST have been actively engaged in real estate for a period of:

36 of the previous 48 months

A developer owns a 32 acre tract. If he allows 25% of the landfill streets, how many 1/2 acre lots will he be able to create?

48 lots

A six unit apartment building has expenses of $11,200 per year. Each apartment rents for $375 per month. Using a 10.5% capitalization rate, the value is?

$150,476

Under VLTA, landlord has how many days to provide tenant with notice of condition inspection report?

5 days

A triangular lot, 600' by 1000' contains how many acres?

5.51 acres

A licensed salesperson may serve as a settlement agent if:

A salesperson may never act as a settlement agent

Three weeks after a sales agreement for $92,000 was signed by the purchaser and seller, the listing broker received a written after for $97,000. What should the broker do?

Present the offer to the seller

At what point during a transaction should a broker give the buyer and seller written notice that he is acting for both parties?

before any negotiation takes place

If a 300 gallon oil tank is 1/3 full, and oil is $1.45 per gallon, how will this appear on the settlement statement?

debt the buyer and credit the seller $145

If a transaction does not close, the broker may pay escrow funds in accordance with the terms of the contract:

if parties to the transaction have given written permission

A salesperson advertising a listed property MUST:

include the name of the firm always

A broker would NOT be subject to disciplinary action by the REB for which of the following?

presenting an offer less than full-price and on terms the sellers have stated were unacceptable