Licensing
Jan and Bill have a real estate brokerage partnership. Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. Which of the following statements is correct? 1. gene should send his license to the board and request an associate brokers license 2. this is proper as long as jan remains the senior partner 3. gene must obtain a brokers license 4. gene may continue to operate under his existing sales license
gene must obtain a brokers license
if a broker operates the firm from an office in his home, it must: 1. be clearly separate from the living area 2. not exceed 500 square feet in size 3. an office cannot operate on a residential property 4. only be accessible to the public
be clearly separate from the living area
which person can hold more than one concurrent license issued by the board? 1. principal brokers 2. associate brokers and salespersons 3. associate brokers 4. both 1 & 3
both 1 & 3
which of the following statements must be true about a real estate salespersons license? 1. it is mailed to the licensee for delivery to the employing broker 2. it is prominently displayed in the main office of the salespersons firm 3. it is prominently displayed in the branch office where the salesperson works 4. it is kept in the custody of the employing broker
it is kept in the custody of the employing broker
which of the following persons must be licensed when selling real property for others? 1. a trustee, appointed by a court 2. a receiver in a bankruptcy proceeding 3. an executor of a will 4. an appraiser
an appraiser
an applicant must meet which of the following in order to become a salesperson or broker? 1. be at least 18 years old 2. be a US citizen 3. hold degree in real estate 4. be a virginia resident for at least 1 year
be at least 18 years of age
the principal broker must keep all of the following at the main firm office, except: 1. firm license 2. branch license 3. principal brokers license 4. salesperson license
branch license
A seller gave a friend power-of-attorney in order to consummate the sale of her personal residence. Which of the following statements is true? 1. the friend must be licensed as a broker 2. the friend must have a law degree 3. the friend need not be licensed 4. the friend need not be licensed, only if he or she does not get paid
the friend need not be licensed, only if he or she does not get paid
A tenant lives in a four-unit apartment building. He agrees to maintain the building if he can receive a reduced rental fee. In this situation, which of the following statements is correct? 1. the owner and the tenant are exempt from the real estate license law 2. the tenant must establish an escrow account 3. both the tenant and owner are subject to board regulations 4. to be exempt, the tenant must pay his own utilities
the owner and tenant are exempt from the real estate license law
Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. Through reciprocity, what is true of a broker licensed in another state? 1. she may act as a broker in VA by virtue of her valid out of state license 2. she may operate in the role of a salesperson in VA 3. she may handle up to 6 transactions (listing or sales) in VA 4. the real estate board may waive all or part of the prelicensing requirements
the real estate board may waive all or part of the prelicensing requirements
when a broker renews his license, which of the following must accompany that renewal application? 1. the renewal fee 2. the renewal fee, plus $20 payment for the transaction recovery fund 3. the renewal fee, plus proof of membership in the association of realtors 4. the renewal fee, plus proof of errors and omissions insurance
the renewal fee
Gene, an independent broker, lists a property. Susan, also an independent broker, sells the property. Gene agrees to split the commission with Susan, but advises neither the seller nor the buyer of the agreement. According to Virginia regulations: 1. susan is guilty of accepting money from someone other than her employing broker 2. the seller must be informed of any such payment, prior to signing the listing agreement 3. neither susan nor gene is in violation of the law 4. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency
the seller must be informed of any such payment, prior to signing the listing agreement
which person would require a license, issued by the real estate board? 1. the executor of an estate 2. an auctioneer 3. an employee of a broker, who negotiates leases 4. an individual employed by the owner of rental property
an employee of a broker, who negotiates leases
which is not a requirement to become a broker in VA? 1. must be 18 years old 2. must complete 145 credit hours of courses approved by the board 3. must have been active as a salesperson for 3 years 4. must be in good standing in any jurisdiction where licensed
must complete 145 credit hours of courses approved by the board
A salesperson decides to offer a $500 referral bonus to anyone that finds an acceptable buyer for his listing. The salesperson can pay this referral bonus to: 1. any other salesperson or cooperating broker, as long as he finds a ready, willing, and able buyer 2. the owner, as long as he finds a ready, willing, and able buyer 3. an unlicensed friend, as long as he finds a ready, willing, and able buyer 4. none of the above
none of the above
a real estate licensee is required in order to: 1. offer to sell, purchase, or exchange real estate on behalf of another for a fee 2. sell or rent property through a foreclosure process 3. sell or rent investment property for profit 4. all of the above
offer to sell, purchase, or exchange real estate o behalf of another for a fee
For a corporation licensed to engage in real estate business, which individual is primarily responsible for those real estate activities? 1. president of the corporation 2. principal broker 3. chairman of the board 4. corporate attorney
principal broker
licensees with an inactive license must: 1. apply for active status within 3 years 2. do nothing, as the license automatically renews every 2 years 3. retake their prelicense education and pass a licensing exam 4. either 1 or 3
either 1 or 3
a real estate license is not required for a: 1. trustee acting under a court order 2. person selling a vacant lot for a fee 3. person selling industrial real estate full time 4. person selling houses on a part time basis
trustee acting under a court order
which of the following non residents may obtain a VA real estate license? 1. a salesperson licensed in another state 2. a broker licensed in another state 3. a person that is not licensed in another state 4. any of the above
any of the above
what is required in order to be eligible for a VA salespersons license? 1. complete an 18 credit hour course in the principles of real estate 2. be at least 18 years old 3. attend at least 3 seminars conducted by the board 4. be a resident of VA
be at least 18 years old
a broker would not be in violation of VA license law if he: 1. was aware of the improper dealings performed by his salespersons 2. should have known about the improper dealings performed by his salespersons 3. violated the fair housing act 4. paid or accepted valuable consideration from another broker
paid or accepted valuable consideration from another broker
by VA regulation, a licensee that is "actively engaged" is defined as someone who works: 1. at least 40 hours per week 2. at least 30 hours per week 3. less than 20 hours per week 4. any amount of time
at least 40 hours per week
every VA resident who is also licensed as a broker must: 1. maintain an office in the state of VA 2. maintain an escrow account at an insured depository in the state 3. identify his place of business with an appropriate sign 4. all of the above
maintain an office in the state of VA
a builder wants to sell tracts of land that he owns. this person: 1. must have a brokers license 2. may allow unlicensed employees (on a regular salary) to sell the tracts 3. may only employ licensees to sell each tract 4. must register with the real estate board
may allow unlicensed employees (on a regular salary) to sell the tracts
when a broker or salesperson license is renewed, the licensee must: 1. attest to a prescribed level of competency 2. submit a credit report 3. take a new exam 4. pay the required renewal fees
pay the required renewal fees
the real estate board is responsible for: 1. determining commission splits between all MLS brokers 2. waiving education or experience requirements 3. standardization of the clauses contained in a listing agreement 4. setting the commission rates for different types of property
waiving education or experience requirements
a broker is required to return an affiliated agents license to the board in all of the following situations, except: 1. upon demand by the board 2. upon revocation of the brokers license 3. upon the request from the salesperson to transfer to another broker 4. when the salesperson refuses to perform real estte duties
when the salesperson refuses to perform real estate duties
under which circumstance can a salesperson be licensed with more than one VA broker? 1. under no circumstance 2. with written permission of the VA real estate board 3. with written permission of each broker 4. with written permission of the association of realtors
with written permission of the VA real estate board
in addition to obtaining a virginia real estate license, what else must a non resident do in order to sell real estate in virginia? 1. post a surety bond 2. move to VA 3. work for a licensed VA broker 4. get permission of his out of state broker, if the person is licensed in another jurisdiction
work for a licensed VA broker
What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period? 1. 10,000 2. 20,000 3. 50,000 4. 100,000
100,000
What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period? A. $10,000 B. $20,000 C. $50,000 D. $100,000
100,000
If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. What is the maximum that one licensee may be assessed during a two-year period? 1. 20 2. 40 3. 50 4. there is no max assessment
20
New licensee applicants are required to pay into the Transaction Recovery Fund. If necessary, the Board may reassess licensees: 1. 20 every year 2. 20 in a two year period 3. 20 every two years 4. 30 in a two year period
20 in a two year period
the minimum balance of the VA real estate transaction recovery fund is: 1. 800,000 2. 750,000 3. 600,000 4. 400,000
400,000
Which of the following statements about the Transaction Recovery Fund is correct? A. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund B. A licensee accused in the claim must sell all personal possessions to satisfy the claim C. A claimant may collect up to $20,000 D. When a claim is paid, the respondent's license will be automatically suspended
A claimant may collect up to $20,000
a non resident VA salesperson is required to do which of the following? 1. move to VA within six months of licensure 2. post a bond 3. maintain an escrow account in VA 4. affiliate with a licensed VA broker
affiliate with a licensed VA broker
an award from the transaction recovery fund will result in: 1. automatic suspension of the real estate license 2. automatic revocation of the real estate license 3. fine not to exceed 50,000 4. a fine not to exceed 20,000, and up to 6 months in prison
automatic revocation of the real estate license
a broker may place a sign on a property when he: 1. has the owners permission 2. is ready to advertise the property 3. has a written listing agreement 4. plans to hold an open house
has the owners permission
A real estate broker pays $50 to an insurance broker for every referral that goes to closing. The insurance broker pays $50 to the real estate broker for every referral that buys insurance. This arrangement between the two is: 1. legal, as long as the fees paid are less than $100 2. legal, if disclosed im writing to all parties 3. legal, if the insurance broker holds a salespersons license 4. illegal
illegal
every real estate office in VA is required to: 1. have one phone for every 5 agents 2. have a desk for every 5 agents 3. keep records for a period of 10 years 4. keep records for a period of 3 years
keep records for a period of 3 years
what is the purpose of VA's real estate laws, rules, and regulations? 1. to make licensed real estate agents more professional 2. to protect the public interest 3. to allow licensed real estate professionals to earn more money 4. to comply with federal law
to protect the public interest
New licensee applicants are required to pay into the Transaction Recovery Fund. If necessary, the Board may reassess licensees: A. $20 every year B. $20 in a two year period C. $20 every two years D. $30 in a two year period
$20 in a two year period
If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? A. $10,000 B. $20,000 C. $100,000 D. None of the above
$20,000
The Real Estate Board can re-assess licensees if the Transaction Recovery Fund's balance falls below: A. $400,000 B. $500,000 C. $750,000 D. $900,000
$400,000
The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: A. $800,000 B. $750,000 C. $600,000 D. $400,000
$400,000
A real estate license could be suspended without investigation if the licensee: A. Engages in acts of brokerage while on inactive status B. Violates the Virginia Real Property Act C. Does not pay the Transaction Recovery Fund assessment D. All of the above
Does not pay the Transaction Recovery Fund assessment
If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the right to: A. File a claim against to the licensee to recover the amount paid from the Fund B. File a claim against the licensee to recover the judgement amount awarded by the court C. Only to revoke the license, as provided by Virginia law D. Sentence the licensee to a prison term of no more than 12 months
File a claim against to the licensee to recover the amount paid from the Fund
the real estate license of any person or firm may be revoked by which of the following? 1. attorney general of the commonwealth of VA 2. VA association of realtors 3. VA real estate board 4. both 1 & 3
VA real estate board
which person can hold a concurrent license? 1. a broker that is active in more than one brokerage firm 2. a rental location agent that is also licensed as a broker 3. a salesperson that is also licensed as a rental location agent 4. a salesperson that performs residential sales with one broker, but sells time share property for another
a broker that is active in more than one brokerage firm
who is exempt from VA real estate license requirements? 1. a referral agent 2. the manager of a branch real estate office 3. a rental location agent 4. none of the above are exempt
a rental location agent
which of the following is true about the branch office of a VA real estate firm? 1. the office must have an escrow account 2. the office can be managed by a salesperson with 3 years experience 3. the office must have a separate license 4. the branch office must display the licenses of all agents assigned to that particular office
the office must have a separate license
if a person wants to make a claim from the transaction recovery fund, where should this claim be filed? 1. a court of competent jurisdiction 2. the VA association of realtors 3. the real estate board 4. the principal broker of the respondent
the real estate board
If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the right to: 1. file a claim against to the licensee to recover the amount paid from the fund 2. file a claim against the licensee to recover the judgement amount awarded by the court 3. only to revoke the license, as provided by VA law 4. sentence the licensee to a prison term of no more than 12 months
file a claim against to the licensee to recover the amount paid from the fund
Broker Evans fired Sally because she was stealing from the petty cash fund. Evans told her that he would not return her license until the money had been repaid. But, Sally is innocent! She started looking for new firms after the accusations were made, but can't transfer until her license is returned to the Board. What can Sally do to force Evans to return the license to the Board? 1. file a complaint with the local realtors association 2. sue evans in the local court 3. file a complaint with the real estate board 4. do nothing until the matter is legally resolved
file a complaint with the real estate board
Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. In order for Kathy to collect, she must have already: 1. filed a suit against the local realtors association 2. file a claim against the salesperson in a court of competent jurisdiction 3. filed a claim against the salespersons broker 4. filed a claim with HUD
filed a claim against the salesperson in a court of competent jurisdiction
a non resident broker may open an office in VA, provided she does which of the following? 1. employs a resident broker to represent her 2. closes her out of state office 3. the firm must be incorporated in VA 4. files an irrevocable consent to suits and services
files an irrevocable consent to suits and services
a license may be suspended without benefit of a hearing: 1. for failure to pay an assessment to the TRF 2. for failure to pay an assessment to the TRF within 10 days 3. if there is a violation of the boards regulations 4. under no circumstances
for failure to pay an assessment to the TRF
Allison is a broker who knowingly stated an false material fact. The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. Allison is guilty of: 1. fraud 2. misrepresentation 3. inducement 4. larceny
fraud
a broker placed one of her signs on property without permission from the owner. the broker is guilty of: 1. misrepresentation 2. violation of anti trust laws 3. improper dealing 4. disparate impact
improper dealing
which of the following statements is true regarding the multiple listing service? 1. it can only accept residential listings 2. it can establish minimum and maximum commission rates 3. it can refuse to accept open listings 4. all of the above
it can refuse to accept open listings
in accordance with real estate board regulations, all records of transactions and closings maintained by a broker must be: 1. kept for a period of 7 years 2. made available for inspection by the representatives of the real estate board 3. kept indefinitely 4. turned over to the buyer at closing
made available for inspection by the representatives of the real estate board
when a salesperson transfers from one broker to another, it is the salespersons responsibility to: 1. pay a license reinstatement fee 2. return his or her license to the board 3. apply for inactive status until the new broker has business cards printed 4. none of the above
none of the above
the purpose of VA license law and the rules and regulations is to: 1. make brokers and salespersons more professional 2. protect the public interest 3. enable licensed real estate professionals to earn more money 4. comply with federal law
protect the public interest
the purpose of the transaction recovery fund is to: 1. reimburse financial losses caused by licensee misconduct 2. encourage higher education in real estate 3. provide retirement income for brokers 4. provide funds for the boards operating expenses
reimburse financial losses caused by licensee misconduct
when a salesperson takes a listing, the commission amount is determined by the: 1. salesperson 2. salesperson's employing broker 3. seller and salesperson 4. seller and broker
seller and broker
The Board determines that a licensee misrepresented information on her license application. In this situation, which of the following statements is true? 1. the board may take disciplinary action 2. the board may order criminal penalties 3. the licensee must forfeit all commissions earned 4. the licensee must submit to reexamination
the board may take disciplinary action
Gene, an independent broker, lists a property. Susan, also an independent broker, sells the property. Gene agrees to split the commission with Susan, but neither one advises the seller or the buyer of their agreement. According to Virginia regulations: 1. neither susan nor gene is in violation of the law 2. gene is guilty of paying valuable consideration to another party, thereby creating a dual agency 3. susan is guilty of accepting money from someone other than her employing broker 4. the seller must be informed of any such payment, prior to signing the listing agreement
the seller must be informed of any such payment, prior to signing the listing agreement
according to VA license law and the regulations of the board, a salesperson may accept a net listing: 1. with a written consent from the owner only 2. by written contract between the owner and the principal broker 3. if the owner is a non resident of VA 4. under no circumstances
under no circumstances
Billy the Broker represents Suzy Seller in an effort to sell her home. Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." Has Billy violated the VA License Law? 1. no, because he acted in suzys best inerests 2. no, because billy is a broker 3. yes, because suzy must communicate directly with billy 4. yes, because billy failed to present the offer to suzy
yes, because billy failed to present the offer to suzy
Bill hires Larry to sell his home. Bill prefers to communicate with Larry via email. One night, Larry replies to one of Bill's emails, but includes none of the required disclosures. Has Larry violated the rules? 1. yes, because the rules require specified disclosures in emails 2. no, because bill is larrys client 3. yes, so long as larry is a broker 4. no, because disclosure was provided in prior communication
yes, because the rules require specified disclosures in emails
A licensee was out of town on personal business. When she returned on January 6, she realized that her license had expired on December 31. What must the licensee do if she wants to remain licensed? 1. reapply for her new license as a new applicant 2. meet the current educational requirements 3. meet the current educational requirements and pay the renewal fee 4. apply to have her license placed on inactive status
meet the current educational requirements and pay the renewal fee
All firms must have one principal broker. The principal broker has all of the following duties, except: 1. responsible for all escrow accounts 2. must supervise all firm advertising 3. must keep all financial records for 5 years 4. must ensure compliance with all laws and regulations at all locations
must keep all financial records for 5 years
a broker advertises property listed with her firm in a newspaper. what must be included in this property advertisement? 1. name of the listing salesperson 2. price that is shown in the listing agreement 3. name of the brokers firm 4. location of property
name of the brokers firm
a broker may not accept which of the following listings? 1. open listing 2. general listing 3. net listing 4. neither 2 or 3
net listing
Broker Takahashi wants to open her own partnership. Her long-time friend, Sayumi, is not licensed as a real estate agent. However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. Sayumi is therefore designated as a senior partner of the brokerage firm. Which of the following statements is correct? 1. sayumi cannot engage in acts of brokerage 2. the partnership must have a separate license issued by the board 3. sayumi can be a senior partner, but she cannot be the principal broker 4. all of the above
all of the above
a violation of the VA license law may subject a broker to: 1. suspension of his license and a fine 2. a fine only 3. revocation of his license and a fine 4. all of the above
all of the above
if used to advertise property, which type of communication could trigger disclosure requirements by a licensee? 1. email 2. instant messaging 3. chat 4. all of the above
all of the above
in VA, what action is prohibited in an advertisement for real estate? 1. failing to get a clients written consent to advertise his property 2. failing to identify the type of services offered in a general property description 3. advertising that a property listed by a firm is for sale by owner 4. all of the above
all of the above
which of the following is true about real estate advertising? 1. it must be supervised by the principal or supervising broker 2. it must be in the name of the firm 3. the firms licensed name must be clearly and legibly displayed 4. all of the above
all of the above
which of the following persons could file a claim for payment from the transaction recovery fund? 1. a licensed salesperson, to recover money that his brokers owes 2. a lender, to recover losses sustained due to a real estate agents misrepresentation 3. a tenant, seeking to recover a security deposit from his landlord 4. all of the above
all of the above
which person would not need a real estate license? 1. an owner who sells no more than three of her own houses in a year 2. a salaried property manager is employed to manage the apartment and lease individual units 3. an attorney who is offering real property for sale under court order 4. all of the above
all of the above
which person would need a license if selling real property for others? 1. an executor of a will 2. an appraiser 3. a trustee, appointed by a court 4. a receiver in a bankruptcy proceeding
an appraiser
when the transaction recovery fund balance falls below a statutory minimum it results in: 1. an assessment from all licensees to restore the fund to a minimum balance 2. an assessment from active licensees to restore the fund to the minimum balance 3. an evaluation of the funds investments in order to generate additional earnings 4. a 20% decrease in the maximum payment one may receive from the fund
an assessment from all licensees to restore the fund to the minimum balance
which of the following persons is not exempt from the licensure requirements? 1. a trustee who is required to sell a house at foreclosure 2. an administrator who is required to sell a house in order to liquidate an estate 3. a sheriff ordered by the court to sell a house at foreclosure 4. an attorney at law who is regularly engaged as a real estate broker
an attorney at law who is regularly engaged as a real estate broker
when a salesperson is alleged to have violated the license law, which of the following is true? 1. an investigation will be conducted unless the law specifically provides otherwise 2. the salesperson is entitled to a jury trial before any action can be taken 3. the salesperson license will be temporarily suspended until the board can schedule a formal hearing 4. the salesperson broker is automatically charged with the same violation
an investigation will be conducted unless the law specifically provides otherwise
a salesperson could have his license suspended or revoked for which of the following reasons? 1. raising the price on a contract in order to influence a lender 2. giving a false address in order to obtain a license 3. encouraging a homeowner to sell since minorities are moving into the neighborhood 4. any of the above
any of the above
Jane has been out of town on personal business. When she returns on July 5, Jane realizes that her real estate license expired on May 31. What must she do? 1. take the license exam as a new applicant 2. apply for reinstatement of her license and pay a fee 3. apply for renewal of her license 4. apply to have her license placed on inactive status
apply for reinstatement of her license and pay a fee
the real estate board is responsible for: 1. determining commission splits between all MLS brokers 2. approving the license exams 3. standardization of the clauses contained in a listing agreement 4. both 2 & 3
approving the license exams
Incorrect 0.00 points out of 1.00 Not flaggedFlag question Question text Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. When this happens, Vera plans to work with Broker Jane. Vera should: 1. get her license from tom and take it to jane 2. have all earned commissions placed in an escrow account 3. ask tom to return her license to the board and apply for a transfer 4. apply to the real estate board for a license as a new applicant
ask tom to return her license to the board and apply for a transfer
the real estate board may investigate the activities of a salesperson: 1. at any time 2. only upon receipt of a written complaint setting forth the alleged violation 3. only with the approval of the principal broker 4. after 3 complaints have been received
at any time
if a payment is made on a brokers behalf from the transaction recovery fund, what action does the board take? 1. automatically suspend the brokers license 2. automatically fine the licensee for $1000, then schedule a hearing 3. automatically revoke the brokers license 4. schedule a hearing to determine guilt or innocence
automatically revoke the brokers license
Sarah Smith sees an ad from Broker Mark for a custom built home with mountain views, hardwood floors, a theatre room, and a professional kitchen. She goes to the address and finds that the listed property is actually a motor home. Mark is guilty of: 1. commingling 2. bait and switch 3. conversion 4. none of the above
bait and switch
Ben and Jerry are communicating for the first time via instant messages. Ben is a licensee and Jerry is interested in locating property in Ben's area. Ben suggests that he may be able to help. Which of the following disclosures must Ben make? 1. ben must disclose his firm name, city and state 2. ben must disclose his user name 3. ben must disclose his email address 4. ben is not required to make any disclosures because instant messages are not advertisements
ben must disclose his firm name, city and state
Correct 1.00 points out of 1.00 Not flaggedFlag question Question text Ben and Jerry are communicating via instant messages. Ben is a licensee and Jerry is interested in locating property in Ben's area. Ben suggests that he may be able to help. Which of the following disclosures is Ben most likely required to make? 1. disclosures 2. ben must disclose his firm name, city, and state 3. ben must disclose his email address 4. ben must disclose his username
ben must disclose his firm name, city, and state
Bob, an associate broker, sold a property. Several weeks after closing, the seller sent him $250 and a thank you note for a job well done. Bob accepted the check since he worked hard and felt the bonus was deserved. In the situation described, which of the following statement is true? 1. bob may keep the bonus since he has a brokers license 2. bob may accept the bonus if more than 30 days have passed since closing 3. bob may keep the money because of the fiduciary relationship between himself and the seller 4. bob has violated the board regulations
bob has violated the board regulations
Owner Kelly is leaving the area for a one year period. She asks Salesperson Boren to manage her rental home for $45 per month while she is gone. In this situation, which of the following statements is true? 1. boren must work through his broker 2. boren must put through $45 in an interest bearing escrow account 3. this is fine because the compensation is less than $1000 4. this is fine because the time element is not longer than one year
boren must work through his broker
the board may investigate a complaint based on: 1. a written complaint 2. its own initiative, without any written consent 3. matters outside the scope of its authority 4. both 1 & 2
both 1 & 2
the supervising broker must post which records in a conspicuous place at the branch office? 1. the branch office license 2. the list of licensees assigned to that office 3. the licenses of all salespersons working in the office 4. both 1 & 2
both 1 & 2
Two individuals want to form a real estate partnership in Virginia. Which of the following statements is NOT true? 1. the person who is active on the brokerage side of the business must have a brokers license 2. both partners must have a brokers license 3. one of the partners may be unlicensed 4. a license must be obtained from the real estate board for partnership
both partners must have a brokers license
a VA real estate license must be renewed at periodic intervals. the regulations specify that: 1. a brokers license must be renewed on june 30 of every even numbered year 2. salespersons and associate brokers must renew their licenses every two years in the month of their birth date 3. all licenses must be renewed biennially in odd numbered years 4. brokers must renew their licenses every two years in the month that it was issued
brokers must renew their licenses every two years in the month that it was issued
a salesperson wishes to transfer from one broker to another. the salesperson can only do this: 1. by having his license returned to the board a new license issued to the new broker 2. if he gives his current broker 30 days notice 3. if he gives his current broker 30 days notice 4. if the board is notified when his license is renewed
by having his license returned to the board and a new license issued to the new broker
Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: 1. will be issued a temp license by board 2. can only conclude the transactions in the process to facilitate the termination of the business 3. may take new listings and find buyers for any listings on the books 4. must find a licensed broker to run the business
can only conclude the transactions in the process to facilitate the termination process
Carla has been licensed to sell real estate in Wisconsin for the last 10 years. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. Under these circumstances, Carla: 1. should contact the local realtors association and obtain a temp license to sell property 2. may accept the listing by virtue of her current wisconsin license 3. may accept the listing by reciprocity between VA and wisconsin
cannot accept the listing
Jack the Broker sends an email to Mike. The email describes the real estate services Jack provides and encourages Mike to call for more details. Jack makes the required disclosures in the middle of his email, in bold lettering. Jack's email: 1. complies with the regulations 2. does not comply with the regulations 3. is not regulated by the board 4. complies with the regulations, so long as it is at least 12 point, bold font
complies with the regulations
the board takes disciplinary action against a licensed salesperson. under what circumstances would the agents employing broker be subject to disciplinary action by the board? 1. if the broker knew or should have known of agents actions 2. if agents actions were outside the authority granted by employing broker 3. only if salesperson is an employee of broker, not an independent contractor 4. the broker is automatically responsible for all actions of any person affiliated with his or her firm
if the broker knew or should have known of agents actions
The Board takes disciplinary action against a licensed salesperson. Which circumstance might also put the employing broker at risk of disciplinary action? 1. if the broker knew or should have known of the agents actions 2. if the agents actions were outside the authority granted by the employing broker 3. only if the salesperson is an employee of the broker, not an independent contractor 4. the broker is automatically responsible for all actions of any person affiliated with the firm
if the broker knew or should have known of the agents actions
placing a classified ad that contains incomplete or inaccurate info to make the telephone ring" is: 1. creative marketing 2. illegal 3. permissible, with the written permission the owner 4. a common practice accepted by the industry
illegal
Salesperson Ellen shows many different properties to her clients over the course of several weeks. In the end, these clients decide to stay where they are and to quit looking for a home. They give Ellen $500 as compensation for all of her hard work. Ellen deposits the money into her personal checking account. Such action is: 1. legal, if ellen maintains a record of the transaction 2. illegal, because ellen can only accept money from her broker 3. legal, if ellen performed as agreed 4. illegal, unless properly disclosed
illegal, because ellen can only accept money from her broker
an offer is written for a property late friday night, but the salesperson is getting ready to leave town for the weekend. what should the salesperson do? 1. immediately present the offer 2. tell the buyer it will have to wait until monday 3. tell the seller that there is an offer, but it will have to wait until monday to be presented 4. ask another salesperson in the office to present the offer
immediately present the offer
the real estate board has power to take all of the following actions, except: 1. investigate the actions of any real estate broker or salesperson 2. suspend or revoke any license issued by the real estate board 3. impose a fine 4. impose a criminal penalty
impose a criminal penalty
If a salesperson is in violation of Virginia License Law or regulations, the Board may discipline the salesperson by doing any of the following actions, EXCEPT: 1. suspending the persons license 2. revoking the persons license 3. imposing a fine of $5000 for each violation 4. all of the above
imposing a fine of $5000 for each violation
which person is most likely required to have an active real estate license? 1. salaried rental property personnel, accepting lease applications on behalf of another 2. independent contractors, negotiating leases on behalf of another for a fee 3. administrators, selling property under court order and for a fee 4. auctioneers, auctioning property on behalf of the property owner and for a fee
independent contractors, negotiating leases on behalf of another for a fee
if the board receives a written complaint about a licensees actions, what does the board always do? 1. suspend the license until a formal hearing can be conducted 2. impose a monetary penalty of up to $1,000 3. hold a hearing to allow the licensee to defend herself 4. investigate to determine whether a violation might have been committed
investigate to determine whether a violation might have been committed
An owner lists property with a broker. The owner specifies how much she wants to receive from the sales proceeds, then allows the broker to propose a selling price. This type of agreement: 1. assures a quick sale because the broker knows the sellers exact position 2. is attractive to many sellers since they dont need to get involved in the negotiation 3. is illegal since it would allow the broker to take advantage of an uninformed seller 4. is common and completely legal
is common and completely legal
Sarah the Salesperson sold a property for Owner Fred. Fred thought Sarah did such a good job, he sent her a $500 bonus. If Sarah keeps the $500, she: 1. is in violation of the VA license law 2. is not in violation of the VA license law, so long as she informs her broker 3. is not in violation of the VA license law, so long as she informs the buyer 4. is in violation of the VA license law, unless she fails to inform the board
is in violation of the VA license law
Salesperson Chris advertises a property that he listed. The ad reads, "beautiful rambler, excellent assumption. Call Chris at 555-0000 for details." This ad is in violation of the Virginia License Law because: 1. it does not include the owners name 2. it does not include the property address 3. it does not include a statement that the owner is licensed 4. it does not include the name of chris firm
it does not include the name of chris firm
which of the following is true about a branch office? 1. to facilitate supervision, it must be located within a reasonable distance from the main office 2. it may be supervised by a salesperson with 3 years experience 3. it must be supervised by an on premises principal or associate broker 4. a broker may mange two separate office if they are within three miles of one aother
it must be supervised by an on premises principal or associate broker
kerra the consumer has filed a claim for payment from the transaction recovery fund. which of the following must be incorrect? 1. kerra filed suit against the local association of realtors 2. kerra has obtained a judgement in court 3. kerra claim cannot include interest in her damages 4. kerra must wait until there is sufficient money in the fund before payment
kerra filed suit against the local association of realtors
which of the following names must appear in any advertisement for real estate? 1. seller 2. listing salesperson 3. listing broker 4. selling salesperson
listing broker
An individual passes the real estate license examination, then sends in his license application. If approved, the Virginia Real Estate Board must do which of the following actions? 1. send a license to the employing broker by certified mail 2. mail a license to the broker named on the license application 3. publish a list of persons that have been granted licenses 4. mail a license directly to the applicant
mail a license to the broker named on the license application
Rainy Yeng has been transferred out of the area on an extended work assignment. She plans to rent her condominium in that time period, and asks Salesperson Cindy to handle the rental. Rainy tells Cindy that she wants $500 per month for the rental and Cindy may have any amount over $500. May Cindy accept this rental listing? 1. Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent 2. No, but the listing may be accepted by Cindy's broker, who in turn will pay Cindy the brokerage fee 3. Neither Cindy nor her broker may accept this listing 4. Cindy may accept this listing if her license is current
neither cindy nor her broker may accept this listing
Harry is a broker. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). The deal states that Harry will sell all of the houses that Darrell built on Larry's land. After that, Tony would handle the mortgages of any buyers through his bank. Harry sells three houses, then runs off with all the funds. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Who is most likely to collect? 1. larry the developer 2. darrell the contractor 3. tony the mortgage banker 4 no one
no one
Harry is a broker. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). The deal states that Harry will sell all of the houses that Darrell built on Larry's land. After that, Tony would handle the mortgages of any buyers through his bank. Harry sells three houses, then runs off with all the funds. Larry, Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Who is most likely to collect? A. Larry, the developer B. Darrell, the contractor C. Tony, the mortgage banker D. No one
no one
Robert the Broker wants to stay on top of technological trends. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. Since the ad must be small, Robert makes no disclosures in the banner itself. Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. Has Robert violated the rules? 1. yes, because the required disclosures must appear in the ad itself 2. no, because it is permissible to provide a link to the required disclosures 3. yes, because the ad appears on another commercial site 4. no because the board does not regulate banner advertising
no, because it is permissible to provide a link to the required disclosures
Broker Foster manages an apartment building for Owner Smith. Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. Was this action permissible? 1. yes, because deposits are held to cover the cost of repairs 2. yes, as long as the owner is aware of it 3. no, security deposits are held for tenants in an escrow account and are not part of the operating funds 4. no, using these deposits for repairs would eliminate the need to charge damage repairs when tenants move out
no, security deposits are held for tenants in an escrow account and are not part of the operating funds
The principal broker of a real estate franchise must make certain disclosures when advertising. In which of the following forms of advertising are these disclosures NOT required? 1. in ratio and tv ads 2. on for sale signs places on specific property 3. in newspaper ads consisting of more than 28 lines of copy 4. none of the above
none of the above
What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. Ann Agent. Broker XYZ. Phone 123-4567"? 1. nothing 2. no property location specified 3. the agents name appears before the brokers name 4. it does not disclose the agents license status
nothing
a salesperson would be subject to disciplinary action by the real estate board for which of the following actions? 1. paying a finders fee to an unlicensed person 2. acting for both buyer and seller with their mutual consent 3. refusing to hold an open house, at the request of his broker 4. accepting a referral fee from an out of state broker, through his employing broker
paying a finders fee to an unlicensed person
it is a violation of VA license law to induce another person into selling their property by representing that: 1. your brokerage firm will accept a lower commission rate 2. the seller needs a larger house 3. people from hungary are moving into the neighborhood 4. none of the above
people from hungary are moving into the neighborhood
VA license law defines a brokers place of business as a: 1. place where real estate business is regularly transacted 2. post office box 3. place that is managed by a senior salesperson 4. place where the broker maintains transactions and escrow records in a safe deposit box
place where real estate business is regularly transacted
John is holding an open house. On the day of the showing, he places several directional signs throughout the neighborhood. Placement of directional signs is illegal if: 1. the colors on the sign are different than the firms logo colors 2. placed on private property without permission of the owner 3. they direct the public through a neighborhood more desirable than the subject property 4. there is no agent at the location to anser questions
placed on private property without permission of the owner
under the brokers supervision, his unlicensed assistant may: 1. take listings over the phone 2. give additional info to callers about available listings 3. rent apartments for a small fee 4. prepare and file papers for tenant eviction for non payment of rent
prepare and file papers for tenant eviction for non payment of rent
if the board receives a written complaint about a licensee, what if the first they will do? 1. suspend the respondents license 2. advise the licensee of the charges 3. hold a hearing in order to allow the licensee to defend himself 4. review the complaint to determine if there is a possible violation of license law or board regulations
review the complaint to determine if there is a possible violation of license law or board regulations
which of the following actions is not an act of real estate brokerage? 1. renting 1/2 a duplex for a friend 2. helping a friend sell his house for a fee 3. selling a business for a relative 4. taking a listing
selling a business for a relative
if a salesperson is accused of violating license law, the real estate board will: 1. send a copy of the charges to the salesperson at his last known business address 2. send a copy of the charges to the salespersons broker at the brokers place of business 3. revoke the salespersons license pending a hearing 4. ask the court to attach any commissions due the salesperson, pending outcome of the investigation
send a copy of the charges to the salespersons broker at the brokers place of business
when a salesperson transfers from one broker to another, it is the duty of the former broker to: 1. send the salespersons license to the new broker 2. send the salespersons license to the real estate board 3. apply for inactive status for the salesperson 4. hold the license until the salesperson has paid any outstanding bills
send the salespersons license to the real estate board
Susan currently owns a house in Virginia, but is looking to move to Texas this summer. Susan decides to sell her own house. Under the circumstances, which of the following statements is true? 1. in VA, anyone who sells real property must have a real estate license 2. she can obtain a temp license from the VREB to sell her house 3. she does not need a real estate to sell her own house 4. in VA, she can only sell her house if she is a licensed appraiser
she does not need a real estate license to sell her house
a salesperson is charged with a violation of the license law. which of the following is true? 1. she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise 2. she has the right to present witnesses in her defense, provided these witnesses are licensed real estate professionals 3. her license will be temporarily suspended until the board can hold a hearing 4. her employing broker will lose his license if the salesperson is found guilty
she is entitled to a hearing before the board can take disciplinary actions, unless the law provides otherwise
margie passed her license exam in october 2013. in december 2014 she applies for her license. which is true? 1. she must retake the exam 2. the board will issue her license if she can provide proof that she passed 3. the board will issue her active license to her principal broker 4. she must affiliate with a licensed VA broker
she must retake the exam
In an attempt to obtain listings, a broker authorizes her licensees to offer incentives to any person who lists property with her firm. Which of the following statements is correct? 1. the broker has violated board regulations, which preclude paying valuable consideration to an unlicensed person 2. the broker must limit this incentive program to 30 days 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 4. the brokers actions violate anti trust laws
such actions could be viewed as creative selling, which does not violate license law or board regulations
A licensee is on vacation when his license expires. He still needed to take one more continuing education course before his license expiration date. What should he do? 1. take the continuing education course 2. pay a $200 fee and reapply for the license 3. take the continuing education course and apply to reinstate his license 4. apply for a license as a new applicant
take the continuing education course and apply to reinstate his license
Owner Chaney tells Broker Fowler that she will list her property if he guarantees that she will receive $38,500 cash once the sale is complete and all expenses have been paid. Fowler may have anything over that amount as commission. Broker Fowler should tell Owner Chaney: 1. that she is describing an open listing 2. that she has an unrealistic opinion on the value of the property 3. that she is describing an exclusive agency listing 4. that he cannot accept the listing
that he cannot accept the listing
Salesperson Cook places a newspaper ad on a piece of property that she owns. The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." This ad is in violation of the Real Estate Board Regulations because: 1. the ad fails to include the property address 2. the ad fails to disclose that the owner is a licensee .3. the ad makes false or misleading statements 4. the ad does not include the price
the ad fails to disclose that the owner is a licensee
The Board believes that a broker is not properly managing her escrow account. Upon request, the court appoints a receiver to manage the account. After investigation, the Board finds that the broker is innocent of any wrong doing. Who is responsible for the expenses and fees of the court-appointed receiver? 1. the court that appointed the receiver 2. the broker, as a necessary expense to establish her innocence 3. the board, using money from the transaction recovery fund 4. the board, using money from its operating budget
the board, using money from its operating budget
a broker is a member of the local MLS service. commission rates charged by members of the MLS are established by: 1. the MLS service 2. the VA real estate board 3. the broker and the seller 4. the local association of realtors
the broker and the seller
A salesperson obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. near schools, shops, and trains. Seller anxious to move. Deal direct w/ agent and save. Call Paula after 5 at 123-4567." Why is this ad in violation of Board regulations? 1. the price is not mentioned 2. the brokers name is missing 3. there is no property address 4. financing options are not shown
the brokers name is missing
when a claim is paid from the transaction recovery fund, which of the following is true? 1. the licensee named in the claim must post a bond in order to continue practicing real estate 2. the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 4. all of the above
the claimant assigns his rights to the board, to the extent of the amount of money paid by the fund
If a judgment has been awarded to a claimant, what must the claimant do before the Board will authorize payment from the Transaction Recovery Fund? 1. the claimant must have gone after any assets and property belonging to the debtor 2. the respondent must assign all commissions and personal property to the claimant or the board 3. the respondent must file bankruptcy and sell all property 4. the respondent must submit to interrogatories by claimant
the claimant must have gone after any assets and property belonging to the debtor
A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. In this situation, which of the following statements is true? 1. the clerk must be a licensed salesperson 2. neither the broker nor the clerk is in violation of the law 3. the clerk must be licensed as a broker 4. this is a good sales strategy
the clerk must be licensed as a broker
A developer has prepared an advertisement, offering several lots for sale. One lot is $10,000 and all others are in the $15,000 - $20,000 price range. Prior to actually running the ad, the developer receives an offer for the $10,000 lot which he intends to accept. Which of the following statements is true regarding the advertisement? 1. the developer may publish the ad as planned 2. the developer cannot publish the ad as planned 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 4. the developer may publish the ad as planned until 50% of the lots are sold
the developer may publish the ad as planned
A licensee presents a full-price offer to the seller, subject to a home inspection. The agent orders the home inspection from a friend, who then pays him a referral fee. This action would violate the Real Estate Board regulations unless: 1. the inspector is licensed in VA 2. the fee is less than $100 3. the fee is acknowledged, in writing, by the parties to contract 4. the inspection service provides a warranty
the fee is acknowledged, in writing, by the parties to contract
if the board has authorized payment from the transaction recovery fund, what is the effect for the licensee who committed the misconduct? 1. the licensee has 4 years to repay the fund 2. the license will be automatically revoked 3. the license will be automatically suspended 4. the licensee may continue to sell real estate if a court has adjudicated him as bankrupt
the license will be automatically revoked
If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that: 1. the broker notify the board within 10 days 2. the licensee notify the board within 10 days 3. the broker notify the board within 30 days 4. the licensee notify the board within 30 days
the licensee notify the board within 30 days
if any licensee changes his principal place of residence, he must notify: 1. the principal broker 2. the real estate board within 30 days 3. the real estate board when his license is renewed 4. the VA association of realtors
the real estate board within 30 days
A salesperson took a listing on October 15. The property sells on December 20 and closing takes place on January 15. Unfortunately, the salesperson forgot to renew her license when it expired on December 31. Which of the following statements is true in this situation? 1. the salesperson is entitle to receiver her commission 2. the salesperson can only be paid if her license is renewed prior to january 31 3. the salesperson cannot be paid 4. the salesperson can be aid if she retakes the state licensing exam
the salesperson is entitled to receive her commission
A postal employee has a friend, Berry, who is a real estate salesperson. Every once in a while, she gives Berry information about people leaving the area so he can contact them as potential clients. When this information leads to a sale, Berry pays her $100 for the tip. Which of the following statements is true? 1. this is permitted since it is only done occasionally 2. this is a questionable business practice and may constitute mail fraud 3. this is not permissible because the $100 fee must be paid to smith through berrys employing broker 4. this is a violation of VA license law
this is a violation of VA license law
In April, Mary took a continuing education course to satisfy her October renewal requirements. A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. Mary didn't realize until January that her license had expired. Which of the following statements is correct? 1. mary is required to retake the license examination in order to reinstate her license 2. mary should apply for reinstatement of her license 3. mary may continue to engage in acts of brokerage if she can establish that the postal service lost the renewal notice 4. mary is required to meet the current educational requirements if she had never been licensed
mary should apply for reinstatement of her license
an associate broker is described as a: 1. member of the MLS 2. broker working for another broker 3. broker who is also licensed as a rental location agent 4. non resident, licensed in another state as a broker
broker working for another broker
if a real estate company has more than one office in VA, that company must: 1. file an annual report with the board which details the activities of each location 2. designate one location as the main office 3. operate profitably for at least one year 4. submit a copy of each office lease to establish that the location does exist
designate one location as the main office
a VA real estate firm may operate under the name of: 1. a fictitious name 2. a salesperson who holds a business entity license 3. a principal broker 4. either 1 or 3
either 1 or 3
the real estate board has authority to administer all of the following laws except: 1. real estate transaction recovery act 2. land tort reform act 3. real estate license law 4. virginia fair housing act
land tort reform act
which person must have a license issued by the real estate board? 1. a person acting without compensation under power of attorney 2. a person acting as a trustee in bankruptcy 3. a tenant who refers a prospective tenant to the landlord 4. none of the above
none of the above
Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm? 1. associate broker 2. director 3. supervising broker 4. principal broker
principal broker
the real estate license of any person or firm may be revoked by which of the following entities? 1. attorney general of the commonwealth of virginia 2. virginia association of realtors 3. real estate board 4. both 1 & 3
real estate board
a salesperson whose license is on an active status may: 1. only receive referral fees for sending buyers to other salespersons in his office 2. continue to use cards and stationary which state that he is a licensee 3. renew his license every 2 years by paying the renewal fee 4. list and sell property for relatives at a discounted price
renew his license every 2 years by paying the renewal fee
if a broker repays the amount awarded to an aggrieved consumer from the transaction recovery fund with interest, which of the following is true? 1. his license must be reinstated 2. the real estate board could withhold issuance of a new license, forever 3. he must wait for at least 30 days to reapply for a license 4. he could be reinstated as a salesperson, but not as a broker, for a period of 2 years
the real estate board could withhold issuance of a new license, forever
if a principal brokers license is suspended, what happens to the licenses of any affiliated agents at that firm? 1. their licenses are not affected 2. their licenses will also be suspended 3. their licenses must be returned to the board 4. they must retake the exam
their licenses must be returned to the board
the VA real estate board has the power to take all of the following actions, except: 1. investigate the dealings of any real estate broker or salesperson 2. suspend or revoke any license issued by the board 3. impose a fine on any licensee 4. impose a penalty of up to one year in prison
impose a penalty of up to one year in prison
a person applying for a license by reciprocity must: 1. take and pass the VA portion of the licensing exam 2. be 21 years old 3. be actively licensed for the last 48 months in their home state 4. sign an affidavit that they understand the laws in the state of VA
take and pass the VA portion of the licensing exam
when a broker opens an office, which statement is most likely to be true? 1. the office must be licensed 2. a salesperson with 5 years experience may run the office 3. the names and address of all salespersons must be sent to the real estate board 4.. all of the above
the office must be licensed
after the death or disability of the only broker in a real estate firm, how long does a board approved person have to conclude the business? 1. 120 2. 150 3. 180 4. 210
180
juan obtains his license on may 3. how much continuing education must juan complete? 1. 8 hours within the first year 2. 16 hours within the first two years 3. 30 hours within the first year 4. 30 hours before he can actually receive his license
30 hours within the first year
how much experience should a salesperson have before applying for a brokers license? 1. 6 months 2. 12 months 3. 24 months 4. 36 months
36 months
the real estate board consists of: 1. 6 brokers, 2 salespersons, and 1 attorney 2. 7 licensees (with at least 3 years experience) and 2 consumers 3. 6 licensees and 1 consumer 4. 7 licensees (with at least 5 years experience) and 2 consumers
7 licensees (with at least 5 years experience) and 2 consumers
the real estate license of any person or firm may be revoked by which of the following entities? 1. attorney general of the commonwealth 2. VA association of realtors 3. VA real estate board 4. both 1 & 3
VA real estate board
the VREB regulations require that complete records of real estate transactions: 1. be retained by the principal broker indefinitely 2. be furnished to the board upon request 3. be furnished to the board every 3 years 4. be maintained in a federally insured bank
be furnished to the board upon request
the VA real estate board is empowered to: 1. levy fines 2. reimburse aggrieved persons 3. adjudicate disputes between licenses 4. enforce the code of ethics
levy fines
It is necessary to take and pass an examination in order to become licensed in Virginia. Which of the following persons could become licensed without taking an examination? 1. an attorney who is licensed to practice law in VA 2. a person who will only work as a referral agent 3. a person who is currently licensed in another jurisdiction 4. none of the above
none of the above
which person does not require a brokers license? 1. a firm partner who does not participate in the brokerage business 2. an attorney at law 3. a person acting under a power of attorney without compensation 4. all of the above
all of the above
once a license has been issued to a salesperson, her license: 1. must be carried at all times to establish that she is licensed 2. must be displayed in a conspicuous place in her home office 3. must be kept at the employing brokers main place of business 4. must be displayed in the branch office where she is assigned
must be kept at the employing brokers main place of business
to obtain a VA real estate license, it is necessary to: 1. be a citizen of the US 2. hold a bachelors degree in real estate 3. take and pass a test within 12 months of application 4. serve an apprenticeship term in real estate
take and pass a test within 12 months of application
the real estate board regulates: 1. the wording contained in standard exclusive right to sell listing agreements 2. disputes between brokers or salespersons 3. the real estate licensing examination 4. real estate sales commissions
the real estate licensing examination
a person seeking a real estate license in VA must be: 1. a resident of VA 2. at least 21 years 3. a college grad 4. competent and good reputation for honesty
competent and good reputation for honesty
every resident broker licensed in VA must: 1. maintain an office in VA 2. maintain an escrow account in VA 3.. employ at least one salesperson or associate broker that is also a resident of VA 4. all of the above
maintain an office in VA
by virginia definitions, which person requires a real estate license? 1. an attorney at law 2. an auctioneer 3. an appraiser 4. none of the above
none of the above
an associate broker must be: 1. a member of the national association of realtors 2. member of the MLS 3. employed by another broker 4. part of a franchise firm
employed by another broker
when a salesperson terminates affiliation with a broker, that salesperson must: 1. give back all listings acquired while affiliated with the broker 2. mail his or her license to the board 3. return all customers cards to the employing broker 4. do nothing
do nothing
the real estate board has a responsibility to settle disputes between: 1. a broker and a salesperson, involving employment conditions 2. cooperating brokers, concerning commission splits 3. a broker and the local association of realtors 4. a broker and a salesperson, but only if there is a violation of license law
a broker and a salesperson, but only if there is a violation of license law
which of the following persons may file a claim and collect from the virginia transaction recovery fund? 1. a broker or a salesperson that has been drafted in a real estate transaction 2. a consumer that has been defrauded in a real estate transaction 3. a real estate developer that has been defrauded in a real estate transaction 4. all of the above
a consumer that has been defrauded in a real estate transaction
Two brokers are involved in a dispute over a commission split. Which of the following entities could become involved in settling the matter? 1. a court having jurisdiction over the brokers 2. the VA real estate board 3. the director of the dept of professional and occupational regulation (DPOR) 4. the enforcement branch of DPOR
a court having jurisdiction over the brokers
which person would need a license to sell property on behalf on another? 1. an auctioneer 2. a person receiving a gift certificate to sell a property 3. an attorney 4. a court appointed trustee
a person receiving a gift certificate to sell a property
if a licensee has placed her license on inactive status, it means: 1. that she is not affiliated with a brokerage firm or sole proprietor 2. that she had no sales or listings during the preceding 12 months 3. that she is acting as a referral agent only, and is not active in selling and listing 4. that she can engage in acts of brokerage on a selective basis
that she is not affiliated with a brokerage firm or sole proprietor
Two brokers are involved in a dispute over splitting a commission. Which entity would NOT involve itself in resolving the matter? 1. the VA association of realtors 2. the VA real estate board 3. a court of law having jurisdiction over the brokers 4. the local realtors association
the VA real estate board
A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. near schools, shops and trains. Seller anxious to move. Deal direct w/agent and save. Call Paula after 5 at 123-4567." Why is this ad in violation of Board regulations? 1. the price is not mentioned 2. the brokers name is missing 3. there is no address 4. financing options are not shown
the brokers name is missing
An unlicensed investor plans to open a real estate brokerage business. The business will be operated as a sole proprietorship. In this situation, which of the following statements is true? 1. the business name must include the name of the investor 2. the investor must hire a broker to manage the business 3. the business can only be organized as a corporation 4. unlicensed persons cannot own a real estate brokerage
the investor must hire a broker to manage the business
Which of the following statements is correct if a licensee is leasing his own property, without help from a broker? 1. the licensee is exempt from both the federal and VA fair housing laws 2. the licensee may be exempt from the VA landlord tenant act 3. the licensee is required to disclose the name of his employing broker 4. the licensee is not subject to the rules and regulations of the board
the license may be exempt from the VA landlord tenant act
When a salesperson transfers from one broker to another, who is responsible for sending the salesperson's license to the Board? 1. the old broker and the new broker hold joint responsibility 2. the salesperson and the new broker 3. the old broker 4. the salesperson
the old broker
claims for payment from the transaction recovery fund are filed with the: 1. real estate board 2. local association of realtors 3. court of competent jurisdiction 4. salespersons broker
real estate board
licensees must respond to board inquiries within: 1. 10 days 2. 15 days 3. 21 days 4. 31 days
21 days
If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? 1. 10,000 2. 20,000 3. 100,000 4. none of the above
20,000
In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? 1. 100,000 2. 20,000 3. 15,000 4. 10,000
20,000
newly licensed brokers must complete: 1. 30 hours of post license education 2. 45 hours of post license education 3. 16 hours of continuing education 4. 24 hours of continuing education
24 hours of continuing education
before a person can apply to obtain a brokers license, how much experience must she have as a salesperson? 1. 1 year 2. 2 years 3. 3 years 4. 5 years
3 years
brokers must retain records of real estate transactions for at least: 1. 2 years 2. 3 years 3. 4 years 4. 5 years
3 years
the real estate board can reassess licensees if the transaction recovery funds balance falls below: 1. 400,000 2. 500,000 3. 750,000 4. 900,000
400,000
A salesperson candidate is required to take a certain number of credit hours before sitting for the state licensing exam. What is this requirement? 1. 45 hours 2. 60 hours 3. 120 hours 4. 10 hours
60 hours
A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. In order to receive payment, this claim must be in connection with: A. A personal loan B. An investment in a limited real estate partnership C. A real estate transaction D. All of the above
A real estate transaction
When the Transaction Recovery Fund balance falls below a statutory minimum, it results in: A. An assessment from all licensees to restore the fund to the minimum balance B. An assessment from active licensees to restore the fund to the minimum balance C. An evaluation of the Fund's investments in order to generate additional earnings D. A 20 percent decrease in the maximum payment one may receive from the fund
An assessment from all licensees to restore the fund to the minimum balance
If a payment is made on a broker's behalf from the Transaction Recovery Fund, what action does the Board take? A. Automatically suspend the broker's license B. Automatically fine the licensee for $1,000, then schedule a hearing C. Automatically revoke the broker's license D. Schedule a hearing to determine guilt or innocence
Automatically revoke the broker's license
A license may be suspended without benefit of a hearing: A. For failure to pay an assessment to the TRF B. For failure to pay an assessment to the TRF within 10 days C. If there is a violation of the Board's regulations D. Under no circumstances
For failure to pay an assessment to the TRF
Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. Which of the following statements must be incorrect? A. Kerra filed suit against the local Association of Realtors B. Kerra has obtained a judgement in court C. Kerra claim cannot include interest in her damages D. Kerra must wait until there is sufficient money in the Fund before payment
Kerra filed suit against the local Association of Realtors
The purpose of the Transaction Recovery Fund is to: A. Reimburse financial losses caused by licensee misconduct B. Encourage higher education in real estate C. Provide retirement income for brokers D. Provide funds for the Board's operating expenses
Reimburse financial losses caused by licensee misconduct
If a judgment has been awarded to a claimant, what must the claimant do before the Board will authorize payment from the Transaction Recovery Fund? A. The claimant must have gone after any assets and property belonging to the debtor B. The respondent must assign all commissions and personal property to the claimant or the Board C. The respondent must file bankruptcy and sell all property D. The respondent must submit to interrogatories by claimant
The claimant must have gone after any assets and property belonging to the debtor
Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? A. His license is automatically reinstated B. The Real Estate Board could withhold issuance of a new license, forever C. He may apply for a new license within 30 days D. He will be reinstated as a salesperson, NOT as a broker, for a period of 2 years
The Real Estate Board could withhold issuance of a new license, forever
When a claim is paid from the Transaction Recovery fund, which of the following statements is true? A. The licensee named in the claim must post a bond in order to continue practicing real estate B. The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund C. All claims submitted in relation to a licensee's misconduct in a single transaction may not exceed $20,000 D. All of the above
The claimant assigns his rights to the Board, to the extent of the amount of money paid by the Fund
If the Board has authorized payment from the Transaction Recovery Fund, what is the effect for the licensee who committed the misconduct? A. The licensee has 4 years to repay the Fund B. The license will be automatically revoked C. The license will be automatically suspended D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt
The license will be automatically revoked
which of the following about the transaction recovery fund is correct? 1. if the fund falls below 400,000, the director may only assess active licensees to restore the fund 2. a licensee accused in the claim must sell all personal possessions to satisfy the claim 3. a claimant may collect up to 20,000 4. when a claim is paid, the respondents license will be automatically suspended
a claimant may collect up to 20,000
which of the following persons may file a claim and collect from the VA transaction recovery fund? 1. a broker or a salesperson that has been defrauded in a real estate transaction 2. a consumer that has been defrauded in a real estate transaction 3. a real estate developer that has been defrauded in a real estate transaction 4. all of the above
a consumer that has been defrauded in a real estate transaction
which person is required to hold a real estate license? 1. a person who, for compensation, helps to sell his neighbors home 2. a govt employee selling land owned by the govt 3. a property manager who leases property for the owner in the course of his employement 4. all of the above
a person who, for compensation, helps to sell his neighbors home
A consumer may file a Transaction Recovery Fund claim for a loss sustained as the result of a licensee's fraudulent act. In order to receive payment, this claim must be in connection with: 1. a personal loan 2. an investment in a limited real estate partnership 3. a real estate transaction 4. all of the above
a real estate transaction
hearings before the VA real estate board must be held in accordance with the: 1. VA association of realtors regulations 2. uniform commercial code 3. administrative process act 4. supreme court judicial procedures act
administrative process act
a real estate salespersons license may be revoked if the licensee: 1. sells insurance from the real estate office where she is employed 2. gives a reduced commission rate to a family member 3. charges more than the legal maximum commission rate 4. advertises a listing at lower than listed price
advertises a listing at lower than listed price
if a licensee changes their surname, it is the responsibility of the licensee to: 1. inform their employing broker 2. advise the board within 30 days 3. advise the board when their license is renewed 4. advise the board within 10 days
advise the board within 30 days
mart fields just found out that he passed the VA real estate sales exam. what must marty do before he can start selling real estate? 1. complete the mandatory postlicense education requirement 2. apply for a temp license until he affiliates with a broker 3. affiliate with a broker and submit an application for licensure 4. both 1 & 3
affiliate with a broker and submit an application for licensure
a real estate license could be suspended without investigation if the licensee: 1. engages in acts of brokerage wile on inactive status 2. violates the VA real property act 3. does not pay the transaction recovery fund assessment 4. all of the above
does not pay the transaction recovery fund assessment
the board may take disciplinary action against a: 1. if a written complaint contains prima facie evidence that a violation has occurred 2. if the licensee admits guilt 3. after conducting a hearing 4. either 2 or 3
either 2 or 3
Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. What is the first thing Lynch should do? 1. inform his employing broker 2. endorse the check and give it to his employing broker 3. write a thank you note to kirks 4. deposit the check and say nothing
endorse the check and give it to his employing broker
Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. If Brenda wants to keep the money and NOT violate VA License Law, she could: 1. cash the check if she deserves it 2. endorse the check over to bob 3. put the check in her escrow 4. cash the check, but inform bob
endorse the check over to bob
the real estate board is responsible for: 1. regulating brokerage fees 2. enforcing the license law 3. the code of ethics for real estate professionals 4. enforcing the VA homestead act
enforcing the license law
the VA real estate board is empowered to do all of the following, except: 1. establish standardized listing and sales contract agreements 2. administer the fair housing act 3. administer the transaction recovery act 4. administer the residential property disclosure act
establish standardized listing and sales contract agreements
which of the following actions is not a violation of VA real estate ls and regulations? 1. failing to disclose to buyers that were termites in the property 2. failing to disclose adverse zoning that affected the property 3. failing to inform the seller of the ethnic character of a buyer 4. failing to advise a buyer of an offer, in the case of a buyers agent
failing to inform the seller of the ethnic character of a buyer
If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: 1. acceptable, if no one is defrauded 2. acceptable, as a result of the listing contract 3. acceptable, if the compensation is less than $500 4. grounds for suspension or revocation of a license
grounds for suspension or revocation of a license
a real estate salesperson will receive her share of the brokerage fee from which person? 1. either buyer or seller, based on their agreement 2. the attorney conducting the closing 3. her employing broker 4. the listing broker
her employing broker
Craig the Broker got his license two years ago, so it is up for renewal. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. What will happen to Craig's license if he doesn't complete the required courses before renewal? 1. his license is null and void 2. he can pay a fine to extend the renewal date 3. his license will expire 4. he will have to retake the licensing exam
his license will expire
a licensed real estate salesperson may receive money to manage real property from: 1. his or her broker 2. any property owner 3. any broker 4. a friend, relative, or builder
his or her broker