Mosley Virginia Real Estate Test (Practice)

A broker displayed improper conduct over the course of several transactions. As a result, what is the maximum amount that a licensee involved in multiple transaction can receive from the Transaction Recovery Fund? - $100,000 - $50,000 - $20,000 - none of the above

$100,000

According to the Virginia Time-Share act, the statute of limitation for an action against the developer (based on inaccuracies in the Project instrument) is: 1 year 2 years 3 years there is no limit

2 years

A licensee must respond to a Board inquiry, other than a records request, within: - 21 days - 10 days - 5 days - immediately

21 days

Board regulations require that records of real estate transactions and escrow account activity be kept for: - 2 years from the date of ratification or closing - 3 years from the date of consummation - 3 years from the date of ratification or closing - 5 years from date of consummation

3 years from the date of ratification or closing

All of the following persons may sell real estate in Virginia without holding a license, EXCEPT: - an executor acting under a court order - an administrator of a will - a real estate agent licensed in another jurisdiction - an auctioneer, selling property at a public auction, when employed by the owner

a real estate agent licensed in another jurisdiction

Agency disclosure should happen: - before substitution discussions about a specific property - when writing the offer - when showing a property - at contract ratification

before substitution discussions about a specific property

The person who has entered into a brokerage relationship with a licensee is called a(n): - broker - customer - client - agent

client

When reselling a condominium, what information must the seller provide to the buyer? - condominium financial statements - condominium documents and by-laws - information regarding any proposed capital improvements - all of the above

condominium financial statements

A selling broker receives an earnest money deposit to support an offer to purchase. The deposit is exactly the same amount that the broker will receive when the sale closes. With the permission of the buyer, the broker deposits the check into his brokerage account. Which of the following statements is correct in this situation? - the broker may follow the buyer's instructions because of the fiduciary relationship - the broker is commingling such action is permissible if closing take place within 6 months -the broker has not violated Board regulations

the broker is commingling

According to the Virginia Landlord-Tenant Act, which of the following statements is true regarding application deposits/fees? - the landlord cannot charge an application fee - the landlord must refund the entire application fee if no rental agreement is reached - the landlord has up to 1 year to refund an application deposit if no rental agreement is reached - the landlord may retain a portion of the application deposit, even if no rental agreement is reached

the landlord must refund the entire application fee if no rental agreement is reached

Carol had just started to work as a salesperson. On her first day, she obtained an exclusive listing. The listing may include all of the following information EXCEPT: - the name of her employing broker - a definite date on which the listing will expire - an adequate property description - the net amount that the seller will receive from the sale

the net amount that the seller will receive from the sale

If a claim is paid from the Transaction Recovery Fund, what disciplinary action is taken against the respondent? - the respondent's license will be revoked - the licensee must post a bond - no action will be taken if the licensee repays the Fund within 30 days - the respondent's license will be suspended pending a formal hearing

the respondent's license will be revoked

A real estate advertisement is placed in a publication with primarily Asian subscribers. This advertisement: - violates Federal and Virginia Fair Housing laws - violated the NAR code of ethics - violates Regulation Z - violates nothing

violates nothing

Inactive status refers to a licensee: - with no transactions in a 12-month period - acting only as a referral agent - with no broker affiliation - suspended less than 12 months

with no broker affiliation

Which type of advertisement is prohibited by Board regulations? - newspaper ads or signs that only include telephone number - any ad which includes the name of a salesperson - internet advertisements - ads which include the address of the property

newspaper ads or signs that only include telephone number

Laura is a licensed associate broker. Her mother passes away and Laura (as the heir and eldest child) is named executor of the estate. As the executor, Laura proceeds to dispose of all her mother's real property. In the situation described, which of the following statements is true? - Laura must disclose her license status when disposing of the real property - the Board must be notified - Laura is required to list the property with her broker - Laura's license status is irrelevant

Laura must disclose her license status when disposing of the real property

Walton entered into a 1-year apartment lease on September 1st and gave the owner a security deposit. On August 31st, Walton moved out of the apartment. Is Walton entitled to interest in his security deposit and if so how much? - Walton is not entitled to any interest - yes, 15 months interest - yes, 12 months interest - yes, 2 months interest

Walton is not entitled to any interest

A licensee may act as a dual representative: - after giving written disclosure to all parties to the contract - after giving written or verbal disclosure to all parties to the contract - after receiving written consent from all parties to the contract - after giving written disclosure and receiving written consent from all parties to the contract

after giving written disclosure and receiving written consent from all parties to the contract

An agent must disclose what information to his client? - all rumors - all material rumors - his resume - all facts

all facts

Terri has been working as a licensed salesperson in Virginia. What must she do to be eligible for a broker's license in Virginia? - complete 180 hours of broker education - pass the Virginia broker's examination - be actively engaged for 36--48 months prior to application - all of the above

all of the above

Which of the following advertisements may contain a link to a required disclosure? - a firm web page - an email from a broker to prospective client - a posting on an internet bulletin board by a broker regarding real estate services - all of the above

all of the above

Concurrent licenses may be issued to: - principal brokers only - any licensee that is active in more than one firm - any broker that is active in more than one firm - any person licensed n another jurisdiction

any broker that is active in more than one firm

In Virginia, sellers of residential property must disclose that the: - pervious owner was murdered - basement floods during heavy rain - neighbor is a registered sex offender - current occupant is affected with HIV

neighbor is a registered sex offender

Broker Steve entered into a listing agreement with Seller Stacey. At signing, Stacey received a hard copy disclosure with Steve and the firm's licensed name, the city and state of Steve and the firm's main office, and the jurisdiction that governs Steve and the firm's license. subsequently, Steve sent an instant message to Stacey about an additional service that he forgot to mention earlier. Steve failed to include any disclosure information in this message. Steve's instant message: - violated Board regulations, because it failed to include all mandatory disclosures - did not violate board regulations, because Stacey is an existing client - violated Board regulations, because instant messaging is an invasion of Stacey's privacy - did not violate Board regulations, provided Stacey's hard copy disclosure is...

did not violate Board regulations, provided Stacey's hard copy disclosure is...

It is illegal to induce property sales by representing that: - the brokerage firm will accept a lower commission rate - the seller needs a larger home - the property has appreciated in value - ethnic groups may be moving into the neighborhood

ethnic groups may be moving into the neighborhood

Kerri is licensed as a non-resident broker in Virginia, and she only sells residential property. When is she required to complete her continuing education? - annually - every two years - every three years - none of the above

every two years

The VA Real Estate Board: - has seven members, with five years experience, who serve two-year terms - has only licensed professionals - has nine members; seven professionals and two consumers - has at least two members from the VAR

has nine members; seven professionals and two consumers

While searching for suitable property, the buyer requests that his broker submit a copy of the same earnest money check for multiple offers. May the broker do this? - no, because this contradicts the broker's obligations to the parties - no, because this is improper and dishonest conduct - yes, because the broker does not represent the seller - yes, because the broker must obey all lawful instructions of his client

no, because this is improper and dishonest conduct

Shelia's real estate license expired 20 days ago. What action MUST she do in order to reinstate her license? - pay the reinstatement fee - pay the renewal fee - retake the licensing exam - all of the above

pay the renewal fee

What is required in order to apply for a broker's license in Virginia? - refundable application fee - U.S. citizenship - Virginia residency - prior experience as a real estate salesperson

prior experience as a real estate salesperson

If a license was revoked due to payments from the Transaction Recovery Fund, what must a person do in order to get his license back? - the licensee may never get the license back - re-apply as a new licensee - declare bankruptcy and e discharged of debt - re-pay the fund in full, plus interest

re-pay the fund in full, plus interest

Who must maintain a place of business in Virginia? - all licensed brokers - resident brokers only - non-resident brokers only - associates brokers only

resident brokers only

According to the Virginia Time-Share Act, advertisements that include a free gift or prize must disclose all of the following details. EXCEPT: - retail value - start date of the offer - odds of winning - expiration date of the offer

start date of the offer

A real estate license belongs to: - the licensee's brokerage firm - the principal broker - the individual licensee - the Board

the Board