VA real estate

A licensee whose license has been on inactive status for more than three years will have to do which of the following in order to activate the license? A. Sign an irrevocable consent to suits and services. B. Appear at a hearing before the Board. C. Apply for relicensure as a new applicant. D. Meet current educational requirements.

D

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

D

If the Board authorizes payment from the Transaction Recovery Fund, the claimant subrogates his or her rights to the Board. The Board now has the right to

Sue the licensee to recover the amount of the claim paid.

If a broker opens a branch office in Virginia, which of the following is true? A. Upon proper application, the Board will issue a license for the Branch. B. A salesperson with five years experience can manage the office. C. The broker must advise the Board the names and addresses of all licensees assigned to the new office. D. The broker must hire at least one salesperson.

A

If a first time offender is found to have violated the Virginia Fair Housing Laws, what is the maximum civil penalty that the Attorney General can impose? A. $25,000. B. $50,000. C. $100,000. D. There is no limit.

B

When a salesperson terminates affiliation with a broker, what is the salesperson required to do? A. Give the broker all listings acquired during affiliation with the broker. B. Nothing. C. Return all customer cards to the employing broker. D. Mail his or her license to the Board.

B

A person, other than the declarant, selling a condominium is required to provide the buyer with certain documents. Which of the following is not required? A. A copy of the condo CCR's and by-laws. B. A current financial statement of the condo association. C. A personal credit report of the seller. D. A statement of projected capital expenditures.

C

A real estate licensee 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. Sells personally owned property in his or her own name.

C

If an earnest money deposit is held by a broker in an interest bearing escrow account, what is the disposition of the interest earned? A. It is credited to the buyer. B. It is credited to the seller at closing. C. Written disclosure must be in the contract regarding disbursement. D. Escrow accounts may not be interest bearing accounts.

C

Joe is a licensed sales agent with XYZ Realty Corp. Joe is working with a customer interested in leasing property owned by XYZ. Is Joe required to disclose his relationship with XYZ to his customer? A. Yes, Joe must disclose his license status and relationship with XYZ. B. No, a corporate officer of XYZ is responsible for the disclosure. C. No, disclosure is not required because XYZ is a licensed business entity. D. Joe must only disclose if he has an actual ownership interest in the property.

A

A broker may be licensed with more than one Virginia brokerage firm or sole proprietorship under which of the following circumstances? A. With the knowledge and permission of the seller. B. With the written permission of his or her sales manager. C. With the permission of the local Association of Realtors. D. With the written consent of the principal brokers represented.

D

The requirement that funds be held in an escrow account does not apply to which of the following? A. Money received as a security deposit for rental housing. B. An earnest money deposit, if closing is scheduled in less than 15 days. C. An earnest money deposit of less than $500. D. A commission received from an out-of-state broker.

D

If the Board receives a complaint accusing a licensee of violating the Virginia Fair Housing Law, which of the following statements is correct?

If the respondent is guilty, his or her license could be suspended or revoked.

Which of the following statements is true as it relates to the initial sale of a time-share interest?

Selling a time-share interest, for others, is considered an act of brokerage and therefore requires licensure.

Under what circumstances could a broker pay a "finders fee" to an insurance broker? A. If the insurance broker is also licensed as a real estate broker. B. If the terms of the sales contract require insurance. C. If insurance is required by the lender. D. After the sale has closed and title conveyed.

A

When a broker establishes an account, or accounts, to hold money belonging to others, which of the following is true? A. All checks, deposit slips and bank statements must include the word "Escrow" as part of the account name. B. Accounts may be labeled either "Trust" or "Escrow". C. The money may not be held in the same bank as the broker's operating account. D. An individual account is required for each transaction.

A

Julia, a licensed salesperson, obtains a listing. Several days later, Julia meets prospective buyers at the property and remarks to them that she is the listing agent and therefore very familiar with the property. Under the circumstances described, Julie A. Has failed to properly disclose her agency relationship. B. Has disclosed her agency relationship with the seller. C. Is in violation of Board regulations because she cannot sell her own listing. D. Has created a dual agency, which is a violation of Board regulations.

A

A property was sold by Bob, a licensed associate broker. Several weeks after closing, the seller sent Bob $500 and a thank you note for a job well done. Bob accepted the check because he had worked hard on the sale and felt the bonus was deserved. In the situation described, which of the following is true? A. Bob may keep the bonus because he is licensed as an associate broker. B. Bob may accept the bonus if more than 30 days have elapsed since the closing. C. Bob may keep the money because of the fiduciary relationship between himself and the seller. D. Bob has violated the Board regulations.

D

Which of the following would be a violation of the Virginia Fair Housing Law? A. Refusing to list a commercial property owned by a person of a particular minority group. B. Hiring office personnel on the basis of sex regardless of qualifications. C. Placing ads, printed in a foreign language. D. Taking listing with the intent to change the racial make-up of the neighborhood.

D

A broker may remove money from his or her escrow account in all of the following circumstances, except? A. When a court orders the broker to do so. B. With written permission of all parties to the contract. C. Rescission of the contract by the seller. D. Termination of the contract, by performance.

C

An investor owns a piece of rental property for which he is receiving $700 per month. He asks his friend Larry, a licensed salesperson, to manage the property and will pay Larry any amount in excess of the $700 as the management fee. May Larry accept the listing? A. No. B. Yes, provided that Larry's license is active. C. No, but Larry's broker may accept the listing. D. Yes, but only if the gross rental is disclosed.

A

If the Board receives a complaint accusing a licensee of violating the Virginia Fair Housing Law, which of the following statements is correct? A. If the respondent is guilty, his or her license could be suspended or revoked. B. The licensee is subject to a maximum fine of $500.00. C. The Board will suspend the respondent's license pending full investigation. D. The Board will notify HUD immediately.

A

The statute of limitations as it applies to time-share properties regarding inaccurate information in the POS or any contract is A. 2 years. B. 5 years. C. 7 years. D. No time limit.

A

Once a listing agreement is obtained from a seller and is accepted by the broker, an agency relationship is created between A. The sales agent and the broker. B. The seller and the sales agent. C. The seller and the broker. D. The sales agent and the seller.

C

When a broker places a "For-Sale" sign on property, what must appear on the sign? A. The phone number of the broker. B. The name of the person that listed the property. C. The selling price of the property. D. The firms license name.

D

A written offer is presented to the seller. The seller counters and the buyer accepts the counteroffer. When is the broker required to provide the parties with copies of the ratified contract?

Promptly, after obtaining proper acceptance by all parties.

The objective of the Virginia Fair Housing Law is to

Protect and ensure the welfare of the general public.

When are real estate licenses renewed? A. Annually, in the month issued. B. Every two years, in the month of the licensee's birthday. C. On June 30 of each evened numbered year. D. Every two years on the last day of the month in which they were issued.

D

An investor owns a piece of rental property for which he is receiving $700 per month. He asks his friend Larry, a licensed salesperson, to manage the property and will pay Larry any amount in excess of the $700 as the management fee. May Larry accept the listing?

No

When a condominium unit is sold by a person, other than the declarant, which of the following statements is true?

None of these are true

A buyer's agent has presented an offer for property listed by another broker. Proper agency disclosures have been made. After delivering the offer the listing broker learns of a zoning change that will affect the value of the property. The listing broker tells his client and the client rejects the offer. Which of the following statements is correct? A. The listing broker has violated his responsibilities to the buyer. B. The listing broker has exercised due care and loyalty to his client. C. After the offer is delivered it is too late for the seller to reject the offer. D. Disclosure of this information violates Board regulations.

B

When a claim is paid from the Transaction Recovery Fund, which of the following statements is true? A. The respondent must post a bond in order to continue the practice of real estate brokerage. B. The claimant must subrogate his or her rights to the Board to the extent of the claim paid by the Fund. C. The claimant must prove that the respondent has filed for bankruptcy. D. The respondent must repay the Fund within 30 days.

B

A Virginia lender refuses to make a loan to purchase real property on the basis that the applicant was over 60 years old and would not live long enough to repay the loan. In this situation, the lender is A. In violation of Federal Fair Housing Laws. B. In violation of Virginia Fair Housing Laws. C. In violation of both Federal and Virginia Fair Housing Laws. D. In compliance with Federal and Virginia banking laws.

C

A broker has received an earnest money deposit to support a valid contract. If the contract is breached and does not close, the broker is required to hold the escrow funds until A. The buyer requests the deposit be returned. B. The broker receives notice of the breach of contract from an attorney. C. All principals to the contract agree to the intended distribution. D. The non-defaulting party threatens legal action.

C

A broker manages three properties for the same owner. One property is in need of emergency repairs but there is not enough money in the management account to cover the cost. The broker borrows money from the escrow account of one of the other properties to make the repairs. Which of the following is true? A. The broker has acted properly by safeguarding his clients' interest. B. Such action is proper because all properties are owned by the same person. C. The broker is in violation of regulations for improperly handling escrow funds. D. The broker must use personal funds for repairs if there is not enough money in the management account.

C

When a payment is made from the Transaction Recovery Fund due to the improper activities of a licensee, it results in A. Suspension of the respondent's license. B. No further action by the Board if the Fund is repaid within 30 days. C. Revoking the license of the respondent. D. A fine of $2,000.

C

When may a broker remove money from his or her escrow account? A. At the time the buyer occupies the property. B. When directed to do so by the seller. C. When closing is completed. D. Any of the above.

C

The Board feels a broker is not properly managing her escrow account. Upon request, the court appoints a receiver to manage the account. After the investigation, it is determined that the broker is innocent of any wrongdoing. Who is responsible for the expenses and fees of the court appointed receiver? A. The court that appointed the receiver. B. The broker, as a necessary expense to establish her innocence. C. The Board, using money from the Transaction Recover Fund. D. The Board, using money from its operating budget.

D

A licensee presents a seller a full price offer to purchase, subject to a home inspection. The selling agent orders the inspection from a friend who pays the agent a fee for the referral. Such action would be considered a violation of Board regulations, unless

The fee is disclosed, in writing, to the parties to the contract

When a salesperson is alleged to have violated the license law which could result in disciplinary action, which of the following statements is true? A. An investigation will be conducted unless the law specifically provides otherwise. B. The salesperson is entitled to a jury trial before any action can be taken. C. The salesperson's license will be temporarily suspended until the Board can schedule a formal hearing. D. The salesperson's broker is automatically charged with the same violation.

A

Three brokers have a real estate brokerage partnership. One of the partners dies. The others want to bring Milt, a licensed salesperson with 8 years experience, in as a partner. Under these circumstances, which of the following is correct?

Milt must be licensed as a broker before becoming a partner.

When a person wants to file a claim for payment from the Virginia Real Estate Transaction Recovery Fund, where is the claim filed? A. The court of competent jurisdiction. B. The Virginia Association of Realtors. C. The Real Estate Board. D. The principal broker of the respondent.

C

George, an independent broker, lists property. George offers broker Martha a portion of the fee if she can sell the property. Martha sells the property and George pays her per their agreement. The amount of the payment is never disclosed to either buyer or seller. According to Virginia regulations A. Martha is guilty of accepting valuable consideration from someone other than her employing broker. B. George is guilty of paying valuable consideration to a licensee not active with his firm, which violates Board regulations. C. The financial agreement between brokers must be disclosed, in writing, to all parties to the contact. D. Disclosure of this information is not required.

C

If the Transaction Recovery Fund falls below the 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? A. $40.00; $20.00 per year. B. $50.00. C. $20.00. D. There is no maximum assessment.

C

The broker must return to the Board the license of any active licensee in all of the following situations except A. A licensee transfers to another broker. B. Upon request of the Board. C. A licensee refuses to hold an open house. D. The principal broker's license is revoked.

C

What is the greatest risk when a licensee assists a family member with the purchase of real property? A. An unpleasant experience which might jeopardize the relationship. B. The family member might request a share of the commission. C. There is the potential of creating an undisclosed dual agency. D. It would be impossible to treat all parties fairly.

C

What is the maximum amount of money that can be paid out of the Transaction Recovery Fund for claims against a single licensee during a two-year period? A. $20,000. B. $50,000. C. $100,000. D. There is no maximum.

C

The statute of limitations as it applies to time-share properties regarding inaccurate information in the POS or any contract is

2 years

A broker places one of her signs on property without the permission of the owner. In so doing, the broker A. Is in violation of Board regulations. B. Has violated Anti-Trust laws. C. Is misrepresenting a material fact. D. Has committed an act of disparate impact.

A

A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person that submits an acceptable offer on the property. To whom may the broker pay this bonus? A. Any other licensed cooperating broker. B. Any licensed associate broker. C. An unlicensed friend. D. Only to a licensee active with his own firm.

A

A licensed salesperson can be licensed with more than one Virginia broker under which of the following circumstances? A. Under no circumstances. B. With the permission of his or her sales manager. C. With the written consent of the brokers being represented. D. With the permission of the Association of Realtors.

A

A licensee contacts a homeowner in an attempt to obtain a listing for the property. When must agency disclosure be provided to the homeowner?

At the time the owner agrees to list the property

A written offer is presented to the seller. The seller counters and the buyer accepts the counteroffer. When is the broker required to provide the parties with copies of the ratified contract? A. Within 24 hours. B. Promptly, after obtaining proper acceptance by all parties. C. After the broker has proofread the documents. D. At closing.

B

By vote of the unit owners association, a time-share project could be terminated. What percentage of the voting interest is required for such action? A. 25%. B. 33-1/3%. C. 51%. D. 66-2/3%.

C

Mike, a broker, has decided to open his own brokerage partnership. His long time friend Peter is a licensed stock broker and has agreed to finance the partnership and share in the profits. Peter will be designated as the senior partner. Which of the following statements is correct? A. Peter may not engage in acts of brokerage. B. The partnership must have a separate license, issued by the Board. C. Peter may be the senior partner, but he cannot be the principal broker. D. All of the above are correct.

D

Jerald has been licensed as a broker, in Virginia, since 1980. Which of the following statements is incorrect?

He is exempt from CE requirements by virtue of the "grandfather" clause associated with that regulation.

Lisa is a licensed salesperson and selling her own townhouse. She advertises her townhouse as a FSBO as follows: "Beautiful, 3 bedroom townhouse. Excellent assumption. Single females only. Call 123-4567 for details. Owner is licensed". Which of the following is not true?

Lisa, acting as the owner of the property, is exempt from Virginia Fair Housing Laws?

Relative to the resale on a time-share interest, which of the following is not true? A. The buyer of a time-share has a statutory 5-day right to rescind the contract. B. The time-share association may charge up to $100 for the Certificate of Resale. C. The seller is required to provide the buyer with a Certificate of Resale. D. If the buyer closes on a time-share contract, all rights of rescission are waived.

B

The Virginia Residential Landlord Tenant Act allows a landlord to require a security deposit as a condition of a lease, but has established a maximum amount. The amount of such deposit cannot exceed A. One month's rent. B. Two month's rent. C. Three month's rent. D. $500.

B

A licensed real estate salesperson may receive money or other valuable consideration for services rendered in connection with property management from A. Relatives or friends. B. The property owner he or she represents. C. Any licensed broker. D. His or her employing broker.

D

Sally decides to transfer from ABC Realty to XYZ Realty. What must Sally do to affect the transfer of her license? A. Submit, to the Board, a transfer application, certified by XYZ Realty. B. Request that ABC return her license to the Board along with written notice that she will be going to work for XYZ. C. Call the Board and advise them of her transfer. D. Have ABC send her license to XYZ, by registered mail.

A

The Virginia Fair Housing Law prohibits discrimination on the basis of A. Familial status. B. Marital status. C. Source of income. D. Sexual preference.

A

Three brokers have a real estate brokerage partnership. One of the partners dies. The others want to bring Milt, a licensed salesperson with 8 years experience, in as a partner. Under these circumstances, which of the following is correct? A. Milt should return his salesperson's license to the Board and request an associate broker's license. B. Milt must be licensed as a broker before becoming a partner. C. Milt may become a partner because he has been licensed for more than 5 years. D. Milt may be a partner, but not a senior partner.

B

To become licensed in Virginia it is necessary to take and pass an examination. Which of the following could become licensed and not be required to take an examination?

Any person who is currently licensed in another jurisdiction and meets all requirements for reciprocity.

An unlicensed investor plans to open a real estate brokerage business. The business will be operated as a sole proprietorship. Which of the following is true? A. The business name must include the name of the investor. B. The investor must hire a broker to manage the business. C. The business can only be organized as a corporation. D. Unlicensed persons cannot own a real estate brokerage.

B

When a broker is representing both buyer and seller in a transaction without the full knowledge and consent of all parties to the transaction, it is A. Acceptable as long as everyone is treated fairly. B. An everyday occurrence because this is exactly what happens when a broker sell his or her own listing. C. Grounds for suspension or revocation of the broker's license. D. Acceptable, only if the broker has an ownership interest in the property.

C

A principal broker has been found guilty of violating Board regulations and as a result her license is suspended. What effect does this have on the associate brokers and salespeople active with this broker? A. All active licensees will be required to retake the license exam. B. Their licenses will also be suspended. C. It has no effect. D. Their licenses must be returned to the Board.

D

Two brokers are involved in a dispute over a commission split. Which of the following could become involved in the settlement of their dispute?

A court having jurisdiction over the brokers.