Virginia Real Estate Law
The Virginia Real Estate Board may investigate any actions of a licensee upon receipt of what? A. written complaint and documentary evidence B. Verbal testimony from two or more corroborating witnesses C. A complaint made over a telephone D. Written complaints from at least three people
A. written complaint and documentary evidence. The Virginia Real Estate Board is authorized to investigate any actions of a licensee after receiving a written complaint, along with documentary evidence, about the said licensee.
Which of the following forms are developed and distributed by the Virginia Real Estate Board? A. An association annual report form, a residential property disclaimer, and disclosure statement forms B. A list of all properties sold by licensed salespersons or brokers in the state of Virginia C. A list of all salaries paid to various real estate salespersons over the previous two years D. A list of licensees holding expired licenses
A. An association annual report form, a residential property disclaimer, and disclosure statement forms. The Virginia Real Estate Board develops and distributes an annual report form and residential property disclaimer and disclosure statement forms.
The association of unit owners assumes responsibility for any unsold units once how many of the units have been sold? A. One B. 51% C. 75% D. 100%
C. 75%. Once 75% or more of the units are sold, the declarant is no longer responsible for the units, and instead, the responsibilities fall to the association of unit owners.
If a licensed real estate broker engaged in a proprietorship becomes disabled or dies, which of the following may conclude the broker's business for up to 180 days afterwards? A. The county's appraiser B. A 16 year old relative of the broker C. An employee of the licensee D. The local Sheriff
C. An employee of the licensee. The estate, an adult family member, or an employee of the licensee may conclude the broker's business for 180 days following the death or disability of the broker.
When a legal owner of a property announces intent to commit a property to a condominium regime, by what term is he/she designated? A. Listing agent B. Property leader C. Declarant D. Landlord
C. Declarant. According to Virginia law, a declarant is a natural or legal owner who "declares" his intention to commit a property to a condo regime.
Broker Kayne heard from salesperson Josh that net listings are legal in Virginia. Kayne disagreed. Who is correct? A. Josh is correct, net listings are allowed in Virginia. B. Josh is correct, net listings are allowed if the property in question is listed at a price over $250,000. C. Kayne is correct, net listings are illegal in Virginia. D. Josh is correct, net listings are viewed as unethical but legal.
C. Kayne is correct, net listings are illegal in Virginia. Making a listing contract or lease which provides for a "Net" return to the seller/lessor, leaving the licensee free to sell or lease the property at any price he can obtain in excess of the "Net" price named by the seller/lessor is illegal.
Leon just received his salesperson license. What must he do in the next year to keep his license active? A. Complete the 30 hour post license course B. Complete 5 transactions C. Pay $100 to the recovery fund D. Complete 8 hours of continuing education
A. Complete the 30 hour post license course. All salespersons who receive their initial license must complete the 30 hour post license curriculum within one year of the Board issuing their license. If the new salesperson fails to complete the course work within the one year, the Board must place the license on inactive status until the curriculum is completed.
A licensee may be fined, his license suspended or revoked if which of the following occur? A. He is a party to any real estate transaction and does not disclose his license status B. He is a relative of the selling or purchasing party C. He owns a neighboring property and does not disclose his license status D. Accounts for all trust fund monies
A. He is a party to any real estate transaction and does not disclose his license status. A licensee may be fined, have his license suspended or revoked, if he is a party to any real estate transaction, even just as an "interested" party, and does not disclose his license status in the contract.
To establish guidelines for education upon initial licensing the board shall establish an industry advisory group of representatives in the practices of A. Residential Real estate B. Commercial Real Estate C. Property Management D. Each of the above
D. Each of the above. Educational guidelines are established by an advisory board covering the three major focuses in real estate: residential, commercial, and property management.
How many hours of board-approved real estate study is required by the broker license educational criteria? A. 180 hours B. 60 hours C. 120 hours D. 72 hours
A. 180 hours. Broker's license educational criteria requires that the applicant has successfully completed 180 hours of board-approved real estate study.
What information is presented in a Mechanic's Lien Notice? A. An affidavit to the purchaser stating that all persons performing labor or furnishing materials in connection with the property within 120 days prior to settlement have been paid in full. B. An affidavit providing the costs of all labor and materials used in conncection with the property within one year prior to the settlement. C. An affidavit to the purchaser or lender stating the status of the work progress and the anticipated completion date. D. An affidavit stating which personal property may be claimed by contractors.
A. An affidavit to the purchaser stating that all persons performing labor or furnishing materials in connection with the property within 120 days prior to settlement have been paid in full. A Mechanic's Lien Notice requires an affidavit stating that any person who worked on the property within the 120 days prior to the sale have been paid in full or stating the names, addresses and phone numbers of laborer or material supplier.
Which one of the following duties is not the responsibility of the Virginia Real Estate Board? A. Establish commission rates or commission splits B. Approve prelicense education courses of private real estate schools. C. Enforce fines for license law or regulation violations D. Administer the provisions of the license laws
A. Establish commission rates or commission splits
Virgil is the supervising broker for Ideal Real Estate. He has recently moved to a new home that is 51 miles from his real estate office. Virgil A. must make quarterly certifications to the Board that he is complying with the rules of supervision. B. Must move his office to within 50 miles of his new home C. has no further responsibility for his office D. needs to designate a new supervising broker
A. must make quarterly certifications to the Board that he is complying with the rules of supervision. Supervising brokers must live within 50 miles of each office he/she supervises.
If a licensee is called into active duty in the military, he is allowed _______ past the time of release from active duty, to complete continuing education requirements. A. six months B. thirty days C. one year D. ten days
A. six months. If a licensee is called into active duty in the military, he is allowed six months past the time of release from active duty, to complete continuing education requirements. As of 7/1/04, military personnel can file a request for an extension if needed, by contacting the VREB.
In accordance with the Virginia Non-Stock Corporations Act, the declarant must file which of the following instruments in the case of a time-share estate program? A. time-share project instrument B. A recreational homestead project instrument C.A property conversion project instrument D. A eminent domain instrument
A. time-share project instrument. In the case of a time-share estate program, the declarant must file a time-share project instrument, which defines the project and is in accordance with the Virginia Non-Stock Corporations Act.
When a person feels he or she has been discriminated against, that person may file a complaint with the Virginia Real Estate Board within what time frame? A. 6 months B. 1 year C. 2 years D. 5 years
B. 1 year. If a person feels his/her rights have been violated according to the Virginia Fair Housing Laws, he/she may file a complaint within one year with the Virginia Real Estate Board.
All salespeople must complete at least ____ hours in approved continuing education during each licensed term. A. 9 B. 16 C. 24 D. 30
B. 16. At least eight of these 16 hours must include courses in Fair Housing Laws (2 hours), Ethics and Standards of Conduct (3 hours), Legal Updates and emerging Trends (1 hour), and 1 hour of real estate contracts.
How long must a licensee hold copies of disclosures regarding fully executed purchase contracts? A. 5 years B. 3 years C. 2 years D. 1 year
B. 3 year. Copies of any disclosures regarding a fully executed purchase contract must be held by the licensee three years
Applicants for broker's licensing must have acted in the capacity of a real estate salesperson for ____ of the previous _____ months before applying for a broker's license. A. 24, 48 B. 36, 48 C. 36, 60 D. 48, 60
B. 36, 48. Every broker applicant must have acted in the capacity of real estate salesperson for 36 of the previous 48 months before applying for a broker's license.
In Virginia, elderliness refers to anyone over the age of A. 50 B. 55 C. 65 D. 75
B. 55. The age of "elderliness" is 55 according to Virginia's fair housing laws.
If a salaried employee of a broker does not possess a real estate license, what must the unlicensed person not do in the state of Virginia? A. Talk to prospective tenants about the terms of the lease B. Agree on behalf of the broker to change the amounts required for security deposits, rentals or leases. C. Show residential units D. Give a lease application to a prospective tenant
B. Agree on behalf of the broker to change the amounts required for security deposits, rentals or leases. In the state of Virginia, anyone who negotiates rents, leases, or negotiates a lease of real estate must have a real estate license.
The _______ is calculated based upon the property's sale price at the rate of $.50 for each $500 or fractional part thereof. A. property tax B. transfer or grantor tax C. encumberance tax D. quitclaim tax
B. transfer or grantor tax. In addition to the recordation tax, Virginia assesses a grantor tax when property is conveyed. The tax is payable by the grantor (seller) when the deed or other instrument conveying the real property is presented for recording and the tax payment is noted on the instrument at the time it is recorded.
The _____________ administers and enforces the Fair Housing laws A. Real Estate Board B. HUD C. Fair Housing Board D. Department of Law Enforcement
C. Fair Housing Board. The Fair Housing Board administers the Fair Housing laws.
If rent has not been paid on an apartment, the landlord can convey which of the following? A. Landlord lien B. Foreclosure suit C. Unlawful detainer notice D. Caveat Emptor
C. Unlawful detainer notice. If a rental payment is past due, the landlord may issue one of the following: a Five-Day Pay-Or-Quit Notice, an Unlawful Detainer Warrant, or an Eviction Notice.
Which of the following is a duty of the Virginia Real Estate Board? A. Establish commission rates or commission splits B. Ensure new licensees become Realtors C. Waive educational or experience requirements when the broker/salesperson has an equivalent of that requirement D. Handle disputes between either salespeople and brokers or between brokers
C. Waive educational or experience requirements when the broker/salesperson has an equivalent of that requirement. The Virginia Real Estate Board may waive educational requirements when the broker/salesperson has equivalently met that requirement.
According to Virginia law, where must every resident real estate broker maintain a place of business? A. Within a town with at least 2,500 residents B. Within the broker's county of residence C. Within the State of Virginia D. Within the boundaries of the United States of America
C. Within the State of Virginia. According to Virginia law, every resident real estate broker shall maintain a place of business in Virginia.
As defined by Virginia regulations 18 VAC 135-20-190, all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity is known as A. confidential information. B. agency. C. advertising. D. trust accounting.
C. advertising. Any advertising must be done under the supervision of the principal broker or supervising broker. All advertising must be done in the name of the firm. The name under which the broker does business and the manner in which the broker advertises shall not imply that the property listed or marketed by the broker for others is "for sale by owner."
When a person feels he or she has been discriminated against, that person may file a complaint with the state court within what time frame? A. 6 months B. 5 years C. 10 years D. 2 years
D. 2 years. If a person feels his/her rights have been violated according to the Virginia Fair Housing Laws, he/she may file a complaint within two years with the state court.
Virginia levies a(n) _________ on every deed admitted to record. This tax rate is 25 cents on every $100. A.inheritance tax B. mortgage tax C. income tax D. state recordation tax
D. state recordation tax. Virginia levies a state recordation tax on every deed admitted to record. The recordation tax rate is 25 cents on every $100 (or fraction of $100) of the consideration or the actual value of the property conveyed, whichever is greater.
Payment of claims through the Virginia Real Estate Transaction Recovery Fund will be delayed for a maximum of one year if which of the following occurs? A. The claimant moves away from the State of Virginia B. If there is reason to believe there will be multiple claims involving one licensee C. If the Virginia Real Estate Transaction Recover Fund has fallen below the minimum balance level D. If the licensee moves to a neighboring state
B. If there is reason to believe there will be multiple claims involving one licensee. If there is reason to believe there will be multiple claims involving one regulant, payment of claims will be delayed for a maximum of one year.
How many people serve on the Virginia Real Estate Board? A. Seven people B. Nine people C. Five people D. Between 6-10 people at any one time
B. Nine people. The Virginia Real Estate Board is comprised of seven real estate salespersons or brokers who have been licensed for at least 5 consecutive years before their appointment, and two citizens.
The licensee and the principal broker will be notified if a complaint has been filed and an investigation will ensue. The licensee has ______ days to respond. A. 5 B. 10 C. 21 D. 45
C. 21. After the complaint has been filed, and if it is decided that the licensee will be investigated, the licensee and his principal broker will be notified and the licensee must respond to this complaint within 21 days.
Sole proprietor brokerage businesses may operate under a fictitious name, provided which of the following occur? A. If the application is submitted with a certificate filed with the court clerk in the appropriate jurisdiction B. If a separate firm license is procured C. If an additional one time fee of $100 is paid to the Recovery Fund D. If the broker employs more than five brokers
A. If the application is submitted with a certificate filed with the court clerk in the appropriate jurisdiction. A sole proprietor brokerage, or principal broker owner brokerage business can be in the name of the broker owner, or under a fictitious name if an application is submitted with a certificate filed with the court clerk in the appropriate jurisdiction.
A brokerage relationship involves which two parties? A. Licensed broker or salesperson and the client B. Broker and the branch office manager C. Broker and licensee D. The Virginia Real Estate Board and the licensee
A. Licensed broker or salesperson and the client. A brokerage relationship is an agreement between the licensee and the buyer or seller or client.
Which of the following does the Virginia Real Estate Board NOT HAVE the authority to do?: A. Standardize listing sales contracts and listing agreements B. Enforce fines for license law or regulation violations C. Establishes license fees D. Develop criteria for evaluating and approving continuing education course credits
A. Standardize listing sales contracts and listing agreements. Standardization of listing sales contracts, listing agreements, or any other forms used in real estate practice is not a duty or responsibility of the Virginia Real Estate Board.
Johnny loves real estate and wishes to open a school to teach pre-licensing. Who should he apply to for approval? A. The Virginia Real Estate Board B. The Virginia Council of Higher Education C. The Department of Education D. The Virginia Bar Association
A. The Virginia Real Estate Board. The Virginia Real Estate Board does approve schools to teach broker/salespeople courses in real estate.
Steve is a licensed instructor at Performance Real Estate School who specializes in continuing education courses. Which of the following is true? A. The board may waive instructor requirements if Steve has proof of experience in the field he is instructing. B. Instructor licenses are automatically renewed. C. Steve must take the prelicense course every year. D. Instructors can never earn continuing education credit for teaching continuing education courses.
A. The board may waive instructor requirements if Steve has proof of experience in the field he is instructing. Instructors who are also licensees of the board may earn continuing education credit for teaching continuing education courses.
Which of the following must be displayed in every real estate branch office? A. The branch office license B. A contact number for the board C. Every salesperson and broker license in the office D. A flyer for each property currenty listed with the office
A. The branch office license. The branch office license must be displayed in each branch office.
According to the Virginia Condo Act, when an owner submits his intent to commit a property to a condo regime, which of the following must be included with declaration instruments submitted to the Virginia Real Estate Board? A. The condo name which must include the term "condominium" B. The time frame estimated to complete the project C. The names of all prospective tenants of the building D. The current assessed value of the property
A. The condo name which must include the term "condominium". In order to declare intent to commit a property to a condo regime, the owner must provide "declaration instruments" to the Virginia Real Estate Board, including the name of the condo (which MUST include the word "condominium").
Buyers of time-shares may cancel the purchase contract without penalty within 7 calendar days after which of the following occurs? A. The execution of the purchase contract and the receipt of a current public offering statement B. The contract for purchase has been notarized and the time-share has been occupied by the owner C. The date that closing has been completed D. The date the unit was first viewed
A. The execution of the purchase contract and the receipt of a current public offering statement. Buyers may cancel the purchase contract for 7 calendar days after execution of the purchase contract or receipt of a current public offering statement, whichever is later.
What occurs if a payment must be made from the Transaction Recovery Fund? A. The licensee's licensee is automatically revoked. B. The licensee will not be allowed to enter into a brokerage agreement until the monies are repaid. C. The licensee will be prosecuted criminally. D. The licensee will have to pay up to a $5,000 fine and his/her license will be suspended.
A. The licensee's licensee is automatically revoked. If a payment has to be made from the Transaction Recovery Fund disciplinary action may be taken against the licensee without a review or hearing and his license will be revoked automatically.
Which of the following must be displayed in every real estate office? A. list of every salesperson assigned to that office B. A "FDIC Insured" sign C. A sign discouraging testers D. A 12" by 18" or larger, color photograph of the broker
A. list of every salesperson assigned to that office. Branch offices must display both this branch office license, and a list of every salesperson and broker assigned to this office.
Once a contract is ratified, any earnest money or down payments MUST be put into the escrow account by A. the end of the 5th business day. B. the end of the current business day. C. the end of the 10th business day. D. anytime before closing.
A. the end of the 5th business day. Once a contract is ratified, any earnest money or down payments MUST be put into the escrow account by the END OF THE FIFTH BUSINESS BANKING DAY, unless otherwise agreed to in writing. This money must remain in the account until the transaction has been completed - either by consummation or termination.
A Mechanics Lien Must be filed A. within 90 days from last day of the month which labor or materials furnished B. within 120 days of completion of work C. within 3 months of non receipt of payment D. as soon as the job commences
A. within 90 days from last day of the month which labor or materials furnished. A mechanic's Lien must be placed within 90 days from the last day of the month when work was done.
When a licensee has agreed to work with both a buyer and a seller in a real estate transaction, the licensee must provide a disclosure to all parties by A. written disclosure as soon as possible prior to assisting a second party in the transaction B. verbally to both parties prior to assisting either party in the transaction C. in writing prior to final execution of the contract D. when convenient before closing
A. written disclosure as soon as possible prior to assisting a second party in the transaction. Prior to the time at which specific real estate assistance is first given and as soon as possible, a licensee must provide to all parties written notice of his or her intent to work with more than one party to a transaction.
When a brokerage agreement has not listed a specific termination date, it automatically terminates how many days after its inception? A. 120 B. 90 C. 60 D. 180
B. 90. A brokerage relationship agreements will automatically terminate 90 days after it was begun.
What must be available to a Virginia buyer under Megan's law? A. HUD's Master Plan of Virginia B. A notice in the sellers disclosure or a disclaimer that the buyer can research such information C. The Virginia Real Estate Board's Abestos Directory D. The Federal HIV/AIDS Registry
B. A notice in the sellers disclosure or a disclaimer that the buyer can research such information. The Virginia Department of State Police maintains a Sex Offender and Crimes Against Minors Registry, which makes information about released sex offenders and "violent sex offenders" available to the public. This information includes their names, addresses, pictures, and criminal records, and it is the BUYER'S responsibility to look into this "Megan's Law" information, if he/she so chooses. A disclosure informing buyers concerning this issue is included on the Virginia Residential Property Disclosure/Disclaimer form.
Richmond broker Mark utilizes email advertising/marketing to contact potential clients. Is there a disclosure requirement and if so, what is it? A. There is no email disclosure requirement in Virginia. B. All electronic media advertising that can be viewed or experienced as a separate unit (i.e., email messages and web pages) must contain disclosure that shall be viewable on the main page or is no more than one click away from the main page. C. Yes, Mark must disclose his average commission rate at the end of the first email. D. Yes, Mark must include a disclosure by the end of the fifth message.
B. All electronic media advertising that can be viewed or experienced as a separate unit (i.e., email messages and web pages) must contain disclosure that shall be viewable on the main page or is no more than one click away from the main page. E-mail, newsgroups, discussion lists, bulletin boards. All such formats shall include disclosure at the beginning or end of each message. The provisions of this section of the statutes do not apply to correspondence in the ordinary course of business (aka once a person has a listing agreement, etc).
An expired license can be renewed under which of the following guidelines? A. An expired license can be renewed within 90 days with payment of normal renewal fees and completion of the necessary continuing education. B. An expired license can be renewed upon completion of the necessary continuing education and payment of normal renewal fees within 30 days or from the 31st day with payment of a reinstatement fee. C. An expired license can be renewed in any case upon payment of a mandatory late fee of $1,000. D. An expired license cannot be renewed under any circumstances.
B. An expired license can be renewed upon completion of the necessary continuing education and payment of normal renewal fees within 30 days or from the 31st day with payment of a reinstatement fee.
What is a common source information company? A. A real estate firm that compiles MLS data for sale B. Any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data. C. Any real estate firm with a website D. Any real estate firm owned by the Virginia board
B. Any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data. A common source information company is "any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data and includes, but is not limited to, multiple listing services.
A licensee must disclose the broker/brokerage whom the licensee represents to landlords and tenants in which of the following manners? A. Once the leased is signed B. As soon as possible, but definitely before when the lease is signed. C. After a security deposit has been received D. Within five days after the lease is signed
B. As soon as possible, but definitely before when the lease is signed. Disclosure of the broker/brokerage whom the licensee represents must be made in writing, and presented with the lease application or the lease, at the earliest time possible, but definitely not later than when the lease is signed.
Brokers operating more than one real estate office in the state of Virginia must designate one of their offices as the "main office," and the other offices as what? A. Franchise expansions B. Branch offices C. Satellite stations D. Affiliate locations
B. Branch offices. Those brokers operating more than one real estate office in the state of Virginia must designate one of their offices as the "main office," and the other offices as "branch offices."
When a landlord is in violation of the lease, the tenant may notify him in writing, giving him 30 days to correct the violation. If the violation is not corrected within 30 days, the tenant may do which of the following? A. Discontinue all rent payments B. Deposit the rental payments with the General District Court C. Pay the landlord only 75% of the rent D. File an eminent domain suit
B. Deposit the rental payments with the General District Court. If the landlord does not correct the violation, and the tenant still decides to remain living on the property, the tenant must still make rental payments, however, these payments should be deposited with the GENERAL DISTRICT COURT.
The Virginia Real Estate Board will hold accountable and discipline any licensee found committing which of the following acts? A. Failure of a currently licensed broker to take an annual re-examination with real estate licensing committee B. Drunk Driving C. Failure to also hold a Virginia real estate appraisal license D. Refusing to join the National Association of Realtors
B. Drunk Driving. The Virginia Real Estate Board will hold accountable and discipline any licensee convicted or found guilty of a misdemeanor involving moral turpitude, a sexual offense, drug dealing or physical injury, or ANY FELONY, if there is no appeal pending.
According to the state of Virginia, how is an agency relationship defined? A. Where a broker is employed by the express authority of a licensed salesperson. B. Every relationship in which the real estate licensee acts for or represents a person by such person's express authority in a real estate transaction. C. Every relationship where none of the parties have a real estate license. D. Every relationship in real estate between a licensed appraiser and licensed salesperson.
B. Every relationship in which the real estate licensee acts for or represents a person by such person's express authority in a real estate transaction. In Virginia, an agency agreement is every relationship in which the real estate licensee acts (as an agent, an independent contractor, or in a ministerial role) for or represents a person by such person's express authority in a real estate transaction.
The principal broker is a person defined by which of the following statements? A. The most senior broker in the firm B. The individual designated by the firm to assure compliance with all Federal and state laws and rules C. The only broker in the firm D. A broker who also has an appraisal license.
B. The individual designated by the firm to assure compliance with all Federal and state laws and rules. The principal broker assures compliance with the Virginia Real Estate Laws and Regulations, is responsible for the activities of the entire firm and holds the licenses of the real estate sales people affiliated with his firm.
Any person licensed as a broker or salesperson in Virginia may prepare written contracts for the sale, purchase, option, exchange, or rental of real estate provided which of the following is true? A. The licensee charges more than $100 and half of this amount is paid into the Recovery Fund. B. The licensee does not charge a separate fee for preparing the contract. C. The licensee is a BAR member in more than two states. D. The licensee has a college degree.
B. The licensee does not charge a separate fee for preparing the contract. Provided it is incidental and without a fee, any person licensed as a broker or salesperson in Virginia may prepare written contracts for the sale, purchase, option, exchange, or rental of real estate, unless there is a contradictory court ruling .
When advertising or promoting time-share units includes an offer of a free prize, which of the following must be clearly disclosed? A. The wholesale value of the prize B. The retail value of the prize being offered and the odds of winning the prize C. The names of the distributors of the prizes and their affiliate business associations D. How much must be declared in taxes and if there is a cash alternative
B. The retail value of the prize being offered and the odds of winning the prize. The gift's retail value, offer conditions, odds of winning, the expiration date, and a statement that the offer is for the purpose of soliciting the purchase of time-shares must be clearly stated if a prize is offered when marketing a time-share.
Declarants of Virginia time-share projects must file a time-share project instrument outlining the project, in accordance with the rules under which of the following Acts? A. Virginia Fair Housing Act B. Virginia Non-Stock Corporations Act C. Virginia Property Control Act of 1999 D. Virginia Time-Share Reporting Act
B. Virginia Non-Stock Corporations Act. According to the Virginia Non-Stock Corporations Act declarants for Virginia time-share projects must file a time-share project instrument detailing the proposed undertaking.
Which Virginia entity receives the renewal fees from all active and inactive licensees? A. Virginia Public Procurement Department B. Virginia Real Estate Board C. Virginia Fair Housing Commission D. Virginia Association of Realtors
B. Virginia Real Estate Board. All active and inactive licensees must, by law, pay their fees to the Virginia Real Estate Board to renew their licenses.
A limited service agent who is selling a condominium must provide A. a list of all owners in that condominium B. a condominium resale certificate C. a statement of past due fees D. an association disclosure packet
B. a condominium resale certificate. A condominium resale certificate must be provided by a limited service agent.
A limited service agreement need not disclose A. the services not provided B. a statement in bold lettering or all caps of services which are provided C. the services provided by the agreement D. fee amounts for the services offered
B. a statement in bold lettering or all caps of services which are provided. Limited Service Agreements must include all the services being provided, which services are not provided and the fees for all services.
When a license applicant in Virginia has had a prior license suspended because of disciplinary actions, the applicant must do which of the following? A. Attend a hearing of the Virginia Real Estate Board to formally address the issues which caused the license suspension. B. Pay a fine in the amount of $500 to the Virginia Real Estate Board before reinstatement will be considered. C. Submit a detailed explanation of what occurred to cause the suspension with his or her license application. D. Provide names and addresses of at least two witnesses who will speak on his or her behalf that the suspension should be lifted.
C. Submit a detailed explanation of what occurred to cause the suspension with his or her license application.
Which of the following is not administered by the Virginia Real Estate Board? A. The Virginia Fair Housing Act B. The Virginia Condominium Act C. The Virginia Association of Realtors D. The Virginia Transaction Recovery Fund
C. The Virginia Association of Realtors. Local associations of realtors are considered trade organizations, which do NOT establish state laws, and their rules have no bearing on laws in the state of Virginia, and are therefore not governed by the Virginia Real Estate Board.
Which of the following is false regarding escrow funds? A. Down payments may be held in escrow. B. The escrow account must be in the name of the licensed business. C. The balance in escrow accounts must be sufficient at all times to account for 75% funds that are designated. D. The funds can be held in an account with no interest-rate.
C. The balance in escrow accounts must be sufficient at all times to account for 75% funds that are designated. The balance in escrow accounts must be sufficient AT ALL TIMES to account for all funds that are designated to be held by the firm. 75% is simply unacceptable. Funds can be in an account that does not offer interest.
The initial purchaser of a condominium has ten days to rescind the contract for purchase without reason or penalty beginning from what time period? A. The date that closing has been completed B. The date the unit was first viewed C. The later of the dates of contract ratification or receipt of the Public Offering statement D. The date that the board has approved the purchase
C. The later of the dates of contract ratification or receipt of the Public Offering statement. The initial purchaser of the condo has 10 days to rescind the contract without reason and without penalty, beginning on the date the contract is ratified, or the POS is received, whichever is later.
For how long must an agent keep a record of lead-based paint inspection? A. One year, if evidence of lead-based paint is found or not B. Two years if lead-based paint is found C. Three years, if evidence of lead-based paint is found or not. D. Five years, if evidence of lead-based paint is not found
C. Three years, if evidence of lead-based paint is found or not. Records of lead-based paint inspections must be kept by the agent for THREE years from the completion date of sale, whether or not evidence of lead-based paint is found.
If a tenant has violated terms of his or her lease, the landlord must give written notice and the tenant must correct the violation within how many days? A. Three days B. Thirty days C. Twenty-one days D. Ten days
C. Twenty-one days. If the tenant violates the lease, or in some way violates the law in Virginia, the landlord will notify him of such in writing, giving him 21 days to correct this violation.
Real Estate Teams must A. Be licensed brokers B. each place the word "team member" on their individual license C. obtain a business entity salesperson's license from the Board. D. be registered as a limited liability company
C. obtain a business entity salesperson's license from the Board.
Broker Perry needs to complete his continuing education hours. How many hours of continuing education does Perry need each renewal cycle? A. 6 hours B. 12 hours C. 18 hours D. 24 hours
D. 24 hours. All brokers required to complete continuing education must complete at a minimum, 24 hours of continuing education during each two year licensing term. These 24 hours of continuing education shall include the following, 3 hours of ethics and standards of conduct, 2 hours of fair housing, 1 hour of legal updates and emerging trends, 1 hour of real estate agency, 1 hour of real estate contracts, 8 hours of courses relating to supervision and management of real estate agents and the management of real estate brokerage firms, and 8 hours in real estate related subjects.
Broker Katy wants to use an interest bearing escrow account. Which of the following is true? A. It is illegal to have an interest bearing escrow account in Virginia even if the broker does not receive the interest. B. All interest must be paid into the Recovery Fund. C. Katy can commingle funds if she uses an interest bearing escrow account. D. A written disclosure in the contract of sale must disclose who will receive any of the interest earned.
D. A written disclosure in the contract of sale must disclose who will receive any of the interest earned. In escrow accounts, the funds do not need to be held in an account bearing interest. However, if they are in such an account, a written disclosure in the contract of sale or lease at the time of contract or lease writing must disclose the specifics of any interest earned. (Who is going to receive the interest?)
Broker Allen moved his firm to a new location 12 miles from its old location. Which is true? A. It is illegal to move your firm more than 10 miles in Virginia. B. Allen does not need to notify the board since his firm only moved 12 miles. C. Allen does not need to notify the board until his license expires. D. Allen must notify the board of this change within 30 days.
D. Allen must notify the board of this change within 30 days. Written notices of change in business name or location must be mailed to the board within 30 days.
What mandates that a specific disclosure be given in bold-faced type regarding the choice of settlement agent and the unauthorized practice of law? A. Fair Housing Act of 1964 B. Regulation Z C. Sherman Anti-Trust Act D. Consumer Real Estate Protection Act
D. Consumer Real Estate Protection Act. Consumer Real Estate Protection Act mandates that a specific disclosure be given IN BOLD-FACED TYPE regarding the choice of settlement agent and the unauthorized practice of law. There are 6 major statements within CREPA.
If a licensee fails to make payment of an assessment to the Transaction Recovery Fund, which of the following will occur? A. He will be prosecuted criminally B. He will be sanctioned by the Board and his license may be suspended based on findings at an official review C. The licensee will have to pay a $500 fine but his license will not be effected D. Disciplinary action may be taken against him without a hearing and his license will be suspended automatically
D. Disciplinary action may be taken against him without a hearing and his license will be suspended automatically. If the licensee fails to pay the assessment to the Transaction Recovery Fund disciplinary action may be taken against him without a review or hearing and his license will be suspended automatically.
The on-premises broker must supervise and personally manage which of the following? A. Any offices designated to the broker by the employing agency B. No more than four offices, as approved by the Board C. Any office which the broker holds more than 10% ownership D. Only that office
D. Only that office. Each place of business and each branch office must be supervised and personally managed by an on-premises real estate broker who supervises only that office.
Virginia real estate license applicants must pass a written license examination approved by which of the following entities within 12 months of license application? A. The Virginia Board of Education B. The Virginia State Board of Examiners C. The Virginia Association of Realtors D. The Virginia Real Estate Board
D. The Virginia Real Estate Board. Virginia real estate license applicants must pass a written license examination approved by the Virginia Real Estate Board within 12 months of license application.
If a licensee gives a dual agency disclosure to the parties along with other disclosures, which of the following is true? A. The dual agency disclosure must be placed in a separate envelope to set it apart from other disclosures. B. The dual agency disclosure must be printed on yellow paper and underlined so that the information is easily seen. C. The dual agency disclosure must be the last disclosure read/signed. D. The dual agency disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box.
D. The dual agency disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box.
Prior to digging post holes licensee Ben should A. hire a contractor to place signs. B. ask the Virginia Real Estate Board for permission. C. hire a surveyor to ensure the legal description is correct. D. call Miss Utility at 811.
D. call Miss Utility at 811. Prior to excavating to emplace signs, i.e., digging post holes, etc., call Miss Utility at 811 to ensure there are no underground utilities in the proposed dig site.
Each licensee is responsible for retaining proof of their continuing education completion for A. two years. B. one year. C. five years. D. three years.
D. three years. Each licensee is responsible for retaining proof of their continuing education completion for three years. Failure to provide this documentation, if requested by the Real Estate Board will result in the license not being renewed and/or disciplinary action.