Real Bis: VA Law and Regulations - Chapter 6

When showing and selling property, a salesperson must: Select one: A. Advise buyer of all material adverse facts about the physical condition fo the property actually known by the licensee B. Not make any statements which may deceive customer C. Present all written offers, even if they are below the listing price D. All of the above

All of these choices

When a principal broker assigns two licensees to work with two separate clients in the same transaction, the licensees are referred to as:

Designated agents

Although the law mandates that a brokerage relationship have a definite termination date, in the event that a date is not specified, the relationship will terminate:

In 90 days

After the termination or completion of the brokerage relationship, the licensee is still required to:

Keep confidential all personal and financial information received during the course of the brokerage relationship

Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. The listing includes a 7% commission and a clause which states that this listing was in effect until the house is sold. Is this legal? Select one: A. No, because the commission was over 6% B. No, because the listing has no termination date C. Yes, if it is a multiple listing D. Yes, because it was an exclusive right-to-sell listing

No, because the listing has no termination date

Under Virginia law, a licensee acting as a limited service representative acts as agent for the consumer:

Only if the brokerage agreement specifies that the licensee is acting as agent

When does the Virginia law of agency require that a licensee make a disclosure of the brokerage relationship to any actual or prospective buyer or seller?

Only is the actual or prospective buyer or seller is not represented by another licensee

When acting as an independent contractor through a separate written agreement, instead of as a standard agent, a licensee is subject to:

The duties and responsibilities as stated in the independent contractor agreement

A licensee must obtain records of all transactions in which the licensee was involved for a period of:

Three years

In Virginia, when a broker is a standard agent, which of the following is NOT and agency responsibility or duty? A. To obey all instructions of the seller B. To use care in filling out contract forms C. To be accountable for documents and funds D. To be loyal to the seller

To obey all instruction of the seller