Virginia Exam Prep Licensing

You just sold your first house! You decide to cash the commission check directly and then give the remainder to your affiliate broker. What type of violation have you just committed? A. Misrepresentation B. Improper delivery of instruments C. Improper brokerage commission D. Conflict of interest

Improper brokerage commission

You decide to take the earnest money deposit you've been given and place it in your personal account until it's needed at closing. What type of violation have you committed? A. Misrepresentation B. Improper delivery of instruments C. Improper brokerage commission D. Conflict of interest

Improper delivery of instruments

Which of the following best describes what the Virginia Real Estate Board (VREB) does? A. It oversees the requirements needed for real estate licensure in Virginia. B. It prosecutes licensees who are unfair and unjust in their dealings with the public. C. It writes all the laws that govern real estate in Virginia. D. It regulates commission rates for all licensees in Virginia.

It oversees the requirements needed for real estate licensure in Virginia.

Which of the following best describes post-licensing education (PLE) requirements in Virginia? A. Licensees need to complete 30 hours of post-licensing education every three years. B. PLE and continuing education (CE) requirements are the same for brokers and salespersons. C. While PLE isn't required, the VREB strongly encourages it. D. Licensees must complete 30 hours of PLE during the first year after receiving their license.

Licensees must complete 30 hours of PLE during the first year after receiving their license.

Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town (you're not). What type of violation are you committing? A. Misrepresentation B. Mishandling funds C. Improper disclosure D. Conflict of interest

Misrepresentation

The listing agent for a house promises the seller $500,000, but then assists the buyer in negotiating a better deal without letting the seller know. What violation has the listing agent committed? A. Misrepresentation B. Improper delivery of instruments C. Improper brokerage commission D. Incompetence

Misrepresentation

How do you change supervising brokerages? A. Notify your current brokerage and file a transfer request with the VREB containing both yours and your new broker's signatures. B. File an affidavit from both brokerages approving the switch at the county clerk's office. C. Tell your current brokerage you're leaving after your license is transferred to the new brokerage. D. Just start working at the new brokerage.

Notify your current brokerage and file a transfer request with the VREB containing both yours and your new broker's signatures.

Samantha affiliated with broker Jenny as soon as she was licensed. Samantha just celebrated her two-year anniversary with the brokerage. How much longer do she have to be affiliated before she qualifies for a broker's license? A. Another three years B. Only until she's 21 years old C. Eight more years D. One more year

One more year

What's an advantage of submitting a successful audit report every three years? A. The principal broker of the firm gets to be on the VREB board. B. Principal brokers receive immunity from any enforcement actions from the board, unless they're intentionally noncompliant. C. The DPOR won't prosecute the misdemeanors of affiliated licensees. D. By showing they're compliant, principal brokers get a discount on their next license renewal fees.

Principal brokers receive immunity from any enforcement actions from the board, unless they're intentionally noncompliant.

Which of the following activities requires a real estate license in order to be legal when done for compensation? A. Tarra is an existing tenant of Green Acres apartments. She receives a $150 fee for referring her friend to the complex. B. Mick, an attorney, sells three condos as his client's will directs. C. Rosanna's friend Bert negotiates the closing costs on her new house for her. D. Paul, a salaried employee of a licensed broker, manages a complex of 25 timeshares.

Rosanna's friend Bert negotiates the closing costs on her new house for her.

Which of the following misdeeds is something that the DPOR CANNOT investigate? A. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information. B. Mrs. Peterson says that Danika helped her sell her house, but Danika doesn't have a license. C. Domingo says that the broker he signed with convinced him to do a net listing. D. Mr. Alvarez says that his broker, Monica, told him that he shouldn't mention the damaged foundation of the house he was trying to sell.

Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information.

Karen just received her real estate license in Virginia. She must take post-licensing education courses this year so she can renew her license next year. What type of license does Karen have? A. Salesperson B. Broker C. Associate broker D. Managing broker

Salesperson

Your friend Tasha's salesperson's license expired 20 days ago. Yesterday, she finished her required continuing education coursework. What's her best course of action? A. She has to apply for a new license. B. She should wait another 11 days so she can reactivate her license with no penalty. C. She should renew her license in the next 10 days to avoid a penalty. D. She needs to take another elective CE class as a penalty for late renewal.

She should renew her license in the next 10 days to avoid a penalty.

Felicity has been found guilty of practicing real estate without an active license. Which of the following statements about her situation is true? A. She will have to go to public court and defend herself. B. If she pays a fine she won't have any other consequences. C. She won't be disciplined since unlicensed persons don't fall under the DPOR's jurisdiction. D. She's subject to a DPOR investigation.

She's subject to a DPOR investigation.

Sallee, a salesperson with three months of experience who works under principal broker Skyler, destroys brokerage disclosure records that are two and a half years old. Which of the following statements about this situation is true? A. Skyler could be found negligent in his recordkeeping duties. B. Sallee could be found negligent in her recordkeeping duties. C. Since the records are older than two years, shredding them is perfectly allowable. D. Since the records didn't contain financial information, shredding them is perfectly allowable.

Skyler could be found negligent in his recordkeeping duties.

What are some roles and responsibilities of your sponsoring broker? A. Supervise and train you. B. Make sure you show up to work each day. C. Give you freedom to learn the ropes on your own. D. Renew your license on time.

Supervise and train you.

Shayla has been a principal broker for almost eight years. Does she have to submit proof of continuing education (CE) the next time she renews her license? A. Yes, because brokers need to take CE as part of their renewal process. B. No, because CE requirements end once a salesperson becomes a broker. C. Yes, Shayla needs to take 16 hours of CE and submit proof of it when she renews. D. No, because CE requirements end once a broker becomes a principal broker.

Yes, because brokers need to take CE as part of their renewal process.

Which licensee is managing her license correctly? A. Mara still needs to activate her license, so she prints up her own license cards. B. Yvette is deactivating her license for a while, so she applies to the VREB for a change in status. C. Tonya is affiliating with a new broker. She relies on her new broker to notify the VREB. D. When licensee Brandy gets her license card, she puts it in a small frame on her desk.

Yvette is deactivating her license for a while, so she applies to the VREB for a change in status.

Which of the following best describes the process of reactivating your license after a one-year period of inactivity? A. Inform your broker, then have the broker submit an application to renew your license and pay a fee to the VREB. B. Affiliate with a broker, have the broker certify the change in status application and submit it with a fee. You provide proof to the board that you completed the required continuing education credits. C. Affiliate with a broker, have the broker certify the change in status application and submit it with a fee. You must then take the state portion of the licensing exam. D. Pay a fee, turn in your license card, affiliate with a broker, retake the state portion of the licensing exam, and provide two letters of reference.

Affiliate with a broker, have the broker certify the change in status application and submit it with a fee. You provide proof to the board that you completed the required continuing education credits.

Broker Betsy has five salespersons working under her supervision. Whose license must be displayed in the brokerage office? A. None are required to be displayed. B. Betsy's license must be displayed, as well as the licenses of the five salespersons. C. Only Betsy's license must be displayed; none of the other licenses need to be retained. D. Only the licenses of the five salespersons must be displayed.

Betsy's license must be displayed, as well as the licenses of the five salespersons.

Which of these brokers is providing adequate supervision and training for their new licensees? A. Brannon reviews and discusses licensees' work with them to make sure it meets regulations. He also provides training opportunities to all associates. B. Anita follows her licensee every day to ensure there are no mishaps or regulation violations. C. Pamela holds quarterly meetings to discuss her licensees' performance objectives based on the number of sales transactions completed. D. Deshi only allows associates to perform real estate activities inside the brokerage itself.

Brannon reviews and discusses licensees' work with them to make sure it meets regulations. He also provides training opportunities to all associates.

Which option is a legal license association? A. Salesperson working for two brokerages at the same time B. Broker working with two brokerages without permission from either C. Salesperson working on their own without a supervising brokerage D. Broker working at two brokerages at the same time with permission from both lead brokers

Broker working at two brokerages at the same time with permission from both lead brokers

Which of the following is true about a broker's recordkeeping responsibilities? A. Associate brokers are primarily responsible for this task. B. If the broker's primary office isn't in Virginia, the state of Virginia doesn't require the broker keep records. C. Brokers only need to keep records of completed transactions. D. Brokers must keep records of signed dual agency consent forms for three years.

Brokers must keep records of signed dual agency consent forms for three years.

Which of the following statements about continuing education (CE) is true? A. Licensees must start their CE during their first year of holding a license. B. CE requirements are different for licensees and brokers. C. The VREB requires a certain number of CE hours for brokers, but not for licensees. D. CE is only required when inactive licensees want to reactivate their licenses.

CE requirements are different for licensees and brokers.

Salesperson Nicola just told her principal broker Carter that she's going to transfer to another brokerage. What duties, if any, does Carter have in this transaction? A. Nothing; Nicola and her new principal broker are responsible for completing the transfer. B. Carter must return Nicola's license to the VREB within 10 days. C. He must sign and file a transfer request with the VREB that includes the new sponsoring broker's signature. D. He has to fill out and submit Nicola's transfer request form.

Carter must return Nicola's license to the VREB within 10 days.

Which of these is NOT an item that gets checked during a brokerage audit? A. How brokerage agreements are documented B. Commission fees that the brokerage charged their clients C. That all disclosures are documented correctly D. The proper handling of escrow accounts

Commission fees that the brokerage charged their clients