Virginia License Law

The initial purchaser of the condo has ___ days to rescind the contract without reason or penalty. A: 10 B: 20 C: 30 D: 50

A: 10

Representing 2 or more parties in one transaction is known as: A: dual agency B: caveat emptor C: broker relationship D: none of the above

A: dual agency

All active and inactive licensees must _____ the Department to renew their licenses. A: pay their fees to B: work one day at C: do volunteer work for D: all of the above

A: pay their fees to

A person must be ____ years old to become licensed as a real estate salesperson or broker in the state of Virginia. A: 17 B: 18 C: 21 D: 25

B: 18

The Virginia Real Estate Board does not: A: renew real estate licenses B: handle disputes between salespeople and brokers C: administer license laws D: all of the above

B: handle disputes between salespeople and brokers

Someone who has entered into a brokerage relationship with a licensee is known as a: A: customer B: client C: unit manager D: project manager

B: client

Which licensees must take the continuing education before they renew the licenses? A: Active and inactive B: only active C: only inactive D: only Board members

B: only active

The Virginia Real Estate Board has ___ members. A: 5 B: 7 C: 9 D: 10

C: 9

A contractual relationship, by which one person is represented by another, is called: A: an assumption B: an allovion C: an agency D: al valorem

C: an agency

If, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. A: reapply for school B: take an additional 45 hours of schooling C: retake and pass the exam again D: all of the above

C: retake and pass the exam again

Virginia non-residents who are not licensed in another jurisdiction must meet the same requirements as the residents of Virginia, and must also: A: file an irrevocable consent to suits and services B: agree to allow the Director of the DPOR to accept service of any legal process on the licensee's behalf C: both A and B D: neither A nor B

C: both A and B

The __________ license is one under which salespeople and associate brokers do not establish a brokerage firm, but wish to have the liability protection and tax benefits of a corporation or LLC. A: Brokerage B: business entity C: business entity salesperson D: association

C: business entity salesperson

Virginia real estate license applicants must pass a written license examination approved by the Virginia Real Estate Board within _____ months of license application. A: 12 B: 18 C: 24 D: 36

A: 12

A(n) ______ is "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," according to Virginia law. A: Agency B: contractual obligation C: noblesse oblige relationship D: trust

A: Agency

______ is one in which the broker or salesperson is not affiliated with a supervising broker, firm, or sole proprietorship. A: An inactive license B: An active license C: An inactive not renewed license D: A suspended license

A: An inactive license

The active license always hangs in the _____. A: Broker's main office B: licensee's branch office C: Board's meeting room D: Governor's mansion

A: Broker's main office

In what case can a real estate license be reinstated after 12 months? A: Never B: only within 18 months C: only with the Board's approval D: only with the recommendation of the principal broker and one Board member

A: Never

When is it allowable for a licensed salesperson in Virginia to be licensed with more than one Virginia broker? A: Never B: with the approval of the board C: with the written approval of the brokers D: if he's had 5 years full-time real estate experience

A: Never

What percentage of licensing fees paid in Virginia are refundable: A: None B: 25% C: 50% D: all

A: None

The Virginia Real Estate Board: A: approves schools to teach broker/salespeople courses in real estate B: does not enforce fines for license law or regulation violations C: standardizes listing sales contracts or listing agreements D: any of the above

A: approves schools to teach broker/salespeople courses in real estate

________ is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract. A: escrow B: redline C: deposit D: none of the above

A: escrow

A licensee must present all written offers and counteroffers: A: in a timely manner B: within 3 days C: within 72 hours D: within 5 days

A: in a timely manner

As defined by Virginia law, ______ is any person, or business entity of not more than two persons unless related by blood or marriage, who for compensation or valuable consideration is employed either directly or indirectly by, or affiliated as an independent contractor with, a real estate broker, to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale or exchange of real estate, or to lease, rent or offer for rent any real estate, or to negotiate leases, or of the improvements relating to the real estate. A: real estate salesperson B: cooperative broker C: project broker D: commissioner

A: real estate salesperson

In Fair Housing convictions, the court may award civil penalties of up to $50,000 for the first violation, and up to ______ for any subsequent violations. A: $75,000 B: $100,000 C: $125,000 D: $150,000

B: $100,000

According to Virginia law, the fee for examination or reexamination is subject to contracted charges to the board by an outside vendor, but the fee shall NOT exceed ____ per candidate. A: $50 B: $90 C: $120 D: $150

B: $90

If Alex's license is about to expire, whose responsibility is it to make sure it's renewed? A: Her broker's B: Alex's C: The Board's D: none of the above

B: Alex's

_____ is one in which the licensee is associated with a broker, who must certify the new licensee's license application that he has agreed to be associated with this new licensee. A: An inactive license B: An active license C: An inactive not renewed license D: A suspended license

B: An active license

A person who is the designated individual to assure compliance with the Virginia Real Estate Laws and Regulations, and is also responsible for the activities of the entire firm is known as the ______. A: Director of Operations B: Principal Broker C: Unit Broker D: Supervising Broker

B: Principal Broker

_______ is the federal law dealing with the procedures to follow in certain kinds of real estate closings. A: U.S. Receiver Act B: Real Estate Settlement Procedures Act C: severability D: U.S. Certificate of Occupancy Act

B: Real Estate Settlement Procedures Act

An expired license can be renewed within 30 days, if: A: the expiration was not the licensee's fault B: The licensee pays the normal renewal fee, as well as completed the necessary continuing education C: the licensee pays $100 D: the board overrules the expiration

B: The licensee pays the normal renewal fee, as well as completed the necessary continuing education

If the Virginia license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action, which of the following is true? A: The license will automatically be denied, with no exceptions B: a very detailed explanation of the event/circumstances must be included with his license application C: he will need to post a $20,000 bond D: none of the above

B: a very detailed explanation of the event/circumstances must be included with his license application

Salespersons' and brokers' licenses must be renewed ____ on the last day of the month during which the license was issued. A: Every year B: every two years C: every three years D: every five years

B: every two years

Someone involved in real estate brokerage dealings in Virginia: A: must have a licensed issued in the United States, but not necessarily in Virginia B: must have a license issued by the Virginia board, whether or not this person is licensed elsewhere C: cannot be licensed anywhere but Virginia D: none of the above

B: must have a license issued by the Virginia board, whether or not this person is licensed elsewhere

Each new licensee must pay ___ into the Virginia Real Estate Transaction Recovery Fund. A: $10 B: $15 C: $20 D: $25

C: $20

If a Virginia license applicant has passed the exam, he has ____ months to apply for a license. A: 2 B: 6 C: 12 D: 24

C: 12

The Virginia Real Estate Board currently requires anyone wishing to obtain a real estate license to complete and pass a state-approved ____-hour course on the principles of real estate. A: 30 B: 45 C: 60 D: 90

C: 60

Under the Virginia Time Share Act, buyers may cancel the purchase contract within __ calendar days after execution of the purchase contract or receipt of a current public offering statement, whichever is later, without penalty. A: 3 B: 5 C: 7 D: 10

C: 7

Regarding time shares in Virginia, the declarant must file a time-share project instrument, which defines the project, and is in accordance with the: A: Virginia Fair Time Shares Act B: Virginia Time Shares and Condo Regulations C: Virginia Non-Stock Corporations Act D: all of the above

C: Virginia Non-Stock Corporations Act

If a licensee's license expires, how long does the person have to reinstate the license without paying a penalty? A: 5 business days B: 7 days C: 15 business days D: 30 days

D: 30 days

Under the Virginia Residential Landlord and Tenant Act, the security deposit, any accrued interest and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant together with any amount due the tenant within ____ days after termination of the tenancy and delivery of possession. A: 5 B: 10 C: 20 D: 45

D: 45

An auctioneer selling real estate at a public auction for the owner does not need to have a real estate license, if the auction is open only ___ hours. A: 12 B: 24 C: 36 D: 48

D: 48

The final inspection of a rental property is required by Virginia law to be held within ___ hours of the tenant vacating the property. A: 8 B: 12 C: 48 D: 72

D: 72

Under the Virginia Condominium Act when once ____ or more of the units are sold, the declarant is no longer responsible for the units, and the responsibilities fall to the association of unit owners. A: 25% B: 50% C: 65% D: 75%

D: 75%

If a Virginia license applicant has a prior misdemeanor involving moral turpitude, sexual offense, drug distribution, physical injury or any felony, the license applicant must submit: A: an official FBI record and state police criminal record B: a written explanation of his part in the offense C: certified copies of all court records D: all of the above

D: all of the above

Tenants have the right to install security devices, provided that: A: it's at their own expense B: they restore the property to its original condition before vacating the property C: the landlord is given operating instructions and keys for any and all equipment installed D: all of the above

D: all of the above

The Virginia Real Estate Board administers which of the following? A: The Virginia Fair Housing Act B: The Virginia Condominium Act C: The Virginia Time-Share Act D: all of the above

D: all of the above

To whom must disclosures be made: A: buyers B: sellers C: tenants and landlords D: all of the above

D: all of the above

Which of the following is the Virginia Real Estate Board authorized to do? A: Set standards for licensure and conduct B: Administer and enforce license laws C: Issue and renew real estate licenses D: all of the above

D: all of the above

Those applicants who do not follow all board rules, or rules of the testing service in taking the examination, may: A: be fined an amount decided by the Board B: be fined $500 C: be arrested D: have their applications denied

D: have their applications denied

In what case is there an automatic renewal of a real estate license? A: If the renewal notice did not arrive in time B: if the renewal license was lost by the post office C: if the licensee's supervising broker has been out of the office sick D: never

D: never