Virginia Real Estate Law (11th Edition)

Both the Condominium Act and the POA Act have a set limit on the amount that mat be charged for preparation of the required document packet of A. $163.97 for two hard copies B. Up to $325 C. Actual cost of copying D. Any amount they choose

A. $163.97 for two hard copies

All of the following types of real property are exempt from real property taxation EXCEPT A. A for-profit cemetery B. Government-owned land C. Land owned by nonprofit educational institutions D. Land owned by a totally disabled veteran

A. A for-profit cemetery

Which of the following statements with regard to post-license education is TRUE? A. All new licensees are required to complete 30 hours of continuing education within the first year of obtaining a license B. All new licensees are required to complete 30 hours of continuing education within the first two years of obtaining a license C. The 30 hours of required post-licensing education must be taken in a classroom D. Any licensee failing to complete the 30 hours of post-licensing education will have his or her license revoked

A. All new licensees are required to complete 30 hours of continuing education within the first year of obtaining a license

Based on the Virginia Mechanic's Lien Disclosure Act, disclosure of the possibility for a mechanic's lien must be made A. As part of the sales contract exactly as written in the act B. As an addendum to the contract C. Any time before settlement D. Within three days after ratification of the contract

A. As part of the sales contract exactly as written in the act

The specific duty that falls under the duty to promote the best interests of the client that only applies to sellers and landlords is the duty to A. Conduct marketing activities B. Seek a price and terms acceptable to the client C. Assist in the drafting and negotiating of offers and counteroffers D. Provide assistance to satisfy the client's contract obligations

A. Conduct marketing activities

Which federal agency is responsible for identifying flood areas? A. Federal Emergency Management Agency (FEMA) B. Department of Housing and Urban Development (HUD) C. Environmental Protection Agency (EPA) D. U.S. Fish and Wildlife Service

A. Federal Emergency Management Agency (FEMA)

A seller offers a broker a listing agreement that contains the following clause: "Seller must receive the amount of $60,000 from the sale of this property. Seller agrees that the selling agent will receive, as her total compensation, any proceeds that remain beyond that amount after satisfaction of seller's mortgage loan and any closing costs incurred by seller." Based on these facts, the broker A. Must decline this listing agreement because the clause violates REB regulations B. Must decline this listing agreement because it is not the standard form used in Virginia C. May accept this listing agreement because the clause is standard in an open listing D. May accept this listing agreement because it specifically limits the amount of the compensation

A. Must decline this listing agreement because the clause violates REB regulations

A brokerage relationship can be terminated by any of the following EXCEPT A. One party unilaterally firing the other B. Expiration of the agreement C. A default by either party D. A licensee's withdrawal when the client refuses to consent to dual agency

A. One party unilaterally firing the other

Two weeks after a buyer and seller signed a sales contract on a house, the house burned to the ground. If the contract is silent on the issue, which party is liable? A. Only the buyer is liable according to Virginia law B. The buyer and seller share the risk of loss equally C. The seller is liable because she continues to possess title to the property D. The seller is liable under the implied condition of good faith

A. Only the buyer is liable according to Virginia law

If a condominium unit owner fails to pay the homeowners association's assessment against his unit, the association may A. Place a lien against the unit B. Garnish the owner's wages C. Do nothing; as a stockholder, the unit owner has priority D. Revoke the unit owner's privileges and rights

A. Place a lien against the unit

An individual wants to sell her own house. Which of the following statements is TRUE? A. She does not need a real estate license to sell her own property B. In Virginia, anyone who sells real property must have a real estate license C. An individual may obtain a temporary real estate license in order to legally sell her own house D. She may only sell her own house without a real estate license if she is an attorney

A. She does not need a real estate license to sell her own property

Which of the following is TRUE of uniform real estate taxation in Virginia? A. Tax rates and assessments must be uniformly applied to similar properties B. All properties pay the same amount of tax C. Only the tax rate needs to be uniform D. Uniformity is a common law practice

A. Tax rates and assessments must be uniformly applied to similar properties

Which of the following statements is FALSE regarding taxes on new construction? A. Taxes are prorated based on the previous years taxes B. Taxes are estimated from the date of the certificate of occupancy C. The first year taxes may be artificially low D. Taxes are estimated based on compatible values for the area

A. Taxes are prorated based on the previous years taxes

Two partners in a successful accounting practice are in the process of purchasing a small office condominium for their practice. They would NOT be able to take title as A. Tenants by the entirety B. Tenants in common C. Joint Tenants D. Tenants in partnership

A. Tenants by the entirety

In Virginia, the owner of property on the date of sale is A. The buyer B. The seller C. The buyer and the seller, divided evenly D. Either, depending on negotiation

A. The buyer

Virginia law places the risk of damage during the period of time between contract and settlement on A. The buyer B. The seller C. Both the buyer and the seller D. The agent

A. The buyer

The term broker may refer to all of the following EXCEPT A. A brokerage firm B. A sole proprietor transacting real estate business C. A managing broker for a branch office D. A principal in a brokerage relationship

D. A principal in a brokerage relationship

The handicap provision of the Virginia Fair Housing Law would extend to all of the following EXCEPT A. A person suffering from a physical impairment B. A person showing a record of mental impairment C. An individual in a recognized drug treatment program D. A transvestite

D. A transvestite

The REB may assess each active and inactive licensee a proportionate amount whenever the Transaction Recovery Fund falls below a minimum balance of A. $20 per license B. $400,000 C. $1 million D. $2 million

B. $400,000

Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS? A. 5 days B. 10 days C. 14 days D. 21 days

B. 10 days

A supervising broker is responsible for all of the following EXCEPT to A. Be available to review and discuss contracts, brokerage agreements, and advertising B. Providing training for the agents C. Establish written policies and procedures D. Set office hours in a specific location

C. Establish written policies and procedures

A recently retired woman has a ratified contract to purchase a two-bedroom condominium unit. She is now suffering from buyer's remorse and wishes to back out of the contract. She has not yet received the condominium documents. After hand delivery of the documents, she will have how many days to cancel the contract? A. 3 days B. 5 days C. 7 days D. 10 days

A. 3 days

A salesperson has recently completed the education requirements and passed the state broker's exam. In her first year of licensure she must complete A. 30 hours post-license training B. 16 hours (8 required, 8 elective) C. 24 hours (8 required, 8 elective, 8 relate to broker supervision and management) D. 30 hours (24 required, 8 broker supervision and management)

A. 30 hours post-license training

Which of the following changes may NOT be accomplished by using a correction deed? A. A change from a fee simple to a life estate B. Correction of an erroneous legal description C. Respelling of a misspelled name D. Correcting an improperly executed deed

A. A change from a fee simple to a life estate

Upon the death or disability of a licensed real estate broker who was engaged in a proprietorship or was the only licensed broker in a corporation or partnership, the first choice of the REB for a person to carry on the business if the deceased or disabled broker for 180 days is A. A personal representative qualified by the court to administer the deceased broker's estate B. An agent designated under a power of attorney of the deceased or disabled broker C. The executor nominated in the deceased broker's will D. An adult family member of the disabled or deceased broker

A. A personal representative qualified by the court to administer the deceased broker's estate

An elderly lady was very careful to execute a will leaving her beachfront condominium to her favorite niece. The niece will receive title to the property A. After the will has gone through probate court B. Anytime she wants to file with the clerk's office C. Immediately after the will is read D. As soon as she pays the next month's condo fees

A. After the will has gone through probate court

Special rules for persons with disabilities include all of the following EXCEPT A. All multifamily dwelling unit must be wheelchair accessible B. Permission to make reasonable modifications to the property C. Landlord cannot refuse to make reasonable accommodations in rules or services D. Accommodation must be made for any type of service animal

A. All multifamily dwelling unit must be wheelchair accessible

When a salesperson is alleged to have violated the license law, which of the following statements is TRUE? A. An investigation will be conducted by the DPOR B. The salesperson is entitled to a jury trial before an action can be taken C. The salesperson's license will be temporarily suspended until the REB can schedule a formal hearing D. The employing broker also is charged with the same violation

A. An investigation will be conducted by the DPOR

A landlord has just purchased a rental property that has four months to go on the current lease. The present tenants now have the right to A. Continue their lease under current terms B. Move out immediately C. Sue the former owner for breaking the terms of their lease D. Demand repainting and new carpet by the new owner

A. Continue their lease under current terms

If all of the following liens are recorded against a property and the bank forecloses, the first lien to be paid will be the A. Real estate tax lien B. Mechanic's lien C. Deed of trust lien D. Vendor's lien

A. Real estate tax lien

In addition to providing loans for affordable housing, VHDA also builds and operates all of the following EXCEPT A. Schools B. Nursing care facilities C. Nursing homes providing medical facilities for the elderly D. Residential housing for the elderly

A. Schools

Which of the following is NOT subject to the requirements of the Virginia Residential Landlord Tenant Act (VRLTA)? A. Someone who owns two rental properties B. Someone who owns 10 rental properties in rural counties C. Someone who owns three rental properties D. Someone who owns four rental properties in an urban area

A. Someone who owns two rental properties

The duties that an agent owes to his client are established by A. Statute B. Common law C. The agent's broker D. The agent's client

A. Statute

The biggest difference between purchasing a condominium unit and purchasing a cooperative unit is that A. The buyer is purchasing shares in the corporation (personal property) B. Condominium units are larger C. Cooperative projects are always much smaller D. There is no significant difference

A. The buyer is purchasing shares in the corporation (personal property)

Who or what is paid first from a sale at foreclosure? A. The expense of executing the trust, including 5% commission to the trustee B. All taxes, levies, and assessments with costs and interest, if they have priority over the deed of trust C. Any remaining debts and obligations secured by the deed of trust D. The foreclosed mortgagor

A. The expense of executing the trust, including 5% commission to the trustee

The first action that a landlord must take if the rent payment is not received when due is A. The five-day pay or quit notice B. The unlawful detainer warrant C. Eviction D. The non-compliant notice

A. The five-day pay or quit notice

A landlord is also a licensee and has had a fair housing complaint filed against her. Her hearing will be held before A. The nine-member REB B. The 11-member FHB C. The VRLTA Board D. A combined session of both the FHB and REB

A. The nine-member REB

A landlord could safely decline renting to A. A wheelchair-bound person wishing to live on the top floor of a three-story walk up B. A handicapped person requiring major modifications at the landlord's expense C. An ex-drug user currently in a rehab program D. A blind veteran with no guide dog

B. A handicapped person requiring major modifications at the landlord's expense

Which of the following statement regarding a short sale is TRUE? A. A short sale is one that goes to settlement in less that two weeks B. A short sale is one where the lender agrees to accept less than the full amount due C. A short sale is a non-conforming conventional loan D. A short sale always results in a tax liability for the seller

B. A short sale is one where the lender agrees to accept less than the full amount due

Basic VHDA services include all of the following EXCEPT A. Administration of the federal Section 8 rent subsidy program B. Administration of the Virginia Residential Landlord and Tenant Act C. Virginia Housing Fund loans D. Administration of some functions of the Virginia Housing Partnership Fund

B. Administration of the Virginia Residential Landlord and Tenant Act

A married couple owns real property as tenants by the entirety. One spouse dies owing money to creditors. In this situation, the surviving spouse owns the entire property A. In severalty and is liable to the creditors B. And is not liable to the creditors C. Except for a share owned by the creditors D. And the creditors cannot make any claim to the property

B. And is not liable to the creditors

The responsibility for preparing the note and deed of trust involved in a closing belongs to A. The seller's broker B. The lender C. The buyer D. The settlement attorney

B. The lender

In preparing for the settlement on a sale of a property, it was discovered that an unreleased deed of trust is still shown on the county records. This MOST likely occurred because A. The seller never paid off the deed of trust B. The lender neglected to have a deed of release signed and recorded C. The original settlement attorney absconded with all the funds D. The seller still owes for county property taxes

B. The lender neglected to have a deed of release signed and recorded

Any items of personal property left on the premises after termination of the rental agreement are considered abandoned. As long as the landlord has given proper notice, the property may be disposed of. The tenant has A. No further rights B. The right to remove the property within 24 hours C. The right to remove the property anytime D. The right to sue the landlord for taking the property

B. The right to remove the property within 24 hours

All of the following statements with regard to security deposits are true EXCEPT A. The security deposit may not exceed an amount equal to two month's rent B. The security deposit may be used to pay the last month's rent C. The security deposit must be returned to the tenant within 45 days after the tenant vacates the property D. The security deposit is to protect the landlord against unpaid rents or damage

B. The security deposit may be used to pay the last month's rent

In cases where title must be cleared by having correction deeds signed, the person responsible for locating the parties who must sign is A. The buyer B. The seller C. The settlement attorney D. The real estate licensee who represents the owner

B. The seller

A single-family house is located near the end of a block right next to a bakery shop. How must these properties be treated for real estate purpose? A. There can be no difference between them B. The will be classified differently, according to use C. The bakery will not be subject to taxation because it is for public use D. Because the bakery abuts a residential zone, it must be treated as a residence

B. The will be classified differently, according to use

An elderly woman was very ill, and she wrote a will in her own handwriting, leaving all her property to her niece. Three witnesses heard her say, "This is my will." The witnesses watched the woman's friend sign the woman's name to the document because she was too exhausted to do it herself. "That's as good as my signature," she said weakly. The witnesses signed the will. What is the status of this document? A. The will is invalid because Virginia does not recognize holographic will B. The will is valid C. The will is invalid because she did not sign it herself D. The will is valid, but cannot be enforced because it is a nuncupaptive will

B. The will is valid

When the owner's interest in a time-share include either a freehold interest or an estate for years, it is what type? A. Time-share use B. Time-share estate C. Time-share fee D. Time-share demise

B. Time-share estate

All of the following are specific statutory duties owed to a seller or buyer client EXCEPT A. To perform the terms of the brokerage agreement B. To always be obedient to the client's demands C. To maintain confidentiality forever D. To promote the best interests of the client

B. To always be obedient to the client's demands

Exemptions to the Virginia Residential Property Disclosure Act provisions include all of the following EXCEPT A. Transfers pursuant to a foreclosure sale. B. Transfers made without the assistance of a licensed real estate broker. C. Transfers made between spouses resulting from a divorce D. Transfers involving the first sale of a dwelling.

B. Transfers made without the assistance of a licensed real estate broker.

All of the following transfers of property are exempt from the Virginia Residential Property Disclosure Act EXCEPT A. A transfer made pursuant to a court order B. A transfer made between two co-owners C. A transfer made without the assistance of a real estate broker D. A transfer made to or from a government entity

C. A transfer made without the assistance of a real estate broker

The real estate regulations include a long list of the duties of a supervising broker. The MOST recent duty to be added to the list is A. Availability to review and approve all documents B. Availability of training and written procedures and policies C. Ensuring that all affiliated licensees have an active, current license D. Ensuring that all brokerage services are carried out competently

C. Ensuring that all affiliated licensees have an active, current license

A salesperson decides to leave one brokerage firm and work at another firm. She will need to A. File a Change of Brokerage form with the REB B. Give her license to her new broker C. Fill out the application for the change, obtain the new broker's signature, and send with appropriate fee to the REB D. File a Termination of Brokerage form with the REB

C. Fill out the application for the change, obtain the new broker's signature, and send with appropriate fee to the REB

FHA and VA loans are classified as A. Conventional conforming loans B. Conventional non-conforming loans C. Government loans D. Specialized loans

C. Government loans

The seller is expected to pay which of the following? A. Recordation tax for recording of the deed B. Recordation tax for recording of the deed of trust C. Grantor tax of $0.50 per $500 of purchase price D. Transfer fee for each document admitted to record

C. Grantor tax of $0.50 per $500 of purchase price

All of the following with regard to a will are true EXCEPT A. No person under the age of 18 years is considered to be capable of making a valid will B. No will is valid unless it is in writing C. Handwritten will are never valid D. Poor health is not sufficient to render a will invalid

C. Handwritten will are never valid

One of the reasons changes were made to the Good Faith Estimate was to A. Allow the FHA to raise the mortgage insurance premiums B. Provide more leeway for changes made by the lender prior to settlement C. Help consumers shop for the lowest cost mortgage D. Update all of the information on the old form

C. Help consumers shop for the lowest cost mortgage

All of the following are required disclosure forms that must be included with a sales contract EXCEPT A. Brokerage relationship B. Property disclosure C. Home inspection disclosure D. Lead-based paint disclosure

C. Home inspection disclosure

A principal or supervising broker must conduct and audit of the practices, policies, and procedures of his firm at least once during each license term. The audit should document compliance with the law and regulations in all of the following areas EXCEPT A. Handling of escrow deposits B. Advertising in all forms of media C. Immunity from enforcement action D. Agency or independent contractor relationships

C. Immunity from enforcement action

All of the following are true of an easement by necessity EXCEPT A. It must be an appurtenant easement B. Both the dominant and the servient estates must have at some time in the past been owned by the same person C. Inconvenience is a basis for the easement D. The only reasonable means of access is oveer the servient estate

C. Inconvenience is a basis for the easement

When borrowers sign a note and deed of trust, they are giving the lender the right to A. Request a court hearing within 30 days of default B. Set the time and place of the court hearing C. Initiate nonjudicial foreclosure D. Initiate a judicial foreclosure

C. Initiate nonjudicial foreclosure

At a minimum, the title report should reveal all of the following EXCEPT A. Title holder of record B. Existing lienholders C. List of names in the chain of title D. Easements, covenants, and restrictions

C. List of names in the chain of title

The duties of a supervising broker are spelled out in 18 VAC 135-20-165 and include all of the following EXCEPT A. Be available to review and approve all documents B. Have available training and written procedures and policies C. Maintain regular office hours in the brokerage office D. Ensure that all affiliated licensees have an active, current license

C. Maintain regular office hours in the brokerage office

If a contractor records a mechanic's memorandum of lien on September 15, 2016, he must file a suit to enforce it by A. October 15, 2016 B. December 31, 2016 C. March 15, 2017 D. September 15, 2017

C. March 15, 2017

A typical right-to-represent buyer agreement should contain all of the following EXCEPT A. Statement of the duties to be performed B. Disclosure of how the broker will be paid C. Marketing plan D. Assurance that buyer has not entered into any other buyer representation agreement

C. Marketing plan

An actual contract used for the purchase and sale of real property A. Must be on a form approved by the REB B. Must be drafted by an attorney licensed to practice in the Commonwealth of Virginia C. May take any form D. Does not need enough detail to clearly state the agreement between the parties

C. May take any form

Routine services that do NOT involve a licensee's experience or discretion are called A. Transactional acts B. Routine brokerage C. Ministerial acts D. Customer service

C. Ministerial acts

The owner of an apartment complex that has fallen into disrepair decided to repair and renovate the buildings and convert them to condominiums. The number of day's notice required to terminate the tenant's month-to-month lease is A. 30 days B. 60 days C. 90 days D. 120 days

D. 120 days

All of the following items would be excluded from an augmented estate EXCEPT A. A condominium owned by the deceased spouse B. A small farm willed to the deceased by his grandmother C. A beach property sold with the spouse's consent D. A 52-foot sailboat purchased during the marriage

D. A 52-foot sailboat purchased during the marriage

The owner of an individual unit in a condominium building wants to sell it. All of the following documents must be included in the disclosure packet EXCEPT A. A statement of all assets and fees currently imposed B. A copy of the current budget C. A copy of the current bylaws and rules and regulations D. A plat map indicating the location of the condominium building

D. A plat map indicating the location of the condominium building

Property management agreements must be in writing and include all of the following EXCEPT A. A definite termination date B. The amount of management fees and how they will be paid C. The services to be rendered D. A proposed operational budget

D. A proposed operational budget

Under the fair housing law, what symbol or logo is deemed discriminatory if printed on a flyer advertising new houses? A. HUD's Equal Housing symbol B. The REALTOR* logo/symbol C. A local MLS's logo/symbol D. A religious cross or symbol

D. A religious cross or symbol

Several weeks after a closing, and associate broker received a thank-you letter and a nice bonus check from the seller of the house. The associate broker cashed the check because he felt it was appropriate in his situation. Which of the following statements regarding his decision is TRUE? A. The associate broker may accept the bonus because he is licensed as an associate broker B. Accepting the money is allowed if more than 30 days have elapsed since the closing C. The associate broker may accept the money if his broker admits him to do so D. Accepting the money is a violation of REB regulations

D. Accepting the money is a violation of REB regulations

The Virginia Real Estate Board (REB) is authorized to do all of the following EXCEPT A. License real estate salespersons and brokers B. Regulate schools offering real estate courses C. Develop criteria for approving continuing education courses D. Administer the Residential Property Disclosure Act

D. Administer the Residential Property Disclosure Act

The REB's authority includes all of the following EXCEPT A. Issuing and renewing real estate licenses B. Enforcing license law C. Administering the Virginia Real Estate Transaction Fund D. Administering the Virginia Property Owners Association Act

D. Administering the Virginia Property Owners Association Act (CIC does this)

Changes made to agency law in 2016 regarding licensees engaged in commercial real estate include A. Commercial agents are no longer defined as standard or limited service agents B. The disclosure of brokerage relationship form is no longer required in commercial transactions C. The disclosure form for dual agency or representation is still required in a commercial transaction D. All of these

D. All of these

The term broker refers to A. A firm B. A principal broker C. A managing broker D. All of these

D. All of these

The new rules for mortgage servicers established by the CFPB include all of the following EXCEPT A. Provide two month's warning for any rate increase B. Promptly credit mortgage payments C. Work with the borrower before starting foreclosure proceedings D. Allow a six month's moratorium for delinquent loans

D. Allow a six month's moratorium for delinquent loans

Other provisions of Virginia law that affect real estate practice but are not regulated under the REB regulations include all of the following EXCEPT A. Mandatory licensing for home inspectors B. First-time homebuyer's savings account C. Virginia Utility Damage Prevention Act D. American Taxpayer Relief Act

D. American Taxpayer Relief Act

Housing projects for the elderly are exempt from the familial status category of fair housing law as long as A. All occupants are at least 60 years old B. 75% of occupants are at least 60 years old C. All occupants of 80% of the units are at least 55 years old D. At least one of the occupants in the 80% of the units is 55 years old

D. At least one of the occupants in the 80% of the units is 55 years old

The seller of a real property must have marketable title A. A the time the listing is taken B. When a sales contract is signed C. By the time the buyer's loan is approved D. At settlement

D. At settlement

A deed of trust can be foreclosed on in Virginia in any of the ways listed EXCEPT A. Decree of court (strict foreclosure) B. Deed in lieu of foreclosure C. Sale by a trustee under the power of sale D. Bankruptcy

D. Bankruptcy

Real estate licenses are renewed in Virginia A. Annually, in the month issued B. Every two years, in the month of the licensee's birthday C. On June 30 of each even -numbered year D. Biennially, on the last day of the month in which issued

D. Biennially, on the last day of the month in which issued

The goal of the VHDA is to make housing more affordable for low- and moderate-income households. VHDA funding comes from A. Fannie May B. The U.S. Government C. The Virginia General Fund D. Bonds sold through the private sector

D. Bonds sold through the private sector

The landlord can require a tenant to pay the premium for A. Only renter's insurance B. Only damage insurance C. Neither renter's nor damage insurance D. Both renter's and damage insurance

D. Both renter's and damage insurance

The TILA-RESPA Integrated Disclosures (TRID) that was made mandatory on October 3, 2015 includes the new form called the Loan Estimate (LE) which replaced A. The GFE B. The Truth in Lending statement C. The HUD-1 Settlement Statement D. Both the GFE and the Initial Truth in Lending statement

D. Both the GFE and the Initial Truth in Lending statement

A young college graduate is thinking about getting a real estate license. His plan is to affiliate with a broker and use the marketing skills of his unlicensed spouse to expand his practice. The unlicensed spouse will be able to A. Show properties when the agent is available B. Show properties when the agent is not available C. Assist one of the agent's buyers in filling out a contract D. Design and mail brochures for the agent

D. Design and mail brochures for the agent

Two salespersons work for the same broker. One represents the seller and the other represents the buyer in the same transaction. In this situation, the broker has assigned the salesperson as A. Associate brokers B. Subagents C. Single agents D. Designated agents

D. Designated agents

Doctors A, B, and C purchased an office building as joint tenants. Doctor A sells his tenancy to doctor D. Which of the following is TRUE of this situation? A. Doctors B, C, and D are now joint tenants B. Doctors B, C, and D are now tenants in common C. Doctors B and C are tenants in common with joint tenancy with doctor D D. Doctors B and C are joint tenants with tenancy in common with doctor D

D. Doctors B and C are joint tenants with tenancy in common with doctor D

A limited service agent must do all of the following EXCEPT A. Have a brokerage agreement in writing B. Provide a list of services to be provided C. Provide a list of services of a standard agent that will not be provided D. Have a signed independent contractor agreement

D. Have a signed independent contractor agreement

Establishing title to a property through adverse possession requires A. Use of the property with the knowledge of the owner B. 20 years of possession C. Tacking over a 15-year period D. Hostile and continuous use of the property

D. Hostile and continuous use of the property

A salesperson finds a buyer for a home he has listed. The buyer gives him an earnest money cashier's check for $2,000. When a sales contract is ratified, the salesperson should A. Keep the check until closing B. Deposit the check in his escrow account within three business banking days C. Deposit the check in his escrow account within five business banking days D. Immediately give it to his broker

D. Immediately give it to his broker

A young man completes his real estate salesperson course on June 20, 2016. He then takes and passes the Virginia licensing exam on July 15, 2016. To avoid having to retake the exam, he must apply for his license by A. December 20, 2016 B. January 15, 2017 C. June 20, 2017 D. July 14, 2017

D. July 14, 2017

Statutory disclosures to be included in every sales contract written in Virginia include all of the following EXCEPT A. Disclosure of brokerage relationship B. Disclosure of dual or designated representation if applicable C. Residential property disclosure D. Lead-based paint disclosure

D. Lead-based paint disclosure

What method of legal description is the following statement? All those certain lots, pieces or parcels of land, situated in the city of Roanoke, Virginia, known, numbered and designated on the Plat of Hampton Square and recorded in the clerk's office of the Circuit Court of the City of Roanoke, Virginia in Map Book 26, page 7, as Lots No. 9 and 10 A. Metes and bounds B. Rectangular survey C. Government survey D. Lot and block

D. Lot and block

A prospective tenant applies for a lease in an apartment building and pays the mandatory $125 application fee. If the tenant decides NOT to sign a lease, the application fee A. May be kept by the landlord B. Must be returned to the prospective tenant within 120 days C. Must be returned to the prospective tenant, less a 10% charge to cover paperwork D. Must be returned minus any actual expenses incurred by the landlord

D. Must be returned minus any actual expenses incurred by the landlord

A landlord must make disclosure of all of the following EXCEPT A. Defective drywall B. Mold C. Military air installation nose or accident zone D. Name and phone number of the owner

D. Name and phone number of the owner

A seller can be represented by any of the following types of listing agreements EXCEPT A. Open listing B. Exclusive agent listing C. Exclusive right-to-sell listing D. Net listing

D. Net listing

Which of the following is an accurate description of the Real Estate Board (REB)? A. Seven members: six licensees and one consumer B. Seven members: five licensees and two consumers C. Nine members: either licensed brokers or salespersons D. Nine members: seven licensees and two consumers

D. Nine members: seven licensees and two consumers

An heir was to have inherited real property under his uncle's will. However, the uncle sold the property shortly before he died. The heir now wants to have the sale rescinded on the grounds of the uncle's incompetence. Will the heir win? A. Yes, any such pleading by a close relative will prevail in court B. Yes, the grantor would have had to prove competence in court during his lifetime C. No, a deed can be invalidated due to incompetence only during the grantor's lifetime D. No, a person is presumed competent unless a court has ruled otherwise

D. No, a person is presumed competent unless a court has ruled otherwise

The Common Interest Community (CIC) Board is a separate agency under A. The Code of Virginia B. The VAC C. The REB D. The Department of Professional and Occupational Registration (DPOR)

D. The Department of Professional and Occupational Registration (DPOR)

The Common Interest Community (CIC) Board regulates all of the following EXCEPT A. The Condominium Act B. The Real Estate Time-Share Act C. The Real Estate Cooperative Act D. The Residential Property Disclosure Act (As Is)

D. The Residential Property Disclosure Act (As Is)

When a principal broker has her license suspended for two years, the effect on the affiliate associate brokers and salespeople is that A. The affiliate's licenses will be revoked, subject to reinstatement after one year B. The affiliate's licenses will also be suspended for a two-year period C. The suspension has no effect on the affiliates D. The affiliate's licenses must be returned to the REB

D. The affiliate's licenses must be returned to the REB

Which of the following statements with regard to FHA MIPs is NOT true? A. FHA MIPs are subject to frequent changes B. As of January 1, 2017, the upfront MIP is 1.75% of the loan amount C. The upfront MIP is amortized over the life of the loan D. The annual MIP is amortized over the life of the loan

D. The annual MIP is amortized over the life of the loan

A landlord will be in violation of the Virginia Fair Housing Law if he refuses to rent his two bedroom apartment for any of the following reasons EXCEPT A. The couple applying are from Nigeria B. The couple has two small children C. The applicant is 65 years old D. The applicants do not have adequate income

D. The applicants do not have adequate income

A gap in the chain of title could be caused by any of the following EXCEPT A. The deed for one transfer of the property was never recorded B. The seller was divorced in a foreign country C. The name of the party on the deed was changed but never recorded D. The property was sold to a relative for $1 with a recorded deed

D. The property was sold to a relative for $1 with a recorded deed

The buyer and seller agree to the sale of a home for $150,000. No written contract is signed, but the seller accepts payment in full from the buyer and delivers the deed. Which of the following statements is TRUE? A. The sale is without legal effect; the seller continues to own the home B. The sale violates the statue of frauds' maximum amount for oral contracts C. The sale is enforceable in a court of law under that statute of frauds, due to the parties' compliance D. The sale is unenforceable under the statute of frauds, but the parties are free to comply with its terms

D. The sale is unenforceable under the statute of frauds, but the parties are free to comply with its terms

The sellers of a property have already moved to another state where they are living in an assisted-living home and are not healthy enough to travel. The best choice for a power of attorney to attend settlement on their behalf would be A. Their listing agent B. The selling agent C. The listing broker D. The seller's brother who is an attorney

D. The seller's brother who is an attorney

All of the following statements regarding eminent domain are true EXCEPT A. The process by which the state takes property is called condemnation B. Any taking of private property must be for public use C. Just compensation must be paid to the owner D. The state is under no obligation to attempt to purchase the property

D. The state is under no obligation to attempt to purchase the property

Which of the following is TRUE regarding Virginia's community property laws? A. Since 2001, the Virginia statute is patterned after California's statute B. Virginia only recognizes some community property provisions C. Augmented estates are the same as community property provisions D. Virginia is not a community property state

D. Virginia is not a community property state

A landlord must disclose in writing the existence of any visible evidence of mold in the dwelling A. Within three days of occupancy B. Within 48 hours of occupancy C. When the lease is signed D. Within five days of occupancy

D. Within five days of occupancy

The landlord must disclose in writing the existence of any visible evidence of mold in the dwelling A. Within three days of occupancy B. Within 48 hours of occupancy C. When the lease is signed D. Withing five days of occupancy

D. Withing five days of occupancy

A deed contains the following description: "Lots 7 and 8, Block F, Section 3, Plat of Greydon, otherwise called 14 Havers Drive, Venus, Virginia." In fact, Block F has only six lots, and the street address is Lot 5. Is this deed valid? A. No, a false element in a description invalidates the deed B. No, because the lot description is faulty, a new deed is needed C. Yes, it's valid if the buyer knows which property is meant D. Yes, enough correct information remains to permit identification

D. Yes, enough correct information remains to permit identification

The first step the landlord may take if a rent payment is not received when due is A. Request an unlawful detainer warrant B. Post a five-day pay-or-quit notice C. Initiate eviction proceedings D. File a landlord's lien

B. Post a five-day pay-or-quit notice

The only variation in the duties to a client that are required by agency statute are in the duty to A. Perform according to the terms of the brokerage relationship B. Promote the best interests of the client C. Maintain confidentiality D. Disclose all material facts related to the property

B. Promote the best interests of the client

In most cases, the purchaser of a property is expected to pay a A. Grantor tax B. Recordation Tax C. Percentage of the total tax D. County Clerk's fee

B. Recordation Tax

The Virginia Real Estate Transaction Recovery Fund is administered by A. The Board for Professional and Occupational Regulation B. The REB C. The CIC (Common Interest Community) Board D. The VAC

B. The REB

The seller of his own home is required by law to make disclosure of A. Future building plans for an adjacent property B. The existence of defective drywall in the home C. Applicable historic district ordinances D. Registered sex offenders within the neighborhood

B. The existence of defective drywall in the home

The current real estate regulations went into effect A. January 1, 2015 B. July 1, 2015 C. October 3, 2015 D. November 1, 2015

D. November 1, 2015

The primary difference between tenancy in common and joint tenancy is the A. Number of persons involved B. Disposition of one person's interest upon death C. Type of property owned D. Marital status at the time of purchase

B. Disposition of one person's interest upon death

As of July 1, 2012, property management agreements must include all of the following EXCEPT A. Be in writing B. Have a suggested termination date of one year C. State the amount of management fees D. State the services to be rendered

B. Have a suggested termination date of one year

Acting as a limited service agent is allowed as long as the written brokerage agreement includes all of the following EXCEPT A. A licensee is acting as a limited service agent B. Licensee may also serve as an independent contractor C. A list of specific services to be provided D. A list of specific duties of a standard agent that will not be provided

B. Licensee may also serve as an independent contractor

The CIC was established to regulate CIC managers by means of A. An established fee structure B. Licensure C. Annual testing D. Written procedures

B. Licensure

Exemptions to the provisions of the National Do Not Call Registry include all of the following EXCEPT A. Clients and customers for a period of 18 months from last transaction B. Within 18 months of a consumer inquiry C. Charitable organizations D. Political Organizations

B. Within 18 months of a consumer inquiry

How soon after filing the lien must the mechanic enforce it by filing suit? A. Within three months B. Within six months C. Within nine months D. Within one year

B. Within six months

A man recently visited a brand-new time-share project on the Eastern Shore. If he decided to make an offer on the property, how long will he have to cancel the contract without penalty? A. None; he is bound to the contract B. 3 calendar days after ratification of contract C. 7 calendar days after ratification of contract D. 10 calendar days after ratification of contract

C. 7 calendar days after ratification of contract

A buyer who refuses representation should still sign A. Nothing, no agreement necessary B. A Good Faith Estimate C. A Disclosure of Brokerage Relationship D. A Buyer Broker Agreement

C. A Disclosure of Brokerage Relationship

An Exclusive Right to Represent Buyer agreement should include all of the following EXCEPT A. Assurance the buyer is not being represented by another agent B. A statement of the expected duties to be performed C. A required notice to terminate D. Disclosure of how the broker will be compensated

C. A required notice to terminate

When a licensee acts as an independent contractor and NOT as a standard agent, the relationship is governed by A. The common law of agency B. A standard Virginia REB contractor agreement C. A written agreement between licensee and client D. A buyer agency agreement

C. A written agreement between licensee and client

A sales contract contains all of the following information EXCEPT the A. Type of sewage system B. Amount of the down payment C. Age of the parties to the contract D. The possession date

C. Age of the parties to the contract

A licensee will not be liable for misrepresentation as long as the licensee relied on information provided by any of the following EXCEPT a A. Client B. Public Record C. Neighbor D. Regulated Professional

C. Neighbor

How long after the work is done may a mechanic wait before filing a mechanic's lien? A. No more than 30 days B. No more than 60 days C. No more than 90 days D. No more than 6 months

C. No more than 90 days

The Office of the Common Interest Community Ombudsmen was established to do all of the following EXCEPT A. Assist members to understand their rights B. Provide information and answers inquires from members C. Officiate in making adverse decisions D. Provide information to the director for an annual report

C. Officiate in making adverse decisions

In 2016, both the Condominium Act and the POA Act were amended with regard to the rental of units. Changes effective July 1, 2016 include all of the following EXCEPT A. Prohibits association from prohibiting the rental of a unit B. Prohibits associations from evicting tenants C. Prohibits associations from requiring the names of tenants D. Prohibits associations from demanding a copy of the lease

C. Prohibits associations from requiring the names of tenants

Which of the following liens would have first priority? A. Deed of trust B. Mechanic's lien C. Property tax lien D. Landlord's lien

C. Property tax lien

The REB is authorized to do all of the following EXCEPT A. License brokers and salesperson B. Develop criteria for evaluating and approving continuing education courses C. Regulate the Property Owner's Association Act D. Enforce provisions of the Virginia Fair Housing Law

C. Regulate the Property Owner's Association Act

The Virginia Real Estate Transaction Recovery Fund was created to A. Protect consumers form unscrupulous settlement attorneys B. Provide funding for the Virginia Housing Development Authority (VHDA) C. Reimburse consumers who suffer monetary loss due to a licensee's misconduct D. Establish a fund for research and education of licenses

C. Reimburse consumers who suffer monetary loss due to a licensee's misconduct

The disclosure of lead-based paint and lead-based paint hazards is required on all A. Sales contracts B. Residential sale contracts C. Residential contracts for properties constructed before 1978 D. Residential contracts for sale to purchasers with small children

C. Residential contracts for properties constructed before 1978

As of July 1, 2011, a full list of seller representations is provided to a purchaser by A. The listing agent. B. The seller. C. The REB website. D. The buyer agent

C. The REB website.

With regard to an individual with an inactive license, which of the following statements is FALSE? A. All of the licensing requirements must have been met to reactivate the license B. The inactive license's holder is not affiliated with or employed by a broker C. The inactive license's holder may be paid a referral fee D. The license is maintained by the REB.

C. The inactive license's holder may be paid a referral fee

A lis pendens notice must declare all of the following EXCEPT A. The amount of the claim B. The description of the property C. The name of the prospective purchaser D. The name of the person whose estate is affected

C. The name of the prospective purchaser

All of the following are statutory contingencies required by law EXCEPT A. Review of the condominium resale packet B. Review of the POA disclosure packet C. Well and septic system inspection D. Review of property disclosure

C. Well and septic system inspection

The survey for a property show the location of the house, the garage, the fence, utility lines, and the children's playhouse in the backyard. This is MOST likely which type of survey? A. Subdivision play B. Boundary survey C. House location survey D. As-built survey

D. As-built survey

All of the following properties are exempt from the provisions of the Virginia Property Owners Association Act EXCEPT a A. Condominium B. Cooperative C. Time-Share D. Condominium located within a Planned Unit Development (PUD)

D. Condominium located within a Planned Unit Development (PUD)

The Real Estate Board has authority to do all of the following EXCEPT A. Issue subpoenas B. Interview witnesses C. Request production of documents D. Levy a jail sentence

D. Levy a jail sentence

A prospective buyer calls a licensee and spends 20 minutes talking about her real estate needs. They agree to meet and go for a drive to look at neighborhoods but never discuss or visit and specific property. The licensee should have her sign a disclosure of brokerage relationship form A. When she gets in the car B. When she arrives at the office C. Before she leaves the car D. Never, no written disclosure is required yet because no specific assistance was given

D. Never, no written disclosure is required yet because no specific assistance was given

A prospective buyer calls the listing agent about a home she is interested in. She tells him that she has a signed buyer agency agreement with another licensee, but he is out of town and she would like the listing agent to show her the home. When should the listing agent have her sign an agency disclosure form? A. Immediately, over the phone B. When he shows her the listing C. After she signs a new buyer agency agreement with him D. Never, none will be needed

D. Never, none will be needed

Broker A is representing a buyer in the purchase of a town house listed with broker B. Broker A has a signed exclusive right-to-represent contract with the buyer. He will need to have a disclosure of brokerage form signed by A. The buyer B. The sellers of the town house C. Both the buyer and the sellers of the town house D. No one because the seller have their own agent

D. No one because the seller have their own agent

Salesperson M and T are licensees who are both affiliated with the same realty firm. M has listed a house, and T has a likely buyer. What is the BEST option for the supervising broker? A. The broker should do nothing because neither agent wishes to act as disclosed dual agents B. The broker should insist that one of the salespersons sign a disclosed dual agency agreement with the buyers and sellers C. The broker may assign the salespersons as designated agents, providing a disclosure form to the sellers only D. The broker may assign the two salespersons as designated agents and provide a disclosure form to be signed by both the sellers and the prospective buyers

D. The broker may assign the two salespersons as designated agents and provide a disclosure form to be signed by both the sellers and the prospective buyers

Which of the following statements concerning the homestead exemption is TRUE? A. Exemption is automatic; every homeowner has one B. The homeowner's filing for homestead exemptions indicates financial difficulties C. The homestead exemption is protection against claims for taxes, mechanic's liens, and deeds of trust against the property D. The family bible, wedding rings, and burial plots are in addition to the $5,000 exemption

D. The family bible, wedding rings, and burial plots are in addition to the $5,000 exemption

A creditor on a judgement must enforce the judgement once it is rendered within A. Six months B. One year C. Five years D. Twenty years

D. Twenty years

If a sales transaction does not go to settlement, the funds held in an escrow account will be held until A. One of the parties agrees to the disposition B. A court orders disbursement C. The broker returns the funds to the party providing them D. 120 days have passed

B. A court orders disbursement

The party to a transaction who has not entered into a brokerage relationship with a licensee is referred to as A. A client B. A customer C. A licensee D. An independent contractor

B. A customer

The section on advertising was rewritten in the 2015 real estate regulations to account for current means of advertising electronically. The regulations now include all of the following EXCEPT A. Electronic media advertising that can be experienced on a web page (not email) must contain disclosure viewable on the main page or no more than a click away B. Disclosure in advertising by an affiliated licensee must contain licensee's name, name of firm, and city and state where licensee's place of business is located C. All electronic media listings advertised must be kept current and consistent with the property description and actual status of the listing D. Licensee must make timely written requests for updates reflecting material changes when a third-party electronic media listing service controls the website

A. Electronic media advertising that can be experienced on a web page (not email) must contain disclosure viewable on the main page or no more than a click away

Every applicant for an individual saleperson's or broker's license must fulfill all of the following qualifications EXCEPT A. Have a college degree B. Be at least 18 years old C. Meet the current educational requirements D. Have a good reputation for honesty, truthfulness, and fair dealing

A. Have a college degree

Two individuals own property as tenants in common. When one dies intestate, her interest passes to A. Her heirs B. The other party as sole owner C. Her heirs with the other party as a joint tenant D. Her heirs if the property is sold

A. Her heirs

If a licensee is found in violation of the license law or rules and regulations, the REB may take any of the following disciplinary actions EXCEPT A. Impose a prison sentence of no more than one year B. Levy fines C. Deny license renewal D. Suspend or revoke a license

A. Impose a prison sentence of no more than one year

The additional written disclosure requirements on the residential property disclosure statement include all of the following EXCEPT A. Megan's Law B. Military air installation C. Manufacture of methamphetamine D. Septic system permits

A. Megan's Law

If the REB finds a licensee guilty of violating license law, it may impose any of the following EXCEPT A. Monetary penalty up to $5,000 B. Suspend the license C. Revoke the license D. Deny any renewal of the license

A. Monetary penalty up to $5,000 (Max is $2500)

All of the following are requirements for a broker's escrow account EXCEPT A. Must be held in a federally insured Virginia Bank B. Balance must be sufficient to account for all funds designated as escrow C. Principal broker will have signatory authority on the account D. Account, checks, and bank statements will be labeled escrow

A. Must be held in a federally insured Virginia Bank

The settlement agent is responsible for all of the following EXCEPT A. Preparing the HUD-1 statement B. Placing orders for title insurance C. Ordering loan payoff amounts D. Settling the closing appointment

A. Preparing the HUD-1 statement

The CFPB (Consumer Financial Protection Bureau) was created to A. Protect the financial interests of the consumer B. Regulate the FHA C. Oversee Fannie Mae and Freddie Mac D. Administer the Virginia Housing Trust Fund

A. Protect the financial interests of the consumer

If a tenant leaves one couch and two chairs in his apartment or storage unit after the lease has ended, the landlord is allowed to sell them within 24 hours after termination A. Provided the tenant is given adequate written termination notice B. Within one week of the lease's termination date C. Because Virginia includes an abandoned property clause in all leases D. Never, because the furniture remains the property of the tenant

A. Provided the tenant is given adequate written termination notice

The trustee's responsibilities include all of the following EXCEPT A. Purchase of the property B. Act as agent for both grantor (homeowner) and beneficiary (lender) C. Adjourn the sale if property will be sold at an inadequate price D. Determine if there are any real estate taxes due

A. Purchase of the property

When foreclosing on a deed of trust, the trustee is responsible to do all of the following EXCEPT A. Purchase the property if it does not sell B. Obtain the best price possible C. Advertise within the stated time frame D. Pay any real estate tax liens from the proceeds

A. Purchase the property if it does not sell

The seller is a transaction was called out of town on business the day before the closing. Any affidavits or sworn statements the seller is required to deliver at the closing must be signed by A. The seller B. The seller's attorney-in-fact C. The buyer's attorney-in-fact D. The seller's real estate agent

A. The seller

All of the following are requirements for a valid deed EXCEPT A. The signature of the grantee B. Consideration C. Accurate legal description of the property D. Delivery and acceptance of the deed

A. The signature of the grantee

A lender wishes to use the services of only licensed surveyors and says he will NOT accept the surveys of unlicensed or nonexempt surveyors. Is this practice legal? A. Yes, a lender may require the services of either licensed or exempt surveyors, but the lender cannot require that a particular surveyor conduct the survey B. Yes, as long as the lender always uses the same surveyor, this practice is legal C. No, surveyors are selected by the clerk's office D. Yes, the lender can require that a particular surveyor conduct the survey

A. Yes, a lender may require the services of either licensed or exempt surveyors, but the lender cannot require that a particular surveyor conduct the survey

A licensee is currently holding her salesperson's license in inactive status. She decides to sell her home with the help of a local brokerage firm. Should she disclose her license status to potential buyers? A. Yes, because disclosure is required regardless of an inactive license status B. No, because the local brokerage firm will be earning the commission from the sale C. No, because disclosure is not required when a licensee sells her own home D. No, because disclosure is not required when a license is inactive

A. Yes, because disclosure is required regardless of an inactive license status

What is the total maximum homestead exemption if the person filing has property totaling $475,000? A. $4,750 B. $5,000 C. $237,500 D. $475,000

B. $5,000

If a married woman with three children dies intestate, her property will be distributed A. To her spouse under laws of dower and curtesy B. 1/3 to her spouse, the remaining 2/3 to her children equally C. 1/2 to her spouse, the other half to her children equally D. 2/3 to her spouse, the remaining third to her children equally

B. 1/3 to her spouse, the remaining 2/3 to her children equally

What is the maximum late charge that may be assessed on a mortgage loan payment in Virginia? A. No limit if the charge is stated in the loan contract B. 5% C. 10% D. 15%

B. 5%

All of the following are protected by the Virginia Fair Housing Law's provisions for the handicapped or elderly EXCEPT A. A 55-year-old recovered heroin addict B. A 62-year-old currently using cocaine C. A paralyzed veteran D. A person who is a hoarder

B. A 62-year-old currently using cocaine

All of the following are ways to terminate a brokerage relationship EXCEPT A. Default by either party B. Death of the salesperson C. Expiration of the agreement D. Mutual agreement by the parties to terminate

B. Death of the salesperson

One of the necessary activities of the REB is to A. Arbitrate disputes between salespersons and brokers B. Establish requirements for licensure and renewal C. Recommend commission rates and commission splits D. Approve standardized listing agreements and sales contracts

B. Establish requirements for licensure and renewal

A landlord (who is not a real estate licensee) refuses to rent an apartment to an elderly man who has a guide dog, stating his advertisement clearly states "no pets." If the man wishes to file a fair housing comlaint, he should contact the Virginia A. REB B. Fair Housing Board C. Housing Development Authority D. Attorney General's Office

B. Fair Housing Board

Which of the following is a protected class under the Virginia Fair Housing Law? A. Marital status B. Familial status C. Source of income D. Age

B. Familial status

The latest required topic in the legal update part of the mandated 8 of the 16 hours required for salesperson's renewal is A. The American Disabilities Act B. Flood zone areas and the National Flood Insurance Program C. Transfer of licenses D. The Virginia Utility Damage Prevention Act

B. Flood zone areas and the National Flood Insurance Program

If a broker establishes an account to hold money belonging to others, all of the following statements are true EXCEPT A. All accounts, checks, and bank statements must be labeled "escrow" B. Funds in the escrow account may never include moneys which will ultimately belong to the licensee C. Lease application fees must be placed in escrow by the end of the fifth business day D. The balance in the escrow account will be sufficient to account for all designated funds

B. Funds in the escrow account may never include moneys which will ultimately belong to the licensee

The primary purpose of the Virginia Housing Development Authority (VHDA) is to A. Encourage more housing development in Virginia B. Make housing more affordable for low-income and moderate-income buyers C. Obtain funds from state tax dollars D. Replace VA and FHA funding in Virginia

B. Make housing more affordable for low-income and moderate-income buyers

Eight of the required 16 hours of continuing education for salesperson must be in the subjects of all of the following EXCEPT A. Fair housing law B. Marketing C. Ethics D. Legal updates

B. Marketing

A broker created a web page to advertise the firm's listings for sale. Electronic media disclosure requirements require that the broker include on each page A. The firm's licensed name and the broker's address B. The firm's licensed name and the city and state in which the main office is located C. The broker's name, address, and phone number D. The broker's name, firm's name and address, and the jurisdiction in which the firm is licensed

B. The firm's licensed name and the city and state in which the main office is located

The MOST common description of real estate in Virginia is a combination of A. Metes and bounds and government survey B. Metes and bounds and lot and block C. Lot and block and government survey D. Rectangular survey and government survey

B. Metes and bounds and lot and block

The Virginia Residential Landlord Tenant Act (VRLTA) now applies to any landlord who has A. Two rental properties B. More than two rental properties C. Four rental properties D. Ten rental properties

B. More than two rental properties

A building manager receives a lease application from a prospective tenant. The application disclosed that he served time in prison for income tax evasion but now has a regular income from a manufacturing job. Can the building manager lawfully refuse to rent an apartment to him? A. No, the fair housing law prohibits discrimination on the basis of prior criminal record B. No, his criminal conviction did not involve harm to persons or property C. Yes, the fair housing law permits a building manager to refuse to rent to any convicted criminal D. Yes, the fair housing law does not apply to actions by building managers---property owner or building managers can refuse to rent to an individual whose presence would pose a threat to the health and safety of others

B. No, his criminal conviction did not involve harm to persons or property

An implied warranty against structural defects on new construction continues for A. Six months after the date of transfer of title or teh buyer's taking possession B. One year after the date of transfer of title or the buyer's taking possession C. Two years after the date of transfer of title or the buyer's taking possession D. Five years after the date of transfer of title or the buyer's taking possession

B. One year after the date of transfer of title or the buyer's taking possession

The statutory duty that may be different according to the type of client and for limited service agents is to A. Perform according to the terms of the brokerage relationship B. Promote the best interests of the client C. Maintain confidentiality of all personal and financial information D. Account for all money and property received

B. Promote the best interests of the client

A licensee accidentally let his salesperson's license expire, but two months later is ready to renew it. He will need to send the REB the current annual fee for A. A salesperson renewal B. Reinstatement C. Renewal plus the current fee for reinstatement D. Renewal plus reinstatement plus $100 fine

B. Reinstatement

As of July 2009, an additional requirement for licensure is that all applicants must A. Have a college degree B. Submit to fingerprinting C. Be at least 21 years old D. Achieve a grade of 90% or better on the required education course

B. Submit to fingerprinting

Two people apply for a mortgage loan. One is a 65-year-old blind male with no income or savings, and the other is a 35-year-old black female with no debts and a six-figure income from her law practice. Based on these facts alone, if both applicants are turned down, the lender MOST likely committed unlawful discrimination against A. The 65-year-old blind male B. The 35-year-old black female C. Both applicants D. Neither applicants

B. The 35-year-old black female

Fannie Mae and Freddie Mac were independent agencies referred to as government-sponsored enterprises (GSEs). In 2008, they were both placed under the regulation of A. The FHA B. The FHFA C. Congress D. The HUD

B. The FHFA (Federal Housing Finance Administration)

All of the following statements with regard to the Qualified Residential Mortgage (QRM) are true EXCEPT A. The QRM is now aligned with the Qualified Mortgage standard implemented in 2014 B. The QRM requires a down payment of 20% of the sales price C. A QRM loan is qualified if the borrower's debt-to-income ratio in not more than 43% D. The lender is no longer required to retain 5% of the loan amount

B. The QRM requires a down payment of 20% of the sales price

According to Real Estate Settlement Agents (RESA) law, the selection of a settlement agent is made by A. The seller B. The buyer C. Either the buyer or the seller D. Either the buyer's or the seller's agent

B. The buyer

Under the Real Estate Settlement Act (RESA), the choice of settlement agent is left to A. The seller B. The buyer C. The broker D. Either the seller or the buyer

B. The buyer

A landlord has a house for rent and placed the following ad on the supermarket bulletin board: "SF house for rent, $2,200 per month, no children, no smokers, no old folks." If the landlord is found guilty of discrimination, he could be fined A. $25,000 B. $50,000 C. $75,000 D. $100,000

D. $100,000

A landlord, who is subject to the VRLTA, cahrges $750 per month for an apartment. The maximum amount the landlord can require as a security deposit is A. $750 B. $1,000 C. $1,500 D. $2,250

C. $1,500

A landlord asks for two months' security deposit on all rentals and requires all tenants to pay the cost of renters and damage insurance (premiums) available from the landlord. If the premiums total $100 per year per unit and all units rent for $995 per month, what is the maximum the landlord can receive as a security deposit? A. $1,790 B. $1,890 C. $1,990 D. $2,090

C. $1,990

If the Real Estate Transaction Recovery Fund falls below $400,000, how much money may the REB assess each licensee? A. $20 from each salesperson; $40 from each broker B. $20 from each inactive licensee; $40 from each active license C. $20 from each salesperson and broker, inactive or active D. $40 from each salesperson and broker, inactive or active

C. $20 from each salesperson and broker, inactive or active

A man died, leaving his spouse $10,000 and all the rest of his property to his two children. The surviving spouse renounced the will in order to claim her elective share of the deceased's augmented estate. She will now be entitled to A. All of his estate B. 1/2 of his estate C. 1/3 of his estate D. None of his estate, but she may continue to live there

C. 1/3 of his estate

Investigations of fair housing complaints should be completed within A. 30 days B. 60 days C. 100 days D. 1 year

C. 100 days

A full title search goes back how many years? A. 20 years B. 40 years C. 60 years D. 80 years

C. 60 years

A homeowner warranty is MOST similar to A. A home inspection contingency B. Insurable title C. A builder warranty D. A walk-through inspection

C. A builder warranty

Which of the following does NOT constitute the exercise of eminent domain by the process of condemnation? A. A country taking a farmer's cropland for a highway B. The state taking private woodland for the construction of roadside visitor center C. A county zoning ordinance change D. Port Authority of Hampton Roads taking riparian rights for a pier

C. A county zoning ordinance change

All of the following would be exempt from real estate taxation EXCEPT A. A nonprofit public library B. A home of a veteran with a 100% service-connected disability C. A for-profit preschool operated by a church D. A historic residence

C. A for-profit preschool operated by a church

Which of the following statements regarding a landlord's lien is FALSE? A. A landlord's lien exists independently of the right to hold property for payment of rent B. A landlord's lien relates back to the beginning of the tenancy C. A landlord's lien attaches to all property on the premises D. A landlord's lien does not take precedence over any other lien that another person may have obtained against goods on the premises.

C. A landlord's lien attaches to all property on the premises

Virginia law allows lenders to charge all of the following EXCEPT A. A loan origination fee B. Discount points C. A late charge not to exceed 15% of the payment due D. A tax service fee

C. A late charge not to exceed 15% of the payment due (max is 5%)

Under Virginia Real Estate License Law, an independent contractor is A. Anyone practicing real estate in Virginia B. A salesperson that must pay federal taxes on an estimated quarterly basis C. A licensee representing a client according to a written brokerage agreement and not as a standard agent D. A person contracted with to add a deck to the property

C. A licensee representing a client according to a written brokerage agreement and not as a standard agent

A licensee who acts for a client pursuant to a brokerage agreement that specifies what duties of a standard agent will NOT be done is A. A dual standard agent B. A designated standard agent C. A limited service agent D. An independent contractor

C. A limited service agent

All of the following are entitled to prevail on a claim of title by adverse possession EXCEPT A. A person who has been in possession of the property for 19 years B. A person who held the property for 5 years after inheriting it from a parent, who was in adverse possession for 10 years C. A person who has been entering an orchard and taking apples every October for 15 years D. A person who has erected a stall on and has been using a neighbor's property to sell produce for 20 years without permission

C. A person who has been entering an orchard and taking apples every October for 15 years

All of the following may be entitled to exemption from the requirements of licensure under the REB EXCEPT A. Person acting under a power of attorney B. Attorneys-at-law in the performance of their regular duties C. A real estate licensee selling her own property D. Auctioneers selling real estate at public auction

C. A real estate licensee selling her own property

If a lien against the property of a decedent is made, it remains enforceable for A. 6 months B. 18 months C. 2 years D. 10 years

D. 10 years

Any of the following would be considered a walk-through item that must be repaired or replaced EXCEPT A. A clogged drain in the guest bedroom B. A non-working burner on the kitchen stove C. An area rug missing from the dining room D. A non-functioning ceiling fan in the living room

C. An area rug missing from the dining room

Agent is not clearly defined as a real estate licensee who is acting as any of the following EXCEPT A. A standard agent B. A limited service agent C. An independent contractor D. An agent in a commercial real estate transaction

C. An independent contractor

All of the following are exempt from the state licensing requirements EXCEPT A. A person acting without compensation as attorney-in-fact B. An attorney involved in a real estate transaction in his normal role as attorney C. An officer of a firm who actively participates in brokerage business D. A licensed auctioneer selling real estate at a public auction

C. An officer of a firm who actively participates in brokerage business

If a purchaser does NOT receive the proper property disclosure before contract ratification, the contract may be terminated A. Within three days of occupancy B. Within five days of settlement C. Anytime before settlement D. Before loan application with no right of contract termination

C. Anytime before settlement

A licensee was out of town on a business assignment. When she returned on October 10, she found her license renewal notice and realized that her license had expired on July 1. If she wants to remain licensed she must A. Reapply for a new license as a new applicant B. Meet the current educational requirements C. Apply for reinstatement of her license and pay the current reinstatement fee D. Apply to have her license placed on inactive status

C. Apply for reinstatement of her license and pay the current reinstatement fee

The members of the REB are A. Elected by the public B. Selected by the Virginia Association of REALTORS C. Appointed by the governor D. Volunteers from real estate community

C. Appointed by the governor

The main difference between special assessments and general tax liens is that special assessments A. Are used to improve property values B. Must be paid by property owners C. Are levied against specific properties for limited local improvements D. Are levied for a benefit to the entire community

C. Are levied against specific properties for limited local improvements

A 16-year old boy inherited a farm from his grandfather and then sold the property to a neighbor. When the boy attained majority at age 18, he repudiated the sale because he wanted the property back. Which of the following statements is TRUE? A. It is too late; the property was sold two years ago B. The transfer if title to the neighbor was never valid C. Because the transfer of title was made by a minor, the repudiation of the sale is legal D. A 16-year old boy could not be a legal grantor

C. Because the transfer of title was made by a minor, the repudiation of the sale is legal

The CFPB created the TILA-RESPA Integrated Disclosures (TRID) that became mandatory on October 3, 2015. Under the TRID regulations, a new Loan Estimate (LE) form was created that replaced A. The GFE B. The initial Truth in Lending statement C. Both the GFE and the initial Truth in Lending statement D. The HUD-1 Settlement Statement

C. Both the GFE and the initial Truth in Lending statement

A couple recently signed a contract to purchase a town house in a development governed by a property owner's association. They will be able to cancel this contract if they A. Change their minds B. Cancel anytime before closing C. Cancel within three days of receiving the POA disclosure packet D. Cancel within 14 days of receiving the POA disclosure packet

C. Cancel within three days of receiving the POA disclosure packet

The phrase "physical condition of the property" only would refer to A. A gas station on the corner B. The empty field behind the house C. Defective drywall in the house D. Plans for widening the street

C. Defective drywall in the house

A sole proprietor of a real estate firm who is not licensed is required to A. Obtain a broker's license within the first 6 months after opening B. Register under a factitious name C. Designate a licensed broker to perform the duties of a principal broker D. Become a corporation

C. Designate a licensed broker to perform the duties of a principal broker

An important aspect of the landlord-tenant relationship is to uphold all provisions of fair housing law. A landlord may do all of the following EXCEPT A. Ask qualifying questions, as long as same questions are asked of all applicants B. Verify the prospective tenant's ability to pay the stated rent C. Develop special rules for tenants with small children D. Require any modifications made by a tenant with a disability be restored to original condition

C. Develop special rules for tenants with small children

One instance in which a licensee's license can be suspended or revoked without review or a hearing is if the licensee A. Allowed unsupervised access to a home without the owner's authorization B. Failed to submit an EMD to the broker in a timely manner C. Does not pay a required assessment to the Transaction Recovery Fund D. Failed to inform the board in writing within 30 days of pleading guilty to a misdemeanor

C. Does not pay a required assessment to the Transaction Recovery Fund

Do marketable title and insurable title mean virtually the same thing? A. Yes, they are synonyms B. Yes, if it is marketable, it is insurable C. No, insurable title lists exceptions for which it will not insure D. No, insurable title is the same as equitable title

C. No, insurable title lists exceptions for which it will not insure

One of the primary functions of the Virginia Housing Development Authority (VHDA) is to A. Build housing for low/moderate-income people B. Research new methods of housing development C. Provide housing financing for low-and-moderate-income residents of Virginia D. Enforce Fair Housing and RESPA regulations

C. Provide housing financing for low-and-moderate-income residents of Virginia

Which if the following lease provisions is prohibited under Virginia law? A. Two months' rent security deposit required B. Prohibition against pets C. Restriction against lawful possession of a firearm D. Tenant's responsibility for conduct of guests

C. Restriction against lawful possession of a firearm

The VHDA is funded by A. HUD B. Virginia income tax C. Sale of bonds in the private sector D. Federal subsidy programs

C. Sale of bonds in the private sector

By Virginia statutory definition, a salesperson may perform all of the following functions EXCEPT A. Offer a residence for sale B. Negotiate an exchange C. Serve as managing broker D. Lease rental apartments

C. Serve as managing broker

All of the following with regards to stigmatized property are true EXCEPT A. Stigmatized property is any property that is made undesirable B. Houses in which a homicide or suicide have occurred may be called stigmatized C. Stigmatized property must be disclosed to potential buyers D. Any discussion of HIV or AIDS is specifically prohibited

C. Stigmatized property must be disclosed to potential buyers

The residential property disclosure statement that contains notice to purchasers disclosing seller's representations regarding the property is now found in' A. The Code of Virginia B. The REB rules and regulations C. The REB website D. The Virginia Administrative Code (VAC)

C. The REB website

The Real Estate Board (REB) rules and regulations are found in A. The Code of Virginia B. The Virginia Constitution C. The Virginia Administrative Code (VAC) D. The general assembly minutes

C. The Virginia Administrative Code (VAC)

A single woman placed the following advertisement in the local paper: "Share lovely town house. Large wooded lot, near transportation, shops, and recreation. $650 per mo. Female only." Which of the following is TRUE? A. The ad is a violation of the fair housing law because it discriminates against males B. The ad violates the fair housing law's prohibition against sexual discrimination C. The ad is legal because she is sharing her own home D. The newspaper is now subject to a civil action for publishing a discriminatory ad

C. The ad is legal because she is sharing her own home

A deed of trust is the instrument used in Virginia to establish collateral for a mortgage loan. All of the following statements regarding a deed of trust are true EXCEPT A. The parties involved in a deed of trust are the borrower, the lender, and a trustee B. The borrower waives the right to a court hearing in case of foreclosure C. The power of sale clause in the deed of trust gives the right to sell to the lender D. The power of sale clause in the deed of trust gives the right to sell to the trustee

C. The power of sale clause in the deed of trust gives the right to sell to the lender

ADA standards must be met in all of the following EXCEPT A. The entry lobby to a condominium B. The common area swimming pool C. The second floor residence in a building without an elevator D. The real estate sales office

C. The second floor residence in a building without an elevator

The Consumer Financial Protection Bureau (CFPB) was created in 2010 to issue regulations that protect consumers and promote fair, transparent, and competitive markets. The CFPB new rules for mortgage servicers that went into effect in 2014 include all of the following EXCEPT A. The sevicer must provide at least two month's warning of any change in adjustable-rate mortgage insurance B. The servicer must promptly credit mortgage payments C. The servicer must declare a moratorium on payments if borrower is having difficulty making payment D. The sevicer must work with the borrower having difficulties before starting foreclosure

C. The servicer must declare a moratorium on payments if borrower is having difficulty making payment

The Fair Housing Board (FHB) consists of 12 members. How many citizen members are appointed to the board? A. One B. Two C. Three D. Five

C. Three

When a young couple recently emigrated from El Salvador attempted to rent an apartment, they were told that no units were available, when in fact there were at least four available at that time. The rental company was guilty of A. Nothing; it has the right to say what it pleases B. Nothing; it has the right to limit rentals to U.S. citizens C. Unlawful discriminatory housing practice of false representations D. Discrimination based on age

C. Unlawful discriminatory housing practice of false representations

A civil action brought by the attorney general for a first violation of the Virginia Fair Housing Law could subject a guilty party to a monetary civil penalty of A. Up to $10,000 for a first offense B. Up to $25,000 for a first offense C. Up to $50,000 for a first offense D. Actual damages and legal fees only

C. Up to $50,000 for a first offense

EMDs may be distributed from the broker's escrow account in any of the following EXCEPT A. At settlement on the property B. When all parties to the transaction agree to disbursement C. When requested by one party's attorney D. When the broker determines distribution according to the terms of the contract

C. When requested by one party's attorney

A military couple has decided they no longer wish to purchase the town house that they currently have under contract. The town house is covered by the POA Act. The couple can cancel their contract A. Whenever they wish B. Within 10 days after ratification of contract C. Within 3 days after receiving the POA disclosure packet D. Within 14 days after receiving the property disclosure packet

C. Within 3 days after receiving the POA disclosure packet

If the buyer receives the required residential property disclosure statement three days after the contract is signed, the buyer can terminate the contract A. Within 15 days of date sent, if emailed B. Within 10 days, if hand-delivered C. Within 5 days of postmark, if mailed D. Never; under the doctrine or caveat emptor, cannot terminate the contract

C. Within 5 days of postmark, if mailed

During construction of a new house, the foundation cracked and the builder decided to build the bearing walls of a lighter material to keep the entire structure from collapsing. A structural engineer told him that a strong wind would probably blow the house down. Nonetheless, the cranked foundation and structural shortcuts were easily covered over, and the house was sold to a first-time homebuyer without mentioning the defects. Two weeks after closing, the house collapsed in a thunderstorm. Is the builder liable? A. No, under caveat emptor B. No, because the buyer never asked about specific defects C. Yes, due to the implied warranty against foundation defects D. Yes, due to failure to have the property inspected

C. Yes, due to the implied warranty against foundation defects

A tenant decided to install a burglar alarm in a rented house. Does the tenant need to inform the landlord? A. No, the tenant has full right of possession during the lease B. No, only tenants in multi-unit apartment buildings must inform a landlord about a security system C. Yes, the tenant must also give the landlord instructions and passwords D. Yes, the tenant must inform the landlord, but the cost of the system may be deducted from the rent

C. Yes, the tenant must also give the landlord instructions and passwords

All of the following are satisfactory legal descriptions in Virginia EXCEPT A. "Lot 7, Block D, Plat of Red Valley, Martin County, Virginia" B. "The entire 77.5 acres purchased by Edna Kelly on June 20, 1991, and called Seaside Neck, Roanoke" C. "727 Olean Drive, Fletcherton, Virginia" D. "Proceeding 120 feet due west of the intersection of the east line of J street and the north line of 11th Street to a point; thence north 10 degrees 31 minutes west 100 feet"

D. "Proceeding 120 feet due west of the intersection of the east line of J street and the north line of 11th Street to a point; thence north 10 degrees 31 minutes west 100 feet"

A licensee's salesperson license is about to expire, so she signs up for some continuing education classes. She takes two hours of Virginia Real Estate Laws and Regulations, three hours of Ethics and Standards of Conduct, two hours of Real Estate Taxes, and two hours of Escrow Requirements. Assuming she successfully completes these courses, will she have met her renewal education requirements? A. Yes, because she has completed at least eight hours of continuing education B. No, because she has failed to take a course on federal real estate laws C. No, because she has failed to take a course on the ADA D. No, because she has failed to take the mandatory two hours of Fair Housing, and has not completed a total of 16 hours of continuing education

D. No, because she has failed to take the mandatory two hours of Fair Housing, and has not completed a total of 16 hours of continuing education

A tenant rents farmland, a barn, and a house. The buildings are destroyed in a fire caused by lightning. Must the tenant still pay the same rent and abide by all the terms of the lease? A. Yes, based on common law principles governing ground leases, the tenant must still pay rent B. Yes, any damage to or destruction of the leased premises is the tenant's responsibility C. No, destruction of the improvements terminates a ground lease D. No, if the tenant is not at fault, she is entitled to a reduction in rent until her use of the land is restored

D. No, if the tenant is not at fault, she is entitled to a reduction in rent until her use of the land is restored

A young handicapped woman needs the skills of her service spider monkey. With rent of $1,550, her landlord can charge a pet deposit of A. $55 B. $310 C. $1,550 D. None of these

D. None of these

An air force sergeant rented an apartment four months ago. He has now been reassigned to a different airbase with orders to move in 30 days. His landlord may charge him for damages of A. One month's rent B. Seven month's rent C. One-half of one month's rent D. Nothing, because he is military

D. Nothing, because he is military

If an alleged fair housing discriminatory act has taken place, the injured party must file a complaint with the REB within A. Three months B. Six months C. Nine months D. One year

D. One year

Which of the following is NOT exempt under the Virginia Fair Housing Law? A. Single-family residence rented by an owner who owns no more than three homes B. Presbyterian Home for the Aged C. Single-sex occupancy of a state-supported nursing home D. Owner-occupied four-unit building advertising as "singles only"

D. Owner-occupied four-unit building advertising as "singles only"

An agent is holding an open house on her new listing and is approached by a potential buyer who wants to write an offer to purchase. She is able to proceed with the transaction under all of the following circumstances EXCEPT A. Disclose her brokerage relationship to the seller and treat the buyer as a customer B. Explain disclosed dual agency to both the potential buyer and the seller and proceed if written permission is received C. Request her broker to designate another agent to represent the buyer D. Proceed with the sale working in the bet interest of both parties

D. Proceed with the sale working in the bet interest of both parties

As of July 1, 2012, all brokerage agreements must include all of the following EXCEPT A. A definite termination date B. Be in writing C. A list of duties to be performed D. Prohibition of dual representation

D. Prohibition of dual representation

A settlement agent is usually either an attorney or a title company and must do all of the following EXCEPT A. Register with the Virginia State Bar B. Carry E&O or malpractice insurance C. Maintain a surety bond D. Provide legal advice to the parties to the transaction

D. Provide legal advice to the parties to the transaction

Legislation that directly affects the policies and procedures of a brokerage from includes all of the following EXCEPT A. Cold calling for prospects (National Do Not Call Registry) B. Emailed newsletters (CAN-SPAM) C. Maintenance of client records (FACTA) D. Purchase of flood insurance (NFIP)

D. Purchase of flood insurance (NFIP)

Financial information that would typically be included in a sales contract include all the the following EXCEPT A. Earnest money deposit B. Down Payment C. Type of loan applied for D. Purchaser's credit report

D. Purchaser's credit report

All of the following are discriminatory acts according to Virginia Fair Housing Law EXCEPT A. Falsely representing that a dwelling is not available for sale or rental B. Denying membership in an MLS C. Inducing the sale of a dwelling by representation regarding he prospective entry into the neighborhood of protected persons D. Requiring a handicapped tenant to pay for installation of an access ramp

D. Requiring a handicapped tenant to pay for installation of an access ramp

Article 6 of the Virginia Residential Landlord Tenant Act (VRLTA) deals with A. General leasing properties B. Obligations to the landlord C. Obligations of the tenant D. Retaliatory action

D. Retaliatory action