Virginia Salesperson Real Estate DPOR Quizlet

A licensee may not act as a dual agent or dual representative in a residential real estate transaction unless he has first obtained the written consent of all parties to the transaction given after

written disclosure of the consequences of such dual agency or dual representation.

How long must a licensee hold copies of disclosures regarding fully executed purchase contracts? A)5 years B)3 years C)4 years D)2 years

B)3 years

In accordance with the Virginia Non-Stock Corporations Act, the declarant must file which of the following instruments in the case of a time-share estate program? A)A recreational homestead project instrument B)A time-share project instrument C)A property conversion project instrument D)All of the other options are correct

B)A time-share project instrument

Multiple claims involving one regulant may not exceed ________ per 2 year period, ending June 20 of even numbered years.

$100,000

If a licensee fails to make payment of an assessment to the Transaction Recovery Fund, which of the following will occur? A. he will be prosecuted criminally B. he will be sanctioned by the board and licensed suspended based on official review C. disciplinary action will automatically be taken against him and his license revoked D. disciplinary action may be taken against him without a review or hearing and his license will be suspended automatically

D. disciplinary action may be taken against him without a review or hearing and his license will be suspended automatically

What is the first step in an appraisal?

Define the problem

A recorded subdivision plat is used in what system?

lot and block

A feature found in a comparable property that is not present in the subject property will result in a:

reduction adjustment to the comparable's selling price

In valuing a single family residence by the comparison approach, an appraiser would make adjustments to...

the comparable property

What is the minimum of the fund?

$400,000

A license may be reinstated for up to _____ _____ following the expiration date with payment of reinstatement fee.

1 year

A financial transaction record in a VA office, will include what 3 things?

1) From whom money was received 2) Date of receipt 3) Final disposition of funds

When a salesperson or broker terminates their active status, the principal broker must return the license to the board, so that it is received within...

10 calendar days of date of termination

If the VREB has to investigate a licensee, the licensee will provide to the board within how many days, evidence of bank records, documents, books, transactions in which the licensee was involved?

10 days

Active duty military must complete how many hours each licensing term?

24 hours

How many class hours are required for the re-licensure of brokers who have active licenses?

24 hours

When a principal broker is discharged or terminates their active status with a firm, the firm should notify the board and return the license to the board within how many days?

3 business days of termination

A principal/supervising broker must retain every transaction, agreement, and disclosure, for how long?

3 years

Concerning audits, a principal/supervising broker shall notify the board, in writing, within how many days following, the final report of any non-compliance?

30 days

If a licensee is pleading nolo contendre, how many days do they have to inform the board in writing?

30 days

A salesperson renewing their license for the first time, must complete how many hours of post licensure education (except active duty?)

30 hours

How many hours of post licensure curriculum must a new licensee complete within one year from the last day of the month in which the license was issued?

30 hours

How long are VREB terms?

4 years

A security deposit must be returned to the tenant within how many days of vacating the premises?

45 days

In the case of a check returned because of insufficient funds, the landlord can give the tenant a notice mandating payment via cash, cashier's check, or certified check, within ________ _______.

5 days

Schools must maintain all student and class records for a minimum of how many years?

5 years

How long is a class/clock hour?

50 minutes

How long does an active duty military person to complete courses when they are released?

6 months

What is the Virginia Real Estate Board comprised of?

9 members, 7 licensees with at least 5 years real estate experience, and 2 citizens

A principal/supervising broker, must submit a plan of correction (from the report of any non-compliance) to the board within how many days?

90 days

If a brokerage agreement does not specify a definite termination date, the agreement will terminate within how many days after the date of the brokerage agreement?

90 days

What is a verified claim?

A completed application, on a form designed by the board

A salesperson is involved in a transaction where an individual wishes a six-month lease with an option to buy. What is true about this situation?

A salesperson could use 2 standard forms, fill in the blanks and request that his or her broker review the forms before signing

When a person feels he or she has been discriminated against, that person may file a complaint with the Virginia Fair Housing Office within what time frame? A)1 year B)18 months C)2 years D)6 months

A)1 year

A notice, accompanied by all the current licenses, shall be given to the board in the event of any change of business name or location within 30 calendar days of the change of name or location by which of the following methods? A)In writing and by mail B)In writing by way of facsimile C)Verbally by telephone is sufficient, as long as you receive a confirmation number associated with your call D)In writing via electronic mail

A)In writing and by mail

A standardized yardstick expressing the true annual cost of borrowing is expressed as the what?

APR

What is an associate broker?

An individual licensee of the board holding a brokers license, other than a designated principal broker

What is a sole proprietor?

Any individual, trading under an individuals name or fictitious name

The clause in a deed of trust or mortgage which permits the mortgagee to declare the entire unpaid sum due upon a default by a mortgagor is called: A. judgment clause B. an acceleration clause C. an escalator clause D. a forfeiture clause

B. an acceleration clause

Under RESPA, a copy of "Real Estate Settlement Costs and You" must be given: A. within one day before closing B. at the time of loan application, or within 3 days of application C. within 5 days of application D. at closing

B. at the time of loan application, or within 3 days of application

A seller listed his home for six months on February 26. On April 29, a buyer made an offer on the property. The listing broker presented the offer to the seller on April 30. The seller accepted the offer on May 1, with the closing to occur on June 15. Assuming the closing took place on June 15, when did the listing expire? A. may 26, 2004 B. jun 15, 2004 C. aug 26, 2004 D. dec 15, 2004

B. jun 15, 2004

In an installment land contract, what type of title did the seller retain? A. joint B. legal C. equitable D. record

B. legal

Under an FHA graduated payment mortgage, which of the following fluctuates over the term of the loan? A. interest rate B. monthly payments C. finance charge D. annual rate

B. monthly payments

Which of the following are not covered by the Virginia Residential Landlord and Tenant Act? A. protection landlords' and tenants' rights in Virginia B. single family houses (owner rents less than 10 of them) C. all apartments D. single family houses (owner rents more than 10 of them)

B. single family houses (owner rents less than 10 of them)

The Virginia Fair Housing Act, the Virginia Condominium Act and the Virginia Time-Share Act are all administered by which of the following? A)The Virginia Fair Housing Authority B) The Virginia Time-Share Commission C)The Department of Professional and Occupational Regulation D)The Virginia Equal Rights Commission

C)The Department of Professional and Occupational Regulation

The word improvement would refer to all of the following EXCEPT: A. streets B. a sanitary sewer system C. trade fixtures D. the foundation

C. trade fixtures

Disclosures must be:

Conspicuous, printed in bold lettering, all caps, underlined, or within a separate box

Applicants for broker's licensing must have acted in the capacity of a real estate salesperson for 36 of the previous how many months before applying for a broker's license? A)24 B)36 C)60 D)48

D) 48

When a person feels he or she has been discriminated against, that person may file a civil action with the state court within what time frame? A)18 months B)1 year C)6 months D)2 years

D)2 years

Changes of name and address must be reported to the board within how many days? A)21 B)14 C)31 D)30

D)30

Sam and Amanda Green moved from their apartment in Petersburg to Richmond on June 30th. According to the Virginia Residential Landlord and Tenant Act, the landlord must return the unused portion of their security deposit by what date? A) June 5th B) June 15th C) August 14th D) July 1st

D. august 14th

A buyer bought a property without telling the seller of his intended purpose for the property. The contract contains no contingency clauses and it is a properly executed contract. After the closing, the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract at this stage? A. void B. voidable C. breach D. enforceable

D. enforceable

The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Smiths' financed the remaining of $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a: A. wraparound mortgage B. package mortgage C. balloon note D. past purchase mortgage

D. past purchase mortgage

When does the approval of prelicense, continuing education, and post license courses expire?

December 31st, three years from the year the approval was issued

If a licensee is holding escrow funds for the owner of real property, and that property is foreclosed on, what can the licensee do?

File an interpleader action

For sale/lease signs on property, what must be included?

Firm name and contact information

What should business cards include?

Licensees name, firm name, contact information

In electronic advertising, where must a disclosure be viewable?

On the main page, no more than 1 click away

What does the acronym STUD stand for and what does it define?

Scarcity, transferability, utility, demand Elements of value

What must a firm obtain?

Separate firm license

In most states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the property. What is this right called?

Statutory right of redemption

What entity is responsible for creating and amending the Code of Virginia?

The Virginia general assembly

How does VREB select a chairman?

The board elects a chairman from its membership

What must clearly be displayed on all advertising?

The firms licensed name

Any document or record required to be maintained by a licensee in accordance with the...

Uniform Electronic Transactions Act

What is a limited service agent?

a licensee who acts for or represents a client in a residential real estate transaction pursuant to a brokerage agreement

What is a dual agent/representative?

a licensee who has a brokerage relationship with both seller and buyer, or both landlord and tenant, in the same real estate transaction.

What is a designated agent?

a licensee who has been assigned by a principal or supervising broker to represent a client when a different client is also represented by such principal or broker in the same transaction.

Who is a client?

a person who has entered into a brokerage relationship with a licensee.

What is a customer?

a person who has not entered into a brokerage relationship with a licensee but for whom a licensee performs ministerial acts in a real estate transaction.

What is a regulant?

a person, partnership, association, corporation, agency, firm or any other entity licensed by the Real Estate Board as a real estate broker or real estate salesperson.

In a sale proprietorship, the licensed broker who is the sole proprietor, shall have the same responsibilities as...

a principal broker

Commissions are paid based on...

actual selling price

The brokerage agreement shall state whether the real estate licensee will represent the client as an

agent or independent contractor

A principal broker shall have signatory authority on...

all escrow accounts maintained by firm

What is a claimant?

any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act.

What is a common source information company?

any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data and includes, but is not limited to, multiple listing services.

Any prepaid rent more than one month prior to the rent due date to a real estate licensee, acting on behalf of a landlord client in connection with the lease, shall be placed into an...

escrow account

A designated agent can only act as an...

independent contractor

A dual agent shall only work as an...

independent contractor

Any rent paid less than one month prior to the rent due date shall be considered current rent and may be deposited into an...

operating account of a real estate licensee

Mortgage monies are credited buyer's side of the ledger as a...

portion of the funds he/she will use to complete the transaction

Any advertising is under the direct supervision of the...

principal/supervising broker

What does commercial real estate mean?

real estate other than real estate containing one to four residential units

The maximum permissible loan to value ratios are based in what?

sales price or appraised value, whichever is lower

A supervising broker is an individual who is designed by the principal broker to...

supervise brokerage services

An attorney-at-law referring a client to a licensee shall not be entitled to receive any compensation from a listing firm or offered by a common source information company to cooperating brokers, unless

the attorney is also licensed as a real estate broker or salesperson.

An impound or reserve account MOST benefits whom?

the lender

Disclosures shall be made in writing at the earliest practical time, but no later than...

the time specific real estate assistance is provided

Prior to entering into any brokerage relationship provided for in this article, a licensee shall advise the prospective client of

the type of brokerage relationship proposed by the broker and the broker's compensation and whether the broker will share such salary or compensation with another broker who may have a brokerage relationship with another party to the transaction.

What is improper or dishonest conduct?

the wrongful and fraudulent taking or conversion of money, property or other things of value or material misrepresentation or deceit.

If the balance of the fund exceeds 2 million at the end of the fiscal year, the amount in excess of $2 million, shall be...

transferred to Virginia Fair Housing trust fund

What is a real estate team?

two or more individuals, one or more of whom is a real estate salesperson or broker

Once a tenant has vacated a rental property, the landlord must conduct a final inspection within what period of time? A)5 days B)48 hours C)72 hours D)24 hours

C)72 hours

An expired license can be renewed under which of the following guidelines? A)An expired license can be renewed within 45 days with payment of normal renewal fees and completion of the necessary continuing education B)An expired license can be renewed upon completion of the necessary continuing education and payment of normal renewal fees within 30 days or from the 31st day with payment of a reinstatement fee An expired license cannot be renewed under any circumstances. An expired license can be renewed in any case upon payment of a mandatory late fee and completion of continuing education

B)An expired license can be renewed upon completion of the necessary continuing education and payment of normal renewal fees within 30 days or from the 31st day with payment of a reinstatement fee

For how long must an agent keep a record of lead-based paint inspection? A)One year, if evidence of lead-based paint is not found B)Three years, if evidence of lead-based paint is found or not C)Two years if lead-based paint is found D)Five years, if evidence of lead-based paint is not found

B)Three years, if evidence of lead-based paint is found or not

A breach of contract is a refusal or a failure to comply with the terms of the contract. If the seller breaches the purchase contract, the buyer may do all of the following EXCEPT: A. sue the seller for specific performance B. rescind the contract and recover the earnest money C. sue the seller for damages D. sue the broker for non-performance

D. sue the broker for non-performance

Which of the following types of ownership CANNOT be created by operation of law, but must be created the parties' expressed intent? A. community property B. tenancy in common C. condominium ownership D. tenancy by the entireties

D. tenancy by the entireties

Continuing education shall be completed within ______ ______ prior to activation of a license when the the license has been inactive for more than 30 days. A) 1 year B) 2 years C) 21 days D) 6 months

B) 2 years

A broker and seller terminate the listing contract. An offer is received in the mail by the broker after the termination of the listing contract. The offer is for full price and includes all of the terms and conditions of the seller. Why is this NOT a valid contract? A. there is no consideration involved B. no acceptance has been given C. no earnest money has been enclosed D. there is no current listing agreement

B. no acceptance has been given

The finance charges recorded on the Truth in Lending statements would include all of the following EXCEPT: A. loan fees charged by the lender B. insurance premiums for mortgage insurance payment C. discount points and service fees D. recording fees and title insurance premiums

D. recording fees and title insurance premiums

Jim, Manny, and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend Wendell. After the conveyance, Jim and Manny: A. become tenants in common B. continue to be joint tenants with Harry C. become joint tenants with Wendell. D. remain joint tenants owning a two-thirds interest

D. remain joint tenants owning a two-thirds interest

All of the following are physical characteristics of land EXCEPT: A. indestructibility B. uniqueness C. immobility D. scarcity

D. scarcity

Payment of claims through the Virginia Real Estate Transaction Recovery Fund will be delayed for a maximum of one year if which of the following occurs? A. the claimant moves away from the state of virginia B. if there is reason to believe there will be multiple claims involving one regulant C. if the virginia real estate transaction recovery fund has fallen below the minimum balance level D. any of the above

B. if there is reason to believe there will be multiple claims involving one regulant (maximum of one year)

A buyer assumes the mortgage. How is the owner relieved of the liability? A. subject to mortgage B. novation C. substitution D. graduation

B. novation

one-eighth of a mile square is the same as...

10 acres

How many days does the initial purchaser of the condo have to rescind the contract without reason or penalty?

10 days following the execution of the contract

A mechanic's lien notice requires an affidavit stating that any person who worked on the property within _____ _____ prior to the sale have been paid in full or stating the names, addresses, and phone numbers of laborer or material supplier.

120 days

The licensee and the principal broker will be notified if a complaint has been filed and an investigation will ensue, and the licensee has how many days to respond?

21 days

A brokerage relationship involves which two parties? A. licensed broker or salesperson and the client B. broker and branch office manager C. broker and licensee D. any of the above

A. licensed broker or salesperson and the client

When a landlord is in violation of the lease, the tenant may notify him in writing, giving him 30 days to correct the violation. If the violation is not corrected within 30 days, the tenant may do which of the following? A) Discontinue all rent payments B) Deposit the rental payments with the General District Court C) Discount the rental payments D) Break his or her lease without penalty

B) Deposit the rental payments with the General District Court

Buyers of time-shares may cancel the purchase contract without penalty within 7 calendar days after which of the following occurs? A)The contract has been filed with the Virginia Real Estate Board B)The execution of the purchase contract and the receipt of a current public offering statement C)The contract has been signed by the seller of the time-share unit D)The contract for purchase has been notarized and the time-share has been occupied by the owner

B)The execution of the purchase contract and the receipt of a current public offering statement

How many people serve on the Virginia Real Estate Board? A) two experienced real estate salespersons or brokers. B)nine people. C)seven citizens. D)eleven experienced real estate salespersons or brokers.

B)nine people.

Apartment houses in an area were selling for $100,000 and a buyer offered $100,000 for an apartment building. The buyer is operating on the principle of: A. highest and best use B. conformity C. substitution D. increasing returns

C. Substitution

When the lender under a deed of trust requires title insurance, who would be the most likely person to pay for it? A. the mortgagee B. the trustee C. the trustor D. the beneficiary

C. the trustor

Why is the RESPA closing statement allowed to be examined on or before closing? A. to allow the buyer to see costs at or before closing to see if he/she can get the loan at a cheaper price B. to make sure the title insurance came fro the right company C. to check for mathematical errors D. to provide for special fees to specific parties for business related to the real estate transaction

C. to check for mathematical errors

When an appraiser uses the phrase effective age, what is he referring to?

The age of the property based upon its condition

The initial purchaser has 10 days to rescind the contract for purchase without reason/penalty beginning from what time period?

The later of the dates of contract ratification or receipt of the public offering statement