Real Estate Test - State Portion VA - Licensing

Licensing The Board determines that a licensee misrepresented information on her license application. In this situation, which of the following statements is true? Select one: a. The Board may take disciplinary action b. The licensee must submit to re-examination c. The Board may order criminal penalties d. The licensee must forfeit all commissions earned

A

Licensing The Real Estate Board has authority to administer all of the following laws EXCEPT: Select one: a. Land Tort Reform Act b. Real Estate License Law c. Real Estate Transaction Recovery Act d. Virginia Fair Housing Act

A

Licensing Which of the following statements must be true about a real estate salesperson's license? Select one: a. It is kept in the custody of the employing broker b. It is prominently displayed in the main office of the salesperson's firm c. It is prominently displayed in the branch office where the salesperson works d. It is mailed to the licensee for delivery to the employing broker

A

Licensing Which person can hold a concurrent license? Select one: a. A broker that is active in more than one brokerage firm b. A rental location agent that is also licensed as a broker c. A salesperson that performs residential sales with one broker, but sells time share property for another d. A salesperson that is also licensed as a rental location agent

A

Licensing When a salesperson terminates affiliation with a broker, that salesperson must: Select one: a. Give back all listings acquired while affiliated with the broker b. Mail his or her license to the board c. Return all customers cards to the employing broker d. Do nothing

D

Licensing Which person must have a license issued by the Real Estate Board? Select one: a. A person acting without compensation under power-of-attorney b.A person acting as a trustee in bankruptcy c. A tenant who refers a prospective tenant to the landlord d. None of the above

D

Licensing How much must new licensees initially pay into the Virginia Real Estate Transaction Recovery Fund? Select one: a. $50.00 b. $25.00 c. $20.00 d. Nothing

C

Licensing If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the right to: Select one: a. Sentence the licensee to a prison term of no more than 12 months b. Only to revoke the license, as provided by Virginia law c. File a claim against to the licensee to recover the amount paid from the Fund d. File a claim against the licensee to recover the judgement amount awarded by the court

C

Licensing Principal Broker Barry was failing in his management duties and the rest of the firm opted to terminate Principal Broker Barry. What happens to Broker Barry's license? Select one: a. Return the license within 30 days b. Return the license within 5 days c. Return the license within 3 days d. Return the license immediately

C

Licensing To obtain a Virginia real estate license, it is necessary to: Select one: a. Serve an apprenticeship term in real estate b. Be a citizen of the United States c. Take and pass a test within 12 months of application d. Hold a bachelor's degree in real estate Feedback

C

Licensing Two brokers are involved in a dispute over a commission split. Which of the following entities could become involved in settling the matter? Select one: a. The enforcement branch of DPOR b. The Director of the Department of Professional and Occupational Regulation (DPOR) c. A court having jurisdiction over the brokers d. The Virginia Real Estate Board

C

Licensing When a salesperson transfers from one broker to another, it is the duty of the former broker to: Select one: a. Hold the license until the salesperson has paid any outstanding bills b. Apply for inactive status for the salesperson c. Send the salesperson's license to the Real Estate Board d. Send the salesperson's license to the new broker

C

Licensing The real estate license of any person or firm may be revoked by which of the following entities? Select one: a. Attorney General of the Commonwealth b. Virginia Association of Realtors c. Virginia Real Estate Board d. Both A and C

D

Licensing The supervising broker must post which records in a conspicuous place at the branch office? Select one: a. The branch office license b. The list of licensees assigned to that office c. The licenses of all salespersons working in the office d. Both A and B

D

Licensing Every Virginia resident who is also licensed as a broker MUST: Select one: a. Maintain an office in the state of Virginia b. Maintain an escrow account at an insured depository in the state c. Identify his place of business with an appropriate sign d. All of the above

D

Licensing Hearings before the Virginia Real Estate Board must be held in accordance with the: Select one: a. Supreme Court Judicial Procedures Act b. Uniform Commercial Code (UCC) c. Virginia Association of Realtors Regulations d. Administrative Process Act

D

Licensing A broker is required to return an affiliated agent's license to the Board in all of the following situations, EXCEPT: Select one: a. Upon demand by the Board b. Upon revocation of the broker's license c. When the salesperson refuses to perform real estate duties d. Upon the request from the salesperson to transfer to another broker Feedback

A

Licensing Craig the Broker got his license two years ago, so it is up for renewal. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. What will happen to Craig's license if he doesn't complete the required courses before renewal? Select one: a. His license will expire b. He can pay a fine to extend the renewal date c. His license is null and void d. He will have to retake the licensing exam

A

Licensing Craig the Broker got his license two years ago, so it is up for renewal. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. What will happen to Craig's license if he doesn't complete the required courses before renewal? Select one: a. His license will expire b. His license is null and void c. He can pay a fine to extend the renewal date d. He will have to retake the licensing exam

A

Licensing Every resident broker licensed in Virginia MUST: Select one: a. Maintain an office in Virginia b. Maintain an escrow account in Virginia c. Employ at least one salesperson or associate broker that is also a resident of Virginia d. All of the above

A

Licensing Pete (age 35) is applying for a salesperson license in Virginia and must disclose certain misdemeanor and felony convictions that occurred during a specified time period on the application. Which of the below must he list/disclose on his application? Select one: a. A felony for car theft when he was 15 b. A misdemeanor marijuana sale charge when he was 31 c. A traffic ticket he got last week for speeding 8 miles over the posted speed limit d. All of the above Feedback

A

Licensing When a broker renews his license, which of the following items must accompany that renewal application? Select one: a. The renewal fee, plus $20 payment for the Transaction Recovery Fund b. The renewal fee c. The renewal fee, plus proof of Errors and Omissions Insurance d. The renewal fee, plus proof of membership in the Association of Realtors

B

Licensing If a person wants to make a claim from the Transaction Recovery Fund, where should this claim be filed? Select one: a. A court of competent jurisdiction b. The principal broker of the respondent c. The Virginia Association of Realtors d. The Real Estate Board

D

Licensing A builder wants to sell tracts of land that he owns. This person: Select one: a. Must register with the Real Estate Board b. May allow unlicensed employees (on a regular salary) to sell the tracts c. May only employ licensees to sell each tract d. Must have a broker's license

B

Licensing A license may be suspended without benefit of a hearing: Select one: a. If there is a violation of the Board's regulations b. For failure to pay an assessment to the TRF c. For failure to pay an assessment to the TRF within 10 days d. Under no circumstances Feedback

B

Licensing A real estate license could be suspended without investigation if the licensee: Select one: a. Engages in acts of brokerage while on inactive status b. Violates the Virginia Real Property Act c. Does not pay the Transaction Recovery Fund assessment d. All of the above

C

Licensing A salesperson would be subject to disciplinary action by the Real Estate Board for which of the following actions? Select one: a. Accepting a referral fee from an out-of-state broker, through his employing broker b. Acting for both buyer and seller with their mutual consent c. Paying a finder's fee to an unlicensed person d. Refusing to hold an open house, at the request of his broker

C

Licensing A tenant lives in a four-unit apartment building. He agrees to maintain the building if he can receive a reduced rental fee. In this situation, which of the following statements is correct? Select one: a. To be exempt, the tenant must pay his own utilities b. The tenant must establish an escrow account c. The owner and the tenant are exempt from the real estate License Law d. Both the tenant and owner are subject to Board regulations

C

Licensing By Virginia regulation, a licensee that is "actively engaged" is defined as someone who works: Select one: a. Any amount of time b. At least 30 hours per week c. At least 40 hours per week d. Less than 20 hours per week

C

Licensing Carla has been licensed to sell real estate in Wisconsin for the last 10 years. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. Under these circumstances, Carla: Select one: a. May accept the listing by virtue of her current Wisconsin license b. May accept the listing by reciprocity between Virginia and Wisconsin c. Cannot accept the listing d. Should contact the local Realtors Association and obtain a temporary license to sell property

C

Licensing A licensee is on vacation when his license expires. He still needed to take one more continuing education course before his license expiration date. What should he do? Select one: a. Take the continuing education course b. Pay a $200 fee and re-apply for his license c. Apply for a license as a new applicant d. Take the continuing education course and apply to reinstate his license

D

Licensing A non-resident Virginia salesperson is required to do which of the following actions? Select one: a. Maintain an escrow account in Virginia b. Post a bond c. Move to Virginia within six months of licensure d. Affiliate with a licensed Virginia broker

D

Licensing A salesperson wishes to transfer from one broker to another. The salesperson can only do this if: Select one: a. The Board is notified when his license is renewed b. He gives his current broker 30 days notice c. He gives his current broker 30 days notice d. His license is returned to the Board and a new license issued to the new broker

D

Licensing A violation of the Virginia License Law may subject a broker to: Select one: a. Suspension of his license and a fine b. A fine only c. Revocation of his license and a fine d. All of the above

D

Licensing An associate broker must be: Select one: a. A member of the National Association of Realtors b. A member of the MLS c. Part of a franchise firm d. Employed by another broker

D

Licensing Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: Select one: a. May take new listings and find buyers for any listings on the books b. Will be issued a temporary license by the Board c. Must find a licensed broker to run the business d. Can only conclude the transactions in the process to facilitate the termination of the business

D

Licensing Broker Takahashi wants to open her own partnership. Her long-time friend, Sayumi, is not licensed as a real estate agent. However, she agrees to provide most of the start-up money in exchange for a share of the anticipated profits. Sayumi is therefore designated as a senior partner of the brokerage firm. Which of the following statements is correct? Select one: a. Sayumi cannot engage in acts of brokerage b. The partnership must have a separate license issued by the board c. Sayumi can be a senior partner, but she cannot be the principal broker d. All of the above

D

Licensing By Virginia definitions, which person requires a real estate license? Select one: a. An attorney-at-law b. An auctioneer c. An appraiser d. None of the above

D

Licensing Claims for payment from the Transaction Recovery Fund are filed with the: Select one: a. Salesperson's broker b. Court of competent jurisdiction c. Local Association of Realtors d. Real Estate Board

D

Licensing Salesperson Brenda is affiliated with Broker Bob, who has a listing with Seller Alex. Salesperson Brenda receives a check from Seller Alex after finding a buyer to purchase the home. If Brenda wants to keep the money and NOT violate VA License Law, she could: Select one: a. Endorse the check over to Bob b. Put the check in her escrow c. Cash the check, but inform Bob d. Cash the check if she deserves it

A

Licensing The Board takes disciplinary action against a licensed salesperson. Under what circumstances would the agent's employing broker be subject to disciplinary action by the Board? Select one: A. if the broker knew or should have known of the agent's actions B. the broker is automatically responsible for all actions of any person affiliated with his or her firm C. only if the salesperson is an employee of the broker, not an independent contractor D. if the agent's actions were outside the authority granted by the employing broker

A

Licensing The Real Estate Board is responsible for: Select one: a. Enforcing the License Law b. Regulating brokerage fees c. Enforcing the Virginia Homestead Act d. The code of ethics for real estate professionals

A

Licensing The Real Estate Board is responsible for: Select one: a. Waiving education or experience requirements b. Determining commission splits between all MLS brokers c. Standardization of the clauses contained in a listing agreement d. Setting the commission rates for different types of property

A

Licensing When a salesperson transfers from one broker to another, it is the duty of the former broker to: Select one: a. Send the salesperson's license to the Real Estate Board b. Apply for inactive status for the salesperson c. Send the salesperson's license to the new broker d. Hold the license until the salesperson has paid any outstanding bills

A

Licensing Which person is required to hold a real estate license? Select one: a. A person who, for compensation, helps to sell his neighbor's home b. A government employee selling land owned by the government c. A property manager who leases property for the owner in the course of his employment d. All of the above

A

Licensing Candidates for a real estate license must disclose convictions of certain misdemeanors that occurred within______ years of application (moral turpitude, sexual offense, non-marijuana drug distribution, physical injury) and must also disclose any felony convictions that occurred within the candidate's lifetime. Select one: a. 7 b. 5 c. 10 d. 3

B

Licensing If a licensee changes their surname, it is the responsibility of the licensee to: Select one: a. Advise the Board when their license is renewed b. Advise the Board within 30 days c. Inform their employing broker d. Advise the Board within 10 days

B

Licensing If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the right to: Select one: a. Sentence the licensee to a prison term of no more than 12 months b. File a claim against to the licensee to recover the amount paid from the Fund c. File a claim against the licensee to recover the judgement amount awarded by the court d. Only to revoke the license, as provided by Virginia law

B

Licensing If the Board receives a written complaint about a licensee's actions, what does the Board always do? Select one: a. Suspend the license until a formal hearing can be conducted b. Investigate to determine whether a violation might have been committed c. Impose a monetary penalty of up to $1,000 d. Hold a hearing to allow the licensee to defend herself Feedback

B

Licensing If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? Select one: a. $10,000 b. $20,000 c. $100,000 d. None of the above

B

Licensing Licensees may accept referral fees for services like surveys, termite inspections, and appraisals: Select one: a. Under no circumstances b. If the fee is disclosed to the principals in writing c. If the principal broker consents in writing d. If it "seems right"

B

Licensing Principal Broker Barry was failing in his management duties and the rest of the firm opted to terminate Principal Broker Barry. What happens to Broker Barry's license? Select one: a. Return the license within 10 days b. Return the license within 3 days c. Return the license immediately d. Return the license within 5 days

B

Licensing The Real Estate Board is responsible for: Select one: a. Determining commission splits between all MLS brokers b. Approving the license examinations c. Standardization of the clauses contained in a listing agreement d. Both B and C

B

Licensing The minimum balance of the Virginia Real Estate Transaction Recovery Fund is: Select one: a. $750,000 b. $400,000 c. $800,000 d. $600,000

B

Licensing The real estate license of Virginia salespersons, brokers, and firms expire: Select one: a. never b. every 2 years c. every 4 years d. every 1 year

B

Licensing Under the broker's supervision, his unlicensed assistant may: Select one: a. Give additional information to callers about available listings b. Prepare and file papers for tenant eviction for non-payment of rent c. Take listings over the telephone d. Rent apartments for a small fee

B

Licensing Vera is a licensed salesperson with Broker Tom, but Tom is going to close his office. When this happens, Vera plans to work with Broker Jane. Vera should: Select one: a. Have all earned commissions placed in an escrow account b. Apply to the Real Estate Board for a license as a new applicant c. Get her license from Tom and take it to Jane d. Ask Tom to return her license to the Board and apply for a transfer Feedback

D

Licensing Which of the following statements about the Transaction Recovery Fund is correct? Select one: a. A licensee accused in the claim must sell all personal possessions to satisfy the claim b. If the Fund falls below $400,000, the Director may only assess active licensees to restore the Fund c. When a claim is paid, the respondent's license will be automatically suspended d. A claimant may collect up to $20,000

D