Virginia Law

2 mills =

.002

2 points =

.02

Status change of associate broker or salesperson

10 calendar days

broker smith died and the board appointed smith's unlicensed brother to conclude the business of the firm. Smith's brother has

180 days

status change of principal broker

3 business days

when a purchase contract if fully executed, all disclosures must be kept for:

3 years

when a real estate license has expired, how long does the licensee have to reinstate the license without monetary penalty

30 days

a licensee who is actively engaged in real estate brokerage works at least

40 hours per week

the state of Virginia mandates the number of people on the real estate board. Currently the board consists of:

9 members, 7 licensees and 2 citizens

if a brokerage agreement does not specify a definite termination date, the brokerage relationship terminates:

90 days after the date it started

licensee Helen is showing a property listed by another firm. Helen's buyer asks her to prepare an offer 7,500 below the listed price but tells Helen that he is willing to pay the full price, if necessary. The seller accepts the lower offer as presented. Which of the following statements is true in this situation?

Helen acted properly

Jane, a full time schoolteacher refers friends to broker smith when they want to sell their house. Jane receives a referral fee from smith.

Jane must have an active real estate license

a broker deposits a down payment into his personal account. He is told that it will be his commission after closing.

This is commingling

the requirement that funds be held in an escrow account does not apply to which of the following?

a commission received from an out of state broker

ed, a licensed salesperson, moved to a new home. What is ed required to do?

advise the board in writing within 30 calendar days of the change

a broker receives an earnest money deposit to support a valid contract. The seller defaults and the transaction does not close. The broker must hold the escrow funds until

all principal to the contract agree in writing about the intended distribution

a licensee was out of town on personal business. When she returned on July 5th, she realized that her license had expired on may 31. What is required if the licensee wants to remain licensed?

apply for reinstatement, and pay a reinstatement fee

one of the responsibilities of the board is to

approve schools for teaching

a property was sold by bob, a licensed associate broker. Several weeks after closing, the seller sent bob $500 and a thank you note for a job well done. Bob accepted the check because he had worked hard on the sale and felt the bonus was deserved. In the situation described, which of the following is true?

bob has violated board regulations

when is the real estate license renewed?

every two years in the month issued

escrow account for lender

for taxes and insurance

when a broker is representing both buyer and seller in a transaction without the full knowledge and consent of all parties to the transaction, it is:

grounds for suspension or revocation of the broker's license

a broker decides to sell his own home himself

he can do this because he is the owner

if a broker decides to work under the supervision of another broker

he is an associate broker

a landlord tells the broker he only wants to rent to female college students. If the broker does as the client asks

he is guilty of discrimination

a licensed real estate salesperson may receive money or other valuable consideration for services rendered in connection with property management from:

his employing broker

salesperson smith signs a listing agreement that does not have a definite termination date. This action is:

improper dealing

when the board receives a complaint against a licensee they

investigate the complaint

a broker places one of her signs on a property without the permission of the owner. In doing so, the broker

is in violation of board regulations

a real estate agent asks his unlicensed neighbor to show a property for him and says he will give part of the commission if the property sells. This:

may result in the agents license being revoked

Broker bob is the principal broker for bob's properties inc. Bob also wants to work as an associate broker for abc realty. To do this, he:

must apply for a concurrent license

general requirements for licensure as either salesperson or broker include which of the following?

must be at least 18 years of age

When the Board issues an active license, the license...

must be made available to the public at the broker's main place of business

which of these advertisements ia acceptable under virginia fair housing laws

open hills development - seniors only

blanket mortgage

partial release

The purpose of the VA real estate board is to:

protect the public interest

the purpose of the Virginia Fair Housing Laws is to

protect the welfare of the public

SARA (Superfund Amendments and Reauthorization Act) (1986)

reauthorized the liability imposed on owners, lenders, occupants, and operators to correct environmental problems on real property and increased funding of the CERCLA

RCRA (Resource Conservation and Recovery Act) (1976)

regulate storage, treatment and disposal of hazardous waste

a broker may remove money from his escrow account in all of the following circumstances, EXCEPT:

rescission of the contract by the seller

Jane decides to leave ABC realty for professional properties inc. Her broker needs to:

return jane's signed and dated license to the board by certified mail

sam sells his home and gives his accountant a power of attorney to close the deal for him.

sam can do this

CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) (1980)

strict liability

after a broker has taken a listing the seller explains that the house is not to be sold to a minority. What should the broker do?

tell the seller that this is against the law

when a broker places a for sale sign on a property, what must appear on the sign?

the firm's license name

a broker's for sale sign must include:

the firm's licensed name

which of the following is true regarding a branch office of a virginia real estate firm?

the office must have a separate license

a licensed salesperson can be licensed with more than one virginia broker under which of the following circumstances?

under no circumstances

use ___ for calculating mill rates

value

a licensee must respond to an inquiry of the board within:

within 10 calendar days

if asked, a licensee must provide records to the board:

within 10 days

Salesperson H violated the license law. When H's broker found out about it he decided it was too late to do anything. Could the broker's license be suspended?

yes, because he did not take action to correct the violation