Virginia Real Estate Practice Exams

Real Estate Board members serve terms that are how long? a. Four years b. Nine years c. Seven years d. Two years

a. Four years

Randolph, a seller, has an open listing agreement with you. Randolph locates a buyer himself. Who is owed a commission? a. No one b. You and the buyer c. You are d. You, but only a 10% open listing fee

a. No one

Who usually pays the recordation tax in Virginia? a. The buyer b. The lender c. The listing agent d. The seller

a. The buyer

Which section of the Residential Contract of Purchase requires the seller of a property within a development that is subject to the Virginia Property Owners' Association Act to give the buyer a copy of the property owners' association packet? a. The Notice to Purchaser(s) section b. The Property Owners' Association Disclosure section c. The Seller's and Purchaser's Options section d. The Virginia Condominium Act section

b. The Property Owners' Association Disclosure section

According to the disclosure statement, what is a seller's disclosure obligation if a sex offender lives near their property? a. The seller is required to disclose this information. b. The seller makes no representations. c. The seller must obtain permission from any local sex offenders to release their information to buyers. d. The seller must provide pictures, names and addresses of all sex offenders within a five mile radius.

b. The seller makes no representations.

What is the purpose of the Default section of the Residential Contract of Purchase? a. To define Virginia's policy of no-fault defaults. b. To explain the process for how the seller or buyer sues for damages. c. To explain what happens in the event either party defaults. d. To provide detailed examples of default behavior and resulting consequences.

c. To explain what happens in the event either party defaults.

Which of the following are true statements about development in water bottoms? a. It is dangerous. b. It is generally not allowed. c. It is not regulated. d. It requires a Joint Permit Application.

d. It requires a Joint Permit Application.

The Virginia Condominium Act is concerned that condo owners and potential buyers have the information they need to make informed decisions. To that end, which of the following does this act regulate? a. That all condo developments adopt the same CC&Rs b. That all owners associations allow everyone in the development to run for board member positions c. That the legal definition of a condominium is posted in all development common areas d. The information that must be included in public offering statements

d. The information that must be included in public offering statements

Which of the following statements best describes a standard agent? a. They are not required to perform all duties required by statute. b. They only work for buyers. c. They only work for sellers. d. They perform duties required by statute throughout the transactional process.

d. They perform duties required by statute throughout the transactional process.

Which of the following is NOT a protected class under federal or Virginia fair housing laws? a. Gender identity b. Muslims c. The elderly d. Those with assistance animals

d. Those with assistance animals

Gregory is a salesperson at Gardner Homes. Linda is his sponsoring broker. Which of the following best describes what happens with Gregory's pocket card? a. Gregory must carry his pocket card at all times. b. Linda must carry Gregory's pocket card at all times. c. Linda stores Gregory's pocket card. d. Salespersons do not receive pocket cards.

a. Gregory must carry his pocket card at all times.

It's March 25, and new salesperson Travis is about to renew his license. Travis was first licensed one year ago on March 3. He's taken 30 hours of post-licensing education, paid his fees, and filled out his renewal application on the VREB website. What, if anything, has he forgotten or done wrong? a. He hasn't forgotten anything or done anything wrong. b. He needs a signed letter verifying his employment from his supervising broker. c. He took 14 extra hours of CE, which won't count towards his next renewal. d. He will have to pay a fee for late renewal.

a. He hasn't forgotten anything or done anything wrong.

Sylvio is a salesperson at Gardner Homes. Linda is his sponsoring broker. Which of the following best describes what happens with Silvio's license? a. Linda displays Silvio's license at Gardner Homes b. Linda stores Silvio's license at Gardner Homes c. Silvio displays his license at Gardner Homes d. Silvio keeps a copy of his license at home for safekeeping

a. Linda displays Silvio's license at Gardner Homes

Which of these statements describes the purpose of Virginia agency disclosures? a. To advertise the services of a brokerage b. To compete effectively with other brokerages c. To protect consumers by keeping them informed d. To protect licensees from liability

c. To protect consumers by keeping them informed

Broker Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as commercial. This violation is an example of ______. a. Contractual interference b. Failing to disclose an agency relationship c. Making a substantial and willful misrepresentation d. Performing services that qualify as practice of law

c. Making a substantial and willful misrepresentation

When does a dual agency disclosure need to be provided? a. Never b. Only when representing a buyer and interacting with an unrepresented seller c. Only when representing the seller and interacting with an unrepresented buyer d. Prior to a dual agency, situation occurring

d. Prior to a dual agency situation occurring

The listing agent for a house promises the seller $500,000 but then assists the buyer in negotiating a better deal without letting the seller know. What violation has the listing agent committed? a. Improper brokerage commission b. Improper delivery of instruments c. Incompetence d. Misrepresentation

d. Misrepresentation

How many members are on the Virginia Real Estate Board? a. Nine b. Seven c. Six d. Two

a. Nine

According to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date. a. One month b. One week c. Three days d. Two weeks

a. One month

Which regulation describes how the VREB must carry out its responsibilities and defines the regulations that it enforces? a. Code of Virginia Title 54.1, Chapter 21 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135

d. Virginia Administrative Code Title 18, Agency 135

Zoe, seller, and Darnell, buyer, signed their purchase contract on Monday. The contract allows for Darnell to move in to the property one week before settlement. The day before Darnell is to move in to the property, Zoe provides Darnell with the disclosure statement. If Darnell wishes to terminate the contract, by when must he provide Zoe with a written termination notice? a. Before moving into the property b. Before settlement c. Within five days, if he's mailing the notice d. Within three days, if he's hand-delivering the notice

a. Before moving into the property

Condominium _______ set forth the rules and regulations for the condominium owners associations. They govern how the associations manage and spend cash reserves, for example. a. Bylaws b. CC&Rs c. Disclosure packets d. Public offering statements

a. Bylaws

Salesperson Nicola just told her principal broker Carter that she's going to transfer to another brokerage. What duties, if any, does Carter have in this transaction? a. Carter must return Nicola's license to the VREB within 10 days. b. He has to fill out and submit Nicola's transfer request form. c. He must sign and file a transfer request with the VREB that includes the new sponsoring broker's signature. d. Nothing; Nicola and her new principal broker are responsible for completing the transfer.

a. Carter must return Nicola's license to the VREB within 10 days.

Which of the following requires disclosure in Virginia? a. Certain septic conditions b. Defective drywall c. Historic district ordinances d. Marine clays

a. Certain septic conditions

Where can you find rules about what licensees may and may not do? a. Code of Virginia or the Virginia Administrative Code b. Educational Standards c. Labor Law d. Sherman Act

a. Code of Virginia or the Virginia Administrative Code

Which of the following should licensees be careful to avoid when interacting with an opposing party who has a limited-service agent? a. Creating unintended dual agency b. Interacting directly with the opposing party c. Interacting with the limited service agent d. Maintaining the confidentiality of information shared by the opposing party

a. Creating unintended dual agency

Virginia licensee Dale has just presented an offer to buy a condo on behalf of his buyer client Nelson. He files the written offer in his brokerage and sends copies to the seller, the Greason family, and their broker Gary. What, if anything, has he done wrong? a. Dale has done nothing wrong; he's handled the paperwork properly. b. He broke his duty of confidentiality to Dale by sending a copy of this offer to the Greasons. c. He forgot to file a written and an electronic copy with his brokerage. d. He should also have sent a copy of the offer to the VREB.

a. Dale has done nothing wrong; he's handled the paperwork properly.

A developer constructing a new condominium must submit a ____________ to the Common Interest Community Board. a. Declaration b. Financial report c. Position statement d. Substantiation

a. Declaration

What is used to secure a home loan in Virginia? a. Deed of trust b. Full covenant and warranty deed c. Mortgage d. Property title

a. Deed of trust

Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______. a. Demonstrating untrustworthiness or incompetency to act as a real estate broker b. Failure to disclose an agency relationship c. Making a substantial and willful misrepresentation d. Performing services that would qualify as the practice of law

a. Demonstrating untrustworthiness or incompetency to act as a real estate broker

Which section of the Residential Contract of Purchase gives buyers who are purchasing a home built before 1978 the option to have their home inspected for lead-based paint hazards? a. The Lead-Based Paint Inspection section b. The Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act section c. The Notice to Purchaser(s) section d. The Seller's and Purchaser's Options section

a. The Lead-Based Paint Inspection section

Which of the following is true about limited agency relationships? a. The written brokerage agreement needs to spell out what duties the agent won't perform. b. They automatically renew after 90 days. c. They do not need to be formalized via a written contract. d. This arrangement is required when one agent works for another one.

a. The written brokerage agreement needs to spell out what duties the agent won't perform.

Davina has engaged Sean as her real estate agent to sell her property. According to statute, what does Sean owe any buyers he encounters in selling Davina's property? a. To disclose all adverse material facts related to the physical condition of the property that he knows about b. To help the buyer negotiate a better price c. To seek a price and terms that meet the buyer's objectives d. To share Davina's personal motivation for selling the property

a. To disclose all adverse material facts related to the physical condition of the property that he knows about

It's the end of the day and you're running late for dinner, so you decide to go to the ATM and deposit your client's earnest money check into your own account, and then transfer it to an escrow account the next morning. Why is this wrong? a. You can't commingle escrow funds with your own funds. b. You failed to make a record of the deposit. c. You failed to notify the client and the broker that you would be placing the funds temporarily in your own account. d. You should wait till the end of the week before transferring in to the separate account.

a. You can't commingle escrow funds with your own funds.

Dennis thinks he was discriminated against by a potential landlord in Virginia and wants to make a complaint. How should you, as his agent, advise him? a. "Call Virginia's Fair Housing Administrator's Office. They'll assign an investigator to your case." b. "Contact the Virginia Fair Housing Office, or go to its website to start the complaint process." c. "I recommend that you get in touch with Virginia's Real Estate Board. They can help you." d. "You need to get in touch with the Virginia Association of REALTORS®. They have the tools you need."

b. "Contact the Virginia Fair Housing Office, or go to its website to start the complaint process."

Your client Kari manages a large condominium development. She wants to make sure that all of her condo owners are Christians. How should you advise her? a. "Before you change your policies, check the local ordinances to make sure that Christians aren't protected." b. "Discriminating on the basis of religion breaks federal fair housing law." c. "Double-check with the other condo owners first to make sure they agree with this policy change." d. "This is easy enough to do if you put a line about religion in your housing application form."

b. "Discriminating on the basis of religion breaks federal fair housing law."

After an investigation by the DPOR, what comes next in the complaint process? a. A hearing is held. b. A meeting is held between the parties involved to determine the facts of the matter. c. Interviews with witnesses and statements are obtained. d. The fee or penalty is assessed.

b. A meeting is held between the parties involved to determine the facts of the matter.

Which of the following pieces of information is principal broker Ken NOT required to maintain as part of his recordkeeping duties? a. A brokerage client's ultimately unsuccessful sales contract b. A record of his past client's credit history c. A record of how a former client's earnest money was disbursed d. A signed consent form for dual agency between a client and one of his licensees

b. A record of his past client's credit history

Which of the following is true of an independent contractor? a. An independent contractor acts as the consumer's agent. b. An independent contractor does not enter into an agency agreement with a client. c. An independent contractor enters into an agency agreement with a client. d. An independent contractor is not paid for their services.

b. An independent contractor does not enter into an agency agreement with a client.

Consuela is a real estate licensee who has three other licensees working under her supervision. What type of license does Consuela hold? a. Associate broker b. Broker c. Office manager d. Salesperson

b. Broker

Which of these is an incorrect disbursement of escrow funds? a. Broker Curtis manages a property management-related escrow account. Although both parties to the transaction agree about where the funds should go, he doesn't disburse them until the property owner agrees. b. Broker Nadia has an unconsummated contract with no escrow-related instructions. She decides to give half of the escrow funds to both parties. c. Kim, a principal broker, waits until a court tells her to how to disburse escrow funds in a particular account. d. There were no instructions in the contract, so broker Shane waits to disburse the escrow until both parties to the contract agree, in writing, where it should go.

b. Broker Nadia has an unconsummated contract with no escrow-related instructions. She decides to give half of the escrow funds to both parties.

Which one of the following people does NOT have to fill out the Virginia Property Disclosure form in order to sell his or her property? a. Agent Victor has just listed a 100-year-old country manor for sale; it's on the town's historic register. b. Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years. c. Darren is putting his beach house on the market as a lease with an option to buy. d. Owner Cameron is selling his condo by himself (he's not using an agent).

b. Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years.

Jill needs to pay the web developer who created a new website for her brokerage, but her checking account is low, so she floats herself a loan from earnest money kept in the brokerage's escrow account and deposits it in her account for a few days before paying the developer. Which answer correctly identifies the violation(s) Jill has committed? a. Commingling b. Commingling and conversion c. Conversion d. Deceptive business practice

b. Commingling and conversion

What Virginia regulatory authority protects wetlands through the Water Protection Permit program? a. Bureau of Health and Social Services b. Department of Environmental Quality c. Department of Redundancy Department d. Department of Water Safety

b. Department of Environmental Quality

Which of these is NOT an example of improper escrow account handling? a. Kerri deposits a down payment check and the rent she received from one of her own properties in the same account. b. Lou maintains all account-related records for three years after the transactions close. c. Maxine withdraws money from an escrow account to pay for a business lunch. d. Three weeks after he receives the check, Derek opens an escrow account for a client's rental security deposit.

b. Lou maintains all account-related records for three years after the transactions close.

Which of the following situations must be reported to the VREB? a. Ben just failed the test to become a broker. b. May, a principal broker, is changing the name of her brokerage. c. Natalia signed up to take six hours of post-licensing education. d. Yusuf just received a large commission from his first sale.

b. May, a principal broker, is changing the name of her brokerage.

Which of the following activities involve excavation and require the worker to call 811? a. Arborist Mick is trimming 15 large trees on Gina's farm. b. Gloria is taking advantage of the nice fall weather and planting 50 tulip bulbs. c. Harold's Demolition company has been given the job to destroy and remove a large outbuilding on Jeff's property. d. Licensee Abby is selling her client Deb's house and is installing a "For Sale" sign out front. She isn't using tools.

c. Harold's Demolition company has been given the job to destroy and remove a large outbuilding on Jeff's property.

You decide to take the earnest money deposit you've been given and place it in your personal account until it is needed at closing. What type of violation have you committed? a. Conflict of interest b. Improper brokerage commission c. Improper delivery of instruments d. Misrepresentation

c. Improper delivery of instruments

Jeremiah reviews the floor plan of the house he's going to sell. It's 3,800 square feet. In his advertising, he bumps that number up to 4,000 square feet to better justify its asking price. What has Jeremiah done? a. Active misstatement b. Exaggeration c. Intentional misrepresentation d. Puffery

c. Intentional misrepresentation

Which of the following is NOT an example of a misrepresentation or omission? a. Kari knows that the low rent she's advertising for some new apartments is too good to be true, but she advertises it anyway. b. Katherine's ad for her newly-renovated home states, "new from the studs up." Her carpenter has a different story. c. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." d. Kim notes that the property is next to a "serene, peaceful green space." It's next to an industrial park.

c. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay."

Which of the following statements about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true? a. As part of the disclosure, the seller is required to provide a list of sex offenders living near the property. b. The buyer is required by law to request a copy of the disclosure. c. The disclosure form is not part of the purchase agreement. d. The disclosure form is part of the purchase agreement.

c. The disclosure form is not part of the purchase agreement.

Virginia's Big Valley Brokerage was just audited and the auditor found several instances of noncompliance. What happens next? a. The brokerage's license will be temporarily suspended until the noncompliance issue is resolved. b. The licenses of all affiliated brokers will be temporarily suspended. c. The principal broker must address the noncompliance or create a plan to do so. d. The principal broker must pay for another more in-depth audit within six weeks.

c. The principal broker must address the noncompliance or create a plan to do so.

Which of the following describes Virginia? a. Lien theory state b. Mortgage state c. Title theory state d. Trustee state

c. Title theory state

What is the purpose of the Common Interest Community (CIC) Board? a. To create conditions conducive to the creation of high-quality common interest communities b. To create guidelines and advise owner associations for common interest communities c. To develop and regulate the CIC manager licensing program d. To represent the interests of common interest communities at the state congressional level

c. To develop and regulate the CIC manager licensing program

A Virginia resident has worked with the Virginia Housing Development Authority on their first home purchase. The purchase is being secured by a deed of trust. Who are the parties involved? a. Trustee and beneficiary b. Trustee and trustor c. Trustee, trustor, beneficiary d. Trustor and beneficiary

c. Trustee, trustor, beneficiary

Which Act requires a seller to disclose the condition of the property but states that the owner makes no representations or warranties as to the condition of the property and that the property is being sold "as is"? a. Virginia Condominium Act b. Virginia Property Owners Association Act c. Virginia Residential Disclosure Act d. Virginia Residential Landlord and Tenant Act

c. Virginia Residential Disclosure Act

John is 18 and he wants to be a real estate broker in Virginia. He is ready to complete the 180 hours of required real estate licensing coursework. Is there anything that might prevent him from doing this? a. No - you go, John! b. Yes - he must be at least 19 years old. c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker. d. Yes - he must schedule his exam before beginning the required coursework.

c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker.

Shayla has been a principal broker for almost eight years. Does she have to submit proof of continuing education (CE) the next time she renews her license? a. No, because CE requirements end once a broker becomes a principal broker. b. No, because CE requirements end once a salesperson becomes a broker. c. Yes, because brokers need to take CE as part of their renewal process. d. Yes, Shayla needs to take 16 hours of CE and submit proof of it when she renews.

c. Yes, because brokers need to take CE as part of their renewal process.

Doug is a real estate licensee. He is a property manager for Julie. He is approached by Jessica to manage one of her new properties. Can Doug do this? a. No, licensees can only perform property management activities for a single owner. b. No, this is a conflict of interest to Julie. c. Yes, licensees can perform property management activities for multiple owners. d. Yes, with Julie's permission.

c. Yes, licensees can perform property management activities for multiple owners.

Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker Simone has provided advice and encouragement but hasn't been directly involved in the transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's responsible for opening this escrow account? a. Bart b. Celia c. Henry d. Simone

d. Simone

Sallee, a salesperson with three months of experience who works under principal broker Skyler, destroys brokerage disclosure records that are two and a half years old. Which of the following statements about this situation is true? a. Sallee could be found negligent in her recordkeeping duties. b. Since the records are older than two years, shredding them is perfectly allowable. c. Since the records didn't contain financial information, shredding them is perfectly allowable. d. Skyler could be found negligent in his recordkeeping duties.

d. Skyler could be found negligent in his recordkeeping duties.

Elizabeth is selling her home. She wants an agent who will be with her every step of the process and can advise her, as needed. Which of the following relationships may be best for Emily? a. Buyer's agent b. Dual agent c. Limited service agent d. Standard agent

d. Standard agent

Ted is the owner of an apartment complex near a trendy resort town. He decides he wants to convert one of the complex's buildings into a timeshare. What's the first step in the process of conversion? a. Ted must advertise the conversion proposal and receive local input. He can then file a petition with the Common Interest Community Board. b. Ted must complete a community impact statement and file it with the Common Interest Community Board. c. Ted must give current tenants at least 90 days' notice to vacate the building that he is planning to convert. d. Ted must prepare a timeshare instrument and file it with the Common Interest Community Board.

d. Ted must prepare a timeshare instrument and file it with the Common Interest Community Board.

Derek, a real estate licensee, has had a fair housing complaint filed against him with the Virginia Fair Housing Office. Which group is responsible for either dismissing the complaint or issuing a charge of discrimination? a. Discrimination Review Board b. Penalties Board c. The Fair Housing Board d. The Virginia Real Estate Board

d. The Virginia Real Estate Board

Penelope, a principal broker, manages several property management accounts. She can't disburse money from these accounts unless who agrees? a. All licensees in the brokerage b. All tenants who live in the property c. The property manager d. The property owner

d. The property owner

What's the purpose of testing for discrimination? a. To create revenue through fines b. To educate the public c. To punish blatant discrimination d. To uncover hidden discrimination

d. To uncover hidden discrimination

Unfulfilled contracts are also called _______. a. Indefinite contracts b. On-hold contracts c. Unachieved contracts d. Unconsummated contracts

d. Unconsummated contracts

Daniel is a full-time member of the armed services. He is renting a property, but just received orders to relocate to a new base in another state for no less than two years. What actions could he take related to his existing lease? a. Abandon the leased property b. Ask to be evicted from the property c. He must fulfill the provisions of the lease d. Use the orders to receive a military release from his lease obligation

d. Use the orders to receive a military release from his lease obligation

Which agency is authorized to promulgate and enforce licensing laws in Virginia? a. DEQ b. DMV c. DOA d. VREB

d. VREB

Which regulation sets forth the Virginia Real Estate Board's licensing regulations? a. Code of Virginia Title 53, Chapter 20 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135, Chapter 20

d. Virginia Administrative Code Title 18, Agency 135, Chapter 20

Agent Toby represents his seller clients, Mr. and Mrs. Poole. Which of these actions would violate one of the statutory duties he owes them? a. Toby advises them to list their house at a price that's a little lower than the Pooles first suggest. b. Toby brings a counter-offer to the Pooles and explains to them what it means. c. Toby discloses his brokerage relationship to several potential buyers. d. When the house is under contract, Toby receives three more offers that he doesn't present to the Pooles.

d. When the house is under contract, Toby receives three more offers that he doesn't present to the Pooles.

You're holding an open house for your seller client Nathaniel. It's busy, and you chat with several potential buyers. When should you present them with the agency disclosure form? a. At the point when they present you with an offer to buy. b. The moment you meet them. c. When you began to exchange small talk. d. When you begin to talk about the property and its characteristics.

d. When you begin to talk about the property and its characteristics.

Can a condominium include commercial owners? a. A condominium may have up to 25% of its units owned by commercial enterprises. b. No, condominiums in Virginia must be residential only. c. Yes, as long as four-fifths of the member owners vote to allow this. d. Yes, as long as some of the condo's units are residential or occupied for recreational purpose.

d. Yes, as long as some of the condo's units are residential or occupied for recreational purpose.

Merv knows that three-bedroom properties with two bathrooms sell quickest in his market. In an ad for a new listing, he says, "Bonus room could easily be a third bedroom." Marla and Tom visit the property with their agent, and Tom, a construction supervisor, notes that the bonus room couldn't be easily converted to a bedroom because it's too small, it has no egress and no heat source, and you must walk through a bathroom to get to it. Is Merv guilty of misrepresentation? a. No, because any buyers interested in the bonus room as a third bedroom should be able to see for themselves that it won't work. b. No, because the term "easily" is subjective. c. Yes, because he billed the property as a three-bedroom when it only has two. d. Yes, because he should have known there would be major issues converting that room to a bedroom.

d. Yes, because he should have known there would be major issues converting that room to a bedroom.

Virginia licensee Collette deposits an earnest money check for $10,000 in an escrow account. That Saturday, she's doing some online shopping and is ready to check out when she remembers that her credit card has a temporary stop payment on it. She uses the escrow account, knowing that she'll be able to replace the funds on Monday. Has Collette done anything wrong? a. No, because this interaction won't show up on any report. b. No, since she'll replace the funds in fewer than five days. c. Yes, because she failed to get written permission from the client. d. Yes, because this is called conversion and it's illegal.

d. Yes, because this is called conversion and it's illegal.

Which of the following statements about brokerage relationships in Virginia is true? a. A brokerage relationship is created through compensation (i.e., when someone pays you). b. Either a written or verbal agreement creates a brokerage relationship. c. They aren't required for commercial real estate transactions. d. You must enter into one before you perform any licensed activities.

d. You must enter into one before you perform any licensed activities.

What happens to you if you're involved in a case and can't pay the judgment amount and the consumer is awarded money from the Real Estate Recovery Fund? a. Nothing! That is what the fund is for! b. You can continue to practice real estate but must pay back the money to the fund at 10% interest. c. You must pay back the money from the fund at 30% interest from your real estate commissions. d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest.

d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest.

If you're convicted of a lesser crime, why might your real estate license still be revoked? a. Even misdemeanors are cause for license revocation. b. If the crime involves another individual, it's grounds for license revocation. c. Lesser crimes are treated under the new "One Strike and You're Out" rule. There is no leeway when it comes to violating the law. d. Your offense demonstrates a lack of trustworthiness.

d. Your offense demonstrates a lack of trustworthiness.

Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require property disclosures? a. No, a disclosure is not required because Wayne and Sandy gave the property to Robbie. b. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt. c. Yes, a disclosure must be provided so the deed can be updated. d. Yes, any transfer of real property requires a property disclosure.

b. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt.

Real estate licensees are seldom guilty of blatant discrimination, but unintentional discrimination does exist. What's one example of unintentional discrimination? a. Following a landlord's instructions as to income requirements for applicants b. Not showing African Americans homes in neighborhoods where they may be victims of racial bias c. Not showing first-time homebuyers homes outside of their price range d. Refusing to work with African Americans

b. Not showing African Americans homes in neighborhoods where they may be victims of racial bias

Sheila, a salesperson, is changing brokerages. What does she have to do? a. Make sure her new broker notifies her present broker of the transfer. b. Notify the VREB of her transfer. c. Remind both principal brokers to notify the VREB. d. She only has to move the physical copy of her license from one brokerage to the other.

b. Notify the VREB of her transfer.

Which of these instances does NOT allow a broker to disburse escrow funds? a. All principals to the transaction have agreed, in writing, where the money should go. b. One of the principals to the transaction demonstrates, in writing, a clear financial need. c. The broker has received a court order that directs her to disburse the funds in a certain way. d. The related contract directs that the escrow funds be distributed in a certain way.

b. One of the principals to the transaction demonstrates, in writing, a clear financial need.

Which of the following examples describes a condominium? a. Ownership of all units in the complex is shared equally among investors. b. Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned. c. Privately owned units that share a common wall. d. Rooms within a home are single-occupancy, and common areas such as the kitchen are shared.

b. Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned.

Which of the following actions should Cora, a principal broker, take after her brokerage has been audited? a. She should check her firm's advertising to make sure it complies with all relevant laws. b. She should keep a copy of the report at her brokerage in case the VREB wants to see it. c. She should make sure that all her affiliated licensees carry a copy of the audit with them when working. d. She should send a copy of the audit to all current clients.

b. She should keep a copy of the report at her brokerage in case the VREB wants to see it.

In Virginia, anyone who owns or operates a regulated UST must notify ______ of the UST's existence. a. The DEP b. The DEQ c. The EPA d. The local police

b. The DEQ

The Fair Housing Board of Virginia has just issued a charge of discrimination. What is true about this situation? a. The charge is moved on to the Real Estate Board of Virginia. b. The charge is referred to the attorney general's office. c. The defendant must now hire an attorney. d. This means that the fair housing complaint involved a real estate agent.

b. The charge is referred to the attorney general's office.

According to the disclosure statement, what is a seller's disclosure requirement if they know that the parcel of land behind their property is being rezoned for commercial development? a. The seller is required to disclose this information. b. The seller makes no representations. c. The seller must provide the buyer with a zoning map. d. This condition is not material to the property and need not be disclosed.

b. The seller makes no representations.

The VREB has cause to believe that the escrow accounts at Green Valley Brokerage are being mismanaged. Which of the following is an action they can take? a. They can ask the courts to convene a disciplinary council. b. They can petition the court to appoint a receiver to oversee the escrow accounts. c. They can shut down business at the brokerage for up to 30 days. d. They can suspend the principal broker's license for up to 30 days.

b. They can petition the court to appoint a receiver to oversee the escrow accounts.

Which of the following is true about for sale signs in Virginia? a. They must be created only by a firm's sponsoring broker. b. They must include the firm name and primary or branch office phone number. c. They need to include the city and state where the agent is licensed. d. They should include the agent's work number.

b. They must include the firm name and primary or branch office phone number.

What are the two types of timeshare ownership? a. Freehold estate and estate for years b. Timeshare estate and timeshare use c. Timeshare limited and timeshare unlimited d. Timeshare vacation and timeshare interval

b. Timeshare estate and timeshare use

Ryan has engaged Jaclyn as his real estate agent to purchase a property. According to statute, which of these duties does Jaclyn owe Ryan? a. To perform an inspection to uncover any defects on properties b. To seek a property at a price and terms acceptable to Ryan c. To sell her own property if Ryan does not find a property to purchase by the end of the agreement period d. To share any and all details that a seller requests

b. To seek a property at a price and terms acceptable to Ryan

Cornelia just discovered that her house, which she's trying to sell, is located in a military accident potential zone (APZ). Does this fact affect her selling process? a. No, Cornelia just needs to fill out Virginia's standard property disclosure form. b. Yes, Cornelia needs to disclose this fact to potential buyers. c. Yes, it means that buyers can cancel the transaction after closing with no penalties. d. Yes, this will decrease Cornelia's asking price by 10%.

b. Yes, Cornelia needs to disclose this fact to potential buyers.

Consuela, the landlord, wants to enter the apartment of one of her tenants, Ruth. Consuela plans to show the unit to three potential tenants. Can she do this? a. No, because this isn't an emergency. b. Yes, but only if Consuela gives Ruth 24 hours' notice. c. Yes, but only if Ruth and Consuela have agreed to this arrangement in writing. d. Yes, this is one of her rights.

b. Yes, but only if Consuela gives Ruth 24 hours' notice.

Your friends Ria and Josh want to open a brokerage and call it "Reach for the Sky Realty." What should you tell them? a. "Fictitious names aren't allowed in Virginia." b. "If you have a firm license, you don't need a supervising broker." c. "Just remember you have to do your business under that name." d. "Only one of you needs to have your salesperson or broker license."

c. "Just remember you have to do your business under that name."

In Virginia, how many hours of approved real estate courses must an individual complete before taking the real estate salesperson exam? a. 120 b. 30 c. 60 d. 75

c. 60

What is a seller representation agreement also known as? a. A designated agency disclosure b. A disclosure to unrepresented parties c. A listing agreement d. A purchase agreement

c. A listing agreement

Which of the following can hold a Virginia broker's license? a. A brokerage company only b. A person only c. A person or an entity d. A salesperson with more than five years' experience

c. A person or an entity

Sarah and Jim both have their broker's licenses and want to start a business together. What do they need in order to get started? a. Advertising campaigns b. An irrevocable consent form filed with the VREB c. A separate firm license d. New clients

c. A separate firm license

Which of the following licensees are allowed to work independently, without being sponsored? a. Affiliate brokers b. Affiliate brokers with at least five years of experience c. Brokers d. Timeshare salesperson

c. Brokers

Where would a purchaser find information about the characteristics of a condo, unusual and material circumstances and features that affect it, and the total number of units being offered? a. Condominium bylaws b. Condominium disclosure notice c. Condominium public offering statement d. Purchase agreement

c. Condominium public offering statement

If you are unsure about whether an activity requires that you contact Miss Utility, what should you do? a. Ask a neighbor b. Call the police c. Contact Miss Utility d. Nothing

c. Contact Miss Utility

A small condominium building has five units. Two of the units are for sale. The remaining units are owned by Rory, Dawn, and John, respectively. As a group, they decide they'd like to change the status of the building from condominium and instead make it an income-producing apartment complex that they will manage, after purchasing the two units that are for sale. How can they change the status of the condominium? a. Alter the original declaration to change the status of the property to an apartment building. b. Complete a Request for Condominium Status Termination form, have all members sign it, and send it to the Common Community Interest Board for approval. c. Create and sign, as a majority of the owners, a termination agreement. d. Since there are no dissenting unit owners, Rory, Dawn, and John can treat the property as they like. They do not need to change the condominium status to go forward with their plan.

c. Create and sign, as a majority of the owners, a termination agreement.

How often should a principal broker conduct an audit (or arrange to have one done)? a. Every four years Every three years c. Every two years Every year

c. Every two years

Theodore is the listing agent for a Virginia seller who's completed a property disclosure form. For how long must this form be retained? a. A minimum of two years, but only if the sale goes through. b. For five years. c. For three years, whether the sale happens or not. d. It isn't a contract, so it doesn't need to be retained.

c. For three years, whether the sale happens or not.

Who is able to apply for concurrent licensure? a. Bethany is almost finished with her 180 hours of broker education and is ready to take her broker's examination. b. Eric, who works for the largest real estate firm in the state as a salesperson. c. George is a licensed broker at a small backwoods real estate firm. d. Jason, a registered administrative clerk and licensed salesperson.

c. George is a licensed broker at a small backwoods real estate firm.

Which regulation defines the duties and responsibilities of real estate professionals? a. Code of Virginia Title 54.1 Chapter 21 b. Duties of Real Estate Professionals Act c. Real Estate Settlement Agents Act d. Virginia Residential Landlord and Tenant Act

a. Code of Virginia Title 54.1 Chapter 21

Which regulation establishes the VREB and gives it the authority to enforce Virginia real estate license laws? a. Code of Virginia Title 54.1, Chapter 21 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135

a. Code of Virginia Title 54.1, Chapter 21

When a dispute arises between a condo association and an owner, where should the parties look to find information about dispute resolution? a. Condominium bylaws b. Condominium declaration c. Federal Fair Housing Act d. The Virginia Condominium Act

a. Condominium bylaws

Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. Failure to disclose an agency relationship d. Performing services that would qualify as practice of law

a. Commingling

What is it called when a broker has the approval to work at multiple brokerages? a. Concurrent licensure b. Dual agency c. Licensure by reciprocity d. Multi-licensure

a. Concurrent licensure

Max is a condominium developer. For his new development, he is gathering documentation that he has to submit to the CIC board. Which of the following pieces of information is NOT likely to be included with this documentation? a. "Marketing rules for real estate personnel are as follows:" b. "Owner's rights include the following:" c. "There are 36 units, numbered 1-36, each between 2,000-2,500 square feet." d. "This is a leasehold timeshare condominium development."

a. "Marketing rules for real estate personnel are as follows:"

When an existing building is converted to timeshares, how much notice is the developer required to give to the current month-to-month tenants? a. 120 days b. 30 days c. 60 days d. 90 days

a. 120 days

In Virginia, how many hours of approved real estate courses must an individual complete before taking the real estate broker's exam? a. 180 b. 30 c. 60 d. 75

a. 180

How many days does a brokerage have to notify the VREB of any changes in name or business location? a. 30 days b. 60 days c. 90 days d. Up to one year

a. 30 days

Which of these is NOT one of the steps of the fair housing complaint process in Virginia? a. A complaint is submitted via email. b. An investigator gathers facts about the complaint. c. A trained professional manages a conciliation session. d. The final investigative report is presented to the Fair Housing Board or the Real Estate Board.

a. A complaint is submitted via email.

What is the purpose of the Equipment Condition and Inspection section in the Residential Contract of Purchase? a. To explain to the buyer that once the property passes inspection, the seller is not responsible for any loss or damage to the home. b. To explain to the buyer that there is a risk that the seller won't maintain the property in the same condition as it was during the inspection period. c. To notify the buyer that after the inspection period, it is the buyer's responsibility to maintain the property as it was prior to the inspection. d. To notify the parties that the seller is responsible for maintaining the property in the same condition as it is on the contract date, the inspection date, or some other date specified by the buyer.

d. To notify the parties that the seller is responsible for maintaining the property in the same condition as it is on the contract date, the inspection date, or some other date specified by the buyer.

What's one benefit to affiliating with a broker? a. Increased liability b. Lack of administrative support c. Split commission with the broker. d. Training

d. Training

Which of the following situations is the best example of a designated agency? a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty. b. Agent Devin represents seller Angie, and agent Donovan represents buyer Alex. Alex is buying Angie's condo. Agent Devin works for Blue Skies Realty and Donovan works for Happy Homes Realty. c. Agent Devin represents seller Angie and buyer Alex. Alex is buying Angie's condo. d. Agent Devin represents seller Angie. The buyer Alex is unrepresented. Alex is buying Angie's condo.

a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty.

Why does a designated agency relationship require a disclosure signed by both parties? a. Because although each party is represented by a different licensee, all brokerage agreements are in the broker's name. Consumers must be made aware of this. b. Because the buyer's interests must take priority over the seller's interests. c. Because the seller's interests must take priority over the buyer's interests. d. It doesn't.

a. Because although each party is represented by a different licensee, all brokerage

Why does a dual agency relationship require a disclosure signed by both parties? a. Because dual agency offers reduced services to consumers (often without a commensurate reduction in fees). b. Because the buyer's interests must take priority over the seller's interests. c. Because the seller's interests must take priority over the buyer's interests. d. It doesn't.

a. Because dual agency offers reduced services to consumers (often without a commensurate reduction in fees).

Why is it important to call 811 before any work involving excavation is performed? a. So that underground utilities can be marked with flags b. To ensure the proper permits are in place c. To ensure work is done according to code d. To notify the local planning office that permits are required

a. So that underground utilities can be marked with flags

Which section of the Residential Contract of Purchase states that the seller is responsible for maintaining the property in the same condition as it is on the contract date, the inspection date, or some other date specified by the buyer? a. The Equipment Condition and Inspection section b. The Real Property section c. The Risk of Loss section d. The Settlement; Possession section

a. The Equipment Condition and Inspection section

Seller Dom asks his agent, Chelsea, "I understand that my house is subject to extra regulations ... something about the Chesapeake Bay Preservation Act? What does that mean?" How should Chelsea respond? a. "If potential buyers ask about this act, I have an informative brochure ready to hand out." b. "I will make sure that all potential buyers know about these extra regulations up front, so you don't have to worry about it." c. "You are under no obligation to reveal the fact that your property is affected by this act." d. "You only have to explain these regulations if a potential buyer happens to ask about them, and that's not likely."

c. "You are under no obligation to reveal the fact that your property is affected by this act."

What is the highest amount a licensee can be fined by the Department of Professional and Occupational Regulation for a serious violation of real estate license law? a. $10,000 b. $100,000 c. $2500 d. $50,000

c. $2500

Three of these situations fall into the category of being exempt from Virginia fair housing law, and one does not. Which is NOT exempt? a. A couple owns a duplex and rents the other half of the property to a retired couple. They own no other real estate property. b. A family of 10 applies to live in a studio apartment that has a maximum occupancy limit of three people. c. A man rents a room in his single-residency home to another tenant and owns and rents three additional single-family houses. d. A property owner discovers through a background check that a potential tenant has been convicted of manufacturing methamphetamines.

c. A man rents a room in his single-residency home to another tenant and owns and rents three additional single-family houses.

The purpose of the Underground Damage Prevention Act is to _________ utility lines. a. Discover b. Install c. Protect d. Repair

c. Protect

Virginia fair housing law does not apply to any single-family house sold or rented by an owner, so long as they do not own more than ______single-family houses at any one time. a. five b. four c. three d. two

c. three

Molly is going over her disclosure responsibilities with her agent, Tim. "You know, I think I might be in a military aircraft noise zone," she tells him. "But I don't know. How can I find out?" What should Tim say? a. "Let's check with the previous owners of this property. They should know." b. "The original developer of this property should have the information for you." c. "The Virginia Board of REALTORS® website has this information." d. "We can find this information in this area's official zoning map."

d. "We can find this information in this area's official zoning map."

Seller Alec provided the Virginia Disclosure Statement to the buyer Kelly two days before they ratified the contract. Three days after ratification, he learned that there was mining done on his property and he needs to disclose this. When does he need to make this additional disclosure? a. Before closing b. Immediately c. Within seven days of learning this fact d. Within two days of learning this fact

a. Before closing

Shanda doesn't have her house on the market yet, but she has a friend of a friend coming over tomorrow to see it-and she sounds like a very eager buyer. Shanda asks her agent, Kim, "If I have anything to disclose, when should I do it?" What should Kim answer? a. "Any time before the contract is ratified." b. "As soon as this potential buyer has seen your house." c. "You can wait until closing." d. "You have to wait until the house is officially on the market."

a. "Any time before the contract is ratified."

Philip tells his agent, Jeff, "I know for a fact that there have been three homicides in this house. What are buyers going to think about this?" What should Jeff say? a. "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word." b. "My duties toward the public include disclosing information like this, so I'll have to mention this to potential buyers." c. "This is something we have to disclose only if we're asked about it directly. Otherwise, we don't have to mention it." d. "This sort of information has its own mandatory disclosure form in Virginia, so it'll have to come out eventually."

a. "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word."

Sandy is a real estate licensee who is listing a condo for her client. Sandy sends a note to the owner's association requesting a condo disclosure package. How long does the association have to provide this to her and her client? a. 14 days after receipt of the written request b. 28 days after receipt of the written request c. 30 days after receipt of the written request d. 45 days after receipt of the written request

a. 14 days after receipt of the written request

How long after a license expires can it be renewed without penalty? a. 30 days b. 60 days c. 90 days d. Up to one year

a. 30 days

A timeshare owner has decided to sell her share, and has found a buyer. What does she need to provide to the buyer? a. A Certificate of Resale b. A Disclosure of Timeshare Resale c. A Resale Offering Statement d. Nothing

a. A Certificate of Resale

Which of these policies is an example of discrimination based on familial status? a. A landlord charges an extra $100 security deposit for each child living in a property. b. All residents must show a U.S. birth certificate as part of the application process. c. No barbecue grills are allowed on balconies. d. No skateboards, bicycles, wheelchairs, or anything else that could scuff the historic hardwood floors are allowed in the building.

a. A landlord charges an extra $100 security deposit for each child living in a property.

Which of these transaction types requires disclosure under the Virginia Residential Property Disclosure Act? a. A lease with an option to purchase b. Transfers due to court order c. Transfers from one or more co-owners to one or more other co-owners d. Transfers to a beneficiary as a result of a foreclosure sale or deed in lieu of foreclosure

a. A lease with an option to purchase

Which of these statements about fair housing for people with disabilities is true? a. A person with a disability should not be prevented from making reasonable accommodations, and may also request accessibility accommodations. b. People with disabilities have priority over other renters when an accessible unit is available to lease. c. Property owners/landlords are not required to make reasonable accommodations. d. Property that is sold or rented to a person with a disability must be renovated to meet ADA standards.

a. A person with a disability should not be prevented from making reasonable accommodations, and may also request accessibility accommodations.

Fran is a seller's agent. In which of these Virginia scenarios is she breaking a federal law? a. A potential buyer asks, "Do you know if anyone who lives here has HIV?" Fran answers, "Yes. The current owner's son does." b. A potential buyer asks, "Do you know if this roof leaks?" Fran answers, "Actually, yes, it does." c. A potential buyer asks, "I'm worried about the negative energies that suicides produce. Have there been any suicides here?" Fran answers, "Yes, there have been three in the past 20 years." d. A potential buyer says, "This seems like a rough neighborhood. Have any felonies taken place in this house?" Fran answers, "That's not something I can disclose."

a. A potential buyer asks, "Do you know if anyone who lives here has HIV?" Fran answers, "Yes. The current owner's son does."

Which of the following is a statutory duty of an agent acting as a property manager? a. Account for all money or property received by the licensee in which the owner has an interest b. Disregard fair housing regulations c. Negotiate a sale meeting the buyer's objectives d. Seek a property to purchase

a. Account for all money or property received by the licensee in which the owner has an interest

Examples of penalties for lesser violations may include a reprimand, fine, repayment of commission, or _________. a. Additional education b. Jail time c. License revocation d. License suspension

a. Additional education

Larry represents the seller. Performing which of these duties for the buyer could be a breach of duty to his client? a. Advising the buyer on what to include in an offer b. Filling in the blanks for the buyer by following their instruction c. Presenting the buyer's offer to the seller d. Providing the buyer with copies of signed paperwork

a. Advising the buyer on what to include in an offer

You should ______ before you affiliate with a broker. a. Ask lots of questions b. Ask only about the commission rate c. Build your own website d. Refrain from asking any questions

a. Ask lots of questions

What is the name of the regulatory board for condominiums in Virginia? a. The Common Interest Community Board b. The Condominium Act c. The Condominium Regulatory Board d. The Virginia Real Property Common Law Board

a. The Common Interest Community Board

Licensee Keira is acting as a limited service agent to list the property only. Her first meeting with the client takes place at his home. He gives Keira a brief tour, highlighting all of the great things that will make the home sell, and quickly moving the conversation away from problem spots (stains on the ceiling from the leaky roof). Shortly after Keira lists the property, she gets a call from a buyer's agent asking about stains on the ceiling and the roof's condition. What should Keira do? a. Disclose the condition of the roof, as she is aware of the leak. b. Go to the property and inspect the roof more closely. c. Tell the buyer's agent she has no knowledge of the property's condition. d. Tell the buyer's agent she is acting as a limited service agent and to ask the seller

a. Disclose the condition of the roof, as she is aware of the leak.

When a policy negatively impacts a protected class more than it negatively impacts others, this is called what? a. Disparate impact b. Disparate treatment c. Targeted discrimination d. Unequal discrimination

a. Disparate impact

The Virginia Fair Housing Office's list of protected classes includes these groups in addition to the federally protected classes. a. Elderliness, sexual orientation, and veteran status b. Gender identity, elderliness, and smokers c. Income status, veteran status, and gender identity d. Source of funds, students, and sexual orientation

a. Elderliness, sexual orientation, and veteran status

In order to qualify as one of the seven real estate professional members of the real estate board, how many years of real estate experience must you have? a. Five b. Nine c. Seven d. Six

a. Five

How do you become a member of the Virginia Real Estate Board? a. Get appointed by the governor b. Get appointed by the state attorney general and get approval by the other board members c. Run in a public election for an open position when one becomes available d. Submit an application to the board and submit to a public hearing at one of the annual meetings

a. Get appointed by the governor

If Jessica functions as a CIC manager without a proper license, what crime can she be charged with? a. If she is guilty one time it is a misdemeanor; if she is found guilty three times, it becomes a felony. b. Jessica's actions would not be considered a crime. c. Jessica would be guilty of a felony. d. Jessica would be guilty of a misdemeanor.

a. If she is guilty one time it is a misdemeanor; if she is found guilty three times, it becomes a felony.

Under which of the following circumstances can a listing agreement be terminated in Virginia? a. If the seller and agent both agree in writing to end the agreement. b. If the seller consents to designated representation but not to dual representation. c. If the seller finds out that their agent's broker is representing other clients. d. If the seller tells the agent over the phone that they think the property is priced too low.

a. If the seller and agent both agree in writing to end the agreement.

Identify which of these actions is a prohibited activity for a real estate licensee in Virginia. a. Increasing the rent and security deposit for a family with seven children. b. Informing a potential renter than the bathroom in a unit does not currently meet ADA standards. c. Presenting an offer from a non-protected class to a seller client when a member of a protected class has already made an offer. d. Showing a unit that was built before 1991 and has not been retrofitted to ADA standards.

a. Increasing the rent and security deposit for a family with seven children.

Which of the following best describes what the Virginia Real Estate Board (VREB) does? a. It oversees the requirements needed for real estate licensure in Virginia. b. It prosecutes licensees who are unfair and unjust in their dealings with the public. c. It regulates commission rates for all licensees in Virginia. d. It writes all the laws that govern real estate in Virginia.

a. It oversees the requirements needed for real estate licensure in Virginia.

In which of these scenarios would the Virginian need a real estate license? a. Jessie is searching for a new home for a friend moving into town, who will compensate her 2% of the sale price for her time and effort. b. Mickey is selling his own home and isn't using the services of a listing agent. c. Peter is helping his sister, Kristen, find a new apartment and will not be compensated in any way. d. Ronald is acting as executor of his uncle's estate, which includes selling the property his uncle owned.

a. Jessie is searching for a new home for a friend moving into town, who will compensate her 2% of the sale price for her time and effort.

Virginia licensee Leslie represents Mr. and Mrs. Connelly. The three of them just met with Mick, and Mick signed an agency disclosure form. Which of the following is true about this situation? a. Leslie can now legally facilitate a real estate transaction between these two parties. b. Leslie is now a dual agent for the Connellys and Mick on any upcoming sales transaction. c. Leslie may now legally be paid commission. d. Mick is now Leslie's client.

a. Leslie can now legally facilitate a real estate transaction between these two parties.

According to the Virginia Residential Landlord and Tenant Act, which of these is a tenant's basic duty? a. Maintain the property in a good, clean, and safe condition. b. Make certain repairs to the property. c. Pay rent on the last day of the month. d. They may not disturb other tenants, affecting their quiet enjoyment.

a. Maintain the property in a good, clean, and safe condition

Davina has engaged Sean as her real estate agent to sell her property. According to statute, what does Sean owe Davina? a. Marketing Davina's property to seek a ready, willing, and able buyer b. Performing an inspection to uncover any defects with Davina's property c. Purchasing Davina's property if a buyer is not found by the end of the agreement period d. Sharing any and all details requested by a buyer

a. Marketing Davina's property to seek a ready, willing, and able buyer

A person performing real estate activities under the judgment or order of a Virginia court, such as a trustee in a bankruptcy, is ______. a. Not required to have a real estate license b. Required to have a broker's license c. Required to have at least a sales agent license d. Required to have taken all pre-licensing courses, but passing the exam is not required

a. Not required to have a real estate license

When conducting any activities that involve excavation, it is necessary to call 811. Why is that? a. So that flags can be placed to mark utility lines b. To ensure the proper permits are in place c. To ensure work is done according to code d. To notify the local planning office that permits are required

a. So that flags can be placed to mark utility lines

What is the difference between designated agency and designated representation? a. Designated agency means the licensee is acting as an independent contractor. Designated representation means the licensee is acting as a standard or limited service agent. b. Designated agency means the licensee is acting as a standard or limited service agent. Designated representation means the licensee is acting as an independent contractor. c. There is no difference. d. With designated agency, the licensee acts as a standard agent. Designated representation is when the licensee acts as a limited service agent.

b. Designated agency means the licensee is acting as a standard or limited service agent. Designated representation means the licensee is acting as an independent contractor.

Though illegal, discrimination still occurs because ______. a. Discrimination is human nature b. Discrimination is often not visible to the public c. Discrimination makes good business sense d. Not all laws make sense

b. Discrimination is often not visible to the public

Which of these is a quality that differentiates escrow accounts from other accounts? a. Escrow accounts cannot earn interest. b. Escrow accounts can't be touched if the brokerage goes bankrupt. c. Escrow funds can be used for whichever purpose the principal broker decides. d. The client who provides the escrow funds is the one tasked with managing the account.

b. Escrow accounts can't be touched if the brokerage goes bankrupt.

If Gus has the kind of license that requires 16 hours of continuing education, what else is true about his situation? a. Gus can start his own brokerage. b. Gus has to affiliate with a licensed broker. c. Gus is allowed to manage other salespeople and associate brokers. d. If Gus allows his license to expire, he won't have to pay a fee to reactivate it.

b. Gus has to affiliate with a licensed broker.

Benjamin's house is for sale. It has a crack in the foundation. Potential buyer Shayna has not asked about the foundation. What are Benjamin's disclosure responsibilities? a. He has to disclose the crack whether or not Shayna asks about the foundation. b. He must disclose the crack if Shayna asks him about the foundation. c. He only has to disclose this problem if he's told his agent about it. d. This isn't a material defect, so it doesn't have to be disclosed.

b. He must disclose the crack if Shayna asks him about the foundation.

Principal broker Tyrell has uncovered evidence that one of his licensees, Maren, has been dipping in to several escrow accounts. Which of the following actions should he take? a. He must immediately disburse the rest of these escrow funds according to the agreements in the relevant contracts. b. He needs to report this information to the VREB within three business days. c. He should immediately deposit his own funds in the escrow accounts to make up for the deficiencies. d. He should suspend Maren's license immediately for no fewer than 14 business days.

b. He needs to report this information to the VREB within three business days.

Angela made an offer on a property that was accepted and the purchase contract was ratified. The seller provided the disclosure statement the day after contract ratification. The following day, Angela submitted her loan application, which includes a disclosure about the right to terminate. If she wishes to terminate the purchase contract, when must she do this? a. At settlement b. Her right to terminate the contract ended when she submitted her loan application c. Within five days if mailing the termination notice d. Within three days if hand-delivering the termination notice

b. Her right to terminate the contract ended when she submitted her loan application

What duty does a Virginia buyer's agent owe to sellers? a. Confidentiality of information shared by the seller b. Honest treatment c. Obedience d. Putting the seller's interests ahead of their client's

b. Honest treatment

What is another term you might hear that is synonymous with 'condominium?' a. Attached units b. Horizontal property c. Timeshare d. Townhome

b. Horizontal property

Which statement about the role of the settlement agent is true? a. A settlement agent cannot be hired to give legal advice regarding the sales transaction. b. If a settlement agent is also a licensed Virginia attorney, the agent may give legal advice regarding the sales transaction if he has been specifically hired to do so. c. It is a common and acceptable practice for the selection of the settlement agent to be made as a condition of the sale of the property. d. The settlement agent must be a licensed Virginia attorney.

b. If a settlement agent is also a licensed Virginia attorney, the agent may give legal advice regarding the sales transaction if he has been specifically hired to do so.

Joseph has entered into an agreement with Annabelle, a real estate licensee. Annabelle is performing only a few duties for Joseph and is not representing him as an agent. In what capacity is Annabelle acting? a. Dual agent b. Independent contractor c. Limited service agent d. Standard agent

b. Independent contractor

Which of the following statements is true about document handling in Virginia? a. Licensees are required to contact the Virginia Real Estate Board if one or more transactional documents go missing. b. Licensees have a responsibility to create and deliver transactional documents to every party involved in the transaction. c. Licensees need only ensure that their clients have copies of transactional documents. d. Licensees should only store documents in electronic form.

b. Licensees have a responsibility to create and deliver transactional documents to every party involved in the transaction.

Emily is selling her home. Although she doesn't have a real estate license, she's fairly knowledgeable about the process and doesn't need much assistance. Really, all she'd like is for her property to be listed on the MLS. Which of the following relationships may be best for Emily? a. Buyer's agent b. Limited service agent c. Standard agent d. Sub-agent

b. Limited service agent

Linda is a broker at Gardner Homes. Which of the following best describes what happens with her license? a. Linda can choose whether or not to store or display her license at Gardner Homes. b. Linda displays her license at Gardner Homes. c. Linda keeps a copy of her license at home for safekeeping. d. Linda stores her license at Gardner Homes.

b. Linda displays her license at Gardner Homes.

Identify the landlord who is trying to include a prohibited clause in the rental agreement. a. Bob is a little bitter about a past experience and includes in a warning that he will sue any client who does not allow him access to an apartment that is leaking water into the unit below b. Frank's lease states that the security deposit shall be equal to two months' rent c. Lance's lease includes a statement that damages to the property will be added to the following month's rent d. Stacey asks all tenants to read the Virginia Residential Landlord Tenant Act so they will know their rights and states this in her rental agreement

c. Lance's lease includes a statement that damages to the property will be added to the following month's rent

Which of these septic system conditions requires a written disclosure? a. Georgia's septic system has been malfunctioning on and off for the past year. b. Karen's property has a working septic system. c. Lauren's septic system is subject to repair requirements by the state board of health, but Lauren has a waiver. d. Stephen's septic system is subject to maintenance requirements by the state board of health.

c. Lauren's septic system is subject to repair requirements by the state board of health, but Lauren has a waiver.

Which of the following statements about acts performed by licensees is true? a. Licensees cannot perform any services for others in the transaction, regardless of the type of act. b. Licensees can only perform services for others in the transaction if they represent that party. c. Licensees can perform services for others in the transaction without representing that party, but only if the acts are ministerial. d. Licensees must receive consent from their client if performing ministerial acts for others in the transaction.

c. Licensees can perform services for others in the transaction without representing that party, but only if the acts are ministerial.

Trevon's landlord Lucia is pretty good, but she isn't doing one thing that must be done. For which of these infractions can Trevon take action or seek restitution, according to the Virginia Residential Landlord and Tenant Act? a. Lucia doesn't allow for rent payments to be made between the first and 15th of the month she says rent is due the fifth. b. Lucia doesn't maintain the cleanliness of Trevon's rental unit. c. Lucia hasn't fixed the electric panels in Trevon's building, which are definitely not up to code. d. Lucia hasn't landscaped the apartment building's common areas.

c. Lucia hasn't fixed the electric panels in Trevon's building, which are definitely not up to code.

Which of the following scenarios best describes a net listing? a. Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker. b. Jason is listing his duplex for $400,000 but reserves the right to find his own buyer and not have to pay a listing commission. c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. d. Ralph is selling his townhome for $225,000 and is paying a brokerage fee of $25,000.

c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

What is the general purpose of a POA? a. Act as an intermediary between disputing neighbors b. Enact laws that keep certain people out of the community c. Make and enforce rules for the properties in its jurisdiction d. Recruit desirable residents to the community

c. Make and enforce rules for the properties in its jurisdiction

Marney, a Virginia licensee, just wrote a contract for a client. Which of the following statements about this situation is true? a. Marney can always write contracts for her clients. This is legal under any condition, and shows that she's fulfilling her fiduciary duties. b. Marney can only do this if she receives her client's written approval for this action before she writes the contract. c. Marney can only do this if the contract is incidental and if she doesn't charge her client for it. d. Marney has committed a crime; this action is illegal under any condition.

c. Marney can only do this if the contract is incidental and if she doesn't charge her client for it.

What law requires that sex offender registry information be made available to the public? a. Martha's Law b. Martin's Law c. Megan's Law d. Melissa's Law

c. Megan's Law

Samantha affiliated with broker Jenny as soon as she was licensed. Samantha just celebrated her two-year anniversary with the brokerage. How much longer must she be affiliated before she qualifies for a broker's license? a. Another three years b. Eight more years c. One more year d. Only until she's 21 years old

c. One more year

Which of these statements about septic systems and disclosure are true? a. All owners of properties with septic systems must disclose how much it costs to maintain and operate these systems. b. In Virginia, unlike other states, all septic systems must be disclosed. c. Septic systems that don't involve additional maintenance requirements and a waiver don't have to be disclosed. d. The presence of a septic system only needs to be disclosed if that system is malfunctioning.

c. Septic systems that don't involve additional maintenance requirements and a waiver don't have to be disclosed.

Your friend Tasha's salesperson's license expired 20 days ago. Yesterday, she finished her required coursework. What's her best course of action? a. She has to apply for a new license. b. She needs to take another elective CE class as a penalty for late renewal. c. She should renew her license in the next 10 days to avoid a penalty. d. She should wait another 11 days so she can reactivate her license with no penalty.

c. She should renew her license in the next 10 days to avoid a penalty.

Denise is ready to apply for her salesperson's license. Which of the following facts, if any, could disqualify her? a. None of these facts disqualify her. b. She has no experience in real estate. c. She's 17. d. She's taken some of her pre-license coursework in a classroom.

c. She's 17

Danny is a buyer's agent whose client is making an offer on a property from a seller using a limited service agent. The limited service agent was only contracted to list the property on the MLS. When Danny presents his client's offer to the seller, the seller asks Danny's advice about the offer and how to respond. What should Danny do? a. Discuss the pros and cons of the offer with the seller. b. Help the seller prepare a reasonable counter-offer for the buyer. c. Tell the seller that he is an agent of the buyer and cannot offer advice to the seller. d. Tell the seller to accept the offer

c. Tell the seller that he is an agent of the buyer and cannot offer advice to the seller

After looking up his property on an official zoning map, Nathan sees that the house he's trying to sell is in a military noise zone of more than 65 average decibels. "It's never noisy here at all, though!" he tells his agent, Jamal. "I'm outside all the time and can only just barely hear the planes! Would it be okay if I didn't fill out this disclosure?" What should Jamal say? a. "If the noise really isn't troublesome, then you don't have to disclose it." b. "Remember that Virginia is a caveat emptor state. You don't have to disclose this." c. "You do have to disclose this because the buyer can find out this information pretty easily." d. "You must disclose this because otherwise, the buyer can take legal action against you."

d. "You must disclose this because otherwise, the buyer can take legal action against you."

Which of the following is the best description of an escrow account? a. Any account that a brokerage maintains b. Any account that only the principal broker is allowed to access c. Any account where licensees or brokers can't access the money for a certain amount of time d. Any account where the money is being held in reserve for someone else

d. Any account where the money is being held in reserve for someone else

In what manner can a licensee engaged as a property manager represent the owner? a. As a buyer only b. As a landlord only c. As a seller only d. As a seller or landlord

d. As a seller or landlord

Tommy is an unlicensed individual helping his sister, Katerina, find a new house, in return for a trip to Europe. Which of the following activities can Tommy legally perform? a. He can negotiate the sale of her old house. b. He can purchase a new property for Katerina at an auction. c. He can receive compensation from Katerina for locating a new house. d. He can search real estate sites and resources to find available homes in the area.

d. He can search real estate sites and resources to find available homes in the area.

What type of license would Sarah receive if she is new to real estate and does not yet have a supervising broker lined up? a. Active broker license b. Active salesperson license c. Inactive broker license d. Inactive salesperson license

d. Inactive salesperson license

Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town. What type of violation are you committing? a. Conflict of interest b. Improper disclosure c. Mishandling funds d. Misrepresentation

d. Misrepresentation

Which of the following is true of limited service agents and independent contractors? a. A limited service agent performs all of the services of a standard agent, while an independent contractor does not. b. An independent contractor performs all of the services of a standard agent, while a limited service agent does not. c. Both a limited-service agent and an independent contractor perform all of the services of a standard agent. d. Neither a limited-service agent nor an independent contractor performs all of the services of a standard agent.

d. Neither a limited-service agent nor an independent contractor performs all of the services of a standard agent.

Gerald is selling a property that is not on public water and sewer systems. Per the purchase agreement he has signed with the buyers, he must provide a certificate proving that water from the well is safe, and that the sewage disposal system works. When must the certificate be dated? a. Not more than 15 days prior to settlement b. Not more than 20 days prior to settlement c. Not more than 25 days prior to settlement d. Not more than 30 days prior to settlement

d. Not more than 30 days prior to settlement

Which of the following is an example of an escrow account? a. Licensee Connor keeps money in this account to pay for traveling expenses for when he's showing clients houses. b. Money in this account pays for all the licensees in a brokerage to travel to a trade show next month. c. Principal broker Cynthia maintains this account to cover expenses such as lunches out with clients. d. Principal broker Darius opened this account to hold an earnest money check from his licensee's client.

d. Principal broker Darius opened this account to hold an earnest money check from his licensee's client.

When does a designated agency disclosure need to be provided? a. Never b. Only when representing a buyer and interacting with an unrepresented seller c. Only when representing the seller and interacting with an unrepresented buyer d. Prior to a designated agency situation occurring

d. Prior to a designated agency situation occurring

Virginia law requires that real estate transaction documents be _______. a. Converted to paper and stored on site b. Copied at least five times c. Protected by encryption and cloud-based backup d. Readily available upon Virginia Real Estate Board request

d. Readily available upon Virginia Real Estate Board request

Which of the following misdeeds is something that the DPOR or VREB CANNOT investigate? a. Domingo says that the broker he signed with convinced him to do a net listing. b. Mr. Alvarez says that his broker, Monica, told him that he shouldn't mention the damaged foundation of the house he was trying to sell. c. Mrs. Peterson says that Danika helped her sell her house, but Danika doesn't have a license. d. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information.

d. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information.

Karen just received her real estate license in Virginia. She must take post-licensing education this year and then she can renew her license next year. What type of license does Karen have? a. Associate broker b. Broker c. Managing broker d. Salesperson

d. Salesperson

What is the VREB authorized to do? a. License appraisers and home inspectors b. Regulate advertising of small home businesses c. Require minimum daily work hours for all licensees d. Set requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws

d. Set requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws

Minnie helps to manage a common interest community. Under which of the following circumstances will she need to have a CIC manager license? a. She is an employee of the licensed CIC manager. b. She is a real estate licensee. c. She is a resident of the CIC she is managing. d. She is employed by the owner's association but does not live in the community she manages.

d. She is employed by the owner's association but does not live in the community she manages.