Virginia State Practice Exam
A salesperson whose license is on an active status may: - only receive referral fees for referring buyers to other sales persons in the office - continue to use cards and stationery stating he is a licensee - renew his license every two years by paying the renewal fee - list and sell property for relatives
Renew his license every two years by paying the renewal fee
A developer has prepared an advertisement offering several lots for sale. One lot is $10,000 and the others are in the $15,000-$20,000 price range. Prior to actually running the ad the developer receives an offer for the $10,000 lot and he intends to axcept. Which of the following statements is true regarding the advertisement? - The developer may publish the ad as planned. - The developer cannot publish the ad as planned. - The developer may publish the ad as planned but it cannot run for more than four weeks. - The developer may publish the ad to run as planned until 50% of lots are sold.
The developer may publish the ad as planned.
A seller gave a friend power of attorney in order to consummate the sale of her personal residence. Which of the following statements is true? - the friend must be licensed as a broker - the friend must have a law degree - the friend need not be licensed - the friend need not be licensed, but only if he or she does not get paid
The friend need not be licensed, but only if he or she does not get paid
An unlicensed investor plans to open a real estate brokerage business. The business will be operated as a sole proprietorship. Which of the following statements is true? - the business name must include the name of the investor - the investor must hire a broker to manage the business - the business can only be organized as a corporation - in licensed persons cannot own a real estate brokerage
The investor must hire a broker to manage the business
A tenant lives in a four unit apartment building. He agrees to maintain the building if he can receive a reduced rental fee. In this situation, which of the following statements is correct? - the owner and tenant are exempt from the real estate License Law - the tenant must establish an escrow account - both the tenant and the owner are subject to Board regulations - to be exempt, the tenant must pay his own utilities
The owner and tenant are exempt from the real estate License Law
Who is responsible for the management of a condominium complex after all units are sold? - the owners' association - the corporation - the managing agency - the declarant
The owners' association
When talking to a prospective buyer, the broker or sales person may not quote any price other than: - The price established as a fair market value - The price recommended by the listing broker - The price agreed-upon by the owner as the offering price - The value established by the appraisal
The price agreed-upon by the owner as the offering price
Virginia Residential Property Disclosure Act requires disclosure of property conditions, including all of the following except: - the property has hazardous or defective drywall - the property has a pending building violation - the property is in an aircraft noise zone - the property is in a damn break inundation zone
The property is in a damn break inundation zone
A salesperson took a listing on October 15. The property sells on December 20 and the closing takes place on January 15. Unfortunately, the sales person forgot to renew her license when it expired on December 31. Which of the following statements is true in the situation? - the sales person is entitled to receive her commission - the salesperson may only be paid if your license is renewed prior to January 31 - the salesperson cannot be paid - the salesperson may be paid if she takes the state licensing exam
The salesperson is entitled to receive her commission
John is trying to find a tenant to share his home and pay part of the expenses. He advertises for males only. Is there anything wrong with this? - John has violated the 1968 Fair Housing Law for sexual discrimination - there is nothing wrong with an ad of this type - ads of this type violate the 1988 amended Fair Housing Laws - John must be licensed by the board
There is nothing wrong with an ad of this type
One day after an exclusive right to sell agreement expires, a salesperson (who works for the listing broker) personally buys the property. Which of the following statements is true? - this is proper, provided the sales person reveals his license status and relationship with the broker to the seller - this is proper, provided the seller does not find out about the sales person's license status - this is improper, unless the sales person obtain his brokers approval - this is improper because it is prohibited by law
This is improper, provided the sales person reveals his license status and relationship with the broker to the seller
Under which circumstances can a licensed sales person be licensed with more than one Virginia broker? - under no circumstance - with written permission of the Virginia Real Estate Board - with written permission of each broker - with written permission of the Association of Realtors
Under no circumstance
In all the following situations, a broker is required by the board to return the license of any affiliated licensee, except: - upon demand by the board - upon revocation of the broker's license - upon the request of the sales person to transfer to another broker - when the sales person refuses to perform real estate duties
When the sales person refuses to perform real estate duties
If a person feels that their rights have been violated under Virginia Fair Housing Laws and they want to file a formal complaint it must be filed: - within 90 days of the alleged act - within two years of the alleged act - only against a licensed sales person or broker - only with the Department of Housing and Urban Development (HUD)
Within two years of the alleged act
Ben and Berry enter into a valid sales contract, which specifies that the trash compactor will be in working order. Ben signs a disclaimer/waiver about the property, which states that he is selling "as is" and gives no opinion on the condition of specified systems. When Barry takes possession of the house, the trash compactor is not operational. Does Barry have a cause of action against Ben? - no, because Ben sold the home "as is" - yes, because Ben's disclosure was defective - yes, because Ben is in breach - no, because Barry took possession
Yes, because Ben is in breach
If the board receives a written complaint relative to the actions of a licensee, what does the board always do? - suspend the license of the responded until such time as a formal hearing can be conducted - impose a monetary penalty of up to $1, 000 - hold a hearing to allow licensee to defend herself - investigate to determine if there is probable cause to believe that a violation has been committed
investigate to determine if there is probable cause to believe that a violation has been committed
A builder selling tracts of land which he owns: - must have a broker's license - may have unlicensed employees (on a regular salary) sell the tracks - made employee only licensees to sell each track - must register with the real estate board
may have unlicensed employees (on a regular salary) sell the tracks
A salesperson is charged with a violation of the License Law. Which of the following statements is true? - the licensee is entitled to a hearing before the Real Estate Board can take disciplinary action, unless the law provides otherwise - the licensee has the right to present witnesses in his defense, provided the witnesses are licensed real estate professionals - the salesperson's license will be temporarily suspended until the Real Estate Board can hold a hearing - the salesperson's broker will lose his or her license if the sales person is found guilty
the licensee is entitled to a hearing before the Real Estate Board can take disciplinary action, unless the law proves otherwise
What is the maximum amount that a person may collect from the Transaction Recovery Fund, if a licensee is involved in multiple transaction violations? - $10,000 - $20,000 - $50,000 - $100,000
$20,000
John is holding an open house. On the day of the showing, he places several directional signs throughout the neighborhood. Placement of directional signs is illegal if: - The colors on the sign are different than the firms logo colors. - Placed on private property without permission of the owner. - They direct the public through a neighborhood more desirable than the subject property. - There is no agent at the location to answer questions.
- Placed on private property without permission of the owner.
Before a person can apply to obtain a broker's license, how much experience as a salesperson must they have? - 1 year - 2 years - 3 years - 5 years
3 years
When a tenant legally terminate a lease, Virginia Landlord and Tenant Act requires that the owner return any security deposit to the tenant within: - 3 days - 15 days - 30 days - 45 days
45 days
A consumer may file a claim for payment from the Transaction Recovery Fund for a loss sustained as the result of the fraudulent acts of a licensee in connection with: - a personal loan - an investment in a limited real estate partnership - a real estate transaction - all the above
A real estate transaction
Which of the following persons could file a claim for payment from the transaction recovery fund? - a licensed salesperson to recover monies owed by his broker - a lender to recover losses sustained because of misrepresentations made by a real estate broker or salesperson - a tenant seeking recovery of a security deposit from his landlord - all the above
All the above
Board regulations require the complete records of real estate transactions: - be retained by the broker indefinitely - be sent to Richmond for audit, upon request - are subject to audit by board investigators - be maintained in a federally insured institution in Virginia
Are subject to audit by board investigators
A licensee contacts a home buyer in an attempt to obtain a listing for the property. When must agency disclosure be provided to the homeowner? - At the time the owner agrees to list the property - At the first meeting - When the licensee presents the first offer to purchase - Agency disclosure is only required to buyers, not sellers
At the time the owner agrees to list the property
What is required in order to be eligible for a real estate sales person license in Virginia? - complete an 18 credit hour course in the principles of real estate - be at least 18 years old -attend at least 3 seminars conducted by the board - be a resident of Virginia
Be at least 18 years old
Ben and Jerry are communicating via instant messages. Ben is a licensee and Jerry is interested in locating property in Ben's area. Ben suggests that he may be able to help. Which of the following disclosures is been most likely required to make? - Ben is required to make no disclosures because instant messages are not regulated by the board. - Ben must disclose his firm name, city, and state. - Ben must disclose his email address. - Ben must disclose his user name.
Ben must disclose his firm name, city, and state.
An associate broker is described as a: -member of the capital MLS - broker working for another broker - broker that is also licensed as a rental location agent - non-resident, license in another state as a broker
Broker working for another broker
A Virginia real estate license must be renewed at periodic intervals. The regulations specify that: - a broker's license must be renewed on June 30 of every even numbered year - salespersons and associate brokers must renew their licenses every two years in the month of their birth date - all licenses must be renewed biennially in odd numbered years - brokers must renew their licenses every two years in the month that it was issued
Brokers must renew their licenses every two years in the month that it was issued
Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this time period, have Adam: - will be issued a temporary license by the Board - can only conclude the transactions in process to facilitate the termination of the business - may take new listings and find buyers for any listings on the books - must find a licensed broker to run the business
Can only conclude the transactions in the process to facilitate the termination of the business
Carla has been licensed to sell real estate in Wisconsin for the past 10 years. After moving to Virginia, her neighbor learns about this real estate experience and asks Carla to sell her home. Under the circumstances, Carla: - should contact the local Realtors Association and obtain a temporary license so she can sell the property - may accept the listing by virtue of her current license status in Wisconsin - may accept the listing under the terms of the reciprocity agreement between Virginia and Wisconsin - cannot except the listing
Cannot accept the listing
Dan Sanders, a broker, is contracted by the United Association of Bigots. The UAB wants Dan to sell two pieces of rental property that it owns. The UAB is a properly licensed, nonprofit religious organization. One stipulation for the listing is that the property not be sold to anyone from Ireland. Dan: - may accept this listing only if he is not from Ireland - may accept listing, but not list it in the MLS - may accept the listing because the UAB is exempt from Fair Housing Regulations - cannot except the listing
Cannot accept the listing
When a salesperson terminates affiliation with a broker, the sales person must: - give the broker all listings acquired during affiliation with the broker - do nothing - return all customer cards to the employing broker - mail his or her license to the board
Do nothing
Broker Evans fired Sally because she was stealing from the petty cash fund. Evans told her that he would not return her license until the money has been repaid. But, Sally is innocent. She started looking for new firms after the accusations were made, but can't transfer until the license is returned to the board. What can Sally do to force Evans to return the license to the board? - file a complaint with a local Realtors' Association - sue Evans in the local court - file a complaint with the Real Estate Board - do nothing until the matter is legally resolved
File a complaint with the Real Estate Board
A non-resident broker may open an office in Virginia, provided he or she does which of the following actions? - employs a resident broker to represent him or her - closes his or her out of state office - the firm must be incorporated in Virginia - files and irrevocable consent to suits and services
Files an irrevocable consent to suits and services
When a licensee is selling or leasing personally owned property, the licensee: - is required to disclose his or her license status - does not have to disclose pertinent information about the property - must list the property with his or her employing broker - is not subject to board regulations
Is required to disclose his or her license status
All resident brokers who do business in Virginia must: - maintain an office in Virginia - hire associate brokers - employee at least one salesperson - advert listings at least once a week
Maintain an office in Virginia
A broker advertises property listed with her firm in a newspaper. Ads for this property must include which of the following items? - Name of the listing sales person - Price that is shown in the listing agreement - Name of the brokers firm - Location of the property
Name of the brokers firm
Which of the following actions is an example of commingling? - placing earnest money from two buyers in the same escrow account - using personal funds to open an escrow account - placing earned commissions in the same account as earnest money deposits - placing earned commissions in the same account as referral fees
Placing earned commissions in the same account as earnest money deposits
