REAL ESTATE STATE PORTION VA

When the board receives a fair housing complaint against a licensee, which of the following is always true?

B the burden of the proof is on the complainant

when a principal broker terminates active status with a firm

B the firm must notify the board and return he license within 3 days

an out of state firm maintains a branch office in virginia:

A copies of all financial records relating to transactions conducted under the broker's Virginia license must be maintained in the virginia branch office

A person licensed in another jurisdiction wants to list real estate in virginia. he must do all of the following EXCEPT:

A establish a residence in virginia

cindy has a buyers listing with a client. she finds a for sale by owner property , which her buyer client purchases. no written brokerage relationship is established w this seller. the seller agrees to pay Cindy's broker a commission. which of the following statements is correct?

A cindy has acted as a designated agent

The initial purchaser of a condo can rescind the contract without penalty if done within:

B 10 DAYS

when should a licensee disclose her brokerage relationship to a prospective customer?

B when she has substantive discussion about a specific property

if a broker takes a listing from the seller who later tells the broker that the house should not be shown to minorities, the broker should explain to the seller that this is:

C illegal under federal and state law

Sam has had health problems and can no longer actively represent clients. He wants to act as a referral agent, referring potential buyers and sellers to his employing broker. which of the following actions should Sam take?

C leave his salesperson's license on active status w the broker

the required seller disclosure statement must be filled out by the seller

C prior to the acceptance of a sales contract

the purpose of virginia real estate license law is to

C protect the public interest

Broker Ralph wants to work as a salesperson for Cheatham and Steele Real estate company

C ralph can be employed an associate broker

A seller receives a written offer of purchase and gives his accountant a power-of-attorney to consummate the transaction on his behalf :

D this is permitted under virginia license law

When a salesperson transfers from one firm to another the transfer becomes effective

D when the NEW broker signs the transfer application

Salesperson Jane has been active with ABC Realty Corp. She wants to place her license on inactive status. Which of the following statements is correct?

D ABC/s Broker must return Jane's license to the board so that it is received within 10 calendar days

A salesperson could have his license suspended and/or revoked for all of the following EXCEPT:

D Failing to disclose his status as a licensee when selling his own property.

the board has the power to do all of the following except

D discipline non licensees

a lease security deposit received by a brokerage firm MUST be placed in an escrow account by the end of the

D fifth business banking day following receipt

A licensee lists property in which he has a 1/10th interest The licensee must provide

D written disclosure in any written offer to purchase the property

Under the VRLTA security deposits must be returned to the tenant within:

C 45 days of the tenant vacating the property

A salesperson may work for someone other than his employing broker under which of the following circumstances?

C with written consent of the employing broker

Lead based paint hazards must be disclosed:

D In real estate transactions involving the sale of housing constructed PRIOR to 1988

Salesperson Sally, with her broker's permission hires a sales assistant. Which of the following activities, when performed by the sales assistant would require the assistant to be licensed?

B Holding an open house for the licensee.

to avoid paying a monetary penalty, a licensee MUST renew his license:

B within 30 days of expiration

Prior to entering into any real estate brokerage relationship in Virginia , a licensee must advise the prospective client of all of the following EXCEPT:

D When the licensee is licensed in another jurisdiction

Three weeks after the sales agreement for $92,000 was signed by the seller and purchaser, the listing broker received a written offer for $97,000. What should the broker do?

D present all offers to the sellers

Each of the following statements regarding the qualifications for a brokers license is correct EXCEPT:

D to qualify as being "actively engaged" in the real estate business, the applicant must have worked an average of 30 hours per week. THE CORRECT ANSWER IS 40 HRS PER WEEK

which of the following statements is correct regarding interest bearing escrow accounts?

C An escrow account may bear interest, but the disposition must be disclosed in writing when the contract or lease is written

At what point during a transaction should a broker give the buyer and seller written notice that he is acting for both parties?

C Before acting as dual agent

a broker would NOT be subject to disciplinary action by the board for which of the following?

C Presenting an offer for less than full price and on terms that the sellers have said were unacceptable

When may a broker NOT place an earnest money deposit in his escrow account?

C With written permission of the person to whom the funds will ultimately belong

A broker who is a sole proprietor of a brokerage must have a separate firm license:

A In all cases

Funds belonging to the broker that are left in the escrow account must be withdrawn

A at intervals not to exceed 6 months

A licensee advertising a listed property must include the

A name of the firm

if the surname of a licensee changes

A she must notify the board in writing within 30 days of the name change

gertrude wants to activate her virginia real estate license which has been inactive for 4 years. gertrude must do all of the following EXCEPT

A take the state licensing examination

which of the following is true regarding the transaction recovery fund?

A the maximum amount paid out of the fund for one transaction is limited to $20,000

An advertisement marking a time-share offers a gift to the prospective purchaser. The ad must disclose all of the following EXCEPT:

C the date the gift was purchased

Salesperson Bob is active with ABC realty He violated Virginia Real Estate License Law. Bobs principal broker was aware of the violation but did not participate in it. Can the brokers license be revoked?

A yes because the broker had guilty knowledge of the violation

any person adversely affected by a discriminatory practice prohibited under the Virginia Fair Housing Law may do all of the following EXCEPT:

D File a complaint for money damages in circuit court against the person responsible for the discriminatory practice