Test 4 Law
If a complaint alleging a licensee has violated a Virginia Fair Housing law is filed with the REB which of the following is always true?
The burden of proof is on the complainant
A licensed salesperson may serve as a seller agent if:
A salesperson may never act as a seller agent
To accept any non-negotiable instrument as a deposit on a sales contract the licensee must:
Acknowledge the acceptance in the contract
A salesperson could have her license suspended and/or revoked for all of the following EXCEPT:
Advertising a property for sale without including the principal brokers name and phone number in the advertising
A licensee may have his license suspended or revoked for all of the following reasons EXCEPT:
Failing to provide in a timely manner written notice any material facts relating to the contract
A licensee who has incurred expenses on behalf of the client may accept reimbursement for the expenditures:
For any person with a written consent of the client
When excepting a listing a broker must:
Give written disclosure regarding the disbursement of interest earned on the escrow funds placed in the interest-bearing account
All are true of Business Entity Salespersons license EXCEPT:
If two salespersons combined both names must be the named entity
Copies of the records for the transaction of a Virginia branch in an office of a legal real estate firm must be kept where?
In the branch in Virginia
A salesperson advertising a listed property must:
Include the name of the firm always
The day after an exclusive right to sell listing of Ready Sale Incorporated expires a salesperson with Ready Sale Incorporated buys the property. Which of the following is true:
Is permissible as long as salesperson reveals to the seller his status as a licensee and his relationship to the broker
When a salesperson transfers from one broker's firm to another the former broker must:
Mail the salespersons license by certified mail so it is received within 10 days by the REB
An officer of a real estate brokers corporation doing business in Virginia:
May not hold a salespersons license
A person gives a listing broker a $3000 earnest money deposit and later needs part of the funds to pay appraisal and survey cost. The broker:
May withdraw the funds with written agreement from all parties
When the license of a broker is revoked the salesperson:
Must have his license reissued to another broker
A real estate firm desires more listings can do all of the following EXCEPT:
Negotiate exclusive agent contracts with no termination date
Salesperson Smith secured an open listing. His broker refused to accept the listing because he has no termination provision. Was the broker correct?
No, because only exclusive listings must include a definite termination date
Three weeks after a sales agreement for $92,000 was signed by the purchaser and the seller the listing broker received an offer of $97,000. What should the broker do?
Present the offer to the seller
A broker would not be subject to disciplinary action by the REB for which of the following:
Presenting an offer for less than full price on the terms the seller would not accept
For a Maryland resident to sell real estate in the state of Virginia you must do all of the following EXCEPT:
Submit a certificate of licensure to REB
A property is listed for sale with a real estate agent at the price of $90,000. A buyer submits a written offer of $85,000 under these circumstances which of the following is true?
The buyer may withdrawal his offer anytime prior to its acceptance
If a transaction does not close the broker may pay escrow funds in accordance with the terms of the contract:
The parties to the transaction have given written permission
If a broker takes a listing from a 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 illegal under federal/state law
A seller receives a written offer for purchase and gives his accountant the power of attorney to consummate the transaction on his behalf. Which is the following is true?
This is permitted under Virginia license law
When is it permissible for a broker not to place an earnest deposit money in a separate escrow account?
With the written consent of all parties to the transaction
To avoid paying a penalty a licensee must renew his license:
Within 30 days of expiration
A licensee may act as a dual agent with the:
Written consent of all parties
Salesman Ben worked as an independent contractor for ABC Realty the committed act was in violation of real estate licensed law. His broker was aware of the violation but did not participate. Could the broker's license be revoked?
Yes, because he had guilty knowledge of the act
Associate broker Tom is associated with Inc Real Estate corp. wishes to advertise his own house for sale. May he advertise under his own name?
Yes, because he is the owner of the property
All online advertising must include the appropriate disclosures EXCEPT:
Instant messaging
Upon receipt of a written complaint the first thing the REB does:
Investigate the complaint
Prior to application for a Virginia brokers license the applicant must have been actively engaged in real estate for a period of:
36 of the previous 48 months
Under Virginia landlord tenant act the landlord has how many days to provide the tenant with a notice of condition of inspection?
5 Days
If the REB feels a licensed broker is not able to properly handle funds in the brokers escrow account a receiver may be appointed by which of the following:
Any court or jurisdiction over the broker
At what point during a transaction should the broker give the buyer and seller written notice that he is acting for both parties?
Before any negotiations take place
Broker Grant employed citizen Cain to manage two apartment complexes both of which were owned by the same man or located within one mile of each other. Grant pays Cain a salary and Cain lives in one of the units rent free. Which of the following statements is true?
Cain must be licensed