Virginia License Law
the maximum amount the TRF will pay for multiple claims by a single claimant against a single licensee is: A. $100,000 B. $20,000 C. $50,000 D. there is no maximum
A. $100,000
if a license applicant is not issued a license for any reason, what percent of his license fee is returned to him? A. 0% B. 50% C. 75% D. 100%
A. 0%
which of the following is true when a licensee repays the Virginia Real Estate Transaction Recovery Fund in full? A. the licensee remains subject to further legal action B. license will be reinstated immediately C. licensee will have a clean record D. licensee must wait 3 years before applying for reinstatement
A. The licensee remains subject to further legal action
a broker may take his/her commission from his/her escrow account: A. after the settlement is completed B. when the buyer moves in C. when the seller moves out D. when the purchase agreement is signed by the seller
A. after the settlement is completed
if a purchaser properly rescinds an offer to purchase a time-share, the amount and timing of the refund is: A. all, within 45 days B. all, less a $200 processing fee, in 30 days C. all, in 10 days D. none
A. all, within 45 days
which of the following would be required to hold a real estate license? A. an individual who for compensation helps sell his brother's home B. a government employee selling land for the government C. an auctioneer selling real estate at public auction D. an administrator of an estate
A. an individual who for compensation helps sell his brother's home
if a salesperson is notified he/she may be guilty of a violation of the law, he/she must: A. attend a hearing if scheduled by the VREB B. immediately return his/her license to the VREB C. post a $5,000 bond with the VREB D. inform his/her employing broker to return his/her license to the VREB
A. attend a hearing if scheduled by the VREB
A broker receives offers from the Fitzpatricks and the Dees on one of her listings. The Fitzpaticks advised the broker that they may have difficulty in obtaining financing buy they want to make the offer anyway. when presenting the offer(s) which of the following should the broker do? A. disclose that the Fitzpatricks may have trouble obtaining financing B. only present the offer from the Dees C. wait until the Fitzpatricks obtain financing D. keep quiet and let the seller pick which offer to accept
A. disclose that the Fitzpatricks may have trouble obtaining financing
which is a protected class under state, but not federal fair housing law? A. Elderliness B. Handicap C. marital status D. dependency on public assistance
A. elderliness
a nonresident would have to do which of the following to obtain a real estate salesperson's license? A. file an irrevocable consent to suits and services B. post a $5,000 bond C. be a u.s. citizen D. be a high school graduate
A. file an irrevocable consent to suits and services
a salesperson or broker whose license has been revoked as a result of a payment from the Virginia Real Estate Transaction Recovery Fund cannot get his/her license back unless: A. he/she reimburses the fund plus interest B. he/she waits six years and reapplies C. he/she is approved by the appropriate court D. he/she signs a consent to suits
A. he/she reimburses the fund plus interest
when a salesperson wishes to transfer from one broker to another, which of the following MUST. be done? A. His/her employing broker must return his/her license to the VREB B. his/her employing broker must be given 30 days notice C. all listing and prospect cards must be returned to his/her employing broker D. all listings in the salespersons name terminated
A. his/her employing broker must return his/her license to the VREB
a real estate broker discovers that the value of the property he/she has listed has be adversely affected by the proposed construction of the new power plant. it is the duty of the broker to do which of the following? A. inform the seller B. inform prospective purchasers C. inform the lender who is considering financing the sale of the property D. all of the above
A. inform the seller
an inactive licensee who has been inactive for a period greater than 3 years will have to do which of the following to reactivate his/her license? A. meet current educational requirements B. appear at a hearing before the VREB C. post a bond D. Sign a consent to suits and actions
A. meet current educational requirments
a salesperson erroneously gives false facts to a buyer and consequently the buyer suffered a financial loss in a real estate transaction. the salesperson may be guilty of which of the following? A. misrepresentation B. inducement C. commingling D. puffing
A. misrepresentation
when obtaining a license by reciprocity, the licensee must: A. pass the state portion of the exam B. pass the national portion of the exam C. pass the salesperson's exam D. pass the broker's exam
A. pass the state portion of the exam
when a salesperson transferees from one broker to another, the former broker must: A. Return the salesperson's license by certified mail within 10 days B. hand deliver the salesperson's license to the VREB C. allow the salesperson the option to continue working until all of the salesperson's transactions are completed D. give the salesperson his/her license to deliver to his/her new employing broker
A. return the salespersons license by certified mail within 10 days
which of the following is true when a broker opens a new office? A. the VREB will issue a license for the branch B. a salesperson with five years experience can run the office C. the names and address of all the salespersons must be submitted to the VREB D. the broker must hire at least one salesperson
A. the VREB will issue a license for the branch
if a time-share advertisement includes a prize, the ad must disclose all of the following, EXCEPT: A. the cost of the prize B the odds of winning C. the number of prizes available D. the retail value of the prize
A. the cost of the prize
in order to open a brokerage partnership, which of the following must obtain the license for the partnership? A. the principal broker B. the company attorney C. an associate broker D. the most experienced broker
A. the principal broker
one day after an exclusive right to sell listing agreement has expired, a salesperson who works for a listing broker, buys the property. which of the following is true in this situation? A. this is proper providing the salesperson reveals to the seller his/her license status and relationship with the listing broker B. this is proper providing the seller does not find out about the salesperson's license status C. this is proper if the salesperson obtains his/her broker's approval not to tell the seller the salesperson's license status D. this is improper because it is prohibited by law
A. this is proper providing the salesperson reveals to the seller his/her license status and relationship with the listing broker
disclosure of brokerage relationships need not be made: A. to another agent's client B. to unrepresented people C. to FSBO D. to telephone inquires
A. to another agent's client
the disclosure of a toxic waste dump next door would be required: A. to the client, not the customer B. to the customer and the client C. to the customer not the client D. to the broker only
A. to the client, not the customer
in an investigation by the Board, the Board is empowered to issue a subpoena to licensees and non-licensees. A. yes, if they feel it is in the public interest B. yes, if approved by a circuit court judge C. no, the state constitution prohibits this D. no, it would violate the individuals civil rights
A. yes, if they feel it is in the public interest
the minimum balance of the Virginia Real Estate Transaction Recovery Fund is: A. $100,000 B. $400,000 C. $250,000 D. $600,000
B. $400,000
on the resale of a condo, the right of recession is for: A. 10 days B. 3 days C. 5 days D. 7 days
B. 3 days
on the sale of property in a P. U. D., the right of rescission is for: A. 7 days B. 3 days C. 5 days D. 10 days
B. 3 days
The VREB feels that a licensed broker is not able to properly handle funds in the broker's escrow account. a receiver may be appointed by which of the following in this situation? A. The VREB B. Any court having jurisdiction over the broker C. the state Board of Realtors D. The local Board of Realtors
B. Any court having jurisdiction over the broker
real estate licenses are renewed on which basis A. annually B. biennially C. biannually D. every 5 years
B. Biennially
in general, online advertising must include: A. property address B. firm name C. telephone number D. jurisdiction where licensed
B. Firm name
To declare a condominium you must: A. own the land B. Register with REB C. deliver a disclosure packet to every prospect D. convene a Home Owners Meeting
B. Register with REB
two brokers are involved in a dispute for a real estate commission. which of the following would NOT be involved in the settlement of their dispute? A. The local Board Of Realtors B. The VREB C. any court having jurisdiction over the brokers D. the state Board of Realtors
B. The VREB
which of the following is required to be licensed as a real estate broker A. a builder who pays individuals salary plus commissions to hell his/her homes B. a builder who pays individuals on a commission only basis to sell his/her homes C. an attorney who is auctioning real property at a foreclosure sale D. a trustee foreclosing on a deed of trust
B. a builder who pays individuals on a commission only basis to sell his/her homes
membership on the VREB includes individuals who: A. are licensed as brokers for at least 3 years B. are licensed as salespersons or brokers for at least five years prior to appointment, or are citizen members C. are attorneys at law and only practice law D. appraise property with three years of experience as a salesperson
B. are licensed as sales persons or brokers for at least 5 years prior to appointment, or are citizen members
if a licensee is convicted of an offense under the Virginia license law, the licensee may: A. not appeal in the court system B. be tried again under the criminal statutes C. continue to sell real estate by assignment D. be released from further jeopardy from civil action
B. be tried again under the criminal statutes
a broker would NOT be in violation of the license law or VREB regulations for doing which of the following? A. giving compensation to an accountant for referrals B. giving compensation to another broker for the sale of property C. telling buyer that seller is sick and needs a quick sale D. withholding presentation of a contract in the hope of getting a better price for the seller
B. giving compensation to another broker for the sale of property
licenses of active real estate salespersons are located: A. in the office where each salesperson works B. in the principal broker's main office C. in the principal broker's main office and in the office where each salesperson works D. in the physical possession of the sales person
B. in the principal broker's main office
a broker receives a low offer from one of his/her prospects. another full priced offer is delivered to the b broker from a cooperating Broker. the broker should: A. present his offer only B. present both offers C. present the full priced offer only D. present his offer first and if rejected the present the other offer
B. present both offers
a licensee who's license has expired within the last 30 days must do which of the following to become actively licensed? A. pass a written exam B. Send in a form and appropriate fees C. meet the current educational requirements D. pay a penalty fee
B. send in a form and appropriate fees
an advertisement by a broker which offers a house for sale must include: A. the name of the listing salesperson B. the name of the listing brokerage firm C. the selling price of the property D. the financing possibilities
B. the name of the listing brokerage firm
it is illegal A. to be reimbursed by your client for expenditures B. to receive a fee for referring a client to a lender, without disclosing it to your client C. to hold a broker's license in more than one firm D. to deposit earnest money deposits in an escrow account
B. to receive a fee for referring a client to a lender, without disclosing it to your client
a broker may remove commissions from his/her escrow account under which of the following circumstances? A. when the buyer occupies the property B. when settlement is completed C. when the seller agrees D. all of the above
B. when settlement is complete
in virginia, continuing education for salesperson is? A. 8 hours B. 12 hours C. 16 hours D. 24 hours
C. 16 hours
under VLTA the landlord has how many days to provide tenant with notice of condition inspection report A. 3 days B. 4 days C. 5 days D. 7 days
C. 5 days
Real estate commission rates are determined by which of the following? A. The VREB B. the multiple listing service C. the individual broker and seller D. the local board of Realtors
C. The individual broker and seller
which of the following nonresidents may NOT obtain a real estate license in Virginia? A. a broker only 19 years old B. a salesperson who failed the exam in another state C. a broker whose license has been revoked in another state D. a person charged with bank robbery five years ago
C. a broker whose license has been revoked in another state
when a real estate partnership is formed to transact real estate brokerage, which of the following is true? A. all partners must be licensed as brokers B. any salesperson active with the firm can be a partner C. a broker's license must be obtained for the partnership D. residence addresses of all employees must be submitted to the VREB
C. a broker's license must be obtained for the partnership
in Virginia rent is late: A. after 10 days B. after 30 days C. after 5 days D. after 45 days
C. after 5 days
Records of transaction closings which a broker maintains in accordance with the license law must: A. be kept for five years from date of closing B. be kept for four years from date of closing C. be kept for three years from date of closing D. be kept in a bank insured by the FDIC
C. be kept for three years from date of closing
under Crespa: A. only attorneys may conduct real estate settlements B. salespersons can only conduct closings under the direct supervision of their broker C. brokers who wish to perform settlements must register with the state corporation commission D. settlement agents must maintain an E & O policy of $1,000,000
C. brokers who wish to perform settlements must register with the state corporation commission
a manager of a real estate firm that is an LLC: A. cannot be unlicensed B. cannot be a broker C. cannot be a salesperson D. cannot be a member
C. cannot be a salesperson
requirements for a broker's license include which of the following? A. be a college graduate B. complete 100 hours of broker required courses C. complete 12 semester hours of broker required courses D. having been actively engaged as a licensee for 40 of the previous 48 months
C. complete 12 semester hours of broker required courses
in order to best protect ourselves and meet the requirements of disclosure, we should do all of the following EXCEPT: A. disclose brokerage relationship at first meeting or as soon as practical B. put disclosure in every contract listing or lease C. disclose brokerage relationship at closing D. get disclosure acknowledged in writing
C. disclose brokerage relationship at closing
online listing information must accurately display all of these except: A. City and state where located B. actual status of listing C. expiration date of listing D. date last updated
C. expiration date of listing
to change the terms of a month to month tenancy, the landlord must: A. register with VREB B. provide a lead paint disclosure form C. give 30 days notice to the tenant D. disclos or disclaim
C. give 30 days notice to the tenant
a seller gave a friend a power of attorney to consummate the sale of his personal residence. which of the following is true about the friend? A. he must have a broker's license B. he must have a law degree C. he need not be licensed D. he need not be licensed only if he does not get paid
C. he need not be licensed
an owner tells the listing broker that the property is structurally sound. termites are later discovered on the property. it would be appropriate for the broker to do which of the following? A. inform the seller only B. inform the buyer only C. inform both the seller and the buyer D. do nothing as it might kill the sale
C. inform both the seller and the buyer
if the VREB receives a complaint in writing, the first thing it does is: A. suspend the licensee's license B. fine the salesperson C. investigate to see if the complaint is a possible violation of license law or VREB regulations D. hold a hearing where the licensee may defend himself/herself or review the matter administratively
C. investigate to see if the complain is a possible violation of license law or VREB regulations
a broker may accept all of the following listings except a(n): A. open B. Exclusive C. net D. exclusive authorization to sell
C. net listing
a salesperson can do all of the following EXCEPT: A list real estate B. receive compensation for acts of brokerage C. open an escrow or trust account D. represent a real estate brokerage corporation
C. open an escrow or trust account
all of the following activities require a license, EXCEPT: A. showing property B. holding an open house C. placing signs on properties D. negotiation of a commission
C. placing signs on properties
a broker should disclose which of the following in a real estate transaction? A. that the area is undergoing racial change B. that the area has been relined C. points to be paid by the seller D. the profit the seller is going to make on the sale
C. points to be paid by the seller
which of the following needs to have a broker's license? A. A partner in a brokerage partnership who does not participate in the brokerage business of the partnership B. a lawyer C. president of a brokerage corporation who is active in the business D. An attorney-in-fact
C. president of a brokerage corporation who is active in the business
which of these is NOT required for Electronic Media Advertising? A. Firm name B. city and state where located C. selling price of the listing D. viewable no more than one click away
C. selling price of the listing
a licensee whose license has not been renewed within 400 days of expiration must do all of the following EXCEPT: A. pass a written exam B. send in a license application and fee C. send in a financial statement D. meet the educational requirements
C. send in a financial statement
which of the following is NOT true with respect to the Virginia Real Estate Transaction Recovery Fund? A. all new licensees are assessed a fee B. failure to pay the assessment can result in the automatic suspension of a license C. the amount of the award is determined by the VREB D. A payment from the fund results in the automatic reception of an individuals license
C. the amount of the award is determined by the VREB
which of the following is true in reference to the Virginia Fair Housing Law? A. all fair housing complaints must be filed with HUD B. the burden of proof is on the defendant C. the burden of proof is on the complainant D. if convicted, a licensee will have his/her license immediately revoked
C. the burden of proof is on the complainant
a motel clerk furnishes a broker with leads to prospective buyers in exchange for 20% of the commission collected by the broker. which of the following is true in this situation? A. this is standard practice B. this is never permissible C. the clerk must be a licensee D. all are true
C. the clerk must be a licensee
A broker would be in violation of the law if he/she failed to disclose to the purchaser: A. the reason the seller was selling B. the original sales price of the property C. the fact that there were termites on the property D. the number of offers on the house and the amount of each offer
C. the fact that there were termites on the property
which of the following could terminate a listing A. the VREB B. the listing salesperson C. the seller D. the selling broker
C. the seller
if a licensee is in violation of the virginia fair housing law, which of the following is (are) true? A. his/her license can be revoked until a hearing is held B. the maximum fine is $500 C. this practice may subject licensee to suspension or revocation D. HUD must be informed
C. this practice may subject licensee to suspension or revocation
the maximum amount a landlord can require as a security deposit is: A. $500 B. one months rent C. two months rent D. three months rent
C. two months rent
during their investigations of a possible violation of the license law, the VREB is empowered to subpoena which of the following? A. only licensed salespersons B. only licensed brokers C. unlicensed people D. any person without justification
C. unlicensed people
the stature of limitations for violations of the time-share law is: A. 1 year B. 3 years C. 5 years D. 2 years
D. 2 years
on the resale of a time share, the right of rescission is for: A. 7 days B. 10 days C. 45 days D. 5 days
D. 5 days
Two salesperson who wish to form a corporation: A. Must get their brokers license B. Cannot do so C. must have a broker as a stockholder D. Can get a business entity license
D. Can get a business-entity license
a salesperson could have his/her license suspended or revoked for all of the following, EXCEPT: A. raising the purchase price on an offer in order to influence a lender B. giving a false address to obtain a license C. receiving financial benefit without the written consent of the broker D. Refusing to show property to an unqualified purchaser
D. Refusing to show property to an unqualified purchaser
when monies are paid from the Virginia Real Estate Transaction Recovery Fund due to the activities of a licensee, this will result in: A. Automatic suspension of license B. a fine not to exceed $2,000 C. no action if immediately repaid D. Revocation of real estate license
D. Revocation of Real estate license
a licensed real estate salesperson may be all of the following. EXCEPT: A. an independent contractor for his/her broker B. an employee of his/her broker C. paid on either salary or commission basis D. a partner in a Real Estate Firm
D. a partner in a Real Estate Firm
a broker MAY accept which of the following WITHOUT the consent of his/her principal? A. a promissory note as an earnest money deposit on a sales contract B. a post-dated check as an earnest money deposit on a sales contract C. an offer for more than the listed price D. a referral fee from another broker
D. a referral fee from another broker
which of the following is true in reference to a branch office of a real estate firm? A. application fee of $1000 per branch office B. it may be managed by a salesperson with an inactive broker's license C. it must have an escrow account D. a roster of salespersons must be posted in the branch office where they work
D. a roster of salespersons must be posted in the branch office where they work
a broker is considered to be in violation of the license law if: A. the broker had guilty knowledge of the improper dealings of his/her salesperson B. the broker now or should have known about the improper dealings of his/her salesperson C. the broker is convicted under the fair housing act D. all of the above
D. all of the above
all payments or rebates to any prospective purchaser or seller: A. may be permitted if a license broker is making the payment B. must be agreed upon by all parties prior to the ratification of any listing or contract of sale C. must be in writing D. all of the above
D. all of the above
if a broker self-audit shows noncompliance: A. the broker may follow the voluntary compliance rules B. the broker is immune from prosecution if they notify the REB in writing, with a remediation plan. C. Licensees who may be implicated are not immune D. all of the above
D. all of the above
in designated agency, the broker A. represents both parties B. can designate a different salesperson to represent each party C. is a dual agent D. all of the above
D. all of the above
the VREB can refuse to issue a license to anyone who: A. had a real estate license suspended during the past year B. had a real estate license revoked during the past 5 years C. had been convicted of forgery, embezzlement, fraud, or other similar crimes during the past 5 years D. all of the above
D. all of the above
regarding disclosure of brokerage relationships, all of the following are true, EXCEPT: A. there must be substantive discussions about specific property to trigger disclosure B. disclosure must be in writing at the earliest practical time C. vacation leases are exempt from written disclosure requirements D. Commercial leases are exempt from written disclosure requirements
D. commercial leases are exempt from written disclosure requirements
which of the following is NOT true with respect to an open listing? A. it is also called a general listing B. it is generally not acceptable to the MLS C. it must contain a definite termination date D. copies need not be provided to the seller
D. copies need not be provided to the seller
the VREB does NOT do which of the following? A. administer the Virginia Fair Housing Law B. Administer the Virginia Condominium Act C. Administer the Virginia Real Estate Transaction Recovery Act D. Establish standard listing and sales contract agreements
D. establish standard listing and sales contract agreements
violation of the virginia license law may subject broker to all of the following EXCEPT: A. suspension or revocation of his/her license B. a fine imposed by the VREB C. Denial of renewal of license D. forfeiture of past commissions
D. forfeiture of past commissions
a supervising broker must sign an affidavit saying that he has adequately supervised the licensees if their branch office is: A. in a different country B. in a different state C. more than 75 miles away D. more than 50 miles away
D. more than 50 miles away
an unlicensed assistant may do any of the following EXCEPT: A. compute commission checks B. assemble closing documents C. submit listings to MLS D. negotiate leases
D. negotiate leases
broker smith lists a property and finds that zoning will have an adverse impact on the property. this information is given by broker smith to broker jones who tells a prospective purchaser and as a result, no sale is made. which of the following is true in this situation? A. broker smith is in violation of the law for giving the information to broker jones B. Broker jones is in violation the law for giving the information to the prospective purchaser C. Both Brokers are in violation of the law D. neither broker is in violation of the law
D. neither broker is in violation of the law
if a licensee has repaid the VREB for amount awarded under the Virginia Real Estate Transaction Recovery Fund, which of the following is true? A. his/her license is automatically renewed B. the VREB is not allowed to take any additional action C. licensee must post a bond D. none of the above
D. none of the above
when a salesperson terminates his employment with a broker, the VREB expects the salesperson to do which of the following? A. return all listings acquired during employment to the broker B. return all customer cards to his/her broker C. mail license D. none of the above
D. none of the above
under the statutory definition of a broker, which of the following would be required to hold a real estate license in the course of their business? A. attorney-at-law B. mortgage loan officers C. Real estate appraisers D. Property managers
D. property managers
which of the following is NOT expert from the Virginia Condominium act? A. sale of commercial condos B. sale of industrial condos C. sale of condos in a three-unit building D. sale of condos in a 50-unit complex
D. sale of condos in a 50-unit complex
under "Megan's Law": A. the licensee must investigate the neighborhood for the possible presence of sex offenders B. the buyer must investigate the neighborhood for the possible presence of sex offenders C. sex offenders must register with the VREB D.the licensee must provide basic information about the law to the buyer
D. the licensee must provide basic information about the law to the buyer
a payment from the Transaction Recovery Fund (TRF) can be paid: A. to a family which has taken over a firm as a result of death of a broker B. to a broker or salesperson who loses money on a transaction C. to a licensee when a seller refuses to pay an earned commission D. to a consumer who has suffered a financial loss resulting from an action of a licensee
D. to a consumer who has suffered a financial loss resulting from an action of a licensee
all licenses expire: A. two years from the month of issue B. on the last day of the month they were issued C. one year from the last day of the month in which they were issued D. two years from the last day of the month in which they were issued.
D. two years from the last day of the month in which they were issued