Virginia Real Estate

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

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

Who must be designated as trustee of escrow funds in custodial or trust accounts? A. Federally or state-insured bank or depository B. The broker C. The buyer D. The seller

B. The broker

What is it called when a broker has approval to work at multiple brokerages? A. Concurrent licensure B. Dual agency C. Licensure by reciprocity D. Multi-licensure

A. Concurrent licensure

The part of the floodplain associated with moving water is considered the most dangerous area. In Virginia, this area is known as what? A. Flood fringe B. Floodway C. Property within a one mile radius D. Surrounding community

B. Floodway

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.

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

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

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

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

Which of the following statements best describes a limited service 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 all of the duties required by statute.

A. They are not required to perform all duties required by statute.

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

What is one purpose of the Equipment Condition and Inspection section in the Residential Contract of Purchase? A. To give notice to the parties that the seller must provide the buyer and the buyer's representatives reasonable access to the property. B. To identify the type of security system the property has. C. To provide the buyer with instructions on where the key to the front door is kept. D. To specify the date on which the buyer can take possession of the property.

A. To give notice to the parties that the seller must provide the buyer and the buyer's representatives reasonable access to the property.

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.

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.

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.

The Underground Utility Damage Prevention Act was established to protect underground utilities and save _____________. A. Endangered species B. Groundhogs C. Lives D. Overhead power lines

C. Lives

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.

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.

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.

What is defined in VAC Title 18, Agency 135, Chapter 20? A. The Virginia fair housing laws B. The Virginia pest control licensing regulations C. The Virginia Real Estate Board's licensing regulations D. The Virginia state bar association's requirements for real estate related cases

C. The Virginia Real Estate Board's licensing regulations

What should a client who has hired a limited service agent reference to understand the duties their agent will and will not perform for them? A. Statutes that outline the duties required of agents B. The agent's website C. The brokerage agreement they signed with the limited service agent D. The MLS

C. The brokerage agreement they signed with the limited service agent

Which of the following best describes a net listing? A. The seller and agent agree to split the profit from the proceeds of the sale. B. The seller reserves the right to sell the property and not have to pay a commission. C. The seller specifies a desired price for the property and agrees to pay the broker any amount received that's more than that price. D. The seller works with many agents, and only the agent who procures the buyer is owed a commission.

C. The seller specifies a desired price for the property and agrees to pay the broker any amount received that's more than that price.

Which of the following is required of brokerage agreements? A. They can be open-ended (no termination date). B. They must automatically renew after 90 days. C. They must be in writing. D. They only need to list the services offered by the agent when acting in a limited capacity.

C. They must be in writing.

Which of the following is required of property management agreements? A. They can be open ended (no termination date). B. They must automatically renew after 90 days. C. They must be in writing. D. They only need to list the services offered by the agent when acting in a limited capacity.

C. They must be in writing.

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

Wayne is selling his house, which is in a flood hazard area, to Ayisha, who doesn't have an agent. Does Wayne have any disclosure responsibilities toward Ayisha, and if so, what are they? A. Wayne has no responsibilities toward Ayisha. B. Wayne needs to disclose to Ayisha that the house is in a flood hazard area. C. Wayne needs to fill out the Disclosure Statement and give it to Ayisha. D. Wayne only needs to fill out the Disclosure Statement and give it to Ayisha if he has disclosures to make.

C. Wayne needs to fill out the Disclosure Statement and give it to Ayisha.

Jody is purchasing a condo in a complex that is offering units for the first time. After she signs the contract, she discovers another condo for sale in a different complex that more closely meets her needs. Can she cancel her purchase? A. Maybe. If the condo she would rather buy is offered by the same developer, she can transfer her purchase agreement to the new condo. B. No, she cannot cancel her contract for any reason. C. Yes, she has five calendar days to cancel. D. Yes, she has three calendar days to cancel.

C. Yes, she has five calendar days to cancel.

Which of the following must be included in a buyer agency agreement? A. An automatic renewal clause B. A two-year termination C. Standardized real estate commission D. The licensee's duties and responsibilities to the buyer

D. The licensee's duties and responsibilities to the buyer

Which of the following pieces of information does Linda, a Virginia real estate salesperson who works for Big Valley Realty, NOT have to include on her business cards? A. "Associated with Big Valley Realty" B. Big Valley Realty's phone number C. Her work phone number D. The name and number of her sponsoring broker

D. The name and number of her sponsoring broker

Sally has had her real estate broker's license for years. Which agency regulates the rules and requirements Sally must follow to keep her license? A. Department of Education B. Department of Labor C. Department of Motor Vehicles D. Virginia Real Estate Board

D. Virginia Real Estate Board

Which licensee is managing her license correctly? A. Mara still needs to activate her license, so she prints up her own license cards. B. Tonya is affiliating with a new broker. She relies on her new broker to notify the VREB. C. When licensee Brandy gets her license card, she puts it in a small frame on her desk. D. Yvette is deactivating her license for a while, so she applies to the VREB for a change in status.

D. Yvette is deactivating her license for a while, so she applies to the VREB for a change in status.

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

Which of these questions or statements from an unrepresented party is substantive and requires the agent to provide the disclosure for unrepresented parties? A. How far is the nearest school? B. How firm is the seller on price? C. Nice property. D. This is a great neighborhood.

B. How firm is the seller on price?

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

Routine acts that do not involve judgment, advocacy, or negotiation are called ______. A. Fiduciary duties B. Ministerial duties C. Statutory duties D. Transactional duties

B. Ministerial duties

Nathaniel assisted with the purchase of a commercial building that will be used as a community center. He doesn't hold a real estate license, yet his actions didn't violate any license laws. What must be true about Nathaniel's situation? A. He received a commission of less than $1,000. B. Nathaniel is a public official whose salaried duties include real estate transactions. C. Nathaniel's church purchased the building. D. The commercial building was valued at less than $500,000.

B. Nathaniel is a public official whose salaried duties include real estate transactions.

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.

Felicity has been found guilty of practicing real estate without an active license. Which of the following statements about her situation is true? A. If she pays a fine, she won't have any other consequences. B. She's subject to a VREB investigation. C. She will have to go to public court and defend herself. D. She won't be disciplined, since unlicensed persons don't fall under the VREB's jurisdiction.

B. She's subject to a VREB investigation.

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:"

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

Which of these Virginia transactions requires that the property disclosure be provided to the buyer? A. A house for sale by owner B. A transfer between government agencies C. A transfer between spouses due to a divorce decree D. A transfer pursuant to a court order

A. A house for sale by owner

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

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

Steven, a newly licensed salesperson, just received his pocket card. When is Steven required to carry the pocket card with him? A. At all times when conducting business B. Never; it must be maintained at the brokerage office C. When hosting open houses D. When meeting prospective clients for the first time

A. At all times when conducting business

Buyer Tony is interested Seller Rilla's property. Tony's agent provides him with the Residential Property Disclosure Statement and Tony makes an offer which Rilla accepts. 2 weeks later, Tony discovers that there are plans to build a school next door to the house. He wants to terminate the contract because this wasn't disclosed. Which of the following is INCORRECT? A. If Rilla know about the school and failed to disclose it, Tony may terminate. B. If this was a concern to Tony, it was up to him to research it prior to entering into the contract. C. The law doesn't require Rilla to make any disclosure regarding the planned school. D. Tony may not terminate on this basis because Virginia is a "caveat emptor state."

A. If Rilla know about the school and failed to disclose it, Tony may terminate.

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.

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

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 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.

Yolanda provided the purchaser of her property in Virginia with a disclosure statement before the purchase contract was signed by both parties. Today, she learned her property is partially located in Planning Zone 15 and mining activities took place on the property. When does Yolanda need to provide the buyer with this material change? A. As soon as a change is identified B. At or before settlement C. Before contract ratification D. Once the original disclosure is made, no changes can be made

B. At or before settlement

Which one of the following brokers is providing adequate supervision and training for their new licensees? A. Anita follows her licensee every day to ensure there are no mishaps or violations of regulations. B. Brannon reviews and discusses licensees' work to make sure it meets regulations, and provides training opportunities to all associates. C. Deshi only allows associates to perform real estate activities inside the brokerage itself. D. Pamela holds quarterly meetings that discuss performance objectives of the licensee based on the number of sales transactions completed.

B. Brannon reviews and discusses licensees' work to make sure it meets regulations, and provides training opportunities to all associates

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."

Lucy is worried. She tells her agent Mick that her house, which she wants to sell, was used to manufacture methamphetamines before she bought it. "Does that affect the selling price of the house?" she asks Mick. What should he answer? A. "This isn't something that we have to disclose, so no, it won't affect the asking price of your house." B. "We have to disclose that meth was manufactured here, whether it was properly cleaned up or not, so yes, it could affect the selling price of your house." C. "We only have to disclose if the house wasn't cleaned according to state guidelines, so let's get that information." D. "You only have to reveal this fact if a potential buyer specifically asks about it, so let's hope no one does!"

C. "We only have to disclose if the house wasn't cleaned according to state guidelines, so let's get that information."

How many hours of post-licensing education are salespersons required to take in the first year as a licensee? A. 16 B. 24 C. 30 D. 60

C. 30

If an out-of-state licensee is seeking to obtain a Virginia broker's license by reciprocity, how much experience must they have? A. 12 of the last 36 months B. 24 of the last 48 months C. 36 of the last 48 months D. Six of the last 12 months

C. 36 of the last 48 months

Which of the following statements is true regarding Virginia's licensing requirements? A. A person assisting a friend in selling a home must have a real estate license, even when no compensation is given. B. A person selling a home for sale by owner must have a real estate license. C. A person who receives a $100 gift certificate for performing real estate activities on behalf of a friend must have a real estate license. D. A property manager must have a real estate license, even if they are a a salaried employee of a broker who manages residential property for the broker on behalf of the owner.

C. A person who receives a $100 gift certificate for performing real estate activities on behalf of a friend must have a real estate license.

Under what listing agreement is an agent owed a commission no matter who secures the buyer for the transaction? A. Dual or designated B. Exclusive agency C. Exclusive right-to-sell D. Open

C. Exclusive right-to-sell

Which of the following would most likely be regulated by a POA? A. Allowable age for POA members B. Curfew for POA members C. Exterior paint for all POA residences D. Interior furnishings for all POA residences

C. Exterior paint for all POA residences

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

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

Harold is the sole owner of a timeshare development. He has just started advertising his timeshares when his circumstances change; he must move to the other side of the country to take charge of some family issues. He decides it is best to terminate the timeshare development. Can he legally do so? A. No, but as long as he retains 50% ownership, he can legally transfer management of the timeshare to another developer. B. No, he must request approval from the Common Interest Community Board to terminate any timeshare project. C. Yes, as long as he is still the sole owner of the development. D. Yes, but he must first provide any timeshare owners with the Notice of Timeshare Conversion.

C. Yes, as long as he is still the sole owner of the development.

Sam is renting out his single-family home. He wants to rent only to white couples. Can he do this without violating fair housing law? A. No, this violates fair housing law. B. Yes, as long as he uses a real estate licensee to help him rent the house. C. Yes, but only if he doesn't own more than three single-family homes at once. D. Yes, but only if he keeps the rent below $800 a month.

C. Yes, but only if he doesn't own more than three single-family homes at once.

A new licensee at your brokerage tells you, "My client has some closing money, but he wants the settlement agent to hold onto it instead of our brokerage. Is that legal?" What should you say? A. "No. Because you're the client's agent, you need to personally open and maintain this escrow account." B. "No, brokerages must safeguard and manage all escrow accounts related to the real estate transactions they're involved in." C. "Yes, but only if our principal brokerage signs off on this arrangement." D. "Yes, that's perfectly legal. Brokerages don't have to manage all escrow accounts."

D. "Yes, that's perfectly legal. Brokerages don't have to manage all escrow accounts."

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."

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

A condo owner is selling his unit. According to the Condominium Act, what must be provided to buyers? A Deed B. Disclosure packet C. Proprietary lease D. Resale certificate

D. Resale certificate

Which of the following is true about the Chesapeake Bay Preservation Act and its effects? A. Anyone who is selling property in the area that's affected by this act must provide additional disclosures to potential buyers. B. The act protects the Chesapeake Bay waterways, so houses in this area require extra disclosure forms for any sales transactions. C. The act restricts growth along the Chesapeake Bay waterway, so owners with properties affected by the act can't build on to them. D. Those who want to buy a property in an area affected by this act should work to find out how the additional restrictions affect the property.

D. Those who want to buy a property in an area affected by this act should work to find out how the additional restrictions affect the property.

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

How does discrimination testing work? A. A minority applies for housing to test how they're treated. B. Landlords are given a 20-point questionnaire. C. The demographic data for tenants is audited. D. Two different applicants whose only difference is protected class apply for the same property.

D. Two different applicants whose only difference is protected class apply for the same property.

Unfulfilled contracts are also called _______. A. Indefinite contracts B. On-hold contracts C. Unachieved contracts D. Unconsummated contracts

D. Unconsummated contracts

It's January, and the pool at Roger's listing has been prepped for winter for several weeks. The homeowner assures Roger that it's in good working order. Roger has no reason to disbelieve the homeowner, so he tells prospective buyers that the pool is fine. The property sells, spring comes, and the new owners call to complain that the pump doesn't work, and the pool drain appears to be clogged. What best describes what Roger has done? A. Fraud B. Negligent misrepresentation C. Roger didn't do anything wrong. D. Unintentional misrepresentation

D. Unintentional misrepresentation

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

Calla has a client, Trevor, who wants to find a property to lease. Which of the following is NOT a duty she owes him? A. Calla agrees to not show the apartment that Trevor likes to any other potential tenant. B. Calla deposits Trevor's down payment in a fund and creates a transactional record for it. C. Calla explains to Trevor that she can't find him a place to rent in an "all-Mexican apartment complex," because such an arrangement violates fair housing laws. D. Calla walks Trevor through the addenda in an apartment lease agreement, explaining what each one means.

A. Calla agrees to not show the apartment that Trevor likes to any other potential tenant.

The Common Interest Community Board operates under the ________ . A. DPOR B. FHA C. POA D. VREB

A. DPOR

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

How many scheduled public meetings does the VREB hold each year? A. Eight B. Four C. Seven D. Two

A. Eight

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

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.

Kaye is selling her condo, which was built in 2005. Which of the following disclosures must Kaye provide to the buyers? A. Kaye must disclose if the property is subject to the Virginia Condominium Act. B. Kaye must disclose if the property is subject to the Virginia Property Owners' Act. C. Kaye must provide the buyers with a lead-based paint disclosure form. D. Kaye must provide the unit owners' association Permission to Sell disclosure.

A. Kaye must disclose if the property is subject to the Virginia Condominium Act.

Which of the following statements about continuing education (CE) is true? A. CE is only required when inactive licensees want to reactivate their licenses. B. CE requirements are different for licensees and brokers. C. Licensees must start their CE during their first year of holding a license. D. The VREB requires a certain number of CE hours for brokers, but not for licensees.

B. CE requirements are different for licensees and brokers.

Which statement about the buyer's selection of the settlement agent is true? A. Buyers must follow the guidelines provided by the Virginia State Bar when selecting a settlement agent. B. Chapter 27.3 of Title 55 of the Code of Virginia gives the buyer the right to select the settlement agent. C. Sellers can waive buyers' right to select the settlement agent. D. Virginia law mandates that the buyer select a settlement agent who is a licensed Virginia attorney.

B. Chapter 27.3 of Title 55 of the Code of Virginia gives the buyer the right to select the settlement agent.

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

A home owner is selling her property located in a property owner's association (POA). What must be provided to buyers? A. Deed B. Disclosure packet C. Proprietary lease D. Resale certificate

B. Disclosure packet

Per the Well and Septic section of the Residential Contract of Purchase, what can the buyer do if the seller fails to remedy or repair defects to a well or septic system? A. Contact the EPA and report the seller. B. Either terminate the contract or waive the defect. C. Require the seller to take a much lower offer. D. Sue the seller for damages.

B. Either terminate the contract or waive the defect.

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

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

A real estate professional in Virginia is legally permitted to take which of these actions? A. Limit the number of apartment units available to families with children. B. Note the race of potential tenants on their applications to rent. C. Point out to a buyer client that they are considering purchasing a home in a neighborhood that has many Latino residents. D. Prohibit a family of 10 from renting a unit with a capacity of two people.

D. Prohibit a family of 10 from renting a unit with a capacity of two people.

Many buyer agency agreements contain a provision which comes into play if the buyers let the agreement expire and then try to contact a seller directly. What is this provision called? A. Commission assignment B. Exclusivity clause C. Mitigation clause D. Protection clause

D. Protection clause

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

In Virginia, what is the definition of a common interest community? A. Non-commercial real estate subject to the governance of the residents B. Real estate of four or more units with common areas C. Real estate that is constructed to support communal living areas D. Real estate that is subject to a declaration containing lots and common areas

D. Real estate that is subject to a declaration containing lots and common areas

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

Which of the following is a requirement of a supervising broker? A. Apply for license renewals of all sponsored associates B. Audit sponsored associates' personal bank accounts to ensure no real estate funds have been mishandled C. Interview clients of sponsored associates to evaluate their performance D. Supervise the actions of associate brokers and salespersons

D. Supervise the actions of associate brokers and salespersons

In what parts of Virginia does the Virginia Residential Landlord and Tenant Act (VRLTA) apply? A. Only certain counties B. Only in participating suburban districts C. Only in urban areas with a population of more than 100,000 D. The entire state

D. The entire state