Virginia State Test Practice 2

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 a 10% open listing fee

No one

What does an agent owe the client after their relationship terminates? a. Confidentiality b. Disclosure c. Loyalty d. Obedience

a. Confidentiality

How many scheduled public meetings does the VREB hold each year? a. eight b. four c. seven d. two

a. eight

In addition to undivided loyalty, what other duty does a client give up when agreeing to a dual agent relationship? a. Accountability b. Advocacy c. Confidentiality d. Honestly

b. Advocacy

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

In Virginia, anyone who owns or operates a regulated UST must notify ______ of the UST's existence. a. The DEP b. The DEQ c. The EPA d. The local police

b. The DEQ

Consuela is a real estate licensee who has three other licensees working under her supervision. What type of license does Consuela hold? a. associate broker b. broker c. office manager d. salesperson

b. broker

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. Interviews with witnesses and statements are obtained.

b.. A meeting is held between the parties involved to determine the facts of the matter.

Which of these statements about the Virginia Residential Landlord and Tenant Act is true? a. The act doesn't apply to landlords with fewer than 25 dwelling units. b. The act doesn't list tenant obligations. c. The act establishes both landlord and tenant obligations and remedies. d. The act prohibits leases longer than one year.

c. The act establishes both landlord and tenant obligations and remedies.

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

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. Lincense suspension

a. Additional education

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.

Salesperson Nicola just told her principal broker Carter that she's going to transfer to another brokerage. What duties, if any, does Carter have in this transaction? a. Carter must return Nicola's license to the VREB within 10 days. b. He has to fill out and submit Nicola's transfer request form. c. He must sign and file a transfer request with the VREB that includes the new sponsoring broker's signature. d. Nothing; Nicola and her new principal broker are responsible for completing the transfer.

a. Carter must return Nicola's license to the VREB within 10 days.

Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractual interference c. Failure to disclose an agency relationship d. Performing services that would qualify as practice of law

a. Commingling

Putting your own money and escrow account money in the same account is called: a. Commingling b. Converting c. Mixing d. Withdrawing

a. Commingling

Virginia licensee Dale has just presented an offer to buy a condo on behalf of his buyer client Nelson. He files the written offer in his brokerage and sends copies to the seller, the Greason family, and their broker Gary. What, if anything, has he done wrong? a. Dale has done nothing wrong; he's handled the paperwork properly. b. He broke his duty of confidentiality to Dale by sending a copy of this offer to the Greasons. c. He forgot to file a written and an electronic copy with his brokerage. d. He should also have sent a copy of the offer to the VREB.

a. Dale has done nothing wrong; he's handled the paperwork properly.

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

How do you become a member of the Virginia Real Estate Board? a. Get appointed by the governor b. Get appointed by the state attorney general and get approval by the other board members c. Run in a public election for an open position when one becomes available d. Submit an application to the board and submit to a public hearing at one of the annual meetings

a. Get appointed by the governor

It's March 25, and new salesperson Travis is about to renew his license. Travis was first licensed one year ago on March 3. He's taken 30 hours of post-licensing education, paid his fees, and filled out his renewal application on the VREB website. What, if anything, has he forgotten or done wrong? a. He hasn't forgotten anything or done anything wrong. b. He needs a signed letter verifying his employment from his supervising broker. c. He took 14 extra hours of CE, which won't count towards his next renewal. d. He will have to pay a fee for late renewal.

a. He hasn't forgotten anything or done anything wrong.

Identify which of these actions is a prohibited activity for a real estate licensee in Virginia. a. Increasing the rent and security deposit for a family with seven children. b. Informing a potential renter that the bathroom in a unit does not currently meet ADA standards. c. Presenting an offer from a non-protected class to a seller client when a member of a protected class has already made an offer. d. Showing a unit that was built before 1991 and has not been retrofitted to ADA standards.

a. Increasing the rent and security deposit for a family with seven children.

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.

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.

Sylvio is a salesperson at Gardner Homes. Linda is his sponsoring broker. Which of the following best describes what happens with Silvio's license? a. Linda displays Silvio's license at Gardner Homes b. Linda stores Silvio's license at Gardner Homes c. Silvio displays his license at Gardner Homes d. Silvio keeps a copy of his license at home for safekeeping

a. Linda displays Silvio's license at Gardner Homes

According to the Virginia Residential Landlord and Tenant Act, which of these is a tenant's basic duty? a. Maintain the property in a good, clean, and safe condition. b. Make certain repairs to the property. c. Pay rent on the last day of the month. d. They may not disturb other tenants, affecting their quiet enjoyment.

a. Maintain the property in a good, clean, and safe condition.

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

Are stigmatized property disclosures required in Virginia? a. No, stigmatized property disclosures are not required in Virginia. b. Yes, if the stigmatization is a death or felony that occurred within the last two years. c. Yes, this affects the physical structure of the property and must be disclosed. d. Yes, this is material to the property and must be disclosed.

a. No, stigmatized property disclosures are not required in Virginia.

Dennis thinks he was discriminated against by a potential landlord in Virginia and wants to make a complaint. How should you, as his agent, advise him? a. "Call Virginia's Fair Housing Administrator's Office. They'll assign an investigator to your case." b. "Contact the Virginia Fair Housing Office, or go to its website to start the complaint process." c. "I recommend that you get in touch with Virginia's Real Estate Board. They can help you." d. "You need to get in touch with the Virginia Association of REALTORS®. They have the tools you need."

b. "Contact the Virginia Fair Housing Office, or go to its website to start the complaint process."

John is 18 and he wants to be a real estate broker in Virginia. He is ready to complete the 180 hours of required real estate licensing coursework. Is there anything that might prevent him from doing this? a. No - you go, John! b. Yes - he must be at least 19 years old. c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker. d. Yes - he must schedule his exam before beginning the required coursework.

c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker.

Shayla has been a principal broker for almost eight years. Does she have to submit proof of continuing education (CE) the next time she renews her license? a. No, because CE requirements end once a broker becomes a principal broker. b. No, because CE requirements end once a salesperson becomes a broker. c. Yes, because brokers need to take CE as part of their renewal process. d. Yes, Shayla needs to take 16 hours of CE and submit proof of it when she renews.

c. Yes, because brokers need to take CE as part of their renewal process.

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.

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.

Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require property disclosures? a. No, a disclosure is not required because Wayne and Sandy gave the property to Robbie. b. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt. c. Yes, a disclosure must be provided so the deed can be updated. d. Yes, any transfer of real property requires a property disclosure.

b. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt.

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.

What's an advantage of submitting a successful audit report every licensing period? a. By showing they're compliant, principal brokers get a discount on their next license renewal fees. b. Principal brokers receive immunity from any enforcement actions from the board, unless they're intentionally noncompliant. c. The DPOR won't prosecute the misdemeanors of affiliated licensees. d. The principal broker of the firm gets to be on the VREB board.

b. Principal brokers receive immunity from any enforcement actions from the board, unless they're intentionally noncompliant.

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.

The Fair Housing Board of Virginia has just issued a charge of discrimination. What is true about this situation? a. The charge is moved on to the Real Estate Board of Virginia. b. The charge is referred to the attorney general's office. c. The defendant must now hire an attorney. d. This means that the fair housing complaint involved a real estate agent.

b. The charge is referred to the attorney general's office.

Which of the following is true about for sale signs in Virginia? a. They must be created only by a firm's sponsoring broker. b. They must include the firm name and primary or branch office phone number. c. They need to include the city and state where the agent is licensed. d. They should include the agent's work number.

b. They must include the firm name and primary or branch office phone number.

Which of the following scenarios best describes a net listing? a. Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker. b. Jason is listing his duplex for $400,000 but reserves the right to find his own buyer and not have to pay a listing commission. c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. d. Ralph is selling his townhome for $225,000 and is paying a brokerage fee of $25,000.

c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

Which of the following is true of limited service agents and independent contractors? a. A limited service agent performs all of the services of a standard agent, while an independent contractor does not. b. An independent contractor performs all of the services of a standard agent, while a limited service agent does not. c. Both a limited service agent and an independent contractor perform all of the services of a standard agent. d. Neither a limited service agent nor an independent contractor performs all of the services of a standard agent.

d. Neither a limited service agent nor an independent contractor performs all of the services of a standard agent.

Gerald is selling a property that is not on public water and sewer systems. Per the purchase agreement he has signed with the buyers, he must provide a certificate proving that water from the well is safe, and that the sewage disposal system works. When must the certificate be dated? a. Not more than 15 days prior to settlement b. Not more than 20 days prior to settlement c. Not more than 25 days prior to settlement d. Not more than 30 days prior to settlement

d. Not more than 30 days prior to settlement

Which of the following does Virginia's Condominium Act NOT do? a. Establishes condo owners' rights b. Mandates that all condo associations file a declaration c. Regulates how condos are created and sold d. Regulates the kind of mortgages that buyers can get

d. Regulates the kind of mortgages that buyers can get

What are some roles and responsibilities of your sponsoring broker? a. Give you freedom to learn the ropes on your own. b. Make sure you show up to work each day. c. Renew your license on time. d. Supervise and train you.

d. Supervise and train you.

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

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 agency is authorized to promulgate and enforce licensing laws in Virginia? a. DEQ b. DMV c. DOA d. VREB

d. VREB

You're holding an open house for your seller client Nathaniel. It's busy, and you chat with several potential buyers. When should you present them with the agency disclosure form? a. At the point when they present you with an offer to buy. b. The moment you meet them. c. When you began to exchange small talk. d. When you begin to talk about the property and its characteristics.

d. When you begin to talk about the property and its characteristics.

Which of the following requires disclosure in Virginia? a. Whether any felonies were committed on the property b. Whether there are any registered sex offenders nearby c. Whether there is a haunting on the property d. Whether there's known defective drywall on the property

d. Whether there's known defective drywall on the property

Which of the following statements about brokerage relationships in Virginia is true? a. A brokerage relationship is created through compensation (i.e., when someone pays you). b. Either a written or verbal agreement creates a brokerage relationship. c. They aren't required for commercial real estate transactions. d. You must enter into one before you perform any licensed activities.

d. You must enter into one before you perform any licensed activities.

What happens to you if you're involved in a case and can't pay the judgment amount, and the consumer is awarded money from the Real Estate Recovery Fund? a. Nothing! That is what the fund is for! b. You can continue to practice real estate but must pay back the money to the fund at 10% interest. c. You must pay back the money from the fund at 30% interest from your real estate commissions. d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest.

d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest.

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.

The listing agent for a house promises the seller $500,000, but then assists the buyer in negotiating a better deal without letting the seller know. What violation has the listing agent committed? a. Improper brokerage commission b. Improper delivery of instruments c. Incompetence d. Misrepresentation

d. Misrepresentation

In Virginia, how many hours of approved real estate courses must an individual complete before taking the real estate broker's exam? a. 180 b. 30 c. 60 d. 75

c. 60

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

How long after a license expires can it be renewed without penalty? a. 30 days b. 60 days c. 90 days d. up to one year

a. 30 days

In Virginia, how long must completed real estate forms be kept on file with the broker? a. A minimum of three years b. At least six months c. One year d. Seven years

a. A minimum of three years

Question 72Which of the following situations is the best example of designated agency? a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty. b. Agent Devin represents seller Angie, and agent Donovan represents buyer Alex. Alex is buying Angie's condo. Agent Devin works for Blue Skies Realty and Donovan works for Happy Homes Realty. c. Agent Devin represents seller Angie and buyer Alex. Alex is buying Angie's condo. d. Agent Devin represents seller Angie. The buyer Alex is unrepresented. Alex is buying Angie's condo.

a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty.

Broker Betsy has five salespersons working under her supervision. Whose license must be displayed in the brokerage office? a. Betsy's license must be displayed, as well as the licenses of the five salespersons b. None are required to be displayed c. Only Betsy's license is required to be displayed; none of the other licenses need to be retained d. Only the licenses of the five salespersons must be displayed

a. Betsy's license must be displayed, as well as the licenses of the five salespersons

Which of these is a rule that governs how escrow money can be disbursed? a. Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement between the parties. b. Brokers can disburse escrow money in a different way than the contract indicates. c. If the contract doesn't give any instructions about the escrow account, the money always goes back to the client who paid it. d. Licensees must open an escrow account on the same day that they receive escrow money.

a. Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement between the parties.

When conducting any activities that involve excavation, it is necessary to call 811. Why is that? a. So that flags can be placed to mark utility lines b. To ensure the proper permits are in place c. To ensure work is done according to code d. To notify the local planning office that permits are required

a. So that flags can be placed to mark utility lines

Which section of the Residential Contract of Purchase gives buyers who are purchasing a home built before 1978 the option to have their home inspected for lead-based paint hazards? a. The Lead-Based Paint Inspection section b. The Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act section c. The Notice to Purchaser(s) section d. The Seller's and Purchaser's Options section

a. The Lead-Based Paint Inspection section

Escrow funds must be deposited within how many days? a. Within five business days of receipt and ratification of contract. b. Within the business day of receipt and ratification of contract. c. Within two business days of receipt and ratification of contract. d. Within two business weeks of receipt and ratification of contract.

a. Within five business days of receipt and ratification of contract.

Broker Magnus received an earnest money check for $4,000 from his licensee Leslie on behalf of client Mika. He deposited the check two business days later into an escrow account. However, the house didn't pass inspection and Mika withdrew her offer. Seller Howard says that some of the money belongs to him. When two weeks have passed without Howard and Mika coming to an agreement, Magnus asks the courts to intercede, and turns the money over to them. Which of the following is true? a. He did nothing wrong b. He should have directed Leslie to manage the escrow money. c. He should have given the money back to Mika. d. He should have waited for the courts to take over instead of asking them.

a. he did. nothing wrong

According to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date. a. One month b. One week c. Three days d. Two weeks

a. one month

Who usually pays the recordation tax in Virginia? a. the buyer b. the lender c. the listing agent d. the seller

a. the buyer

According to the Virginia Residential Landlord and Tenant Act, who's responsible for ensuring that residential dwellings have locks on the sliding glass doors? a. The landlord b. The local fire department c. The property manager d. The tenant

a. the landlord

Margi and Scott are making an offer on a timeshare unit. They receive a public offering statement from the developer. What information will this statement provide? a. A description of the methods used to advertise the timeshare and the legal requirements that the developer must abide by when advertising. b. A full disclosure of the timeshare project, characteristics of the project, any material circumstances that affect it, and the specific timeshare being offered. c. A list of limitations that all timeshare owners must honor when using the jointly available timeshare facilities. d. A list of the other parties participating in the timeshare for their specific unit and a breakdown of the calendar days each party will be in possession.

b. A full disclosure of the timeshare project, characteristics of the project, any material circumstances that affect it, and the specific timeshare being offered.

Which of the following does the Virginia Antitrust Act make unlawful? a. Any contract, combination or conspiracy resulting in increased competition within the commonwealth. b. Any contract, combination or conspiracy resulting in the restraint of trade within the commonwealth. c. Consumers performing real estate services for another for compensation without a license. d. Discriminating against consumers using race, ethnicity or gender.

b. Any contract, combination or conspiracy resulting in the restraint of trade within the commonwealth.

Macy's brokerage is in West Virginia, but more and more of her client base is in Virginia. Macy wants to do business there, too. What does she need to do? a. Apply for a concurrent license. b. Apply for a reciprocal license. c. Apply for a Virginia business license. d. Receive written permission from the VREB.

b. Apply for a reciprocal license.

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.

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

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

b. Copied at least five times

According to the VRLTA, what must be provided to the tenant within one month of its effective date? a. A copy of the damage insurance policy b. A signed confidentiality agreement c. A signed copy of the written rental agreement d. The existing damage report

c. A signed copy of the written rental agreement

What is the difference between designated agency and designated representation? a. Designated agency means the licensee is acting as an independent contractor. Designated representation means the licensee is acting as a standard or limited service agent. b. Designated agency means the licensee is acting as a standard or limited service agent. Designated representation means the licensee is acting as an independent contractor. c. There is no difference. d. With designated agency, the licensee acts as a standard agent. Designated representation is when the licensee acts as a limited service agent.

b. Designated agency means the licensee is acting as a standard or limited service agent. Designated representation means the licensee is acting as an independent contractor.

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.

Which of the following statements is true regarding HOA/POA disclosure laws? a. HOA/POAs are not allowed to charge fees for delivering their disclosure packets electronically b. HOAs/POAs are responsible to assemble their disclosure packets and deliver it when they receive a written request. c. Seller agents are responsible for making sure that disclosure packets are delivered to buyers within three days of their request. d. Sellers are required to assemble a packet of information about their HOA/POA and provide it to potential buyers upon request.

b. HOAs/POAs are responsible to assemble their disclosure packets and deliver it when they receive a written request.

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.

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?

In Virginia, there are specific requirements for all transactions involving the purchase or lease of residential properties constructed before 1978. Licensees are required to provide a lead- based paint disclosure form, and all purchase agreements must allow the buyer the option to conduct a lead-based paint risk assessment or inspection. What is the third item a licensee must provide to the buyer? a. Assurance that the home is lead-free before offering it for sale b. Lead safety pamphlet c. List of reputable home improvement contractors d. Written proof that the home is lead-free

b. Lead safety pamphlet

According to the VRLTA, within five days of the tenant taking occupancy, the landlord must provide what to the tenant? a. A copy of the written rental agreement b. A refund of the security deposit c. A written agreement stating that the tenant's information will be kept confidential d. A written report detailing any existing damage to the unit

d. A written report detailing any existing damage to the unit

In Virginia, the floodplain consists of the floodway and the ______. a. Flood discharge area b. Flood fringe c. Property within a one mile radius d. Surrounding community

b. flood fringe

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."

In Virginia, how many hours of approved real estate courses must an individual complete before taking the real estate salesperson exam? a. 120 b. 30 c. 60 d. 75

c. 60

What is a seller representation agreement also known as? a. A designated agency disclosure b. A disclosure to unrepresented parties c. A listing agreement d. A purchase agreement

c. A listing agreement

Buyer Derrick just found a great condo. He and his agent Chloe sat down with the seller, Bryce, and the three of them signed the sales agreement. Then Chloe said, "Oh, by the way, Bryce, I need you to sign this disclosure form that says that I'm Derrick's agent." Bryce is a little puzzled, but signs. What, if anything, should Chloe have done differently? a. Chloe did everything correctly in this sales transaction. b. Chloe only needs Derrick to sign documents, since Derrick is her client. c. Chloe should have explained the agency disclosure form to Bryce and had him sign it before the sale. d. Chloe should have had only Bryce sign the agency disclosure form.

c. Chloe should have explained the agency disclosure form to Bryce and had him sign it before the sale.

If you are unsure about whether an activity requires that you contact Miss Utility, what should you do? a. Ask a neighbor b. call the police c. Contact Miss Utility d. noting

c. Contact Miss Utility

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

Tommy is an unlicensed individual helping his sister, Katerina, find a new house, in return for a trip to Europe. Which of the following activities can Tommy legally perform? a. He can negotiate the sale of her old house. b. He can purchase a new property for Katerina at an auction. c. He can receive compensation from Katerina for locating a new house. d. He can search real estate sites and resources to find available homes in the area.

c. He can receive compensation from Katerina for locating a new house.

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

Which of these septic system conditions requires a written disclosure? a. Georgia's septic system has been malfunctioning on and off for the past year. b. Karen's property has a working septic system. c. Lauren's septic system is subject to repair requirements by the state board of health, but Lauren has a waiver. d. Stephen's septic system is subject to maintenance requirements by the state board of health.

c. Lauren's septic system is subject to repair requirements by the state board of health, but Lauren has a waiver.

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

Which of these statements about septic systems and disclosure are true? a. All owners of properties with septic systems must disclose how much it costs to maintain and operate these systems. b. In Virginia, unlike other states, all septic systems must be disclosed. c. Septic systems that don't involve additional maintenance requirements and a waiver don't have to be disclosed. d. The presence of a septic system only needs to be disclosed if that system is malfunctioning.

c. Septic systems that don't involve additional maintenance requirements and a waiver don't have to be disclosed.

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.

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.

In Virginia, claims that an antitrust violation has occurred must be filed within ______. a. 60 days b. five years c. four years d. one year

c. four years

Jim would like to sell his own home. What is the minimum real estate license he must possess? a. Associate broker b. broker c. none d. salesperson

c. none

Virginia fair housing law does not apply to any single-family house sold or rented by an owner, so long as they do not own more than ______ single-family houses at any one time. a. five b. four c. three d. two

c. three

Which of the following topics are required as part of the CIC manager license? a. Community psychology b. Construction and renovation basics c. History of common interest properties d. Management ethics

d. Management ethics

Who usually pays Virginia's grantor tax when transferring property? a. the buyer b. the lender c. the listing agent d. the seller

d. the seller