VA Laws and Regulations/ Math test (principles of real estate)

A sales person advertising a listed property must:

Include the name of the firm, always

All online advertising must include the appropriate disclosures except - webpages - Instant messaging - email - voiceover net

Instant messaging

Upon receipt of a written complaint, what is the first thing the REB does?

Investigate the complaint

For a Maryland resident to sell real estate in the state of Virginia, he must do all of the following except: - meet educational requirements and pass the state exam - sign an irrevocable consent to suits - submit a certificate of licensure to the REB - Pay the license fee in the recovery fund assessment

Submit a certificate of licensure to the REB

If a complaint, alleging a licensee has violated the VA fair housing law is filed with the REB, what is always true?

The burden of proof is on the complainant

When is it permissible for a broker not to place an earnest money deposit in his separate escrow account?

With the written consent of all parties to the transaction

To avoid paying a penalty a licensee must renew his license:

Within 30 days of expiration

A licensee may act as a dual agent with the

Written consent of all parties

To accept any nonnegotiable instrument as a deposit on a sales contract, the licensee must:

Acknowledge its acceptance in the contract

The sales person could have her license suspended and or revoked for all of the following except

Advertising a property for sale without including the principal brokers name and phone number in the advertisement

A licensee who incurred expenses on behalf of the client may accept reimbursement for the expenditures

From any person with the written consent of the client

When excepting a listing, a broker must

Have the knowledge and consent of the property owner

A three year old property recently appraised at $105,000 has depreciated 21% what was its original value?

$132,911.39

A six unit apartment building has expenses of $11,200 per year. Each apartment rents for $375 per month. Using a 10.5% capitalization rate, the value is:

$150,476

If a room is 22'6"x 15', the carpet is $19.95 per square yard and the padding is $5 per square yard, the total cost would be?

$935.62

Cording to the VA residential landlord and tenant act, how many months of security deposit interest is due and payable to the tenant who's security deposit was held by a broker for 30 months?

30

A triangular lot, 600' x 800' x 1000', contains how many acres?

5.51 acres

A license to salesperson may serve as a settlement agent if

A sales person may never act as a settlement agent

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

Before any negotiations take place

A licensee may have his license suspended for any of the following except

Failing to provide in a timely manner written notice of any material facts relating to the property

Broker Grant employees citizen Kane to manage two apartment complexes both of which are owned by the same man and are located within 1 mile of each other. Grant pays Kane a salary and Kane lives in one of the units rent free. What is true?

Kane must be licensed

When a sales person transfers from one brokerage firm to another the former broker must

Mail the sales persons license by certified mail so it is received within 10 days by the REB

An officer of a real estate brokerage corporation doing business in Virginia:

May not hold a sales person's license

A purchase or gives the listing broker a $3000 earnest money deposit and later needs part of the funds to pay appraisal and survey costs. the broker:

May withdraw the necessary funds with written agreement from all parties

When the license of a broker is revoked, the sales person:

Must have his license re-issued to another broker

A real estate firm desires more listings. It can do all of the following except: - do a one time showing of a for sale by owner - Cold canvas territory normally handled by another company - negotiate exclusive agency contracts with no termination date - sign an owner to a listing contract before his original contract has expired

Negotiate exclusive agency contracts with no termination date

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

This is illegal under federal and state law

A seller receives a written offer of purchase and gives his accountant a power of attorney to consummate the transaction on his behalf. Which of the following is true?

This is permitted under VA license law