VA State Portion

A broker would NOT be subject to disciplinary action by the board for which of the following?

arbitrate disputes between licenses

When licensee transfers from one firm to another, the former broker must mail the salesperson license back

back to the board within 10 calendar days

When should a licensee disclose her brokerage relationship to a prospective customer..

before parties sign a brokerage agreement

A lease security deposit received by a brokerage firm must be placed in an escrow account by the end of...

by the end of the 5th banking day

When a principal broker terminates active status with a firm...

must return the license by mail within 3 business days

To avoid paying a penalty, a licensee must renew his license..

prior to expiration date (expires every 2 years)

Institutional Franchising advertising...

promote the general ad of a franchise

The purpose of a VA RE law is to..

protect public interest

Which of the following is true regarding the transaction recovery fund?

minimum $400,000, if the fund falls below $400,000 then all licensees may be assessed to pay a maximum of $20n every 2 years (when you renew your license)

Broker Tom wants to advertise his own house for sale, can he do it under his name?

yes, but all advertising must disclose the fact that the owner is licensed

Salesperson Bob is active with ABC Realty. He violated VA real estate laws

1.

Funds belonging to the broker that are left in the escrow account

1. Not to .....

The initial purchaser of a condo can rescind the contract without penalty within:

2. 10 days

When the Board receives a Fair Housing complaint against a licensee, which is true?

2. Investigate to see if the complaint is a possible violation of license law or board regulations

An out of state firm maintains a branch office in VA....

the office must have a separate license

An advertisement marketing time-share offers a gift to prospective purchaser

don't have to disclose the date of when the tickets were purchased

If the surname of a licensee changes..

the board must be notified in writing within 30 calendar days of the change

A salesperson may work for someone other than his employing broker under what circumstances?

must be disclosed before negotiations begin and requires written and sign disclosure to all parties

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

This is permitted under the license law

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

3. dual agency must be disclosed before negotiations begin and requires written consent and signed disclosure to all parties

3 weeks after the sales agreement for $12,000 was signed by the seller

4.

A licensee lists a property in which has 1/10th interest, the licensee must provide

4.

Prior to entering into any deal Real Estate Brokerage relationship in VA

4.

A listing contract that does NOT have a definite termination date is:

4. Improper Dealing

Salesperson Jane has been active with ABC Realty Corporation, XYZ.....

4. Submit, to the Board, a transfer application certified by ABC Realty

Under the VRLTA security deposits must be returned to tenant within:

45 days

Gertrude wants to activate her VA RE license which has been inactive for 4 years, she must do all EXCEPT:

she does not have to take the PSI test again

When may a broker NOT place an earnest money deposit in his escrow account?

2. With written consent....

A licensee advertising a listed property must include:

1. Name of Firm

Lead-based paint hazards must be disclosed if:

target housing (if home was built before 1978)

The license of the sole proprietor is revoked. The salesperson...

all licenses of salesperson have to go back to the board and be reissued

Broker Ralph wants to work as a salesperson for cheatham and Steele real estate company....

3. Associate Broker