ones I got wrong
What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same licensee during a two year period?
$100,000
A new property was valued at $179,000 with an estimated life of 50 years. The value of the land has been estimated at $19,000. After allowing for depreciation, what is the total value of the property at the end of 5 years?
$163,000
Mitch, the principal broker at ZYX Firm, has reasonable suspicion that one of his associate brokers is stealing escrow funds. As a principal broker, Mitch must report this violation within how many business days?
3
A $90,000 property has a gross income of $10,000 a year. Management fees are $800 annually, and heating is $85 per month. What is the approximate rate of return to the owner?
9%
Which of the following persons may file a claim and collect from the Virginia Transaction Recovery Fund?
A consumer that has been defrauded in a real estate transaction
Truth-In-Lending (Regulation Z) applies to which of the following loans?
A loan to purchase a single family home
Which of the following is true of a contract under novation?
A new contract replaces the old one
A sales agent obtains an exclusive right-to-sell listing. What is the sales agent's relationship with the broker and the seller?
Agent of the broker and sub-agent of the seller
Which person would NOT need a real estate license?
All of the above
Liquidation of a loan is:
Amortization
Which of the following persons is NOT exempt from the licensure requirements?
An attorney-at-law who is regularly engaged as a real estate broker
A broker wants to be compensated if anyone else sells his listed property during the listing period. What type of listing should the broker acquire?
An exclusive right-to-sell listing
When a salesperson is alleged to have violated the License Law, which of the following statements is true?
An investigation will be conducted unless the law specifically provides otherwise
The VREB regulations require that complete records of real estate transactions:
Be furnished to the Board upon request
A salesperson contacts a neighborhood FSBO about listing the house with her firm. When is agency disclosure required?
Before the FSBO agrees to list his house with the agent
By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT:
Bind the seller to a full price offer
A broker that is acting as a property manager could be:
Both A and B
The supervising broker must post which records in a conspicuous place at the branch office?
Both A and B
Which of the following situations is an example of dual agency?
Both A and C
Which person can hold more than one concurrent license issued by the Board?
Both A and C
An associate broker is described as a:
Broker working for another broker
A broker can do which of the following actions?
Buy and sell property in his own name
A person engaged to act in place of another by contractual agreement is:
Either B or C
Salesperson Lynch receives a referral check from an out-of-town broker, Kirks, for sending him a prospective buyer. What is the first thing Lynch should do?
Endorse the check and give it to his employing broker
If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the right to:
File a claim against to the licensee to recover the amount paid from the Fund
A license may be suspended without benefit of a hearing:
For failure to pay an assessment to the TRF
The right of a person to possess and use real property, while pledging its title to another, is known as:
Hypothecation
Joan and Bob negotiate for the sale of Joan's property. Joan lists her property for $150,000. Bob declares that he will pay $125,000. Under these circumstances, Bob has:
Invited Joan to enter into a contract
Salesperson Lisa is selling her townhouse to move into a luxury condominium. She advertised her property in the newspaper as follows: "Beautiful, 3 bedroom townhouse. Excellent assumption. Single females only. Call 123-4567 for details. Owner is licensed." Which of the following statements is true?
Lisa is subject to Board censure for violation of Fair Housing laws
Every Virginia resident who is also licensed as a broker MUST:
Maintain an office in the state of Virginia
The Truth-in-Lending law requires full disclosure of financing terms when certain "trigger" terms are used in ads. Which of the following is least likely to trigger Truth-in-Lending laws?
Miscellaneous closing costs
A mortgage lender is known as the:
Mortgagee
All firms must have one principal broker. The principal broker has all of the following duties, except:
Must keep all financial records for 5 years
A lease where the tenant pays taxes and maintenance costs is a:
Net lease
A buyer gives her salesperson a note, payable at settlement, as an earnest money deposit for a home. The salesperson must do which of the following actions?
Put this information into the written offer
Virginia Fair Housing Laws apply to:
Residential sales and rentals
A property owner obtains a permit to add a bedroom onto her house. Her neighbors notice that an addition would violate setback restrictions in the owner's deed. What is the best course of action for any affected neighbors?
Seek an injunction, forcing the owner to tear down the addition
When a salesperson takes a listing, the commission amount is determined by the:
Seller and broker
Liquidated damages from breach of a sales contract are usually available to the:
Seller, in the event of the buyer's default
A salesperson is charged with a violation of the License Law. Which of the following statements is true?
She is entitled to a hearing before the Board can take disciplinary action, unless the law provides otherwise
If a buyer defaults on a valid sales contract, which performance remedy is available to the seller?
Specific performance
A listing agreement must contain all of the following pieces of information EXCEPT:
The proceeds due to the seller from the sale
When a broker renews his license, which of the following items must accompany that renewal application?
The renewal fee
When a condominium is sold by a person other than the declarant, the seller must provide the buyer with certain information. Which of the following statements is INCORRECT about these disclosures?
The unit owners' association can charge the seller a maximum of $50 for the preparation of these documents
Which of the following items is the listing agent NOT required to disclose?
To the buyer: that the seller is going through a divorce
A prospective buyer enters a broker's office and is escorted into the conference room. After the broker has financially qualified the buyer, they begin to review available properties that meet the buyer's wants, needs, and financial limitations. When is the broker required to disclose the agency relationship?
When the buyer expresses an interest in a particular piece of property
A property is worth $12,000, and its furniture and household goods are worth $4,000. The owner insures them both for 80% of their value. The annual rate on the dwelling is $2.80 per $1,000, and the furniture and household goods are $3.30 per $1,000. If the premium for a three-year policy is 2-1/2 times the premium for one year, what savings would be affected by taking out a 3-year policy?
$18.72
Jill's property sells for $150,000. The state transfer tax is $1 per $1,000 and the county transfer tax is $0.50 per $1,000. How much must Jill pay in total transfer taxes?
$225
Ben and Becky purchased a home for $250,000. They have an LTV of 80%. How much of a down payment did Ben and Becky make?
$50,000
