Virginia State Exam Practice

Rebecca is her own boss. Not only does she manage her own schedule and clients, she doesn't have a supervisor and completely manages her own CE and license renewal. She also doesn't have to share commission with anyone. What type of Virginia real estate license does Rebecca hold? a. Associate broker b. Associate broker with at least five years of experience c. Broker d. Salesperson

Broker

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

Management ethics

Which of the following may be used as a buyer representation agreement? a. Exclusive right to represent b. Exclusive right to sell c. Net listing d. Open listing

a. Exclusive right to represent

In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? a. Within 30 days of the tenant's occupancy b. Within five days of the tenant's occupancy c. Within one month of the agreement's effective date d. Within seven days

Within one month of the agreement's effective date

Philip tells his agent, Jeff, "I know for a fact that there have been three homicides in this house. What are buyers going to think about this?" What should Jeff say? a. "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word." b. "My duties toward the public include disclosing information like this, so I'll have to mention this to potential buyers." c. "This is something we have to disclose only if we're asked about it directly. Otherwise, we don't have to mention it." d. "This sort of information has its own mandatory disclosure form in Virginia, so it'll have to come out eventually."

a. "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word."

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:"

If a buyer exercises the right to rescission, how much time does the developer have to refund the buyer's money? a. 45 days b. 90 days c. seven days d. The buyer's money cannot be refunded.

a. 45 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

You should ______ before you affiliate with a broker. a. Ask lots of questions b. Ask only about the commission rate c. Build your own website d. Refrain from asking any questions

a. Ask lots of questions

Why does a dual agency relationship require a disclosure signed by both parties? a. Because dual agency offers reduced services to consumers (often without a commensurate reduction in fees). b. Because the buyer's interests must take priority over the seller's interests. c. Because the seller's interests must take priority over the buyer's interests. d. It doesn't.

a. Because dual agency offers reduced services to consumers (often without a commensurate reduction in fees).

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.

In Virginia, in what form can a buyer pay earnest money? a. Cash, check, bank letter of credit, or promissory note b. Cash or check only c. Check, cashier's check, or wired funds d. IOU or cash only

a. Cash, check, bank letter of credit, or promissory note

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

a. Commingling

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

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

a. Confidentiality

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

Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______. a. Demonstrating untrustworthiness or incompetency to act as a real estate broker b. Failure to disclose an agency relationship c. Making a substantial and willful misrepresentation d. Performing services that would qualify as practice of law

a. Demonstrating untrustworthiness or incompetency to act as a real estate broker

Licensee Keira is acting as a limited service agent to list the property only. Her first meeting with the client takes place at his home. He gives Keira a brief tour, highlighting all of the great things that will make the home sell, and quickly moving the conversation away from problem spots (stains on the ceiling from the leaky roof). Shortly after Keira lists the property, she gets a call from a buyer's agent asking about stains on the ceiling and the roof's condition. What should Keira do? a. Disclose the condition of the roof, as she is aware of the leak. b. Go to the property and inspect the roof more closely. c. Tell the buyer's agent she has no knowledge of the property's condition. d. Tell the buyer's agent she is acting as a limited service agent and to ask the seller.

a. Disclose the condition of the roof, as she is aware of the leak.

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.

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.

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 knew 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.

If Jessica functions as a CIC manager without a proper license, what crime can she be charged with? a. If she is guilty one time it is a misdemeanor; if she is found guilty three times, it becomes a felony. b. Jessica's actions would not be considered a crime. c. Jessica would be guilty of a felony. d. Jessica would be guilty of a misdemeanor.

a. If she is guilty one time it is a misdemeanor; if she is found guilty three times, it becomes a felony.

Under which of the following circumstances can a listing agreement be terminated in Virginia? a. If the seller and agent both agree in writing to end the agreement. b. If the seller consents to designated representation but not to dual representation. c. If the seller finds out that their agent's broker is representing other clients. d. If the seller tells the agent over the phone that they think the property is priced too low.

a. If the seller and agent both agree in writing to end the agreement.

Which of the following statements best describes Megan's Law and disclosure requirements in Virginia? a. In Virginia, sellers never need to provide a Megan's Law disclosure. b. Megan's Law means that every seller needs to research the sex offenders who may live near them. c. The Megan's Law disclosure is required only if a known sex offender lives within one square mile. d. Virginia does not maintain a database of known sex offenders, so the Megan's Law disclosure is required.

a. In Virginia, sellers never need to provide a Megan's Law disclosure.

Which of the following is true about the Virginia Condominium Act? a. It establishes the rights and responsibilities of condo owners b. It gives unlimited power to unit owners associations c. It regulates how many condo developments can be built in Virginia cities d. It suggests that it's a good idea for all condo developers to file a declaration

a. It establishes the rights and responsibilities of condo owners

Virginia licensee Leslie represents Mr. and Mrs. Connelly. The three of them just met with Mick, and Mick signed an agency disclosure form. Which of the following is true about this situation? a. Leslie can now legally facilitate a real estate transaction between these two parties. b. Leslie is now a dual agent for the Connellys and Mick on any upcoming sales transaction. c. Leslie may now legally be paid commission. d. Mick is now Leslie's client.

a. Leslie can now legally facilitate a real estate transaction between these two parties.

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

A person performing real estate activities under the judgment or order of a Virginia court, such as a trustee in a bankruptcy, is ______. a. Not required to have a real estate license b. Required to have a broker's license c. Required to have at least a sales agent license d. Required to have taken all pre-licensing courses, but passing the exam is not required

a. Not required to have a real estate license

Why is it important to call 811 before any work involving excavation is performed? a. So that underground utilities can be marked with flags 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 underground utilities can be marked with flags

A property is located in Planning District 15. Which facts must be disclosed? a. That either mining activities took place on the property or that it contains abandoned mines. b. That Planning District 15 is a flood-prone area. c. That Planning District 15 properties usually have special maintenance requirements because of their historical value. d. That these properties are affected by the Chesapeake Bay Act.

a. That either mining activities took place on the property or that it contains abandoned mines.

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 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

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

a. The buyer

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."

What's a buyer representation agreement? a. A disclosure of defects in a property b. A legal document that formalizes the working relationship between the agent and buyer client c. A marketing plan d. A waiver of duties

b. A legal document that formalizes the working relationship between the agent and buyer client

Which of the following pieces of information is principal broker Ken NOT required to maintain as part of his recordkeeping duties? a. A brokerage client's ultimately unsuccessful sales contract b. A record of his past client's credit history c. A record of how a former client's earnest money was disbursed d. A signed consent form for dual agency between a client and one of his licensees

b. A record of his past client's credit history

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.

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 of the following is an example of improper escrow account maintenance? a. Broker Madge keeps $20 of her own money in all escrow accounts to cover bank fees. b. Broker Odette deposits an escrow check seven business days after she receives it. c. Broker Wendy disburses escrow funds according to the instructions in the relevant contract. d. Licensee Ben gives a lease deposit check for $500 to his principal broker Kevin.

b. Broker Odette deposits an escrow check seven business days after she receives it.

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.

Which one of the following people does NOT have to fill out the Virginia Property Disclosure form in order to sell his or her property? a. Agent Victor has just listed a 100-year-old country manor for sale; it's on the town's historic register. b. Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years. c. Darren is putting his beach house on the market as a lease with an option to buy. d. Owner Cameron is selling his condo by himself (he's not using an agent).

b. Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years.

Broker Adam takes $500 from an escrow account to cover his rent for the month; he'll pay it back in a week. Which misdeed has he committed? a. Commingling b. Conversion c. Failure to maintain records d. Overturning

b. Conversion

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.

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

Reggie has a buyer client who is purchasing a home built before 1978. Which two documents must Reggie ensure that his client receives as part of the Residential Lead-Based Paint Hazard Reduction Act? a. EPA lead-based paint brochure and residential property disclosure b. EPA lead-based paint brochure and state-specific lead-paint disclosure c. State-specific lead-paint disclosure and residential property disclosure d. Synopsis of the Lead-Based Paint Hazard Reduction Act and EPA lead-based paint brochure

b. EPA lead-based paint brochure and state-specific lead-paint disclosure

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.

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

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.

When acting as a property manager, what duty does the licensee owe tenants or customers? a. Confidentiality of information shared by the buyer b. Honest treatment c. Obedience d. Putting the buyer's interests ahead of their client's

b. Honest treatment

What is another term you might hear that is synonymous with 'condominium?' a. Attached units b. Horizontal property c. Timeshare d. Townhome

b. Horizontal property

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

Which of these is NOT an example of improper escrow account handling? a. Kerri deposits a down payment check and the rent she received from one of her own properties in the same account. b. Lou maintains all account-related records for three years after the transactions close. c. Maxine withdraws money from an escrow account to pay for a business lunch. d. Three weeks after he receives the check, Derek opens an escrow account for a client's rental security deposit.

b. Lou maintains all account-related records for three years after the transactions close.

Which of the following situations must be reported to the VREB? a. Ben just failed the test to become a broker. b. May, a principal broker, is changing the name of her brokerage. c. Natalia signed up to take six hours of post-licensing education. d. Yusuf just received a large commission from his first sale.

b. May, a principal broker, is changing the name of her brokerage.

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

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.

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

Which section of the Residential Contract of Purchase is required by Virginia law to be included in any contract for the purchase of real estate that has between one and four residential dwelling units? a. The Home Owner's Inspection section b. The Notice to Purchaser Regarding Settlement Agent and Settlement Services section c. The Notice to Purchaser(s) section d. The Seller's and Purchaser's Options section

b. The Notice to Purchaser Regarding Settlement Agent and Settlement Services section

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 broker d. The seller

b. The broker

According to the disclosure statement, what is a seller's disclosure requirement if their property is located in a historic district? a. The seller is required to disclose this information. b. The seller makes no representations. c. The seller must provide the buyer with the ordinances for the district. d. This condition is not material to the property and need not be disclosed.

b. The seller makes no representations.

Which of the following statements about the sales contract form in Virginia is true? a. There are two approved versions of the sales contract form in Virginia. b. There is no one standard form in Virginia for the sale of real estate. c. The Virginia Association of REALTORS® recommends different sales contract forms. d. Virginia has only one sales contract form that it used for real estate sales.

b. There is no one standard form in Virginia for the sale of real estate.

What are the two types of timeshare ownership? a. Freehold estate and estate for years b. Timeshare estate and timeshare use c. Timeshare limited and timeshare unlimited d. Timeshare vacation and timeshare interval

b. Timeshare estate and timeshare use

What is the purpose of the Virginia Underground Utility Damage Prevention Act? a. To make it difficult to install a small sign b. To prevent damage to underground utilities c. To prevent excavation d. To repair damage to underground utilities

b. To prevent damage to underground utilities

Seller Dom asks his agent, Chelsea, "I understand that my house is subject to extra regulations ... something about the Chesapeake Bay Preservation Act? What does that mean?" How should Chelsea respond? a. "If potential buyers ask about this act, I have an informative brochure ready to hand out." b. "I will make sure that all potential buyers know about these extra regulations up front, so you don't have to worry about it." c. "You are under no obligation to reveal the fact that your property is affected by this act." d. "You only have to explain these regulations if a potential buyer happens to ask about them, and that's not likely."

c. "You are under no obligation to reveal the fact that your property is affected by this act."

Which of the following licensees are allowed to work independently, without being sponsored? a. Affiliate brokers b. Affiliate brokers with at least five years of experience c. Brokers d. Timeshare salesperson

c. Brokers

Where would a purchaser find information about the characteristics of a condo, unusual and material circumstances and features that affect it, and the total number of units being offered? a. Condominium bylaws b. Condominium disclosure notice c. Condominium public offering statement d. Purchase agreement

c. Condominium public offering statement

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. Nothing

c. Contact Miss Utility

Which of the following transactions demonstrates designated agency? a. Benny, a licensee from New Days Realty, represents seller Carmine. Bert, a licensee from Expertise Realty, represents Cassandra, the buyer. b. Benny, a licensee, represents seller Carmine and buyer Cassandra. c. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty. d. The seller, Carmine, is represented by licensee Benny. The buyer, Cassandra, is unrepresented.

c. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty.

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 actions DOES NOT violate federal or Virginia fair housing laws? a. Kathy manages a development of condos. She wrote a covenant that families with small children are only permitted to buy properties in the western building. b. Miriam, a bank manager, charges higher mortgage closing costs to female applicants. c. Randy, a landlord, requires a credit check on all potential tenants, no matter their national origin. d. Salazar, a real estate agent, doesn't offer MLS listing services to sellers over 65.

c. Randy, a landlord, requires a credit check on all potential tenants, no matter their national origin.

Which of the following activities when done for compensation requires a real estate license to be legal? a. Mick, an attorney, sells three condos as his client's will directs. b. Paul, a salaried employee of a licensed broker, manages a complex of 25 timeshares. c. Rosanna's friend Bert negotiates the closing costs on her new house for her. d. Tarra is an existing tenant of Green Acres apartments. She receives a $150 fee for referring her friend to the complex.

c. Rosanna's friend Bert negotiates the closing costs on her new house for her.

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.

Which of the following statements about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true? A. As part of the disclosure, the seller is required to provide a list of sex offenders living near the property. b. The buyer is required by law to request a copy of the disclosure. c. The disclosure form is not part of the purchase agreement. d. The disclosure form is part of the purchase agreement.

c. The disclosure form is not part of the purchase agreement.

Virginia's Big Valley Brokerage was just audited and the auditor found several instances of noncompliance. What happens next? a. The brokerage's license will be temporarily suspended until the noncompliance issue is resolved. b. The licenses of all affiliated brokers will be temporarily suspended. c. The principal broker must address the noncompliance or create a plan to do so. d. The principal broker must pay for another more in-depth audit within six weeks.

c. The principal broker must address the noncompliance or create a plan to do so.

A Virginia resident has worked with the Virginia Housing Development Authority on their first home purchase. The purchase is being secured by a deed of trust. Who are the parties involved? a. Trustee and beneficiary b. Trustee and trustor c. Trustee, trustor, beneficiary d. Trustor and beneficiary

c. Trustee, trustor, beneficiary

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

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.

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

Lyanna's home is on the market. At a showing, a potential buyer asks, "I've heard that this house is haunted. Is it?" Which of these choices is the best answer Lyanna's agent could give? a. "Hauntings aren't real, you know." b. "Lyanna certainly thinks so, but I don't personally believe in such things." c. "What a ridiculous question!" d. "Why don't you have a look around and see what you think?"

d. "Why don't you have a look around and see what you think?"

What is the maximum amount a consumer can recover from the Real Estate Transaction Recovery Fund? a. $1,000 b. $10,000 c. $100,000 d. $20,000

d. $20,000

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

Abdul just got his salesperson's license. Which of the following is true about his situation? a. He can't activate his license until he's taken three hours of post-license education. b. He has to renew his license in three years. c. He needs to take 16 hours of continuing education in the next two years. d. He needs to take 30 hours of post-licensing education in the next year.

d. He needs to take 30 hours of post-licensing education in the next year.

Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town. What type of violation are you committing? a. Conflict of interest b. Improper disclosure c. Mishandling funds d. Misrepresentation

d. Misrepresentation

When does a designated 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 designated agency situation occurring

d. Prior to a designated agency situation occurring

Which of the following items do NOT have to be created in accordance with Virginia licensing disclosure rules? a. Advertising created by a licensee b. Any advertising displayed on a property to be bought or sold c. Online advertising d. Promotional materials such as pens and magnets

d. Promotional materials such as pens and magnets

Which of the following is a task that a licensee could perform for a customer in a transaction? a. Advising the opposing party on what to include in an offer or counter-offer b. Assisting the opposing party in evaluating an offer c. Negotiating on behalf of the opposing party d. Providing the opposing party with signed copies of paperwork

d. Providing the opposing party with signed copies of paperwork

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

Which of the following misdeeds is something that the DPOR or VREB CANNOT investigate? a. Domingo says that the broker he signed with convinced him to do a net listing. b. Mr. Alvarez says that his broker, Monica, told him that he shouldn't mention the damaged foundation of the house he was trying to sell. c. Mrs. Peterson says that Danika helped her sell her house, but Danika doesn't have a license. d. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information.

d. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information.

Karen just received her real estate license in Virginia. She must take post-licensing education this year and then she can renew her license next year. What type of license does Karen have? a. Associate broker b. Broker c. Managing broker d. Salesperson

d. Salesperson

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 section of the Residential Contract of Purchase requires the seller of a condo that is subject to the Virginia Condominium Act to give the buyer a copy of the resale certificate from the unit owners' association? a. The Notice to Purchaser(s) section b. The Property Owners' Association Disclosure section c. The Seller's and Purchaser's Options section d. The Virginia Condominium Act section

d. The Virginia Condominium Act section

Derek, a real estate licensee, has had a fair housing complaint filed against him with the Virginia Fair Housing Office. Which group is responsible for either dismissing the complaint or issuing a charge of discrimination? a. Discrimination Review Board b. Penalties Board c. The Fair Housing Board d. The Virginia Real Estate Board

d. The Virginia Real Estate Board

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

Daniel is a full-time member of the armed services. He is renting a property, but just received orders to relocate to a new base in another state for no less than two years. What actions could he take related to his existing lease? a. Abandon the leased property b. Ask to be evicted from the property c. He must fulfill the provisions of the lease d. Use the orders to receive a military release from his lease obligation

d. Use the orders to receive a military release from his lease obligation

Which of these is NOT a duty that licensee Violet owes her landlord client Tony? a. After getting Tony's sign-off, Violet sends an advertisement for Tony's property to the local newspaper. b. She and Tony sit down together and go over the current lease paperwork. c. Tony gives Violet $2,000 to spend in marketing efforts, and Violet deposits these funds into an escrow account on the same day. d. Violet agrees to not take on any other landlord clients while she's helping Tony.

d. Violet agrees to not take on any other landlord clients while she's helping Tony.

Which regulation sets forth the Virginia Real Estate Board's licensing regulations? a. Code of Virginia Title 53, Chapter 20 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135, Chapter 20

d. Virginia Administrative Code Title 18, Agency 135, Chapter 20

Merv knows that three-bedroom properties with two bathrooms sell quickest in his market. In an ad for a new listing, he says, "Bonus room could easily be a third bedroom." Marla and Tom visit the property with their agent, and Tom, a construction supervisor, notes that the bonus room couldn't be easily converted to a bedroom because it's too small, it has no egress and no heat source, and you must walk through a bathroom to get to it. Is Merv guilty of misrepresentation? a. No, because any buyers interested in the bonus room as a third bedroom should be able to see for themselves that it won't work. b. No, because the term "easily" is subjective. c. Yes, because he billed the property as a three-bedroom when it only has two. d. Yes, because he should have known there would be major issues converting that room to a bedroom.

d. Yes, because he should have known there would be major issues converting that room to a bedroom.

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.