VA real estate exam - state portion
50 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

The minimum balance of the Virginia Real Estate Transaction Recovery Fund is

  • $50,000
  • $100,000
  • $200,000
  • $400,000 (correct)

    • How many members are there in the VREB?

  • five
  • nine (correct)
  • three
  • eight

    • Virginia agency law recognizes three basic categories of representation. What are they?

  • basic agent, dual agent, and sub agent.
  • standard agent, limited service agent, and independent contractor. (correct)
  • standard agent, fully service adjusted agent, and independent contractor.
  • basic agent, dual agent, and sub agent.

    • The purpose of the Real Estate Recovery Trust Account is to enable

    <p>people to get recourse of uncollected judgement against licensees.</p> Signup and view all the answers

    If the Virginia Real Estate Transaction Recovery Fund falls below the minimum, licensees may be assessed to restore the Fund. What is the maximum that one licensee may be assessed during the two year period?

    <p>$20</p> Signup and view all the answers

    According to Virginia Real Estate Law, Chattels are best defined as:

    <p>Another word for personal property</p> Signup and view all the answers

    A Virginia broker can be licensed with more than one Virginia brokerage firm:

    <p>With the written consent of the principal brokers represented.</p> Signup and view all the answers

    How many meetings does the VREB typically hold a year?

    <p>four</p> Signup and view all the answers

    How long are terms for members of the VREB?

    <p>four years</p> Signup and view all the answers

    A Real Estate Recovery Fund Claim Form must be filed with the Department of Professional and Occupational Regulation (DPOR) within how many months after the judgment is final?

    <p>12 months</p> Signup and view all the answers

    Which law governs seller disclosure requirements in a residential transaction for Virginians?

    <p>The Virginia Property Disclosure Act</p> Signup and view all the answers

    Continuing education for Virginia salespersons is required every

    <p>two years</p> Signup and view all the answers

    Which of the following is a violation under Virginia Agency Law?

    <p>A broker to pay compensation to an agent affiliated with another broker.</p> Signup and view all the answers

    Which of the following is a violation of Virginia license law?

    <p>net listing</p> Signup and view all the answers

    If the VREB receives a written complaint regarding the actions of a licensee, what is the first thing the VREB will do?

    <p>Review the complaint for a possible violation.</p> Signup and view all the answers

    The Virginia Residential Landlord Tenant Act allows a landlord to require a security deposit. The amount of such deposit cannot exceed:

    <p>2 months rent</p> Signup and view all the answers

    Which of the following CAN file a claim from the Virginia Real Estate Transaction Recovery Fund?

    <p>A person who has been awarded a judgment in a court of competent jurisdiction in the Commonwealth of Virginia against a licensed real estate salesperson.</p> Signup and view all the answers

    Which of the following statements is true about the Virginia Real Estate Transaction Recovery Fund?

    <p>The Virginia Real Estate Transaction Recovery Fund does not pay interest to the claimant.</p> Signup and view all the answers

    Virginia state law requires that copies of agency disclosures and brokerage agreements, be kept by the licensee for at least

    <p>3 years</p> Signup and view all the answers

    Who appoints the members of the VREB?

    <p>the governor</p> Signup and view all the answers

    Under agency law in Virginia dual agency is

    <p>legal with the consent of all parties.</p> Signup and view all the answers

    If a license is not renewed, how many days does the licensee have to renew their license before the VREB will impose a late fee or penalty?

    <p>31 days</p> Signup and view all the answers

    When a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically

    <p>revoked</p> Signup and view all the answers

    Per Virginia law, someone purchasing a residential condominium from a developer has how many days to review the offering statement?

    <p>five days</p> Signup and view all the answers

    What is the maximum amount a consumer can recover from the Virginia Real Estate Transaction Recovery Fund in a single claim?

    <p>$20,000</p> Signup and view all the answers

    A property was sold by Ali, a licensed associate broker of ten years. Several days after closing, the seller sent Ali $250 and a thank you card. Is Ali allowed to accept the card and cash?

    <p>No</p> Signup and view all the answers

    Within a Virginia salesperson's first year of having their license, how many hours of additional education are required to continue to be a salesperson?

    <p>30 hours</p> Signup and view all the answers

    Virginia law mandates brokerage agreements must be

    <p>in writing</p> Signup and view all the answers

    Which of the following would be classified as a claimant?

    <p>Both the single mom and married couple.</p> Signup and view all the answers

    Failing to comply with any request from the VREB within ten days is an example of

    <p>Noncompliance with the VREB.</p> Signup and view all the answers

    The Virginia Real Estate Transaction Recovery Fund is supported by

    <p>Assessments paid by licensees</p> Signup and view all the answers

    If a real estate licensee does NOT pay The Virginia Real Estate Transaction Recovery Fund assessment fee:

    <p>They can be suspended without investigation.</p> Signup and view all the answers

    If a salaried employee of a broker does not possess a real estate license, what must he or she not do?

    <p>Agree on behalf of the broker to change the amounts required for security deposits, rentals or leases.</p> Signup and view all the answers

    An auctioneer may sell real estate at a public auction if which of the following guidelines are followed?

    <p>The auction is open for 48 hours or less and the auctioneer is selling the property for the owner.</p> Signup and view all the answers

    An applicant must submit an official FBI record and state criminal record along with certified court records under what circumstances?

    <p>The applicant has a prior conviction for any misdemeanor involving moral turpitude, sexual offense, drug distribution, physical injury, or any felony</p> Signup and view all the answers

    How many people serve on the Virginia Real Estate Board?

    <p>nine people.</p> Signup and view all the answers

    The Virginia Real Estate Board has authority to do all except which of the following:

    <p>Standardize listing sales contracts and listing agreements</p> Signup and view all the answers

    Which of the following is a duty of the Virginia Real Estate Board?

    <p>Waives educational or experience requirements when the broker/salesperson has an equivalent of that requirement</p> Signup and view all the answers

    Which of the following forms are developed and distributed by the Virginia Real Estate Board?

    <p>An association annual report form and a residential property disclaimer and disclosure statement forms</p> Signup and view all the answers

    Before taking a real estate license examination in the state of Virginia, applicants should know which of the following:

    <p>all of the other options are correct</p> Signup and view all the answers

    Applicants for broker's licensing must have acted in the capacity of a real estate salesperson for 36 of the previous how many months before applying for a broker's license?

    <p>48</p> Signup and view all the answers

    How many hours of board-approved real estate study is required by the broker license educational criteria?

    <p>180</p> Signup and view all the answers

    Salespersons' and brokers' licenses must be renewed every two years on the which day of the month during which the license was issued?

    <p>Last</p> Signup and view all the answers

    If Peter's real estate salesperson license is coming due for renewal and he's received a notice from the Virginia Real Estate Board, who is responsible for making sure the renewal is completed?

    <p>Peter</p> Signup and view all the answers

    In what case is there an automatic renewal of a real estate license?

    <p>There are no cases where a license will be automatically renewed.</p> Signup and view all the answers

    An expired license can be renewed within 30 days under which of the following circumstances?

    <p>The licensee completes the necessary continuing education and pays the normal renewal fee</p> Signup and view all the answers

    Can a real estate license be reinstated if it has been expired for twelve months?

    Signup and view all the answers

    The maximum allowed security deposit, as outlined in under the Virginia Residential Landlord and Tenant Act is which of the following?

    <p>two months rent</p> Signup and view all the answers

    Once a tenant has vacated a rental property, the landlord must conduct a final inspection within what period of time?

    <p>72 hours</p> Signup and view all the answers

    If rent has not been paid on an apartment, the landlord can convey which of the following?

    <p>all of the other options are correct</p> Signup and view all the answers

    More Like This

    Virginia DMV Signs Test Flashcards
    11 questions

    Virginia DMV Signs Test Flashcards

    FairDaffodil avatar
    FairDaffodil
    Virginia Tech Softball Roster Quiz
    11 questions

    Virginia Tech Softball Roster Quiz

    BenevolentDramaticIrony avatar
    BenevolentDramaticIrony
    WV Real Estate Exam Prep Flashcards
    14 questions

    WV Real Estate Exam Prep Flashcards

    SharperEducation9982 avatar
    SharperEducation9982
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser