Virginia Real Estate License Exam Qs Latest

Virginia Real Estate License Exam Qs Latest Update - Actual Exam Questions and 100% Verified Correct Answers Verified by Professor

A broker has received an earnest money deposit to support a valid contract. If the contract is breached and does not close, the broker is required to hold the escrow funds

until... - CORRECT ANSWER: All principals to the contract agree to the intended

distribution

A broker manages 3 properties for the same owner. One property is in need of repairs but there is not enough money in the management account to cover the cost. The broker borrows money from the escrow account of one of the other properties to make repairs.TRUE or FALSE? The broker is in violation of regulations for improperly handling

escrow funds - CORRECT ANSWER: TRUE

A broker may be licensed with more than one VA brokerage firm or sole proprietorship

under what circumstances? - CORRECT ANSWER: With the written consent of the

principal brokers represented

A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person that submits as acceptable offer on the property. To whom may the broker pay this

bonus? - CORRECT ANSWER: Any other licensed cooperating broker

A licensed real estate salesperson may receive money or other valuable consideration for services rendered in connection with property management from... - CORRECT

ANSWER: His or her employing broker

A licensed salesperson can be licensed with more than one VA broker under what

circumstances? - CORRECT ANSWER: Under no circumstances

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A licensee contacts a homeowner in an attempt to obtain a listing for the property. When

must agency disclosure be provided to the homeowner? - CORRECT ANSWER: At the

time the owner agrees to list the property

A licensee presents a seller a full price offer to purchase, subject to a home inspection.The selling agent orders the inspection from a friend who pays the agent a fee for the referral. Such action would be considered a violation of Board regulations unless.. - CORRECT ANSWER: The fee is disclosed, in writing, to the parties to the contract

A licensee was out of town on personal business. When she returned on July 5 she realized that her license had expired on May 31. What is required if the licensee wants

to remain licensed? - CORRECT ANSWER: Apply for reinstatement and pay a

reinstatement fee

A licensee who is actively engaged in real estate brokerage works at least.. - CORRECT

ANSWER: 40 hours per week

A licensee whose license has been on inactive status for more than 3 years will have to

do what in order to activate the license? - CORRECT ANSWER: Meet current

educational requirements

A nonresident who obtains a license as an active salesperson in VA is required to do which of the following?

• Move to VA within 6 months of licensure.
• Post a bond.
• Maintain an escrow account in VA.

4. Activate with a VA licensed broker. - CORRECT ANSWER: 4. Activate with a VA

licensed broker.

A property was sold by Bob, a licensed associate broker. Several weeks after closing, the seller send Bob $500 and a thank you note for a job well done. Bob accepted the check because he felt he deserved it for working hard. TRUE or FALSE? Bob may keep

the bonus because he is licensed as an associate broker. - CORRECT ANSWER:

FALSE. Bob has violated the Board regulations

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