Moseley Real Estate Flashcards

Moseley Real Estate Flashcards

• 2 yearsThe statute of limitations as it applies to time-share

properties is:

A broker has the buyer's earnest money deposited in an escrow account. The amount of the deposit exceeds the amount of the broker's commission for the sale. The broker

can ONLY remove his commission for the sale:

• When the closing is completed

John is trying to find a tenant to share his home and pay part of the expenses. He advertises for males only. Is there anything wrong this?

• There is nothing wrong with an ad of this type

According to Virginia License Law and the regulations of

the Board, a salesperson may accept a net listing:

• Under no circumstances
• Mail it (special delivery) to his broker Chuck, lives in a rural area and sells real estate on a

part-time basis. He only goes into his broker's office twice a month because it is not near his home. Chuck obtains a valid contract for one of his listed properties. What should he do with the earnest money deposit supporting this contract?According to the Virginia Landlord and Tenant Act, what can the landlord do if rental payments are late?

• Issue a written notice, which gives the tenant 5 days to

pay or vacate the property

• His or her brokerlicensed real estate salesperson may receive money to

manage real property from:

The Real Estate Board is responsible for: B. Enforcing the License Law

If a contract of sale is not consummated, how are escrow funds disbursed?

• By the broker, according to the terms of the contract if

neither party files a written objection The principal broker of a real estate franchise must make certain disclosures when advertising. In which of the following forms of advertising are these disclosures NOT required?

• None of the above
• When the closing is completedA broker has the buyer's earnest money deposited in an

escrow account. The amount of the deposit exceeds the amount of the broker's commission for the sale. The broker

can ONLY remove his commission for the sale:

Which person is designated to ensure compliance with Virginia license law and be responsible for the activities of the entire firm?

• Principal Broker
• None of the aboveBy Virginia definitions, which person requires a real estate

license?

• $400,000The minimum balance of the Virginia Real Estate

Transaction Recovery Fund is:

• Before the FSBO agrees to list his house with the agentA salesperson contacts a neighborhood FSBO about listing

the house with her firm. When is agency disclosure

required?