Moseley Real Estate,Practice Questions: VA Law and Regulations

Moseley Real Estate,Practice Questions: VA Law and Regulations

Flashcards In addition to obtaining a Virginia Real Estate License, a nonresident must do whic of the following in order to sell real estate in Virginia?1) post a surety bond2) move to Virginia3) work for a licensed Virginia broker4) get permission of his out-of-state broker, if the person is licensed in another jurisdiction work for a licensed Virginia broker Ben and Jerry are communicating for the first time via instant messages. Ben is a licensee and Jerry is interested in locating property in Ben's area. Ben suggest that he may be able to help. Which of the following disclosures must Ben make?1) Ben must disclose his frim name and complete address2) Ben must disclose his user name3) Ben must disclose his email address4) Ben is not requiered to make any disclosures because instant messages are not advertisements Ben must disclose his frim name and complete address The initial purchaser of a Virginia time-share estate has a statutory right to a purchase agreement. Under Virginia Time Share Act, how many days does the buyer have to exercise the right of rescission?1) 5 days2) 7 days3) 10 days4) none of the above

• days

If a broker repays the amount awarded to an aggrieved consumer from the Transaction Recovery Fund with interest, which of the following is true?1) his or her license must be reinstated2) the Real Estate Board could withhold issuance of a new license, forever3) he or she must wait for at least 30 days to reapply for a license4) he or she could be reinstated as a sales person, but NOT as a broker, for a period of 2 years the Real Estate Board could withhold issuance of a new license, forever When a tenant legally terminates a lease, the Virginia Landlord/Tenant Act requieres that the owner return the

security deposit to the tenant within:1) 3 days2) 15 days3)

30 days4) 45 days 45 days

Virginia Real Estate Board members include:1) brokers

only, with at least 5 years active experience2) either salespersons or brokers with at least 5 years active experience and consumers (unlicensed persons)3) at least one sales person whose license has been on inactive status for the last 9 months4) salespersons only, with at least 10 years of active experiance either salespersons or brokers with at least 5 years active experience and consumers (unlicensed persons)

If a broker receives a diposit for escrow, his handling of the deposit would be in violation of Virginia License

Regulations if he:1) obtains permission from all parties

involved in the transaction to have the interest earned on the deposit credidted to his personal account2) places the money in a non-interest bearing account3) does not advise the principals precisely how the interest earned on the deposit will be distributed4) places the money in an interest bearing account does not advise the principals precisely how the interest earned on the deposit will be distributed Which of the following persons must be licensed when selling real property for others?1) a trustee, appointed by the court2) a receiver in a bankruptcy proceeding3) an executor of a will4) an appraiser an appraiser

The Real Estate Board regulates:1) the wording contained

in standard exclusive right-to-sell listing agreements2) the size of "For Sale" signs placed on private property3) the real estate licensing examination4) real estate sales commissions the real estate licensing examination Gene, an independent broker, lists a property. Susan, also an independent broker, sells the property. Gene agrees to split the commission with Susan, but advises neither the sellor nor the buyer of the agreement. According to Virginia

regulaitons:1) Susan is guilty of accepting money from

someone other than her employing broker2) the seller must be informed of any such payment, prior to the signing the listing agreement3) neither susan nor Gene is in violation of the law5) Gene is guilty of paying valuble consideration to another party, thereby creating a dual agency the seller must be informed of any such payment, prior to the signing the listing agreement When must a Virgina agent initially disclose who hey represent to non-clients?1) upon any discussion about property2) upon any substantive discussion about a spesific property3) upon first sight4) upon receipt of an offer upon any substantive discussion about a spesific property The Board may discipline licensee misconduct by al of the

following actions EXCEPT:1) suspending a license2)

revoking a license3) imposing a fine of up to $5,000 per violation4) all of the following imposing a fine of up to $5,000 per violation Every Virginia licensed broker who is also a Virginia

resident MUST:1) maintain an office in the state of

Virginia2) maintain an escrow account in an insured depository in the state3) identify his place of business with the appropriate sign4) all of the above maintain an office in the state of Virginia