PSI QUESTIONS: STATE PSI QUESTIONS FROM VERIFIED PSI

PSI QUESTIONS: STATE (PSI QUESTIONS FROM VERIFIED PSI

LICENSING EXAMINATIONS) Flashcards Brokers must retain records of real estate transactions for

at least:

• years

Under the Property Owners' Association Act, how much can a professionally managed association charge for a disclosure packet?Up to $125 for 5 electronic copies If a broker receives a deposit for escrow, his handling of the deposit would be in violation of Virginia License

Regulations if he:

Does not advise the principals of exactly how the earned interest on the deposit will be distributed According to the Virginia Landlord and Tenant Act, when a

lease expires, the landlord:

May not withhold part of the security deposit to cover the cost of normal wear and tearThe final inspection must be completed within 3 days, and the tenant has the right to be present. However, if a tenant waives this right, the landlord may inspect without him. Security deposits must be returned within 45 days (not 30 days), but landlords are no longer required to collect interest to the benefit of the tenant. The landlord may withhold part (or all) of the security deposit to pay for damages, but that may NOT include normal wear and tear.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 A real estate transaction does not go to settlement. Under what circumstances can the escrow funds be released?A broker may disburse the funds with written approval of all parties Robert the Broker wants to stay on top of technological trends. Therefore, Robert decides to advertise his firm via banner ads on commercial web pages. Since the ad must be small, Robert makes no disclosures in the banner itself.Instead, Robert provides a link that redirects the user to his web page, which displays the necessary disclosures. Has Robert violated the rules?No, because it is permissible to provide a link to the required disclosures Under the broker's supervision, his unlicensed assistant

may:

Prepare and file papers for tenant eviction for non-payment of rentAn unlicensed assistant can NOT take listings over the phone, give additional information to callers about listings, or rent apartments for a small fee.Which of the following statements is correct if a licensee is leasing his own property, without help from a broker?The licensee may be exempt from the Virginia Landlord Tenant ActIf the licensee qualifies, he may be exempt from the Landlord Tenant Act (like any other citizen of the state).The Virginia Fair Housing Act prohibits discrimination on

the basis of:

Familial status Broker Adam is encouraging you to sell since your new neighbors will be Catholics. He says that once they move

in, crime will increase and property values will tumble. Your

broker is guilty of:

Blockbusting

Unlicensed broker's assistants may NOT:Show property, hold an open house, discuss or negotiate a contract, or answer questions about listings, financing, etc.By Virginia definitions, which person requires a real estate

license?Select one:A. An attorney-at-lawB. An

auctioneerC. An appraiserD. None of the above None of the aboveThe attorney-at-law and the auctioneer are exempt from having real estate licenses when acting within the scope of their profession. An appraiser is not performing regulated real estate activity, but instead gives an estimate or opinion of the value of real property. Under current laws, the appraiser would have to have an APPRAISER'S license, not a real estate license.Earnest money deposits may be placed in interest-bearing

accounts if the:

Contract specifies the beneficiary of any earned interest If a licensee purchases real estate in his own name:He must disclose the fact that he is licensed Board regulations require that licensees disclose agency relationships to the principals in a real estate transaction.When is such disclosure required?When the licensee has substantive discussions about a specific property A real estate salesperson will receive her share of the brokerage fee from which person?Her employing broker The Virginia Fair Housing Law is more restrictive than the Federal Law, in that it provides protection for the elderly. In

Virginia, "elderly" is defined as any natural person:

55 years of age or older As a property manager, a broker should maintain a bank account for money that belongs to the owner. How is this account identified?Escrow account The Virginia Fair Housing Act extends protection beyond the list of federally protected classes. Which group is protected under Virginia law, but NOT under federal law?Elderliness A licensee presents a full-price offer to the seller, subject to a home inspection. The agent orders the home inspection from a friend, who then pays him a referral fee. This action

would violate the Real Estate Board regulations unless:

The fee is acknowledged, in writing, by the parties to the contract When a tenant legally terminates a lease, the Virginia Landlord and Tenant Act requires that the owner return any

security deposit to the tenant within:

45 days The purpose of the Transaction Recovery Fund is to:Reimburse financial losses caused by licensee misconduct Broker Foster manages an apartment building for Owner Smith. Foster used the security deposits of two tenants (Petri and Gonzales) for general maintenance on the apartment building. Was this action permissible?No, security deposits are held for tenants in an escrow account and are not part of the operating funds The intent of the Virginia Fair Housing Law is to:Eliminate housing discrimination by virtue of the state's police powers A broker manages three separate properties for the same owner. One property is in need of emergency repairs, but there is no money in the management account to cover the cost. The broker "borrows" money from another property's escrow account to make the needed repairs. Assuming he

restores the borrowed funds on the next business day, which of the following statements is true?The broker is in violation of License Law for improperly handling escrow funds Which person would require a license, issued by the Real Estate Board?An employee of a broker, who negotiates leasesNOT the executor of an estate, an auctioneer, or an individual employed by the owner of rental property