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state Flashcards When a payment is made from the Transaction Recovery Fund due to the improper activities of a licensee, it results
inSelect one:a. Suspension of the respondent's license.b.
No further action by the Board if the Fund is repaid within 30 days.c. Revoking the license of the respondent.d. A fine of $2,000.
- Revoking the license of the respondent.
When may a broker remove money from his or her escrow
account?Select one:a. At the time the buyer occupies the
property.b. When directed to do so by the seller.c. When closing is completed.d. Any of the above.
- When closing is completed.
A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person that submits an acceptable offer on the property. To whom may the broker pay this
bonus?Select one:a. Any other licensed cooperating
broker.b. Any licensed associate broker.c. An unlicensed friend.d. Only to a licensee active with his own firm.
- Any other licensed cooperating broker.
The Virginia Residential Landlord Tenant Act allows a landlord to require a security deposit as a condition of a lease, but has established a maximum amount. The
amount of such deposit cannot exceedSelect one:a. One
month's rent.b. Two month's rent.c. Three month's rent.d.$500.
- Two month's rent.
The requirement that funds be held in an escrow account
does not apply to which of the following?Select one:a.
Money received as a security deposit for rental housing.b.An earnest money deposit, if closing is scheduled in less than 15 days.c. An earnest money deposit of less than $500.d. A commission received from an out-of-state broker.
- A commission received from an out-of-state broker.
George, an independent broker, lists property. George offers broker Martha a portion of the fee if she can sell the property. Martha sells the property and George pays her per their agreement. The amount of the payment is never disclosed to either buyer or seller. According to Virginia
regulationsSelect one:a. Martha is guilty of accepting
valuable consideration from someone other than her employing broker.b. George is guilty of paying valuable consideration to a licensee not active with his firm, which violates Board regulations.c. The financial agreement between brokers must be disclosed, in writing, to all parties to the contact.d. Disclosure of this information is not required.
- The financial agreement between brokers must be
disclosed, in writing, to all parties to the contact.
Which of the following is true regarding a branch office of a
Virginia real estate firm?Select one:a. The office must have
an escrow account.b. The office may be managed by a salesperson with 3 years experience.c. The office must have a separate license.d. The branch office must have available the licenses of all agents assigned to the branch office.
- The office must have a separate license
- $20.00.
If the Transaction Recovery Fund falls below the statutory minimum, licensees may be assessed to restore the Fund.What is the maximum that one licensee may be assessed during a two-year period?a. $40.00; $20.00 per year.b.$50.00.c. $20.00.d. There is no maximum assessment.
When are real estate licenses renewed?Select one:a.
Annually, in the month issued.b. Every two years, in the month of the licensee's birthday.c. On June 30 of each evened numbered year.d. Every two years on the last day of the month in which they were issued.
- Every two years on the last day of the month in which
they were issued.A broker manages three properties for the same owner.One property is in need of emergency 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 the repairs.
Which of the following is true?Select one:a. The broker has
acted properly by safeguarding his clients' interest.b. Such action is proper because all properties are owned by the same person.c. The broker is in violation of regulations for improperly handling escrow funds.d. The broker must use personal funds for repairs if there is not enough money in the management account.
- The broker is in violation of regulations for improperly
handling escrow funds.When a broker establishes an account, or accounts, to hold money belonging to others, which of the following is
true?Select one:a. All checks, deposit slips and bank
statements must include the word "Escrow" as part of the account name.b. Accounts may be labeled either "Trust" or "Escrow".c. The money may not be held in the same bank as the broker's operating account.d. An individual account is required for each transaction.
- All checks, deposit slips and bank statements must
include the word "Escrow" as part of the account name.When a salesperson terminates affiliation with a broker,
what is the salesperson required to do?Select one:a. Give
the broker all listings acquired during affiliation with the broker.b. Nothing.c. Return all customer cards to the employing broker.d. Mail his or her license to the Board.
- Nothing.
A buyer's agent has presented an offer for property listed by another broker. Proper agency disclosures have been made. After delivering the offer the listing broker learns of a
zoning change that will affect the value of the property. The listing broker tells his client and the client rejects the offer.
Which of the following statements is correct?Select one:a.
The listing broker has violated his responsibilities to the buyer.b. The listing broker has exercised due care and loyalty to his client.c. After the offer is delivered it is too late for the seller to reject the offer.d. Disclosure of this information violates Board regulations.
- The listing broker has exercised due care and loyalty to
his client.
Mike, a broker, has decided to open his own brokerage partnership. His long time friend Peter is a licensed stock broker and has agreed to finance the partnership and share in the profits. Peter will be designated as the senior partner.
Which of the following statements is correct?Select one:a.
Peter may not engage in acts of brokerage.b. The partnership must have a separate license, issued by the Board.c. Peter may be the senior partner, but he cannot be the principal broker.d. All of the above are correct.
- All of the above are correct.
A licensee whose license has been on inactive status for more than three years will have to do which of the following
in order to activate the license?Select one:a. Sign an
irrevocable consent to suits and services.b. Appear at a hearing before the Board.c. Apply for relicensure as a new applicant.d. Meet current educational requirements.
- Meet current educational requirements.
When a broker places a "For-Sale" sign on property, what
must appear on the sign?Select one:a. The phone number
of the broker.b. The name of the person that listed the property.c. The selling price of the property.d. The firms license name.
- The firms license name.
Which of the following would be a violation of the Virginia
Fair Housing Law?Select one:a. Refusing to list a
commercial property owned by a person of a particular minority group.b. Hiring office personnel on the basis of sex regardless of qualifications.c. Placing ads, printed in a foreign language.d. Taking listing with the intent to change the racial make-up of the neighborhood.
- Taking listing with the intent to change the racial
make-up of the neighborhood.A licensed real estate salesperson may receive money or other valuable consideration for services rendered in
connection with property management fromSelect one:a.
Relatives or friends.b. The property owner he or she represents.c. Any licensed broker.d. His or her employing broker.
- His or her employing broker.
A person, other than the declarant, selling a condominium is required to provide the buyer with certain documents.
Which of the following is not required?Select one:a. A copy
of the condo CCR's and by-laws.b. A current financial statement of the condo association.c. A personal credit report of the seller.d. A statement of projected capital expenditures.
- A personal credit report of the seller.
A real estate licensee could be suspended without
investigation if the licenseeSelect one:a. Engages in acts of
brokerage while on inactive status.b. Violates the Virginia Real Property Act.c. Does not pay the Transaction Recovery Fund assessment.d. Sells personally owned
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