VA License Law - State Topic Tester Flashcards

VA License Law - State Topic Tester Flashcards Which of the following actions is NOT an act of real estate

brokerage?Select one:A.Renting 1/2 of a duplex for a

friendB.Helping a friend sell his house for a feeC.Selling a business for a relativeD.Taking a listing Note that businesses are classified as personal property.You do not need a real estate license to sell personal

property.The correct answer is: Selling a business for a

relative Which of the following non-residents may obtain a Virginia

real estate license?Select one:A.A salesperson licensed in

another stateB.A broker licensed in another stateC.A person that is NOT licensed in another stateD.Any of the above Any NON-RESIDENT may obtain a Virginia license by complying with the regulations of the Real Estate Board.Whether or not that person is licensed in another state is

irrelevant.The correct answer is: Any of the above

Craig the Broker got his license two years ago, so it is up for renewal. Unfortunately, Craig has been so busy that he hasn't taken any continuing education yet. What will happen to Craig's license if he doesn't complete the

required courses before renewal?Select one:A.His license

is null and voidB.He can pay a fine to extend the renewal dateC.His license will expireD.He will have to retake the licensing exam Licenses that are not timely renewed will expire (unless the Board has granted an exemption for certified illness or undue hardship). Craig did not meet these exemption standards. Therefore, once expired, the licensee cannot engage in regulated activity. Expired licenses may be reinstated for up to one year following expiration, though the Board has the power to deny any reinstatement application (as with renewal and initial licensure).The

correct answer is: His license will expire

Under the broker's supervision, his unlicensed assistant may:Select one:A.Take listings over the telephoneB.Give additional information to callers about available listingsC.Rent apartments for a small feeD.Prepare and file papers for tenant eviction for non-payment of rent Of the answers shown, an unlicensed employee can only prepare and file papers for a tenant eviction.The correct

answer is: Prepare and file papers for tenant eviction for

non-payment of rent If a salesperson or associate broker changes her principal place of residence, Virginia License Law requires that:Select one:A.The broker notify the Board within 10 daysB.The licensee notify the Board within 10 daysC.The broker notify the Board within 30 daysD.The licensee notify the Board within 30 days The licensee, not the broker, must advise the Board of any changes in personal information within 30 days.The correct

answer is: The licensee notify the Board within 30 days

When a salesperson terminates affiliation with a broker, that salesperson must:Select one:A.Give back all listings acquired while affiliated with the brokerB.Mail his or her license to the boardC.Return all customers cards to the employing brokerD.Do nothing Of the choices listed, the salesperson need not do anything. It is the broker, not the salesperson, who must

return the license to the Board.The correct answer is: Do

nothing Virginia License Law defines a broker's place of business as a:Select one:A.Place where real estate business is regularly transactedB.Post office boxC.Place that is managed by a senior salespersonD.Place where the broker maintains transaction and escrow records in a safe deposit box A place of business cannot be a post office box since it HAS to be a physical location. The office must also be managed by a principal broker or supervising broker. Safe deposit boxes are located in banks, not real estate

offices.The correct answer is: Place where real estate

business is regularly transacted

If a principal broker's license is suspended, what happens to the licenses of any affiliated agents at that firm?Select

one:A.Their licenses are not affectedB.Their licenses will

also be suspendedC.Their licenses must be returned to the BoardD.They must re-take the exam In this instance, the licenses will be returned to the Board and re-issued to the same firm when a new principal broker is named, or to the principal broker at another firm if the

subordinate chooses to switch firms.The correct answer is:

Their licenses must be returned to the Board

A real estate license is not required for a:Select

one:A.Trustee acting under a court orderB.Person selling a

vacant lot for a feeC.Person selling industrial real estate full-timeD.Person selling houses on a part-time basis Trustees acting under court order need not be licensed.The

correct answer is: Trustee acting under a court order

A builder wants to sell tracts of land that he owns. This person:Select one:A.Must have a broker's licenseB.May allow unlicensed employees (on a regular salary) to sell the tractsC.May only employ licensees to sell each tractD.Must register with the Real Estate Board Regular, salaried employees of a property owner can sell or lease the property without needing a license. This is true because owners are allowed to sell their own land without

being licensed.The correct answer is: May allow unlicensed

employees (on a regular salary) to sell the tracts A licensee is on vacation when his license expires. He still needed to take one more continuing education course before his license expiration date. What should he

do?Select one:A.Take the continuing education

courseB.Pay a $200 fee and re-apply for his licenseC.Take the continuing education course and apply to reinstate his licenseD.Apply for a license as a new applicant Remember that licensees may renew a license within 30 days of expiration without penalty. We are not told how long ago the license expired, so an additional fee may or may not be required. However, the only choice that covers all situations is to take the course and apply for

reinstatement.The correct answer is: Take the continuing

education course and apply to reinstate his license Under which circumstance can a salesperson be licensed

with more than one Virginia broker?Select one:A.Under no

circumstanceB.With written permission of the Virginia Real Estate BoardC.With written permission of each brokerD.With written permission of the Association of Realtors Salespersons cannot hold concurrent licenses--only

brokers can.The correct answer is: Under no circumstance

Jane has been out of town on personal business. When she returns on July 5, Jane realizes that her real estate license expired on May 31. What must she do?Select

one:A.Take the license exam as a new applicantB.Apply for

reinstatement of her license and pay a feeC.Apply for renewal of her licenseD.Apply to have her license placed on inactive status After 30 days (and May 31 to July 5 is more than 30 days), a person may apply to have one's license reinstated and pay the applicable fee. However, you cannot RENEW your license unless you do so within the renewal period.The

correct answer is: Apply for reinstatement of her license

and pay a fee A broker is required to return an affiliated agent's license to

the Board in all of the following situations, EXCEPT:Select

one:A.Upon demand by the BoardB.Upon revocation of the

broker's licenseC.Upon the request from the salesperson to transfer to another brokerD.When the salesperson refuses to perform real estate duties If the person refuses to perform his or her duty, this is an issue between the broker and the salesperson. The law does not require that the license be returned unless the

broker "fires" the agent.The correct answer is: When the

salesperson refuses to perform real estate duties Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam:Select one:A.Will be issued a temporary license by the BoardB.Can only conclude the transactions

in the process to facilitate the termination of the businessC.May take new listings and find buyers for any listings on the booksD.Must find a licensed broker to run the business The only thing that Adam can do is to conclude and terminate the business. This must be done within the designated 180 day period. All listings on the books will terminate automatically, by operation of law, because the

"agent" to the contract has died.The correct answer is: Can

only conclude the transactions in the process to facilitate the termination of the business When a broker opens an office, which statement is most

likely to be true?Select one:A.The office must be

licensedB.A salesperson with 5 years experience may run the officeC.The names and address of all salespersons must be sent to the Real Estate BoardD.All of the above Each brokerage firm must be licensed (unless a broker is operating a sole proprietorship with a single location). This firm license is separate and distinct from the individual licenses of persons affiliated with the firm. Note that a licensed broker must manage every firm location. However, there is no requirement to submit the addresses of licensees to the Board. Instead, main offices must submit the name and license number of the supervising broker, if one is designated. Branch offices are also required to submit the name and license number of the supervising broker, as well as the names and license numbers of all

licensees assigned to that branch.The correct answer is:

The office must be licensed What is NOT a requirement to become a broker in

Virginia?Select one:A.Must be 18 years of ageB.Must

complete 145 credit hours of courses approved by the BoardC.Must have been active as a salesperson for 3 yearsD.Must be in good standing in any jurisdiction where licensed A broker candidate must have 180 credit-hours of classroom, correspondence, or distance learning study.The

correct answer is: Must complete 145 credit hours of

courses approved by the Board The principal broker must keep all of the following records at the main firm office, EXCEPT:Select one:A.Firm licenseB.Branch licenseC.Principal broker's licenseD.Salesperson licenses the principal broker must keep the the firm (NOT the branch) license, his own license, and all salesperson and associate broker's licenses at the main office location.Meanwhile, a branch license must be conspicuously displayed at that particular branch office.The correct

answer is: Branch license

Juan obtains his license on May 3rd. How much continuing

education must Juan complete?Select one:A.8 hours within

the first yearB.16 hours within the first two yearsC.30 hours within the first yearD.30 hours before he can actually receive his license Salespersons must complete 30 hours of post-license education within the initial year of licensure. Although the question does not specify whether Juan obtained a sales or broker license, none of the answer choices are consistent with broker CE. Therefore, the BEST choice is that Juan must complete 30 hours (PLE) within the first year.The

correct answer is: 30 hours within the first year

When a broker renews his license, which of the following items must accompany that renewal application?Select

one:A.The renewal feeB.The renewal fee, plus $20

payment for the Transaction Recovery FundC.The renewal fee, plus proof of membership in the Association of RealtorsD.The renewal fee, plus proof of Errors and Omissions Insurance The $20 fee for the Transaction Recovery Fund is only paid when a person first applies for their license. However, an additional assessment could be imposed if the fund drops below $400,000. To renew one's license, a person must complete all required education, fill out the renewal application, and send the renewal fee to the Board.The

correct answer is: The renewal fee

A licensee was out of town on personal business. When she returned on January 6, she realized that her license