VA Moseley STATE Exam Practice Flashcards

VA Moseley STATE Exam Practice Flashcards The statute of limitations as it applies to time-share properties is:Select one:A. 1 yearB. 2 yearsC. 5 yearsD. 7 years

• 2 years

Two brokers are involved in a dispute over a commission split. Which of the following entities could become involved

in settling the matter?Select one:A. A court having

jurisdiction over the brokersB. The Virginia Real Estate BoardC. The Director of the Department of Professional and Occupational Regulation (DPOR)D. The enforcement branch of DPOR (virginia real estate board) Of the choices presented, only a court could become involved in a commission dispute

between brokers.The correct answer is: A court having

jurisdiction over the brokers 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 (minimum qualifications for individual licenses) 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 Two individuals want to form a real estate partnership in Virginia. Which of the following statements is NOT

true?Select one:A. The person who is active on the

brokerage side of the business must have a broker's licenseB. Both partners must have a broker's licenseC.One of the partners may be unlicensedD. A license must be obtained from the Real Estate Board for the partnership The law specifies that if partners are licensed, they must be licensed as brokers (so, a salesperson cannot be a partner). Note that a person doesn't need to be licensed to have ownership rights in a firm. However, if the owners are engaged in acts of brokerage, then they MUST be

licensed.The correct answer is: Both partners must have a

broker's 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 (licensing requirements) 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 A licensee contacts a homeowner and tries to obtain a listing for the property. When must agency disclosure be

provided to the homeowner?Select one:A. Before the

owner agrees to list the propertyB. At the first meetingC.When the licensee presents the first offer to purchaseD.Agency disclosure is only required for buyers, not sellers Brokerage disclosure must occur before entering into a brokerage relationship (in this case, before the owner agrees to list the property). The agent must discuss the proposed type of agency or representation, method of compensation, and whether shared compensation is

permitted.The correct answer is: Before the owner agrees

to list the property Which of the following actions is an example of

commingling?Select one:A. Placing earnest money from

two buyers into the same escrow accountB. Using personal

funds to open an escrow accountC. Placing earned commissions in the same account as earnest money depositsD. Placing earned commissions in the same account as referral fees Earned commissions belong to the broker. The broker must not place his own money (earned commissions) in with escrow funds. To do so is to commingle.The correct

answer is: Placing earned commissions in the same

account as earnest money deposits A real estate licensee is required in order to:Select one:A.Offer to sell, purchase, or exchange real estate on behalf of another for a feeB. Sell or rent property through a foreclosure processC. Sell or rent investment property for profitD. All of the above Buying, selling, or leasing on your own behalf does not require licensure. Usually, the court appoints a person to handle the sale of property in foreclosure and no license is required. However, when you act for another person and

for a fee, a license is required.The correct answer is: Offer

to sell, purchase, or exchange real estate on behalf of another for a fee A salesperson who receives an earnest money deposit is NOT required to place the money in an escrow account:Select one:A. With the knowledge and consent of the partiesB. With the permission of his or her brokerC.With the written agreement of both partiesD. Until 10 days prior to settlement

• With the written agreement of both parties

Who is exempt from Virginia's real estate license

requirements?Select one:A. A referral agentB. The

manager of a branch real estate officeC. A rental location agentD. None of the above are exempt (qualifications and requirements) Note that persons who act as rental location agents are not required to have a license. As of July 1, 1992, rental location agents were no longer required to register with the Board.The correct

answer is: A rental location agent

According to the Virginia Landlord and Tenant Act, what can the landlord do if rental payments are late?Select

one:A. Issue a written notice, which gives the tenant 5 days

to pay or vacate the propertyB. Issue a written notice, which terminates the rental agreementC. Issue a written notice, which obligates the tenant to pay a late feeD. Wait 10 business days before asking the tenant why the payment is late

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

pay or vacate the prope What is the maximum amount that can be paid from the Transaction Recovery Fund for claims against the same

licensee during a two year period?Select one:A. $10,000B.

$20,000C. $50,000D. $100,000

Your answer is incorrect.(virginia transaction recovery fund) The maximum amount that any one person can claim from the Fund is always $20,000. However, if multiple claimants file against the licensee from a single transaction, the maximum paid to all claimants would be a total of $50,000 during any 2-year period. If the licensee is involved in multiple transactions, the maximum that the Fund will pay to all claimants is $100,000 during any 2-year period.The

correct answer is: $100,000

A party defaults during the executory period of a valid real estate contract. As a condition of the contract, the broker must hold any funds in his possession until:Select one:A.The seller advises the broker that the contract has been breachedB. The lending institution has advised the broker that the loan application was rejectedC. The attorney for

the non-defaulting party orders a release of the fundsD. A court of competent jurisdiction orders disbursement

• A court of competent jurisdiction orders disbursement

Under the Virginia Landlord and Tenant Act, landlords:Select one:A. May impose automatic renewal clauses, including a change in the rental amountB. May make a major change in house rules, so long as tenant is notified verbally or in writingC. May require a cash payment