Virginia Chapter One Flashcards

Virginia Chapter One Flashcards designate a licensed broker to perform the duties of a principal broker A sole proprietor of a real estate firm who is not licensed is required toa. obtain a broker's license within the first six months after opening.b. register under a fictitious name.c.designate a licensed broker to perform the duties of a principal broker.d. become a corporation.the existence of defective drywall in the home The seller of his own home is required by law to make disclosure ofa. future building plans for an adjacent property.b. the existence of defective drywall in the home.c.applicable historic district ordinances.d. registered sex offenders within the neighborhood.Condominium ActThe Common Interest Community Board now regulates

the:a. Property Disclosure Actb. Condominium Actc.

Transaction Recovery Fundd. Settlement Protection Act.immediate revocation of licensee's real estate licensePayment from the Real Estate Transaction Fund causes thea. immediate revocation of licensee's real estate license.b. licensee's real estate license to be suspended until Fund is repaid.c. licensee to receive an undetermined jail sentence.d. licensee to be prohibited from ever obtaining a real estate license again.frequent changes to the form causing concern that a wrong form might be used The Residential Property Disclosure Form was moved to a Real Estate Board website as of July 1, 2011, due to thea.increased cost of printed forms.b. frequent changes to the form causing concern that a wrong form might be used.c.formation of the Common Interest Community Board.d.request from the Real Estate Board 30 daysBefore making a cold call, the FTC requires that the phone number be checked against a do-not-call register that is not more than how old?a. 30 daysb. 6 monthsc. 1 yeard. There is no specific requirement the licensee's home addressA licensee who plans to send out an e-mail listing of homes available in a specific neighborhood must be sure to include in the message all of the following EXCEPTa.identification that the message is an advertisement.b. the licensee's home address.c. provision for an opt-out of future email from the licensee.d. truthful heading information.FACTAThe legislation that requires total destruction of all personal information isa. CAN-SPAM.b. CRESPA.c. FACTA.d.

RESPA.

neighborA licensee will not be liable for misrepresentation as long as the license relied on information provided by any of the

following EXCEPT aa. client.b. public record.c. neighbor.d.regulated professional.

transfer made with the assistance of a licensed salesperson All of the following would be exempt from the Residential Property Disclosure requirements EXCEPTa. transfer pursuant to a court order.b. transfer made in the administration of an estate.c. transfer made with the assistance of a licensed salesperson.d. transfer to a government entity.