Virginia Real Estate Exam Prep, VA Questions Flashcards

Virginia Real Estate Exam Prep, VA Questions Flashcards Remainder Interestfee simple present interest in conjunction with receipt of title upon death of life tenant Personal PropertyEverything that is not real property that can move with the home owner. I.E., Lawn furniture, Dog house, Electronics etc.Remaindermanthe person receiving title upon death of the life tenant Landthe earths surface extending downward to the earth's center, and upward to infinity. Includes permanently attached natural objects (such as trees) A false statement of material fact such as "No, that roof is fine shape" or "I can get you $400,000 if you list with me" is an example of Misrepresentation DowerA life estate in a property held by a widow (wife) VREB Stands ForVirginia Real Estate Board Which of the following pieces of information does Linda, a Virginia real estate salesperson who works for Big Valley Realty, NOT have to include on her business cards?"Associated with Big Valley Realty"Big Valley Realty's phone numberHer work phone numberThe name and number of her sponsoring broker The name and number of her sponsoring broker Licenses not renewed before _____ days, will have late fees or penalties.31 Post Licensing requirements include _____ hours of contract writing, _____ hours of real estate law and regulations, and _____ hours of agency law.

6, 8, 3

Salesperson applicants must have completed a ______ hour pre-licensing course and pass the licensing exam 60 Estate at Sufferancenon-lawful possession after the expiration of a lease AKA, Tenancy at Sufferance There are ________ members who are licensed real estate professionals and ________ members who are non-licensed citizens.

• & 2

Leasehold Estatean estate for a limited time (renting, leasing) Licenses not renewed before _____ _____ passed due date, will require the license to be renewed.One year Real estate salespersons must be at least _____ years old18 Brokers are required to have their own firm license in addition to their broker's license, except....if they are a sole proprieter Qualified Feean inherited freehold estate that is defeasible, (the grantor can terminate the title). For example, a parent could transfer a property to a child as long as the child remains

unmarried Concurrent LicenseBrokers are allowed to be a broker for one firm and an associate broker for another firm

Tenancy in Commoneach person is entitled to possession of the whole. If one dies, that person's ownership is inheritable and doesn't necessarily pass to the other owners Paying an unlicensed person for real estate business is an example of Improper Brokerage An associate broker isa licensed broker who may perform the acts of a broker but chooses to work under a supervising broker How is the VREB Chairperson Elected?Members elect their own chairperson Which of the following best describes a dual agency situation?A. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty.B. Benny, a licensee, represents seller Carmine and buyer Cassandra.C. Benny, a licensee from New Days Realty, represents seller Carmine. Bert, a licensee from Expertise Realty, represents Cassandra, the buyer.D. The seller, Carmine, is represented by licensee Benny. The buyer, Cassandra, is unrepresented.

• Benny, a licensee, represents seller Carmine and buyer

Cassandra.ChattelAnother word for personal property Riparian Rightrights of owners of a bordering property to the use of a flowing body of water, such as a river or creek Which of the following best describes a designated agency situation?A. Agent Devin represents seller Angie. The buyer Alex is unrepresented. Alex is buying Angie's condo.B. Agent Devin represents seller Angie, and agent Donovan represents buyer Alex. Alex is buying Angie's condo. Agent Devin works for Blue Skies Realty and Donovan works for Happy Homes Realty.C. Agent Devin represents seller Angie and buyer Alex. Alex is buying Angie's condo.D. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty.

• Agent Devin represents seller Angie, and agent Denise

represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty.Failing to comply with any request from the VREB within 10 days is an example of Noncompliance with the VREB True or False, Brokers must display the licenses of associated licensees at the brokerage office True Continuing Education requirements must be met every _____ years.

• years

Which of the following statements is true regarding Virginia's licensing requirements?A person assisting a friend in selling a home must have a real estate license, even when no compensation is given.A person selling a home for sale by owner must have a real estate license.A person who receives a $100 gift certificate for performing real estate activities on behalf of a friend must have a real estate license.A property manager must have a real estate

license, even if employed by only one property owner.A person who receives a $100 gift certificate for performing real estate activities on behalf of a friend must have a real estate license.

True or False: Only licensees with active real estate

licenses may perform real estate activities True Listing a property for sale on terms that were not authorized by the owner, or without the owner's consent is an example of Improper Dealing