Virginia Real Estate License Exam Qs Flashcards

Virginia Real Estate License Exam Qs Flashcards Jerald has been a licensed broker in VA since 1980. Which of the following is incorrect?1. He may be licensed in more than one legal real estate entity.2. He is exempt from CE requirements by virtue of the "grandfather" clause associated with that regulation3. He may act as a rental location agent4. He may also sell insurance out of his office

• He is exempt from CE requirements by virtue of the

"grandfather" clause associated with that regulation If the Board receives a written complaint regarding the actions of a regulant, what is the first thing the Board will do?Review the complaint for possible violation Which of the following persons may not obtain a real estate license in VA?1. A 17 year old college graduate who majored in real estate.2. Any person whose license has been revoked in another state.3. A person who failed a license exam in another state.4. A person charged with armes robbery 5 years ago.

• A 17 year old college graduate who majored in real

estate.When a real estate license has expired how long does the licensee have to reinstate the license, without monetary penalty?30 days Two brokers are involved in a dispute over a commission split. Which of the following could become involved in the settlement dispute?1. A court having jurisdiction over the brokers.2. The Real Estate Board.3. The Director of the Department of Professional and Occupational Regulation (DPOR).4. The enforcement branch of DPOR.

• A court having jurisdiction over the brokers.

The Board feels a broker is not properly managing an escrow account. Upon request, the court appoints a receiver to manage the account. After the investigation, it is determined that the broker is innocent of any wrongdoing.Who is responsible for the expenses and fees of the court appointed receiver?The Board, using money from its operating budget 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?$20 Board regulations require that complete records of real estate transactions...Are subject to audit by Board investigators 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 the agreement. The amount of the payment is never disclosed to either buyer or seller. According to VA

regulations...Disclosure of the information is not required A licensee presents a seller a full price offer to purchase, subject to a home inspection. The selling agent orders the inspection from a friend who pays the agent a fee for the referral. Such action would be considered a violation of

Board regulations unless..The fee is disclosed, in writing, to the parties to the contract A licensee who is actively engaged in real estate brokerage works at least..40 hours per week

The tenant of an apartment entered into a 1 year lease on July 1, 2001 and gave the owner a security deposit. On October 31, 2003 the tenant vacated the apartment. is the tenant entitled to interest on the security deposit and if so, how much?yes, 16 months interest Sally decides to transfer from ABC Realty to XYZ Realty.What must Sally do to affect the transfer of her license?Submit to the Board a transfer application, certified by XYZ Realty Ed, a licensed salesperson, moved to a new home. What is Ed required to do?Advise the Board in writing within 30 calendar days of the change A licensed salesperson can be licensed with more than one VA broker under what circumstances?Under no circumstances A licensed real estate salesperson may receive money or other valuable consideration for services rendered in connection with property management from...His or her employing broker The statute of VA mandates the number of people on the Real Estate Board. Currently the Board consists of...

• members; 7 licensees and 2 citizens

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 exceed...Two month's rent A licensee contacts a homeowner in an attempt to obtain a listing for the property. When must agency disclosure be provided to the homeowner?At the time the owner agrees to list the property A licensee whose license has been on inactive status for more than 3 years will have to do what in order to activate the license?Meet current educational requirements When a salesperson terminates affiliation with a broker, what is the salesperson required to do?Nothing A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person that submits as acceptable offer on the property. To whom may the broker pay this bonus?Any other licensed cooperating broker Licensee Helen is showing a property listed by another firm. Helen's buyer asks her to prepare an offer $7,500 below the listed price but tells Helen that he is willing to pay the full price, if necessary. The seller accepts the lower offer as presented. Did Helen act properly?Yes A VA lender refuses to make a loan to purchase real property on the basis that the applicant was over 60 years old and would not live long enough to repay the loan. In this situation, the lender is...In violation of Virginia Fair Housing Laws If a broker opens a branch office in VA, which of the following is true?1. Upon proper application, the Board will issue a license for the Branch.2. A salesperson with 5 years experience can manage the office.3. The broker