Virginia Real Estate Practice Exams Flashcards

Virginia Real Estate Practice Exams Flashcards Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town. What type of violation are you committing?a. Conflict of interestb.Improper disclosurec. Mishandling fundsd.Misrepresentation

• Misrepresentation

A Virginia resident has worked with the Virginia Housing Development Authority on their first home purchase. The purchase is being secured by a deed of trust. Who are the parties involved?a. Trustee and beneficiaryb. Trustee and trustorc. Trustee, trustor, beneficiaryd. Trustor and beneficiary

• Trustee, trustor, beneficiary

Shayla has been a principal broker for almost eight years.Does she have to submit proof of continuing education (CE) the next time she renews her license?a. No, because CE requirements end once a broker becomes a principal broker.b. No, because CE requirements end once a salesperson becomes a broker.c. Yes, because brokers need to take CE as part of their renewal process.d. Yes, Shayla needs to take 16 hours of CE and submit proof of it when she renews.

• Yes, because brokers need to take CE as part of their

renewal process.Virginia law requires that real estate transaction documents be _______.a. Converted to paper and stored on siteb.Copied at least five timesc. Protected by encryption and cloud-based backupd. Readily available upon Virginia Real Estate Board request

• Readily available upon Virginia Real Estate Board

request Which one of the following people does NOT have to fill out the Virginia Property Disclosure form in order to sell his or her property?a. Agent Victor has just listed a 100-year-old country manor for sale; it's on the town'shistoric register.b.Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years.c. Darren is putting his beach house on the market as a lease with an option to buy.d. Owner Cameron is selling his condo by himself (he's not using an agent).

• Cindy has to sell her townhouse because she hasn't paid

state taxes in more than 10 years.Salesperson Nicola just told her principal broker Carter that she's going to transfer to another brokerage. What duties, if any, does Carter have in this transaction?a. Carter must return Nicola's license to the VREB within 10 days.b. He has to fill out and submit Nicola's transfer request form.c.He must sign and file a transfer request with the VREB that

includes the new sponsoringbroker's signature.d. Nothing; Nicola and her new principal broker are responsible for completing the transfer.

• Carter must return Nicola's license to the VREB within

10 days.Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require

property disclosures?a. No, a disclosure is not required because Wayne and Sandy gave the property to Robbie.b.No, transfers to a person who has a direct line relationship with one or more of thetransferors are exempt.c. Yes, a disclosure must be provided so the deed can be updated.d.Yes, any transfer of real property requires a property disclosure.

• No, transfers to a person who has a direct line

relationship with one or more of thetransferors are exempt.Broker Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as

commercial. This violation is an example of ______.a.Contractual interferenceb. Failing to disclose an agency relationshipc. Making a substantial and willful misrepresentationd. Performing services that qualify as practice of law

• Making a substantial and willful misrepresentation