test questions Flashcards
(105 cards)
1
Q
If the behavior of a single licensee causes multiple claims against the Transaction Recovery Fund as a result of multiple real estate transactions, the maximum paid out of the fund for all claims is limited to which of the following?
A
$100,000
2
Q
A real estate licensee stole a buyer’s earnest money deposit. After the buyer used all other legal means to recoup their loss, the buyer still had not recovered $10,000 of the stolen money. The buyer then makes a claim against the Transaction Recovery Fund for the $10,000. Which one of the following statements is TRUE regarding the buyer’s claim?
A
The buyer will probably get the $10,000 from the recovery fund
3
Q
All new real estate salespersons must take at least __________ hours of approved post-license education in their first ________ years of licensure.
A
30 hours in the first 1 year
4
Q
All of the following may act as a settlement agent EXCEPT:
A
A real estate agent
5
Q
How much is the fee paid by all licensees to the Transaction Recovery Fund at the time of the licensee’s license renewal?
A
$0.00
6
Q
All of the following classes are required as part of a new salesperson’s post-license education EXCEPT:
A
Marketing properties and fair housing
7
Q
All of the following must pay the Transaction Recovery Fund fee EXCEPT:
A
all licensees when they renew
8
Q
The minimum balance of the Transaction Recovery Fund is ____________, and the maximum amount payable to one claimant as a result of a single transaction is ______________.
A
$400k / $20k
9
Q
The primary source of funding for the Transaction Recovery Fund is a fee paid
A
by all licensees at the time of licensure
10
Q
In a single real estate transaction, the maximum that will be paid from the Transaction Recovery Fund to all injured parties is __________ and the maximum that will be paid to a single claimant is _________.
A
$50k / $20k
11
Q
Virginia Real Estate Salespersons, who are NOT newly licensed, are required to take at least _______ hours of continuing education; at least 8 hours of this education must be in the topics of ____________________________.
A
Salespersons who are not in their first licensure period are required to take at least 16 hours of continuing education; eight hours of which, is required to be in the topics: ethics and standards of conduct, legal update and emerging trends, real estate agency, real estate contracts, and fair housing.
12
Q
All approved legal update continuing education and post-license education classes must contain a review of which one of the following topics?
A
National Flood Insurance Program
13
Q
New Virginia real estate salespersons are required to take at least _________ hours of post-license education. Salespersons, not in their first renewal period are required to take at least _______ hours of continuing education.
A
30/16 - Salespersons in their first year of licensure are required to take at least 30 hours of post-license education, while salespersons in their subsequent renewal periods are required to take at least 16 hours of continuing education.
14
Q
All Fair Housing classes approved for continuing education or post-license credit must contain a discussion about which of the following topics?
A
chronic hoarding is considered a mental or emotional disability
15
Q
All of the following classes are required as part of a new salesperson’s post-license education EXCEPT:
A
marketing properties and how to use social media are not required for post-license education.
16
Q
Which of the terms is used for a broker, other than the principal broker, who works for a brokerage firm?
A
associate broker
17
Q
A brokerage that has more than one place of business must _____________ and _________ for each place of business.
A
the brokerage must obtain an office license for each location and name a supervising broker for each office.
18
Q
All contracts involving the purchase of residential property in Virginia must contain specific language which indicates that the buyer:
A
buyer/borrower has the right to select the settlement agent
19
Q
An associate broker who is assigned the responsibility of managing a real estate branch office is called the
A
supervising broker
19
Q
Each Real Estate Firm is required to have a _________________ whose license is in good standing.
A
principal broker
20
Q
All applicants for real estate licenses in Virginia must meet all of the following requirements EXCEPT
A
There is no requirement that Virginia licensees be a citizen or even live in the United States.
21
Q
Which one of the following is unlawful?
A
Net listings are prohibited by Virginia regulations
22
Q
Which one of the following is a violation of Virginia Real Estate Board regulations?
A
All brokerage agreements must have a definite termination date
23
Q
Virginia Real Estate Salespersons, who are NOT newly licensed, are required to take at least _______ hours of continuing education; at least 8 hours of this education must be in the topics of ____________________________.
A
16 hours of continuing education; eight hours of which, is required to be in the topics: ethics and standards of conduct, legal update and emerging trends, real estate agency, real estate contracts, and fair housing.
24
Each Real Estate Firm is required to have a _________________ whose license is in good standing
principal broker.
25
New Virginia real estate salespersons are required to take at least _________ hours of post-license education. Salespersons, not in their first renewal period are required to take at least _______ hours of continuing education.
30/16
26
The minimum balance of the Transaction Recovery Fund is ____________, and the maximum amount payable to one claimant as a result of a single transaction is ______________.
The minimum balance of the Transaction Recovery Fund is $400,000. The most a single claimant may recover as a result of a single transaction is $20,000.
27
In a single real estate transaction, the maximum that will be paid from the Transaction Recovery Fund to all injured parties is __________ and the maximum that will be paid to a single claimant is _________.
$50k /$20k
28
All approved legal update continuing education and post-license education classes must contain a review of which one of the following topics?
National Flood Insurance Program
29
If the behavior of a single licensee causes multiple claims against the Transaction Recovery Fund as a result of multiple real estate transactions, the maximum paid out of the fund for all claims is limited to which of the following?
$100k
30
A brokerage that has more than one place of business must _____________ and _________ for each place of business.
the brokerage must obtain an office license for each location and name a supervising broker for each office
31
In a single real estate transaction, the maximum that will be paid from the Transaction Recovery Fund to all injured parties is __________ and the maximum that will be paid to a single claimant is _________.
single transaction will be $50,000.
maximum $20,000.
32
Virginia Real Estate Salespersons, who are NOT newly licensed, are required to take at least _______ hours of continuing education; at least 8 hours of this education must be in the topics of ____________________________.
Salespersons who are not in their first licensure period are required to take at least 16 hours of continuing education; eight hours of which, is required to be in the topics: ethics and standards of conduct, legal update and emerging trends, real estate agency, real estate contracts, and fair housing.
33
New Virginia real estate salespersons are required to take at least _________ hours of post-license education. Salespersons, not in their first renewal period are required to take at least _______ hours of continuing education.
30/16
34
All new real estate salespersons must take at least __________ hours of approved post-license education in their first ________ years of licensure.
salespersons to take at least 30 hours of approved post-license education in their first year of licensure.
35
New Virginia real estate salespersons are required to take at least _________ hours of post-license education. Salespersons, not in their first renewal period are required to take at least _______ hours of continuing education.
30 / 16
Salespersons in their first year of licensure are required to take at least 30 hours of post-license education, while salespersons in their subsequent renewal periods are required to take at least 16 hours of continuing education.
36
Unless the parties to the contract agree otherwise the broker MUST deposit other people's money into the broker's escrow account no later than the __________ business day after the contract has been executed by all parties.
5
37
Regarding escrow accounts, all of the following constitute improper record keeping EXCEPT:
An earnest money deposit may be in a form other than cash or negotiable instrument such as a check, so long as all parties agree to it.
38
If the Virginia Real Estate Board believes that a broker may not be able to properly protect the broker's escrowed funds, all of the following may happen EXCEPT:
Virginia Real Estate Board may ask a court of jurisdiction to appoint a receiver to oversee the account and bar the broker from any activities having to do with the escrow account.
39
If the broker knows that a salesperson's conduct has created a situation where there is an insufficient balance in the broker's escrow account, the broker is required to notify the Virginia Real Estate Board of the salesperson's behavior within ___________ days.
3
40
In a typical residential re-sale transaction, in which the broker holds an earnest money deposit, the broker's escrow account records must be kept for a least three years from __________.
3 years from settlement date
41
A broker has found that one of their agents did not deliver a copy of a sales contract and the earnest money deposit check to the broker's office until a full week after the contract was fully executed by the parties. In this case the broker is required to ____________.
If the broker's escrow account is inaccurate the broker is required to notify the Virginia Real Estate Board.
42
Which one of the following statements is TRUE regarding a real estate broker and the holding of escrow funds?
Although it is common practice for the buyer's broker or seller's broker to hold an earnest money deposit, this is not required by law
43
money that is in the broker's escrow account that becomes the property of the broker may be left in the escrow account for no longer than _________ months from the time it becomes the broker's funds.
6 months
44
Which of the following statements is TRUE regarding a broker's ability to disburse funds from their escrow account?
30 day notice letter
45
Which one of the following lists is the correct ways that money can be disbursed from the broker's escrow account?
Settlement, release letter signed by the buyer and seller, court order, and a 30 day notice of disbursal to all parties
46
Which of the following funds do NOT need to be held in the broker's escrow account?
Commission checks received as part of a settlement are "broker's money"
47
Sally is not a real estate licensee; however, she has sold three houses of her own without the use of an agent. One of Sally's neighbors asks Sally if she, Sally, would be willing to help the neighbor sell their house. The neighbor offers to pay Sally for her help. Which of the following is FALSE?
Sally may be compensated for helping the neighbor so long as the compensation is in the form of a flat fee and not a percent of the sale price.
48
Licensee A is the agent of the buyer in a residential real estate transaction. The buyer is making an offer on a property. As part of the offer, the buyer has written an earnest money check for $5000.00. Before the contract is fully accepted by all parties, what should the agent do with the check?
They should hold on to the check, without deposit, until the contract is executed by all parties
49
Which one of the following is the correct list of mandatory subjects for continuing education for all licensees not in their first renewal period?
Ethics, Contracts, Agency, Legal Update and Fair Housing
50
A broker holds an earnest money deposit in the brokers escrow account. If the real estate transaction is not going to settle, and the buyer or seller is un-willing to sign a release of the escrowed funds the broker may elect to do which of the following?
broker may elect to hold the funds until the buyer and or seller have completed an action in court.
51
The Property Condition Disclosure makes it clear that:
the seller makes no representations with respect to on-site wastewater treatments systems
52
A seller or landlord thinks that they may be in an military aircraft noise or crash risk zone. In order to determine whether they are or are not in a noise or crash zone, the seller would need to review:
the noise or accident zone map at their local zoning office.
53
Licensee A is acting as an independent contractor for a seller. Which of the following statements best represents the duties the licensee owes to their seller?
Only those duties agreed to in the brokerage agreement are owed to their seller.
54
Which one of the following statements best describes a limited service agent?
They have less duties than a standard agent, but more than an independent contractor.
55
An Independent Contactor in Virginia real estate agency law is defined as:
an agent who enters into a brokerage agreement that specifically states that the agent is not acting as a standard agent, but is acting as an independent contractor.
56
In a residential transaction, a Virginia licensee must disclose their agency relationship to which of the following?
A licensee involved in a residential transaction must disclose their agency relationship to an un-represented third party who is not the client of that agent.
57
In Virginia if a licensees' license is inactive for more than 3 years and it has expired. 60 hours of pre license education is required in order to become licensed and practice real estate again A change in license status, termination, or voluntary termination must be reported the Real Estate Board within
Any change in a licensees license status must be reported to the Real estate Board within 10 days.
58
All of the following are exempt from the VA Underground Utility Damage Prevention Act EXCEPT:
A town maintenance crew using an auger to dig post holes for a new town welcome sign. Generally the statue applies to anyone using mechanical digging equipment. This includes county and town governments.
59
With regard to the Virginia Property Owners Association Act, which of the following two terms are considered to be the same in the original sale of a POA residential property?
developer/declarant . n the original offer of a residential property subject to a Property Owner Association, the developer and the declarant are considered to be correspondent terms.
60
Sally is not a real estate licensee; however, she has sold three houses of her own without the use of an agent. One of Sally's neighbors asks Sally if she, Sally, would be willing to help the neighbor sell their house. The neighbor offers to pay Sally for her help. Which of the following is FALSE?
Virginia law and regulation requires that someone be a real estate licensee if they receive anything of value for committing an act of real estate brokerage. Helping someone sell would be considered an act of brokerage. Sally would need a real estate license if she is going to be paid to help her neighbors sell their house.
61
If a claim against the Transaction Recovery Fund is paid, the respondent licensee responsible for the claim is subject to various actions. Which one of the following is NOT a disciplinary action taken against a licensee who is the respondent on a successful claim against the Transaction Recovery Fund?
When the licensee reimburses the Transaction Recovery Fund for any claims paid, their license is automatically reinstated.
62
Licensee A is the agent of the buyer in a residential real estate transaction. The buyer is making an offer on a property. As part of the offer, the buyer has written an earnest money check for $5000.00. Before the contract is fully accepted by all parties, what should the agent do with the check?
They should hold on to the check, without deposit, until the contract is executed by all parties.
63
The Transaction Recovery Fund is funded by a fee of _________ paid by _________.
The Transaction Recovery Fund is funded by each newly licensed real estate salesperson and broker paying a fee of $20.00.
64
Which one of the following is prohibited by the regulations of the Virginia Real Estate Board?
The regulations of the Virginia Real Estate Board specifically prohibit a current licensee from taking the licensing exam for a license that they already have.
65
When using electronic media to advertise, a licensee is required to disclose certain information. The required disclosure includes which of the following?
In all electronic advertising the licensee must include the city and state where the licensee's office is located.
66
In a residential transaction, a Virginia licensee must disclose their agency relationship to which of the following?
A licensee involved in a residential transaction must disclose their agency relationship to an un-represented third party who is not the client of that agent.
ID:
67
Licensee A is acting as an independent contractor for a seller. Which of the following statements best represents the duties the licensee owes to their seller?
An independent contractor only owes the duties to their clients that are specified in the brokerage agreement and specifically waives the duties of a standard agent or limited service agent
68
The Disclosure of Dual Agency Form states that the seller and the buyer understand that the agent may not do all of the following EXCEPT:
When acting as a dual agent, the agent is prohibited from giving advice to one party that would adversely affect the other client. If a conflict were to arise between the parties, the agent could advice each of their clients to seek competent legal counsel.
69
If a licensee in Virginia has a change in personal information, Brokerage firm information, or termination of a principle broker, how many days does the Board require any of these situations to be reported?
Any change in personal information, address, phone number, brokerage address , phone number or termination of the principle broker of that brokerage must be reported within 30 days
70
Generally, which one of the following statements would be true about the responsibility to enforce fair housing complaints?
In general, the Real Estate Board is responsible for fair housing complaints that are made against real estate licensees and the Fair Housing Board is responsible for complaints made against members of the public.
71
The Virginia Fair Housing Board is composed of _______ members that are appointed by the Governor.
The Virginia Fair Housing Board is composed of 12 members who are required to represent various industries such as architecture, property management, mortgage lending and other businesses.
72
All of the following are exempt from the VA Underground Utility Damage Prevention Act EXCEPT:
Generally the statue applies to anyone using mechanical digging equipment. This includes county and town governments.
73
When purchasing a residential condominium from a developer, the purchaser may rescind the contract of sale for a certain number of days after receiving the public offering statement. Which one of the following statements is TRUE regarding the purchaser's right to rescind the contract?
Virginia law states that the purchaser of a residential condominium has 5 days from the date of receiving the public offering statement to rescind the contract of sale.
74
In the initial sale of a lot subject to a Property Owners Association, the buyer may rescind the contract of sale within __________ days of receiving the POA disclosure packet.
The purchaser of a property subject to a property owners association may withdraw from a contract of sale within 3 days of receiving the POA disclosure packet.
75
A landlord may charge a potential tenant a refundable application deposit at the time of rental application. If the landlord refuses the rental application, the landlord must refund the application deposit to the tenant within _______ days if the deposit was made by personnel check.
By law, the landlord must return the refundable application deposit within 20 days after the applicant fails to rent the apartment or the landlord refuses the application.
76
If a POA community is professionally managed, the management company may charge for the production and delivery of the Property Owners Association Disclosure packet. The maximum charge for that packet is:
The law currently states that if a community is professionally managed, the management company may charge up to $150.00 for a hard copy of the POA packet and $125.00 for an electronic copy.
77
Which own of the following organizations is responsible in Virginia for enforcing fair housing law for real estate licensees?
When a fair housing complaint is made against a real estate licensee, it would likely be investigated by the Virginia Fair Housing Office; however, the Virginia Real Estate Board has the primary responsibility for disciplining real estate licensees for violations of state fair housing law.
78
Which one of the following is not a fair housing protected class state-wide in Virginia?
Age is not one of the protected classes in either federal or state fair housing law. Elderliness is protected by Virginia law, and is defined as individuals who are 55 or older.
79
In a single real estate transaction, the maximum that will be paid from the Transaction Recovery Fund to all injured parties is __________ and the maximum that will be paid to a single claimant is _________.
$50k/$20k
80
A brokerage that has more than one place of business must _____________ and _________ for each place of business.
obtain an office license for each location and name a supervising broker for each office.
81
All of the following may act as a settlement agent EXCEPT:
A real estate salesperson
82
Virginia Real Estate Salespersons, who are NOT newly licensed, are required to take at least _______ hours of continuing education; at least 8 hours of this education must be in the topics of
16 hours of continuing education; eight hours of which, is required to be in the topics: ethics and standards of conduct, legal update and emerging trends, real estate agency, real estate contracts, and fair housing.
83
New Virginia real estate salespersons are required to take at least _________ hours of post-license education. Salespersons, not in their first renewal period are required to take at least _______ hours of continuing education.
30/16
84
All of the following classes are required as part of a new salesperson's post-license education EXCEPT:
marketing properties and how to use social media
85
If the behavior of a single licensee causes multiple claims against the Transaction Recovery Fund as a result of multiple real estate transactions, the maximum paid out of the fund for all claims is limited to which of the following?
$100,000
86
The minimum balance of the Transaction Recovery Fund is ____________, and the maximum amount payable to one claimant as a result of a single transaction is ______________.
$400k/$20k
87
Virginia Common Interest Community Board
Adopts regulations to provide clarity and guidance in following and interpreting the statues for condominiums.
88
Once an excavator has notified the notification center of their intention to excavate, they generally must complete the excavation within how many days?
work must be completed within 15 days of notifying the notification center
89
When purchasing a time-share, the purchaser shall have the right to cancel the contract until midnight of the __________ calendar day following the execution of such contract.
7th
90
According to the VA Underground Utility Damage Prevention Act, a licensee must do which of the following when putting a metal for sale sign on a property?
yard signs which are pushed into the ground by hand, without mechanical digging, are exempt from the act.
91
When a Cooperative is first offered for sale from the developer, the offeror is called the ________ and the documents that must be given to the purchaser are called the _________.
the declarant must prepare a public offering statement
92
When a residential condominium is purchased from an owner other than a developer (condominium resale), the purchaser is entitled to receive certain documents for their review. In this case, the documents are called ___________ and the purchaser has _________ days to review the documents and rescind the contract of sale.
resale certificate/3 days
92
When a purchaser enters into a contract with a developer to purchase a condominium, the developer must provide the purchaser the public offering statement. How many days does the purchaser have to rescind the contract after receiving the public offering statement?
5 days to review the public offering statement. They may rescind the contract during that 5 day period.
92
The Virginia Condominium Act calls the developer of a residential condominium which of the following?
declarant
93
All of the following are exempt from the Virginia Residential Landlord Tenant Act EXCEPT
6 month lease.
94
If a POA community is professionally managed, the management company may charge for the production and delivery of the Property Owners Association Disclosure packet. The maximum charge for that packet is:
The law currently states that if a community is professionally managed, the management company may charge up to $150.00 for a hard copy of the POA packet and $125.00 for an electronic copy.
95
A buyer has entered into a contract to purchase a home in a neighborhood which is subject to a Property Owners Association. Which of the following statements is NOT true about this transaction?
The real estate licensee has no right to receive any of the earnest money deposit if the buyer rescinds the contract based on the information in the Property Owners Association Disclosure Packe
96
A landlord may charge a potential tenant a refundable application deposit at the time of rental application. If the landlord refuses the rental application, the landlord must refund the application deposit to the tenant within _______ days if the deposit was made by personnel check.
20
97
When purchasing a time-share, the purchaser shall have the right to cancel the contract until midnight of the __________ calendar day following the execution of such contract.
midnight of the seventh calendar day after execution of the contract to purchase.
98
What age is considered elderliness
55
99
Which one of the following is not a fair housing protected class state-wide in Virginia?
age
100
Which of the following statements is TRUE regarding Virginia fair housing law and retirement communities?
Although Virginia law does not require 55 and older communities to prohibit children from living in the community, it is common for the community to do so in its' by-laws. This practice is legal because 55 and older communities are exempt from the familial status protected class.
101
Which own of the following organizations is responsible in Virginia for enforcing fair housing law for real estate licensees?
Virginia Real Estate Board
102
