VIRGINIA EXAM (PRACTICE)
Questions and Answers
1.The types of agency relationship that are recognized under Virginia
agency law include all of the following EXCEPT
a. standard agent.
b. limited service agent.
c. independent contractor.
d. designated agent.
Answer independent contractor
2.A triple murder was committed on a property six months ago. Virginia
law requires that disclosure of this fact be made
a. in the MLS listing.
b. prior to writing an offer to purchase.
c. three days prior to settlement.
d. in none of these.
Answer in none of these
3.All of the following statements regarding the first-time homebuyers
savings accounts allowed in Virginia are true EXCEPT
a. account holders may contribute up to $50,000.
b. principal and interest up to $150,000 may be withdrawn without paying
state taxes.
1/
16
,c. funds must be used for real estate transaction costs listed on the
Settlement Statement (HUD-1).
d. funds may be held privately.
Answer funds may be held privately
4.The 2014 Virginia General Assembly changed the "trigger number" that
determines if a landlord is subject to the Virginia Residential Landlord
Tenant Act (VRLTA) to
a. two owned properties.
b. two rental properties plus a principal residence.
c. four rental properties in an urban area.
d. 10 rental properties in an urban area.
Answer two rental properties plus a principal residence
5.Ideally, all brokerage relationships end with a successful transaction that
goes to settlement. Other legal ways for termination of the relationship
include all of the following EXCEPT
a. mutual agreement by all parties.
b. a default by either party.
c. a request from either client or broker.
d. a licensee's withdrawal if a client refuses to consent to disclosed
dual agency.
Answer a request from either client or broker
6.Virginia agency law lists seven statutory duties to be performed by all
2/
16
, licensees. The only one of these duties that allows for some variation is in
the duty to
a. perform according to the terms of the brokerage relationship.
b. promote the best interests of the client.
c. maintain confidentiality of all personal and financial information.
d. exercise ordinary care.
Answer promote the best interests of the client
7.The primary purpose for creating the new Disclosure of Dual Agency or
Dual Representation form was to
a. encourage the use of dual agency.
b. encourage the use of designated agency.
c. ensure that clients are made aware of the risks involved in dual agency.
d. make it easier to withdraw from dual agency.
Answer ensure that clients are made aware of the risks involved in
dual agency
8.The duties required of a licensee engaged to manage real estate are
essen- tially the same of those required of a licensee representing a buyer
or a seller.
The law now requires that
a. all material facts concerning the property are disclosed.
b. licensees maintain confidentiality of information.
c. all monies and properties received are properly account for.
d. the property management agreement be in writing and have a definite
3/
16
Questions and Answers
1.The types of agency relationship that are recognized under Virginia
agency law include all of the following EXCEPT
a. standard agent.
b. limited service agent.
c. independent contractor.
d. designated agent.
Answer independent contractor
2.A triple murder was committed on a property six months ago. Virginia
law requires that disclosure of this fact be made
a. in the MLS listing.
b. prior to writing an offer to purchase.
c. three days prior to settlement.
d. in none of these.
Answer in none of these
3.All of the following statements regarding the first-time homebuyers
savings accounts allowed in Virginia are true EXCEPT
a. account holders may contribute up to $50,000.
b. principal and interest up to $150,000 may be withdrawn without paying
state taxes.
1/
16
,c. funds must be used for real estate transaction costs listed on the
Settlement Statement (HUD-1).
d. funds may be held privately.
Answer funds may be held privately
4.The 2014 Virginia General Assembly changed the "trigger number" that
determines if a landlord is subject to the Virginia Residential Landlord
Tenant Act (VRLTA) to
a. two owned properties.
b. two rental properties plus a principal residence.
c. four rental properties in an urban area.
d. 10 rental properties in an urban area.
Answer two rental properties plus a principal residence
5.Ideally, all brokerage relationships end with a successful transaction that
goes to settlement. Other legal ways for termination of the relationship
include all of the following EXCEPT
a. mutual agreement by all parties.
b. a default by either party.
c. a request from either client or broker.
d. a licensee's withdrawal if a client refuses to consent to disclosed
dual agency.
Answer a request from either client or broker
6.Virginia agency law lists seven statutory duties to be performed by all
2/
16
, licensees. The only one of these duties that allows for some variation is in
the duty to
a. perform according to the terms of the brokerage relationship.
b. promote the best interests of the client.
c. maintain confidentiality of all personal and financial information.
d. exercise ordinary care.
Answer promote the best interests of the client
7.The primary purpose for creating the new Disclosure of Dual Agency or
Dual Representation form was to
a. encourage the use of dual agency.
b. encourage the use of designated agency.
c. ensure that clients are made aware of the risks involved in dual agency.
d. make it easier to withdraw from dual agency.
Answer ensure that clients are made aware of the risks involved in
dual agency
8.The duties required of a licensee engaged to manage real estate are
essen- tially the same of those required of a licensee representing a buyer
or a seller.
The law now requires that
a. all material facts concerning the property are disclosed.
b. licensees maintain confidentiality of information.
c. all monies and properties received are properly account for.
d. the property management agreement be in writing and have a definite
3/
16
