Virginia Real Estate Exam Prep, VA Questions With Verified Answers

VREB Stands For - Answer Virginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines - Answer the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be performed and what happens when if the licensee breaches those duties How many meetings does the VREB hold a year? - Answer 8 meetings per year Members of the VREB serve a term of what length? - Answer 4 Years Can members of the VREB be appointed an additional term? If so, how long? - Answer Yes, they may be appointed to an additional 4 year term How many members are there in the VREB and who appoints these members? - Answer There are 9 members appointed by the Governor There are ________ members who are licensed real estate professionals and ________ members who are non-licensed citizens. - Answer 7 & 2 How many years of experience must licensed real estate professionals have in order to be appointed to the VREB? - Answer 5 years of practicing experience The Virginia Administrative Code, Title 18, Agency 125 describes... - Answer how the VREB must carry out its duties The VREB is responsible for... - Answer -Licensing of real estate professionals and brokers. -Setting standards of licensure and professional conduct -Administration of the Virginia Real Estate Recovery Fund -Enforcement of the Real Estate Settlement's Agent Act -Regulation and Enforcement of Virginia's Fair Housing Laws -Development of residential property disclosure statement for use according to existing laws How is the VREB Chairperson Elected? - Answer Members elect their own chairperson A salesperson or associate broker may perform as a real estate broker only when... - Answer associated with a supervising broker A broker may work independently, but a salesperson or associate broker must - Answer work supervised by a broker A broker is responsible for - Answer the supervision of salespersons and associate brokers who work for the broker, maintaining a place of business, displaying the licensed name of the brokerage which must include the words Real Estate, Realty or the name of a recognized organization of real estate professionals, and notifying the VERB of any changes to the address or name of the brokerage within 30 days of the change An associate broker is - Answer a licensed broker who may perform the acts of a broker but chooses to work under a supervising broker A broker may be a person or... - Answer an entity, such as a corporation Broker license applicants must have had their salesperson's license and been active in real estate for at least... - Answer 3 to 4 years Broker applicants must complete a _______ hour licensing course and pass the broker exam - Answer 180 Salesperson applicants must have completed a ______ hour pre-licensing course and pass the licensing exam - Answer 60 Real estate salespersons must be at least _____ years old - Answer 18 For a real estate salesperson to apply for licensing by reciprocation in the state of Virginia they must have been active in real estate for ______ of the last _____ months. - Answer 36 of the last 48 months Could having a license in another state allow you to skip retaking courses for the national portion of the real estate licensing exam? - Answer Yes, however you would still have to have taken courses similar to the state's that you plan to apply with Can brokers practice under a name different than what they have been licensed as? - Answer No, brokers may only practice real estate under the same name as they are licensed Brokers are required to have their own firm license in addition to their broker's license, except.... - Answer if they are a sole proprieter True or False, Licensees must carry their pocket ID on them at all times when conducting real estate business - Answer True True or False, Brokers must display the licenses of associated licensees at the brokerage office - Answer True Referral Agents are - Answer active licensees who only refer clients to their broker and perform no other real estate activities True or False: Only licensees with active real estate licenses may perform real estate activities - Answer True If a licensee wants to change their license in any way, they must do so through the VREB, True or False? - Answer True If a supervising broker's license gets revoked, what happens to all of the associated licenses? - Answer They must be returned to the VREB who will hold the licenses until the licenses are transferred to a new broker, or they are placed in inactive status. Changes to address, the name of the brokerage, or even a change of the primary broker are required to be sent to the VREB within ______ days of the change - Answer 30 True or False, To legally change brokers, your current broker and your new broker must participate in the transfer. - Answer True Licenses not renewed before _____ days, will have late fees or penalties. - Answer 31 Licenses not renewed before _____ _____ passed due date, will require the license to be renewed. - Answer One year Brokers must complete at lease ______ hours of CE every renewal cycle - Answer 24 Salespersons must complete at least ______ hours of CE every renewal cycle - Answer 16 Continuing Education requirements must be met every _____ years. - Answer 2 years Post Licensing requirements include _____ hours of contract writing, _____ hours of real estate law and regulations, and _____ hours of agency law. - Answer 6, 8, 3 Within the first year of having your license, you are require to take how many hours of education to continue to be a salesperson? - Answer 30 Chattel - Answer Another word for personal property Real Property - Answer Includes real estate, plus the interests, benefits and rights included in real estate ownership Real Property Ownership includes the rights of... - Answer Enjoyment Disposition Possession Control Exclusion Personal Property - Answer Everything that is not real property that can move with the home owner. I.E., Lawn furniture, Dog house, Electronics etc. Land - Answer the earths surface extending downward to the earth's center, and upward to infinity. Includes permanently attached natural objects (such as trees) Real Estate - Answer Includes land, plus all things permanently attached to it naturally or artificially Improvements - Answer artificial attachments that include such things as fencing, buildings and walkways Concurrent License - Answer Brokers are allowed to be a broker for one firm and an associate broker for another firm Improper Disclosure - Answer a situation when you should have disclosed information to your clients but did not. Active licensee buying or selling a property without disclosing licensee status is an example of - Answer Undisclosed personal interest When a licensee represents a buyer or seller without informing the other party that the licensee has a familial relationship with the principal is an example of - Answer Undisclosed personal interest Failing to comply with any request from the VREB within 10 days is an example of - Answer Noncompliance with the VREB Unworthiness and Incompetence - Answer Includes everything from generally being dishonest, cheating on your licensing exam, being convicted of or pleading no contest to forgery, fraud, or any felony. (If any conviction occurs, you are required to notify the VREB) Receiving payment of fees other than from your broker is an example of - Answer conflict of interest Representing more than one party in a transaction without full disclosure or permission from the parties is an example of a - Answer Conflict of Interest Representing a client in your own name instead of that of your broker is an example of a - Answer Conflict of Interest Bribes, Kickbacks, taking prizes from someone who is hoping to influence the sell or purchase of real estate is an example of - Answer Improper Brokerage Paying an unlicensed person for real estate business is an example of - Answer Improper Brokerage