Virginia Real Estate Exam Questions & Answers 100% Correct

(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - Answer 7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action - Answer A very detailed explanation of the event/circumstances must be included with his license application If there was a prior misdemeanor involving moral turpitude, sexual offense, drug distribution, physical injury or any felony, the license applicant must submit: - Answer An FBI record, State Police Criminal Record, Relevant certified copies of all court records, a written explanation of his part in the offense, including the current status and final resolution of the offense. A licensee must present all written offers and counteroffers _____________, even after the property has been placed under contract - Answer In a timely manner In order to receive a VA license, VA non-residents who are not licensed in another jurisdiction must meet the same requirements as the residents of VA. They must also. - Answer File an irrevocable consent to suits and services, agree to allow the director of the DPOR to accept service of any legal process on the licensee's behalf. It was determined that noncompliance of Pam, the broker, was intentional & the result of gross negligence. Does she still have 30 days after discovery? - Answer No, the 30 day provisions do not apply if the noncompliance by the broker was intentional or a result of gross negligence. Jane, Bill, and Melvin are in the industry advisory group that focuses on what tracks at no cost to the Board? - Answer 1. Residential real estate 2. Commercial real estate 3. property management Landlord-tenant relations in public housing, Housing choice vouchers or Section 8 housing and other federally subsidized housing are regulated by - Answer HUD It is the responsibility of the __________ to renew her license, - Answer Licensee The applicants who do not follow all board rules and rules of the testing service in taking the examination - Answer may have their applications denied! If the license remains expired after 12 months, the license ___________________ - Answer MAY NOT be reinstated, for any reason. Hotels boarding houses are covered by the Virginia Residential Landlord and Tenant Act if the tenant lives in such residence for 30 days - Answer More than 30 days After 12 months of passing the Principle in Real Estate class the applicant: - Answer must retake and pass the exam again in order to then apply for his license. The Virginia Real Estate Board has _____ members, including seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment, and two citizen members. - Answer 9 There is ______________automatic renewal of real estate licenses. - Answer No _______________ must take the continuing education before they renew the licenses. - Answer ONLY ACTIVE licensees Pam receives a notice her brokerage is being audited. It this allowed? - Answer The board shall promulgate regulations to allow the audit of the practices, policies and procedures of a real estate broker licensed by the Board, either through a third party retained by the real estate broker or through a self audit. All active and inactive licensees must, by law, ____________________________ to renew their licenses. - Answer Pay their fees to the Department A sole proprietor brokerage or _________principal broker owner brokerage business can either be in the name of the broker owner or can be under a fictitious name. - Answer Principal Broker any person or business entity including a partnership, association, corporation or limited liability company, who for compensation sells or offers for sale, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate. - Answer Real estate broker _________________ is any person, or business entity of not more than two persons who for compensation is employed either directly or as an independent contractor with a real estate broker. - Answer Real Estate Salesperson As defined by Virginia law, The landlord may in accordance with a written agreement in any form, delegate to a managing agent or other 3rd party the responsibility of providing any _________________. - Answer Written Notice The ___________________ must become a new applicant, taking the necessary educational requirements and examinations. - Answer Former Licensee Fred just passed the Virginia RE license exam and is real busy. What will happen to Fred's license if he does NOT complete the 30-hour curriculum within one year? - Answer His license will be placed on inactive status by the Board until the curriculum has been completed How long does Pam have to completion the voluntary compliance? - Answer 90 Days from the date that the plan was submitted to the Board If a landlord receives prepaid rent, it shall be placed in an escrow account in a federally insured depository in Virginia by: - Answer The end of the 5th business day following the receipt and shall remain in the account until such time as the prepaid rent becomes due. If a tenant requests the application of the insecticide or pesticide. - Answer The 48-hour notice is NOT required if he/she passed the exam, he/she has 12 months to apply for a license. If this period of times passes without his/her application for license, he/she must - Answer Retake and pass the exam again in order to then apply for his/her license. If the applicant fails to rent the unit for which application was made, from the application deposit the landlord shall refund to the applicant - Answer within 20 days after the applicant's failure to rent the unit or the landlord's rejection of the application all sums in excess of the landlord's actual expenses and damages together with an itemized list of said expenses and damages. If the application fee or deposit was made by cash, certified check, cashier's check, or postal money order, such refund shall be made within - Answer 10 days of the applicant's failure to rent the unit if the failure to due the landlord's rejection of the application. If the owner owns more than four single-family residences or condominium units located within a city or any county - Answer having either the urban county executive form (Fairfax) or county manager plan of government (Arlington), the VRLTA applies. The landlord is not required to provide notice to the tenant. - Answer If the tenant makes a request for maintenance, Carol is a tenant in an apartment building that becomes a foreclosure sale terminating her tenancy. What happens to Carol's deposit? - Answer Carol's deposit must be returned to her with any accrued interest that is owed. Brokerage relationships began when the licensee is engage by the - Answer Client Disclosures must always be made to: - Answer - buyers or sellers (who are NOT clients of the licensee and who are NOT represented by another licensee and with whom the licensee has had involved conversations about a property) the broker/brokerage whom the licensee represents. distance learning - Answer instruction delivered by an approved provider through a medium other than a classroom setting. Dual Agency - Answer Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states Ed (the only real estate Broker) owns a property management company for decades, until he was in a car accident and went into a coma. Who may take over his company and for how long? - Answer The estate, an adult family member, or an employee of the licensee may be granted approval by the Real Estate Board to carry on the business of the deceased or disabled Broker for 180 days. Ed had no heirs and could not find any one to take over his company, what now? - Answer The Board may appoint any other suitable person to terminate the business with in 180 days. Escrow - Answer is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract. Salespersons and brokers licenses must be renewed _____________ during which the license was issued. - Answer Every two years by the last day of the month For correspondence and other distance learning instruction offered by an approved provider, - Answer the board shall establish the appropriate testing procedures to verify completion of the course and require the licensee to file a notarized affidavit certifying compliance with the course requirements. Apartments - Answer are covered by the Virginia Residential Landlord and Tenant Act regardless of the number of apartment units the landlord rents. Billy is an Attorney and decides to sell real estate. His buyer turns him into the Board. The Board issues an order requiring Billy to cease and desist from acting as a real estate salesperson. What due cause does Billy have? - Answer The order is effective and becomes final unless Billy files an appeal with the Board in accordance with the Administrative Process Act within 21 days of the date of entry of the order. Billy is unafraid of the order. What can happen if he does NOT cease and desist? - Answer Any person engaging in unlicensed activity shall be subject to further proceedings before the Board and the Board my impose a civil penalty not to exceed $1000 for any real estate transaction. Bob is currently licensed in Texas as a real estate broker, but lives in Virginia. Which exam must he pass to practice real estate sales in Virginia. - Answer Virginia's examination Broker must notify board of termination or status change of any salesperson or broker within_______ - Answer ten calendar days Brokers and salespersons much complete per term_______ - Answer 8 of general elective