va reciprocal real estate license study set Exam Questions & Answers 100% Accurate

Each Real Estate Firm, regardless of the number of agents or offices, must have one ___________. - ANSWER-Principal Broker The supervising broker must provide reasonable and adequate supervision to all agents who work for that supervising broker. The supervising broker must do all of the following EXCEPT: - ANSWER-Be in the real estate office on weekends when residential transactions often occur. Each real estate place of business (office) must be supervised by which of the following? - ANSWER-a supervising broker The broker's escrow account is established for which of the following reasons? - ANSWER-For deposit of money that the broker holds for other people pending consummation of a transaction. In general, a residential seller must deliver to a potential buyer the required written seller disclosure: - ANSWER-prior to acceptance of the buyer's offer. If the purchaser receives the seller's disclosure statement after the contract of sale is fully executed then the purchaser may exercise which of the following options? - ANSWER-The purchaser's remedy is to rescind the contract within the proscribed number of days. The seller's residential property disclosure statement may be delivered to the buyer in all the following ways EXCEPT: - ANSWER-As part of the closing documents at settlement. If a licensee is acting as an independent contractor they only have the duties specified in the independent contractor agreement. The licensee might agree to do all of the following EXCEPT: - ANSWER-Advise an owner on how to avoid disclosing material facts about the property.