State Practice Exam Questions with complete solution

If the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund? Select one: A. $10,000 B. $20,000 C. $100,000 D. None of the above - ANSWER-B. $20,000 Which of the following statements must be true about a real estate salesperson's license? Select one: A. It is mailed to the licensee for delivery to the employing broker B. It is prominently displayed in the main office of the salesperson's firm C. It is prominently displayed in the branch office where the salesperson works D. It is kept in the custody of the employing broker - ANSWER-D. It is kept in the custody of the employing broker A prospective tenant fills out an application to lease property. She pays the required application deposit in cash, but no lease is ever granted. Under Virginia's Landlord-Tenant Act, which of the following statements is the LEAST correct? Select one: A. The landlord has 10 days to refund the deposit B. The landlord has 20 days to refund the deposit C. The landlord may keep $10 of the deposit for the time and trouble D. The landlord may return the entire deposit - ANSWER-B. The landlord has 20 days to refund the deposit