Virginia Real Estate Exam Questions & Answers (Graded A+)

If, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. - ANSWER-Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, any accrued interest and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant together with any amount due the tenant within ____ days after termination of the tenancy and delivery of possession. - ANSWER-45 days. The landlord has 45 days to give a written notice of any deductions to the tenant's deposit (and any amount due) after termination of the tenancy and delivery of possession. ________ is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract. - ANSWER-Escrow. Escrow is to be placed inside of an account by a third party to be turned back to the grantee upon fulfillment of contract. An auctioneer selling real estate at a public auction for the owner does not need to have a real estate license, if the auction is open only ___ hours. - ANSWER-48 hours. The final inspection of a rental property is required by Virginia law to be held within ___ hours of the tenant vacating the property. - ANSWER-72 hours (or three days). The landlord has up to three days to conduct a final inspection of a rental property upon the tenant leaving the property. Someone involved in real estate brokerage dealings in Virginia: - ANSWER-Must have a license issued by the Virginia board, whether or not this person is licensed elsewhere. It does not matter if they are licensed anywhere else. In what case is there an automatic renewal of a real estate license? - ANSWER-Never. It is the responsibility of the broker/salesperson to renew their licenses at the appropriate time. According to Virginia law, the fee for examination or reexamination is subject to contracted charges to the board by an outside vendor, but the fee shall NOT exceed ____ per candidate. - ANSWER-$90. The fee for a real estate examination in Virginia is *not* to exceed $90. To whom must disclosures be made: - ANSWER-Buyers, sellers, tenants, and landlords. All parties are due certain disclosures. Virginia non-residents who are not licensed in another jurisdiction must meet the same requirements as the residents of Virginia, and must also: - ANSWER-File an irrevocable consent to suits and services, as well as agree to allow the Director of DPOR to accept legal service of any legal process on the licensee's behalf. Tenants have the right to install security devices, provided that: - ANSWER-It's at their own expense, that they restore the property to it's original condition before vacating, and that the landlord is given operating instructions and keys for any and all equipment installed. The Virginia Real Estate Board does not: - ANSWER-Handle disputes between salespeople and brokers or standardize listing sales contracts or agreements. Virginia Real Estate Exam Questions & Answers (Graded A+)