Virginia Real Estate State Practice Exam 1 solved 100%

Which of the following statements is true about real estate advertising? A. It must be supervised by the principal or supervising broker B. It must be in the name of the firm C. The firm's licensed name must be clearly and legibly displayed D. All of the above - Answer All of the above A person seeking a real estate license in Virginia MUST be: A. A resident of Virginia B. At least 21 years old C. A college graduate D. Competent and have a good reputation for honesty - Answer Competent and have a good reputation for honesty According to the Virginia Landlord-Tenant Act, security deposits: A. Are 100% refundable to the tenant B. Must earn interest to the benefit of the tenant C. Cannot exceed the equivalent of one month's rent D. Must placed in an escrow account - Answer Must be placed in an escrow account Which of the following actions would violate the Virginia Fair Housing Law? A. Refusing to list a commercial property owned by a particular minority B. Hiring office personnel on the basis of sex, regardless of qualifications C. Placing ads printed in a foreign language D. Taking a listing with intent to change the racial make-up of the neighborhood - Answer Taking a listing with intent to change the racial make-up of the neighborhood Every real estate office in Virginia is required to: A. Have one telephone for every five agents B. Have a desk for every five agents C. Keep records for a period of ten years D. Keep records for a period of three years - Answer Keep records for a period of three years Angela operated her own brokerage firm until she unexpectedly passed away. The Board appoints her son, Adam, to operate the business for 180 days. During this period, Adam: A. Will be issued a temporary license by the Board B. Can only conclude the transactions in the process to facilitate the termination of the business C. May take new listings and find buyers for any listings on the books D. Must find a licensed broker to run the business - Answer Can only conclude the transactions in the process to facilitate the termination of the business Billy the Broker represents Suzy Seller in an effort to sell her home. Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." Has Billy violated the VA License Law? A. No, because he acted in Suzy's best interests B. No, because Billy is a broker C. Yes, because Suzy must communicate directly with Billy D. Yes, because Billy failed to present the offer to Suzy - Answer Yes, because Billy failed to present the offer to Suzy If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the right to: A. File a claim against to the licensee to recover the amount paid from the Fund B. File a claim against the licensee to recover the judgement amount awarded by the court C. Only to revoke the license, as provided by Virginia law D. Sentence the licensee to a prison term of no more than 12 months - Answer File a claim against to the licensee to recover the amount paid from the Fund Carla the Salesperson places her license on inactive status in July. In October, Carla purchases a house from a FSBO. What, if anything, is Carla required to tell the seller of the property? A. Nothing, because Carla is an inactive licensee B. Nothing, because the property is not listed with a broker C. Advise the seller that she was once an active real estate agent D. Advise the seller in the written offer that she is licensed - Answer Advise the seller in the written offer that she is licensed A broker is holding an open house at one of her listings. According to Virginia License Law, the broker must provide agency disclosure. In the situation described, this disclosure must be made: A. Verbally to every person looking at the property B. In writing to every person looking at the property C. Verbally when the broker has substantive discussion about the property with a prospective buyer D. In writing when the broker has substantive discussion about the property with a prospective buyer - Answer In writing when the broker has substantive discussion about the property with a prospective buyer