Virginia Real Estate Exam Study Guide | 165 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 27 Pages

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. - 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. - 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. - 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. - 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. - 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.