Virginia Real Estate Practice Exam Questions and Answers | Latest Updated 2024

Virginia Real Estate Practice Exam Questions and Answers | Latest Updated 2024 The term biology may refer to all the following EXCEPT a. a brokerage firm b. a sole proprietor transacting real estate business c. a managing broker for a branch office. d. a principal in brokerage realtionship - answerd. By Virginia statutory definition, a salesperson may perform all of the following functions EXCEPT a. offer a residence for sale iate an exchange c. serve as a managing broker d. lease rental apartments - answerc. Any individual holding a broker's license in Virginia who is NOT designated as the principal broker is a. a supervising broker b. a managing broker c. an associate broker. d. none of the above - answerc. When a licensee acts as an independent contractor and NOT as a standard agent, the relationship is governed by a. the common law of agency b. a standard Virginia REB contractor agreement c. a written agreement between licensee and client d. a buyer agency agreement - answerc. An individual wants to sell her own house. Which of the following statements is TRUE? a. She does not need a real estate license to sell her own property. b. In Virginia, anyone who sells real property must have a real estate license. c. An individual may obtain a temporary real estate license in order to legally sell her own house. d. She may sell her house without a real estate license if the she is an attorney - answera. Every principal broker must have all of the following readily available to the public EXCEPT a. the business firm license b. the managing broker's license c. a roster of all salespersons and brokers affiliated with the firm. d. all branch offices' licenses - answerd. All of the following are exempt from the state licensing requirements EXCEPT a. a person acting without compensation as attorney-in-fact. b. an attorney involved in a real estate transaction in her normal role as attorney. c. an officer of a firm who actively participates in a brokerage business. d. a licensed auctioneer selling real estate at a public auction - answerc. The Virginia Real Estate Transaction Recovery Fund was created to a. protect consumers from unscrupulous settlement attorneys. b. provide funding for the Virginia Housing Development Authority c. reimburse consumers who suffer monetary loss due to a licensee's misconduct d. establish a fund for research and education of licensees. - answerc. The Real Estate Board (REB) may assess each active and inactive licensee a proportionate amount whenever the Transaction Recovery Fund falls below a minimum balance of a. $20 per licensee b. $400,000 c. $1,000,000 d. $2,000,000 - answerb. The maximum amount that any single claimant may recover from the fund based on a single transaction is a. $20,000 b.$50,000 c. $100,000 d. unlimited - answera. The Real Estate Board (REB) Rules and Regulations are found in a. the Code of Virginia b. the Virginia Constitution c. the Virginia Administrative Code. d. the General Assembly Minuted. - answerc. The Common Interest Community B