Mosley Virginia Real Estate Test (Practice) Questions and Answers | Latest Updated 2024

Mosley Virginia Real Estate Test (Practice) Questions and Answers | Latest Updated 2024 According to the Virginia Time-Share act, the statute of limitation for an action against the developer (based on inaccuracies in the Project instrument) is: 1 year 2 years 3 years there is no limit - answer2 years Board regulations require that records of real estate transactions and escrow account activity be kept for: - 2 years from the date of ratification or closing - 3 years from the date of consummation - 3 years from the date of ratification or closing - 5 years from date of consummation - answer3 years from the date of ratification or closing If a claim is paid from the Transaction Recovery Fund, what disciplinary action is taken against the respondent? - the respondent's license will be revoked - the licensee must post a bond - no action will be taken if the licensee repays the Fund within 30 days - the respondent's license will be suspended pending a formal hearing - answerthe respondent's license will be revoked In Virginia, sellers of residential property must disclose that the: - pervious owner was murdered - basement floods during heavy rain - neighbor is a registered sex offender - current occupant is affected with HIV - answerneighbor is a registered sex offender It is illegal to induce property sales by representing that: - the brokerage firm will accept a lower commission rate - the seller needs a larger home - the property has appreciated in value - ethnic groups may be moving into the neighborhood - answerethnic groups may be moving into the neighborhood What is required in order to apply for a broker's license in Virginia? - refundable application fee - U.S. citizenship - Virginia residency - prior experience as a real estate salesperson - answerprior experience as a real estate salesperson A selling broker receives an earnest money deposit to support an offer to purchase. The deposit is exactly the same amount that the broker will receive when the sale closes. With the permission of the buyer, the broker deposits the check into his brokerage account. Which of the following statements is correct in this situation? - the broker may follow the buyer's instructions because of the fiduciary relationship - the broker is commingling such action is permissible if closing take place within 6 months -the broker has not violated Board regulations - answerthe broker is commingling Kerri is licensed as a non-resident broker in Virginia, and she only sells residential property. When is she required to complete her continuing education? - annually - every two years - every three years - none of the above - answerevery two years According to the Virginia Time-Share Act, advertisements that include a free gift or prize must disclose all of the following details. EXCEPT: - retail value - start date of the offer - odds of winning - expiration date of the offer - answerstart date of the offer Concurrent licenses may be issued to: - principal brokers only - any licensee that is active in more than one firm - any broker that is active in more than one firm - any person licensed n another jurisdiction - answerany broker that is active in more than one firm When reselling a condominium, what information must the seller provide to the buyer? - condominium financial statements - condominium documents and by-laws - information regarding any proposed capital improvements - all of the above - answercondominium