West Virginia Real Estate Specific Exam Questions and Answers Already Passed

West Virginia Real Estate Specific Exam Questions and Answers Already Passed Broker is ordering the sign for her new firm. Which is NOT a sign requirement? Letters at least 2 inches in height The Reason: Every sign shall prominently display the name of the broker, the term "Broker" and the company name, if any, all in letters not less than 1 inch in height. If the broker so desires, the names of the salespersons or associate brokers may be placed below the name of the broker. Broker Bob can pay his friend a referral for helping him obtain a listing if the friend is licensed with his firm Any referral fee paid must be to a real estate current licensee. The local bank paid Broker Bob a fee to take a picture of a home do a broker price opinion "BPO" for this client. Which of following is a violation of license law? A Broker Price Opinion (BPO) are illegal in West Virginia. The Reason: In West Virginia, brokers may not perform a "BPO" or an appraisal unless the broker is licensed or certified as an appraiser. A real estate broker or salesperson licensed by this state who, in the ordinary course of his or her business, gives an opinion to a potential seller or third party as to the recommended listing price of real estate or an opinion to a potential purchaser or third party as to the recommended purchase price of real estate, when this opinion as to the listing price or the purchase price is not to be referred to as an appraisal, no opinion is rendered as to the value of the real estate and no fee is charged; When a salesperson terminates employment with a real estate firm, the broker sends the salespersons license to the Commission. Promptly returned the license to the Commission of any associate broker or salesperson whose employment with the broker is terminated. A salesperson's license generally must be a. retained in the office of the employing broker b. kept in a safe place by the salesperson c. carried by the salesperson with him or herd. retained by the salesperson at his or her residence a. retained in the office of the employing broker Landowner Shelley subdivides her acreage and offers the lots for sale. Broker Ernie tells her that he can sell the lots. After Ernie sells some of the lots, the landowner refuses to pay him a commission. The broker can a. file a lien against the landowners remaining lots b. sue the landowner for breach of contract c. report the landowner to the real estate licensing authorities d. do nothing D. Do nothing Under the provisions of the West Virginia Real Estate License Law the Real Estate Commission is authorized to charge a fine of a. An amount sufficient to prevent further violations b. Up to $2,000.00 per day per violation c. Up to $1,000.00 per day per violation d. Any amount that is deemed reasonable under the circumstances c. Up to $1000 per day violation West Virginia's Real Estate Laws are contained in WV Code a. Chapter 12, Article 174b. B. Chapter 30, Article 40 c. Chapter 15, Article 20 d. Chapter 174, Article 12 B. Chapter 30, Article 40 Every person licensed as a real estate broker shall a. have and maintain a definite place of business b. have and maintain a Post Office Box