Moseley Pre License State Exam Prep Questions With Correct Answers

salesperson or broker? Select one: A. Be at least 18 years of age B. Be a US citizen C. Hold degree in real estate D. Be a Virginia resident for at least 1 year - ANSWER-Be at least 18 years of age A salesperson contacts a neighborhood FSBO about listing the house with her firm. When is agency disclosure required? Select one: A. At the first meeting between the FSBO and the agent B. Before the FSBO agrees to list his house with the agent C. When the agent presents the first offer from a prospective buyer D. Never since disclosure is only required to buyers, not sellers - ANSWER-Before the FSBO agrees to list his house with the agent When a real estate license has expired, when can a person reinstate his license without monetary penalty? Select one: A. Within 15 days B. Within 30 days C. Within 1 year D. The licensee cannot be reinstated after expiration - ANSWER-Within 30 days The VREB regulations require that complete records of real estate transactions: Select one: A. Be retained by the principal broker indefinitely B. Be furnished to the Board upon request C. Be furnished to the Board every three years D. Be maintained in a federally insured bank - ANSWER-Be furnished to the Board upon request