Virginia hic State Test Practice 2 exam 2024 updated Q&A

Virginia hic State Test Practice 2 exam 2024 updated Q&A After an investigation by the DPOR, what comes next in the complaint process? a. A hearing is held. b.. A meeting is held between the parties involved to determine the facts of the matter. c. Interviews with witnesses and statements are obtained. d. Interviews with witnesses and statements are obtained. - CORRECT ANSWER-b.. A meeting is held between the parties involved to determine the facts of the matter. Which of the following does Virginia's Condominium Act NOT do? a. Establishes condo owners' rights b. Mandates that all condo associations file a declaration c. Regulates how condos are created and sold d. Regulates the kind of mortgages that buyers can get - CORRECT ANSWER-d. Regulates the kind of mortgages that buyers can get Who usually pays the recordation tax in Virginia? a. the buyer b. the lender c. the listing agent d. the seller - CORRECT ANSWER-a. the buyer Which of the following would most likely be regulated by a POA? a. Allowable age for POA members b. Curfew for POA members c. Exterior paint for all POA residences d. Interior furnishings for all POA residences - CORRECT ANSWER-c. Exterior paint for all POA residences In Virginia, the floodplain consists of the floodway and the ______. a. Flood discharge area b. Flood fringe c. Property within a one mile radius d. Surrounding community - CORRECT ANSWER-b. flood fringe Gerald is selling a property that is not on public water and sewer systems. Per the purchase agreement he has signed with the buyers, he must provide a certificate proving that water from the well is safe, and that the sewage disposal system works. When must the certificate be dated? a. Not more than 15 days prior to settlement b. Not more than 20 days prior to settlement c. Not more than 25 days prior to settlement d. Not more than 30 days prior to settlement - CORRECT ANSWER-d. Not more than 30 days prior to settlement In Virginia, how long must completed real estate forms be kept on file with the broker? a. A minimum of three years b. At least six months c. One year d. Seven years - CORRECT ANSWER-a. A minimum of three years Salesperson Nicola just told her principal broker Carter that she's going to transfer to another brokerage. What duties, if any, does Carter have in this transaction? a. Carter must return Nicola's license to the VREB within 10 days. b. He has to fill out and submit Nicola's transfer request form. c. He must sign and file a transfer request with the VREB that includes the new sponsoring broker's signature.