Virginia Real Estate License Exam Latest
Updated Graded A+
A broker has received an earnest money deposit to support a valid contract. If the
contract is breached and does not close, the broker is required to hold the escrow funds
until... - ANSWER-All principals to the contract agree to the intended distribution
A broker manages 3 properties for the same owner. One property is in need of repairs
but there is not enough money in the management account to cover the cost. The
broker borrows money from the escrow account of one of the other properties to make
repairs.
TRUE or FALSE? The broker is in violation of regulations for improperly handling
escrow funds - ANSWER-TRUE
A broker may be licensed with more than one VA brokerage firm or sole proprietorship
under what circumstances? - ANSWER-With the written consent of the principal brokers
represented
A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person
that submits as acceptable offer on the property. To whom may the broker pay this
bonus? - ANSWER-Any other licensed cooperating broker
A licensed real estate salesperson may receive money or other valuable consideration
for services rendered in connection with property management from... - ANSWER-His
or her employing broker
A licensed salesperson can be licensed with more than one VA broker under what
circumstances? - ANSWER-Under no circumstances
A licensee contacts a homeowner in an attempt to obtain a listing for the property.
When must agency disclosure be provided to the homeowner? - ANSWER-At the time
the owner agrees to list the property
A licensee presents a seller a full price offer to purchase, subject to a home inspection.
The selling agent orders the inspection from a friend who pays the agent a fee for the
referral. Such action would be considered a violation of Board regulations unless.. -
ANSWER-The fee is disclosed, in writing, to the parties to the contract
A licensee was out of town on personal business. When she returned on July 5 she
realized that her license had expired on May 31. What is required if the licensee wants
to remain licensed? - ANSWER-Apply for reinstatement and pay a reinstatement fee
A licensee who is actively engaged in real estate brokerage works at least.. - ANSWER-
40 hours per week
, A licensee whose license has been on inactive status for more than 3 years will have to
do what in order to activate the license? - ANSWER-Meet current educational
requirements
A nonresident who obtains a license as an active salesperson in VA is required to do
which of the following? - ANSWER-4. Activate with a VA licensed broker.
A property was sold by Bob, a licensed associate broker. Several weeks after closing,
the seller send Bob $500 and a thank you note for a job well done. Bob accepted the
check because he felt he deserved it for working hard. TRUE or FALSE? Bob may keep
the bonus because he is licensed as an associate broker. - ANSWER-FALSE. Bob has
violated the Board regulations
A real estate licensee could be suspended without investigation if the licensee... -
ANSWER-Does not pay the Transaction Recovery Fund assessment
A salesperson is alleged to have violated the license law which could result in
disciplinary action. TRUE or FALSE? The salesperson is entitled to a jury trial before
any action can be taken. - ANSWER-FALSE. An investigation will be conducted unless
the law specifically provides otherwise.
A VA lender refuses to make a loan to purchase real property on the basis that the
applicant was over 60 years old and would not live long enough to repay the loan. In
this situation, the lender is... - ANSWER-In violation of Virginia Fair Housing Laws
An unlicensed investor plans to open a real estate brokerage business. The business
will be operated as a sole proprietorship. Which of the following is true? - ANSWER-The
investor must hire a broker to manage the business.
Board regulations require that complete records of real estate transactions... -
ANSWER-Are subject to audit by Board investigators
Ed, a licensed salesperson, moved to a new home. What is Ed required to do? -
ANSWER-Advise the Board in writing within 30 calendar days of the change
General requirements for licensure as either salesperson or broker include which of the
following? - ANSWER-An applicant must at least be 18 years of age
George, an independent broker, lists property. George offers broker Martha a portion of
the fee if she can sell the property. Martha sells the property and George pays her the
agreement. The amount of the payment is never disclosed to either buyer or seller.
According to VA regulations... - ANSWER-Disclosure of the information is not required
If a broker opens a branch office in VA, which of the following is true? - ANSWER-Upon
proper application, the Board will issue a license for the Branch.
Updated Graded A+
A broker has received an earnest money deposit to support a valid contract. If the
contract is breached and does not close, the broker is required to hold the escrow funds
until... - ANSWER-All principals to the contract agree to the intended distribution
A broker manages 3 properties for the same owner. One property is in need of repairs
but there is not enough money in the management account to cover the cost. The
broker borrows money from the escrow account of one of the other properties to make
repairs.
TRUE or FALSE? The broker is in violation of regulations for improperly handling
escrow funds - ANSWER-TRUE
A broker may be licensed with more than one VA brokerage firm or sole proprietorship
under what circumstances? - ANSWER-With the written consent of the principal brokers
represented
A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person
that submits as acceptable offer on the property. To whom may the broker pay this
bonus? - ANSWER-Any other licensed cooperating broker
A licensed real estate salesperson may receive money or other valuable consideration
for services rendered in connection with property management from... - ANSWER-His
or her employing broker
A licensed salesperson can be licensed with more than one VA broker under what
circumstances? - ANSWER-Under no circumstances
A licensee contacts a homeowner in an attempt to obtain a listing for the property.
When must agency disclosure be provided to the homeowner? - ANSWER-At the time
the owner agrees to list the property
A licensee presents a seller a full price offer to purchase, subject to a home inspection.
The selling agent orders the inspection from a friend who pays the agent a fee for the
referral. Such action would be considered a violation of Board regulations unless.. -
ANSWER-The fee is disclosed, in writing, to the parties to the contract
A licensee was out of town on personal business. When she returned on July 5 she
realized that her license had expired on May 31. What is required if the licensee wants
to remain licensed? - ANSWER-Apply for reinstatement and pay a reinstatement fee
A licensee who is actively engaged in real estate brokerage works at least.. - ANSWER-
40 hours per week
, A licensee whose license has been on inactive status for more than 3 years will have to
do what in order to activate the license? - ANSWER-Meet current educational
requirements
A nonresident who obtains a license as an active salesperson in VA is required to do
which of the following? - ANSWER-4. Activate with a VA licensed broker.
A property was sold by Bob, a licensed associate broker. Several weeks after closing,
the seller send Bob $500 and a thank you note for a job well done. Bob accepted the
check because he felt he deserved it for working hard. TRUE or FALSE? Bob may keep
the bonus because he is licensed as an associate broker. - ANSWER-FALSE. Bob has
violated the Board regulations
A real estate licensee could be suspended without investigation if the licensee... -
ANSWER-Does not pay the Transaction Recovery Fund assessment
A salesperson is alleged to have violated the license law which could result in
disciplinary action. TRUE or FALSE? The salesperson is entitled to a jury trial before
any action can be taken. - ANSWER-FALSE. An investigation will be conducted unless
the law specifically provides otherwise.
A VA lender refuses to make a loan to purchase real property on the basis that the
applicant was over 60 years old and would not live long enough to repay the loan. In
this situation, the lender is... - ANSWER-In violation of Virginia Fair Housing Laws
An unlicensed investor plans to open a real estate brokerage business. The business
will be operated as a sole proprietorship. Which of the following is true? - ANSWER-The
investor must hire a broker to manage the business.
Board regulations require that complete records of real estate transactions... -
ANSWER-Are subject to audit by Board investigators
Ed, a licensed salesperson, moved to a new home. What is Ed required to do? -
ANSWER-Advise the Board in writing within 30 calendar days of the change
General requirements for licensure as either salesperson or broker include which of the
following? - ANSWER-An applicant must at least be 18 years of age
George, an independent broker, lists property. George offers broker Martha a portion of
the fee if she can sell the property. Martha sells the property and George pays her the
agreement. The amount of the payment is never disclosed to either buyer or seller.
According to VA regulations... - ANSWER-Disclosure of the information is not required
If a broker opens a branch office in VA, which of the following is true? - ANSWER-Upon
proper application, the Board will issue a license for the Branch.
