Moseley Pre License State Exam Prep
Questions with correct answers
An applicant must meet which of the following requirements in order to
become a 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 - CORRECT ANSWERS ✔✔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 - CORRECT
ANSWERS ✔✔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 - CORRECT ANSWERS
✔✔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 - CORRECT ANSWERS ✔✔Be
furnished to the Board upon request
A real estate license could be suspended without investigation if the licensee:
Select one:
A.
Engages in acts of brokerage while on inactive status
B.
Violates the Virginia Real Property Act
C.
Does not pay the Transaction Recovery Fund assessment
D.
All of the above - CORRECT ANSWERS ✔✔Does not pay the Transaction
Recovery Fund assessment
Earnest money deposits may be placed in interest-bearing accounts if the:
Select one:
A.
Contract specifies the beneficiary of any earned interest
B.
, Account earns a minimum of 5% interest
C.
Account is properly titled as escrow
D.
Interest is divided between the cooperating brokers - CORRECT ANSWERS
✔✔Contract specifies the beneficiary of any earned interest
Broker Foster manages an apartment building for Owner Smith. Foster used
the security deposits of two tenants (Petri and Gonzales) for general
maintenance on the apartment building. Was this action permissible?
Select one:
A.
Yes, because deposits are held to cover the cost of repairs
B.
Yes, as long as the owner is aware of it
C.
No, security deposits are held for tenants in an escrow account and are not part
of the operating funds
D.
No, using these deposits for repairs would eliminate the need to charge damage
repairs when tenants move out - CORRECT ANSWERS ✔✔No, security
deposits are held for tenants in an escrow account and are not part of the
operating funds
Questions with correct answers
An applicant must meet which of the following requirements in order to
become a 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 - CORRECT ANSWERS ✔✔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 - CORRECT
ANSWERS ✔✔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 - CORRECT ANSWERS
✔✔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 - CORRECT ANSWERS ✔✔Be
furnished to the Board upon request
A real estate license could be suspended without investigation if the licensee:
Select one:
A.
Engages in acts of brokerage while on inactive status
B.
Violates the Virginia Real Property Act
C.
Does not pay the Transaction Recovery Fund assessment
D.
All of the above - CORRECT ANSWERS ✔✔Does not pay the Transaction
Recovery Fund assessment
Earnest money deposits may be placed in interest-bearing accounts if the:
Select one:
A.
Contract specifies the beneficiary of any earned interest
B.
, Account earns a minimum of 5% interest
C.
Account is properly titled as escrow
D.
Interest is divided between the cooperating brokers - CORRECT ANSWERS
✔✔Contract specifies the beneficiary of any earned interest
Broker Foster manages an apartment building for Owner Smith. Foster used
the security deposits of two tenants (Petri and Gonzales) for general
maintenance on the apartment building. Was this action permissible?
Select one:
A.
Yes, because deposits are held to cover the cost of repairs
B.
Yes, as long as the owner is aware of it
C.
No, security deposits are held for tenants in an escrow account and are not part
of the operating funds
D.
No, using these deposits for repairs would eliminate the need to charge damage
repairs when tenants move out - CORRECT ANSWERS ✔✔No, security
deposits are held for tenants in an escrow account and are not part of the
operating funds
