PSI STATE questions with complete
solutions
When a land contract is entered into; - ANSWER The buyer acquires
equitable title
Angela operated her own brokerage firm until she unexpectedly passed
away. The Board appoints her son, Adam, to operate the business for
180 days. During this period, Adam: - ANSWER Can only conclude the
transactions in the process to facilitate the termination of the business
Which person would NOT need a real estate license? - ANSWER An
owner who sells no more than three of her own houses in a year, a
salaried property manager who is employed to manage the apartment
and lease individual units, and an attorney who is offering real property
for sale under court order
Which person would require a license, issued by the Real Estate Board? -
ANSWER An employee of a broker, who negotiates leases
NOT the executor of an estate, an auctioneer, or an individual employed
by the owner of rental property
,Which person is most likely required to have an active real estate
license? - ANSWER Independent contractors, negotiating leases on
behalf of another for a fee
The act of buying, selling, or leasing real estate on behalf of another and
for compensation is an act of real estate brokerage. Therefore, a license
is required UNLESS there's an applicable exemption. Virginia License Law
specifies that salaried rental property personnel may show units,
provide facts, and accept applications and security deposits without a
real estate license. Similarly, persons selling property under a court
order can do so without a real estate license. Licensed auctioneers may
auction real estate if they are employed by the owner and the bidding is
open for no longer than 48 hours. However, an independent contractor
paid to negotiate a lease on behalf of another must be licensed.
Under the broker's supervision, his unlicensed assistant may: - ANSWER
Prepare and file papers for tenant eviction for non-payment of rent
An unlicensed assistant can NOT take listings over the phone, give
additional information to callers about listings, or rent apartments for a
small fee.
The real estate license of any person or firm may be revoked by which of
the following entities? - ANSWER The Virginia Real Estate Board
Susan currently owns a house in Virginia, but is looking to move to Texas
this summer. Susan decides to sell her own house. Under the
, circumstances, which of the following statements is true? - ANSWER She
does not need a real estate license to sell her own house
In Virginia, you must be licensed if, ON BEHALF OF ANOTHER PERSON
and for a fee, you perform a regulated act of real estate. A person does
not need a license to sell her own property.
When a real estate license has expired, when can a person reinstate his
license without monetary penalty? - ANSWER Within 30 days
Licensees must renew their license BEFORE it expires. Licensees may
reinstate their license within 30 days by paying the regular renewal fee
(no additional penalty). Afterwards, licensees must pay a reinstatement
fee (Day 31 to 1 yr) or re-apply for initial license if not reinstated in a
timely manner (more than 1 yr).
Which of the following statements is correct if a licensee is leasing his
own property, without help from a broker? - ANSWER The licensee may
be exempt from the Virginia Landlord Tenant Act
If the licensee qualifies, he may be exempt from the Landlord Tenant Act
(like any other citizen of the state).
By Virginia definitions, which person requires a real estate license?
Select one:
A. An attorney-at-law
solutions
When a land contract is entered into; - ANSWER The buyer acquires
equitable title
Angela operated her own brokerage firm until she unexpectedly passed
away. The Board appoints her son, Adam, to operate the business for
180 days. During this period, Adam: - ANSWER Can only conclude the
transactions in the process to facilitate the termination of the business
Which person would NOT need a real estate license? - ANSWER An
owner who sells no more than three of her own houses in a year, a
salaried property manager who is employed to manage the apartment
and lease individual units, and an attorney who is offering real property
for sale under court order
Which person would require a license, issued by the Real Estate Board? -
ANSWER An employee of a broker, who negotiates leases
NOT the executor of an estate, an auctioneer, or an individual employed
by the owner of rental property
,Which person is most likely required to have an active real estate
license? - ANSWER Independent contractors, negotiating leases on
behalf of another for a fee
The act of buying, selling, or leasing real estate on behalf of another and
for compensation is an act of real estate brokerage. Therefore, a license
is required UNLESS there's an applicable exemption. Virginia License Law
specifies that salaried rental property personnel may show units,
provide facts, and accept applications and security deposits without a
real estate license. Similarly, persons selling property under a court
order can do so without a real estate license. Licensed auctioneers may
auction real estate if they are employed by the owner and the bidding is
open for no longer than 48 hours. However, an independent contractor
paid to negotiate a lease on behalf of another must be licensed.
Under the broker's supervision, his unlicensed assistant may: - ANSWER
Prepare and file papers for tenant eviction for non-payment of rent
An unlicensed assistant can NOT take listings over the phone, give
additional information to callers about listings, or rent apartments for a
small fee.
The real estate license of any person or firm may be revoked by which of
the following entities? - ANSWER The Virginia Real Estate Board
Susan currently owns a house in Virginia, but is looking to move to Texas
this summer. Susan decides to sell her own house. Under the
, circumstances, which of the following statements is true? - ANSWER She
does not need a real estate license to sell her own house
In Virginia, you must be licensed if, ON BEHALF OF ANOTHER PERSON
and for a fee, you perform a regulated act of real estate. A person does
not need a license to sell her own property.
When a real estate license has expired, when can a person reinstate his
license without monetary penalty? - ANSWER Within 30 days
Licensees must renew their license BEFORE it expires. Licensees may
reinstate their license within 30 days by paying the regular renewal fee
(no additional penalty). Afterwards, licensees must pay a reinstatement
fee (Day 31 to 1 yr) or re-apply for initial license if not reinstated in a
timely manner (more than 1 yr).
Which of the following statements is correct if a licensee is leasing his
own property, without help from a broker? - ANSWER The licensee may
be exempt from the Virginia Landlord Tenant Act
If the licensee qualifies, he may be exempt from the Landlord Tenant Act
(like any other citizen of the state).
By Virginia definitions, which person requires a real estate license?
Select one:
A. An attorney-at-law
