VA STATE EXAM QUESTIONS &
ANSWERS UPDATED ALL PASSED
100%
Which of these is a rule that governs how escrow money can be disbursed?
Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement
between the parties.
Brokers can disburse escrow money in a different way than the contract indicates.
If the contract doesn't give any instructions about the escrow account, the money always goes
back to the client who paid it.
Licensees must open an escrow account on the same day that they receive escrow money. -
correct answer ✔✔Brokers can disburse escrow money at the conclusion of the transaction to
settle the agreement between the parties.
Which of the following is the best description of an escrow account?
Any account that a brokerage maintains
Any account that only the principal broker is allowed to access
Any account where licensees or brokers can't access the money for a certain amount of time
,Any account where the money is being held in reserve for someone else - correct answer
✔✔Any account where the money is being held in reserve for someone else
A salesperson or associate broker may perform real estate brokerage activities under what
circumstances?
In the absence of a broker
When requested to do so by a client
When they have two years of experience
While associated with and supervised by a broker - correct answer ✔✔While associated with
and supervised by a broker
Virginia fair housing law does not apply to any single-family house sold or rented by an owner,
so long as they do not own more than ______ single-family houses at any one time.
five
four
three
two - correct answer ✔✔Three
Many buyer agency agreements contain a provision which comes into play if the buyers let the
agreement expire and then try to contact a seller directly. What is this provision called?
Commission assignment
Exclusivity clause
,Mitigation clause
Protection clause - correct answer ✔✔Protection Clause
Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help
of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker
Simone has provided advice and encouragement, but hasn't been directly involved in the
transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's
responsible for opening this escrow account?
Bart
Celia
Henry
Simone - correct answer ✔✔Simone
Which of the following transactions demonstrates designated agency?
Benny, a licensee from New Days Realty, represents seller Carmine. Bert, a licensee from
Expertise Realty, represents Cassandra, the buyer.
Benny, a licensee, represents seller Carmine and buyer Cassandra.
Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They
both work for New Days Realty.
The seller, Carmine, is represented by licensee Benny. The buyer, Cassandra, is unrepresented. -
correct answer ✔✔Licensee Benny represents seller Carmine, and licensee Boyd represents
buyer Cassandra. They both work for New Days Realty.
In Virginia, what information does the Megan's Law disclosure provide to buyers?
, A description of the case that led to Megan's law
Notice that the seller is responsible for disclosing registered sex offenders in the area
The names and addresses of registered sex offenders in the area
There is no Megan's Law disclosure in Virginia - correct answer ✔✔There is no Megan's Law
disclosure
Who is able to apply for concurrent licensure?
Bethany is almost finished with her 180 hours of broker education and is ready to take her
broker's examination.
Eric, who works for the largest real estate firm in the state as a salesperson.
George is a licensed broker at a small backwoods real estate firm.
Jason, a registered administrative clerk and licensed salesperson. - correct answer ✔✔George
b/c he is a licensed broker
Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two
weeks later, he learns that a counter-offer was submitted and the response date had expired.
His client's offer was terminated because he failed to respond on time. This violation is an
example of ______.
Demonstrating untrustworthiness or incompetency to act as a real estate broker
ANSWERS UPDATED ALL PASSED
100%
Which of these is a rule that governs how escrow money can be disbursed?
Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement
between the parties.
Brokers can disburse escrow money in a different way than the contract indicates.
If the contract doesn't give any instructions about the escrow account, the money always goes
back to the client who paid it.
Licensees must open an escrow account on the same day that they receive escrow money. -
correct answer ✔✔Brokers can disburse escrow money at the conclusion of the transaction to
settle the agreement between the parties.
Which of the following is the best description of an escrow account?
Any account that a brokerage maintains
Any account that only the principal broker is allowed to access
Any account where licensees or brokers can't access the money for a certain amount of time
,Any account where the money is being held in reserve for someone else - correct answer
✔✔Any account where the money is being held in reserve for someone else
A salesperson or associate broker may perform real estate brokerage activities under what
circumstances?
In the absence of a broker
When requested to do so by a client
When they have two years of experience
While associated with and supervised by a broker - correct answer ✔✔While associated with
and supervised by a broker
Virginia fair housing law does not apply to any single-family house sold or rented by an owner,
so long as they do not own more than ______ single-family houses at any one time.
five
four
three
two - correct answer ✔✔Three
Many buyer agency agreements contain a provision which comes into play if the buyers let the
agreement expire and then try to contact a seller directly. What is this provision called?
Commission assignment
Exclusivity clause
,Mitigation clause
Protection clause - correct answer ✔✔Protection Clause
Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help
of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker
Simone has provided advice and encouragement, but hasn't been directly involved in the
transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's
responsible for opening this escrow account?
Bart
Celia
Henry
Simone - correct answer ✔✔Simone
Which of the following transactions demonstrates designated agency?
Benny, a licensee from New Days Realty, represents seller Carmine. Bert, a licensee from
Expertise Realty, represents Cassandra, the buyer.
Benny, a licensee, represents seller Carmine and buyer Cassandra.
Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They
both work for New Days Realty.
The seller, Carmine, is represented by licensee Benny. The buyer, Cassandra, is unrepresented. -
correct answer ✔✔Licensee Benny represents seller Carmine, and licensee Boyd represents
buyer Cassandra. They both work for New Days Realty.
In Virginia, what information does the Megan's Law disclosure provide to buyers?
, A description of the case that led to Megan's law
Notice that the seller is responsible for disclosing registered sex offenders in the area
The names and addresses of registered sex offenders in the area
There is no Megan's Law disclosure in Virginia - correct answer ✔✔There is no Megan's Law
disclosure
Who is able to apply for concurrent licensure?
Bethany is almost finished with her 180 hours of broker education and is ready to take her
broker's examination.
Eric, who works for the largest real estate firm in the state as a salesperson.
George is a licensed broker at a small backwoods real estate firm.
Jason, a registered administrative clerk and licensed salesperson. - correct answer ✔✔George
b/c he is a licensed broker
Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two
weeks later, he learns that a counter-offer was submitted and the response date had expired.
His client's offer was terminated because he failed to respond on time. This violation is an
example of ______.
Demonstrating untrustworthiness or incompetency to act as a real estate broker
