VA STATE EXAM QUESTIONS AND
ANSWERS WITH COMPLETE
SOLUTIONS 100% CORRECT!!!
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. -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 -
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 -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 -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 -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 -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. -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 -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.
ANSWERS WITH COMPLETE
SOLUTIONS 100% CORRECT!!!
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. -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 -
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 -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 -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 -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 -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. -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 -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.
