Virginia Real Estate Practice Exam Questions and Answers | Latest Updated 2024

Virginia Real Estate Practice Exam Questions and Answers | Latest Updated 2024 Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. Failure to disclose an agency relationship d. Performing services that would qualify as practice of law - answera. Commingling Which regulation sets forth the Virginia Real Estate Board's licensing regulations? a. Code of Virginia Title 53, Chapter 20 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135, Chapter 20 - answerd. Virginia Administrative Code Title 18, Agency 135, Chapter 20 Karen just received her real estate license in Virginia. She must take post-licensing education this year and then she can renew her license next year. What type of license does Karen have? a. Associate broker b. Broker c. Managing broker d. Salesperson - answerd. Salesperson Which of the following is NOT an example of a misrepresentation or omission? a. Kari knows that the low rent she's advertising for some new apartments is too good to be true, but she advertises it anyway. b. Katherine's ad for her newly-renovated home states, "new from the studs up." Her carpenter has a different story. c. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." d. Kim notes that the property is next to a "serene, peaceful green space." It's next to an industrial park. - answerc. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." John is 18 and he wants to be a real estate broker in Virginia. He is ready to complete the 180 hours of required real estate licensing coursework. Is there anything that might prevent him from doing this? a. No - you go, John! b. Yes - he must be at least 19 years old. c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker. d. Yes - he must schedule his exam before beginning the required coursework. - answerc. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker. Daniel is a full-time member of the armed services. He is renting a property, but just received orders to relocate to a new base in another state for no less than two years. What actions could he take related to his existing lease? a. Abandon the leased property b. Ask to be evicted from the property c. He must fulfill the provisions of the lease d. Use the orders to receive a military release from his lease obligation - answerd. Use the orders to receive a military release from his lease obligation Virginia's Big Valley Brokerage was just audited and the auditor found several instances of noncompliance. What happens next? a. The brokerage's license will be temporarily suspended until the noncompliance issue is resolved. b. The licenses of all affiliated brokers will be temporarily suspended. c. The principal broker must address the noncompliance or create a plan to do so. d. The principal broker must pay for another more in-depth audit within six weeks. - answerc. The principal broker must address the noncompliance or create a plan to do so. Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town. What type of violation are you committing? a. Conflict of interest b. Improper disclosure c. Mishandling funds d. Misrepresentation - answerd. Misrepresentation What is the VREB authorized to do? a. License appraisers and home inspectors b. Regulate advertising of small home businesses c. Require minimum daily work hours for all licensees d. Set requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws - answerd. Set requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws Why is it important to call 811 bef