Pre-licensing sample quiz Vermont law Questions and Answers 2023

Pre-licensing sample quiz Vermont law Questions and Answers 2023 All of the following require a Real Estate License except: c. offering rental properties for lease. All of the below are licenses offered through the commission except: d. none of the above. How many people make up the Vermont Real Estate Commission a. 7 3 brokers, 1 sales person- 2 citizen 1 attorney When a company moves to a new address, how long do they have to notify the commission? d. 30 days. The predominat form of property description in Vermont is: a. mete's and bounds. A real estate advertisment by a licensee must: b. Prominently display the name of the brokerage firm. How many days after receiving an earnest money deposit does the real estate brokerage firm have to deposit in into the campany's escrow trust account? b. five days. All of the below are types of service agreements except c. exclusive broker agreement What year did the Vermont legislature pass the sign law? b. 1968 When the vermont legislature passed the sign law, what were they trying to achieve? a. to eliminate use of off-site advertisign. All of the following signs are not permitted in Vermont exept: c. for sale. In order to become a licensed real estate broker you need: d. all of the above. To obtain a license, all of the following statements are false except c. you must be employed by a brokerage firm and their principal broker. Licenses need to be renewed every how many years? b. 2 If a Licensee has falsely informed clients, embeszzled, or is convicted of fraudulent activities, he is guilty of? c. Unprofessional conduct. If someone has a temporary license, what is the period of time in which they expire? b. Not to exceed a year All of the following are to true, except: c. you have the ability to delegate family members to assist you n professional responsibilities, as long as they are in your immediate family. The Vermont's Real Estate Conveyance Law deals with: c. Purchase and sales What is the job of a surveyor? d. Establish lines and locate monuments. What is the monetary amount for a Vermont Homestead? B. $125,000 What law in Vermont spells out the obligations of both the landlord and tenants in a lease agreement? a. Landlord Tenant law. What is the name of the notic from landlord to tenatnt that is either hand delivered or mailed to the last known address? c. Actual notice In order for a landlord to legally enter the dwelling unit of their tenant, it has to be within the hours of 9 a.m. to 9 pm with no less than how much notice? d. 48 hours. All the following are legal reasons on why a landlord can enter a dwelling unit except: c. to inspect for illegal actitivy. How many days does a landlord have to return a security deposit if any, to the tenants after they vacate? b. 14 Which is not a description of a common are and facility: c. Park across the street. All of the following are false descriptions of "common Expenses" except: d. Expenses for Maintenance Which one is not a principal type of common ownership projects? b. assoication. The common ownership interest act's bylaws describe: b. the rights of unit owners to vote on the management of the affairs. Under current transfer tax law, how much tax would be due on the sale of 100 acres of forest land all of which is enrolled in current use forest management if the sales price is $200,000. d. Zero. This is exempt from the transfer tax. The fee charged by your brokerage firm for id brokerage services must be: d. disclosed fully on the service agreement. What is a time share estate? a. The right to occupy a unit during separate time periods The fair housing law makes it so it is unlawful for any persons to : D. All of the above. The only exception to the fair housing laws on age discrimination is a. 55 and over units. When someone violates the fair housing law, the criminal penalty is: d. no more than $1000 What date did the state of Vermont begin regulating the subdivision of land and the construction of improvements of improvements on newly subdivided property? a. September 18, 1969 What is the proper name of "Act 250" b. Land use and development act Which of the following does not require an Act 250 permit? c. The construction of improvements of agriculture, logging or forestry uses. Which of the below is a description of development? d. all of the above. The parties to a real estate sales transaction agree to have the property surveyed and the description from the survey incorporated and referenced in the deed delivered at closing. Which is TRUE? d. all the above What was the purpose Vermont wanted to acheive by regulating the subdivision and constructions of new land? c. regulating wastewater disposal systems. Which of the following is a true description of a subdivision c. A & B How often do individual communities have to rewrite or review their bylaws in accordance to the planning and Zoning law? b. 5 years. What is the planning and zoning law? a. the enabling legislation that allows communities in Vermont to enact Zoning bylaws in their individual areas. When there is a zoning violation, a fine can occur, what is that fine? d. $100.00 In the case of a real estate sale or transfer where the seller of the property is an out of state seller, the buyer must forward how much to the VT commissioner of taxes to be withheld. b. 2.5% of sales price. How long after the closing does the buyer have to forward this withholding? d. 30 days Which law is levied on the earning from the sale or exchange of acutal lands? c. Lands gain tax Which is true regarding the mandatory consumer disclosure a form with respect to a prospective client? c. The form must be given at the first reasonable opportunity, but in any event before getting a signed service agreement. Which is true regarding the transfer tax due on a sale of Vermont real estate? d. It is reflected on the HUD Settlement Statement as debit to the buyer and is not reflected on the 1099S. Which of the following is not an exception to the land gains tax law? d. Land that wil be used as a commercial farm.