VA REAL ESTATE EXAM QUESTIONS AND
CORRECT ANSWERS UPDATED
Question 1
A licensee of the Real Estate Board must produce to the board or any of its agents
any requested document, book, or record concerning any real estate transaction in
which the licensee was involved, or for which the licensee is required to maintain
records for inspection and copying by the board or its agents within how many days
of the request?
Correct Answer
three days
Question 2
Any payments made by a time-share buyer prior to the cancellation must be refunded
within
Correct Answer
45 days after receipt of the notice of cancellation
Question 3
Under the Virginia Property Owners' Association Act, who can levy fines for violation
of rules and regulations?
Correct Answer
Board of Directors
Question 4
Under law, meetings of the board of directors and/or any committees
Correct Answer
are open to all members of the association.
Page 1 of 37
,Question 5
The Virginia Real Estate Board administers the following:
Correct Answer
The Virginia Fair Housing Act
The Virginia Condominium Act
The Virginia Time-Share Act
The Consumer Real Estate Settlement Protection Act as it applies to licensed real
estate brokers
Common Interest Community Management Information Fund
The Virginia Transaction Recovery Fund
Question 6
Buyers may cancel a time-share purchase contract for seven calendar days after
execution of the purchase contract
Correct Answer
or receipt of a current public offering statement, whichever is later.
Question 7
A time share allows the holder to occupy a unit or any of several units during
Correct Answer
five or more separated time periods over a period of at least five years.
Question 8
The Virginia Real Estate Board does NOT:
Correct Answer
Handle disputes between either salespeople and brokers, OR between brokers
Standardize listing sales contracts, listing agreements, or any other forms used in
real estate practice
Establish commission rates or commission splits
Page 2 of 37
,Question 9
The principal broker must hold which of these items?
Correct Answer
The firm license
The principal broker license
The license of every salesperson and broker associated with or employed by the
firm
Question 10
Under the Virginia Time Share Act, buyers may cancel the purchase contract within __
calendar days after execution of the purchase contract or receipt of a current public
offering statement, whichever is later, without penalty.
Correct Answer
7
Question 11
The broker's records should include the following:
Correct Answer
Any funds received, and the source of said funds
The date the funds were received
The date of the deposit of the funds
The place of the deposit
The final disposition of the funds
Question 12
The Virginia Real Estate Board does not:
Correct Answer
handle disputes between salespeople and brokers
Page 3 of 37
, Question 13
A broker's salaried employee may not do the following without a real estate license?
Correct Answer
Negotiate the amounts of such security deposits, rentals, or leases on behalf of the
owner or broker
Question 14
Under the Virginia Residential Landlord and Tenant Act:
Correct Answer
Landlords ARE allowed to charge an application fee to a prospective tenant
However, if a rental agreement is NOT made the fee must be refunded within ten
days, unless paid by check. If paid by check, the refund must be made within 20
days. The landlord may withhold a $32 application fee to compensate for the cost of
the paperwork
If a rental agreement IS reached, but the tenant does not live in the property, the
landlord may withhold either all of the fee, or a portion of the fee paid to
compensate for the paperwork or related costs
The landlord can require that a security deposit, to protect against non-payment for
rent or damage made to the property by the tenant, be paid when the property is
leased
The security deposit may not be more than two months' rent
A security deposit must be returned to the tenant within 45 days of vacating the
premises
If a portion of the deposit is withheld, the landlord must give the tenant a written,
itemized list of the charges
The final inspection of the property must be held within 72 hours of the tenant
vacating the property
Page 4 of 37
CORRECT ANSWERS UPDATED
Question 1
A licensee of the Real Estate Board must produce to the board or any of its agents
any requested document, book, or record concerning any real estate transaction in
which the licensee was involved, or for which the licensee is required to maintain
records for inspection and copying by the board or its agents within how many days
of the request?
Correct Answer
three days
Question 2
Any payments made by a time-share buyer prior to the cancellation must be refunded
within
Correct Answer
45 days after receipt of the notice of cancellation
Question 3
Under the Virginia Property Owners' Association Act, who can levy fines for violation
of rules and regulations?
Correct Answer
Board of Directors
Question 4
Under law, meetings of the board of directors and/or any committees
Correct Answer
are open to all members of the association.
Page 1 of 37
,Question 5
The Virginia Real Estate Board administers the following:
Correct Answer
The Virginia Fair Housing Act
The Virginia Condominium Act
The Virginia Time-Share Act
The Consumer Real Estate Settlement Protection Act as it applies to licensed real
estate brokers
Common Interest Community Management Information Fund
The Virginia Transaction Recovery Fund
Question 6
Buyers may cancel a time-share purchase contract for seven calendar days after
execution of the purchase contract
Correct Answer
or receipt of a current public offering statement, whichever is later.
Question 7
A time share allows the holder to occupy a unit or any of several units during
Correct Answer
five or more separated time periods over a period of at least five years.
Question 8
The Virginia Real Estate Board does NOT:
Correct Answer
Handle disputes between either salespeople and brokers, OR between brokers
Standardize listing sales contracts, listing agreements, or any other forms used in
real estate practice
Establish commission rates or commission splits
Page 2 of 37
,Question 9
The principal broker must hold which of these items?
Correct Answer
The firm license
The principal broker license
The license of every salesperson and broker associated with or employed by the
firm
Question 10
Under the Virginia Time Share Act, buyers may cancel the purchase contract within __
calendar days after execution of the purchase contract or receipt of a current public
offering statement, whichever is later, without penalty.
Correct Answer
7
Question 11
The broker's records should include the following:
Correct Answer
Any funds received, and the source of said funds
The date the funds were received
The date of the deposit of the funds
The place of the deposit
The final disposition of the funds
Question 12
The Virginia Real Estate Board does not:
Correct Answer
handle disputes between salespeople and brokers
Page 3 of 37
, Question 13
A broker's salaried employee may not do the following without a real estate license?
Correct Answer
Negotiate the amounts of such security deposits, rentals, or leases on behalf of the
owner or broker
Question 14
Under the Virginia Residential Landlord and Tenant Act:
Correct Answer
Landlords ARE allowed to charge an application fee to a prospective tenant
However, if a rental agreement is NOT made the fee must be refunded within ten
days, unless paid by check. If paid by check, the refund must be made within 20
days. The landlord may withhold a $32 application fee to compensate for the cost of
the paperwork
If a rental agreement IS reached, but the tenant does not live in the property, the
landlord may withhold either all of the fee, or a portion of the fee paid to
compensate for the paperwork or related costs
The landlord can require that a security deposit, to protect against non-payment for
rent or damage made to the property by the tenant, be paid when the property is
leased
The security deposit may not be more than two months' rent
A security deposit must be returned to the tenant within 45 days of vacating the
premises
If a portion of the deposit is withheld, the landlord must give the tenant a written,
itemized list of the charges
The final inspection of the property must be held within 72 hours of the tenant
vacating the property
Page 4 of 37
