Virginia Real Estate License Exam questions and answers latest top score.

Virginia Real Estate License Exam questions and answers latest top score. A nonresident who obtains a license as an active salesperson in VA is required to do which of the following? - correct answers.4. Activate with a VA licensed broker. The purpose of the VA real estate license law and Board related rules and regulations is to... - correct answers.Protect the public interest Two brokers are involved in a dispute over a commission split. Which of the following could become involved in the settlement dispute? - correct answers.A court having jurisdiction over the brokers. If the Board receives a written complaint regarding the actions of a regulant, what is the first thing the Board will do? - correct answers.Review the complaint for possible violation Which of the following is true regarding a branch office of a VA real estate firm? - correct answers.The office must have a separate license. An unlicensed investor plans to open a real estate brokerage business. The business will be operated as a sole proprietorship. Which of the following is true? - correct answers.The investor must hire a broker to manage the business. The objective of the Virginia Fair Housing Law is to... - correct answers.Protect and ensure the welfare of the general public When a salesperson terminates affiliation with a broker, what is the salesperson required to do? - correct answers.Nothing A licensee who is actively engaged in real estate brokerage works at least.. - correct answers.40 hours per week When a real estate license has expired how long does the licensee have to reinstate the license, without monetary penalty? - correct answers.30 days If a broker opens a branch office in VA, which of the following is true? - correct answers.Upon proper application, the Board will issue a license for the Branch. Which of the following persons may not obtain a real estate license in VA? - correct answers.A 17 year old college graduate who majored in real estate. To become licensed in VA it is necessary to take and pass an examination. Which of the following could become licensed and not be required to take an examination? - correct answers.Any person currently licensed in another jurisdiction and meets all requirements for reciprocity The statute of VA mandates the number of people on the Real Estate Board. Currently the Board consists of... - correct answers.9 members; 7 licensees and 2 citizens A licensed salesperson can be licensed with more than one VA broker under what circumstances? - correct answers.Under no circumstances Persons appointed to the Real Estate Board, serve for.. - correct answers.Four years and may serve for one additional four year term Virginia real estate offices are required, by regulations, to... - correct answers.Keep records for a period of three years General requirements for licensure as either salesperson or broker include which of the following? - correct answers.An applicant must at least be 18 years of age A licensee was out of town on personal business. When she returned on July 5 she realized that her license had expired on May 31. What is required if the licensee wants to remain licensed? - correct answers.Apply for reinstatement and pay a reinstatement fee Jerald has been a licensed broker in VA since 1980. Which of the following is incorrect? - correct answers.He is exempt from CE requirements by virtue of the "grandfather" clause associated with that regulation The requirement that funds be held in an escrow account does not apply to.. - correct answers.A commission received from an out-of-state broker Sally decides to transfer from ABC Realty to XYZ Realty. What must Sally do to affect the transfer of her license? - correct answers.Submit to the Board a transfer application, certified by XYZ Realty The broker must return to the Board the license of any active licensee in all of the following situations except - correct answers.A licensee refuses to hold an open house When the Board issues an active license, the license... - correct answers.Must be made available to the public at the broker's main place of business Once a listing agreement is obtained from a seller and is accepted by the broker, an agency relationship is created between... - correct answers.The seller and the broker A licensed real estate salesperson may receive money or other valuable consideration for services rendered in connection with property management from... - correct answers.His or her employing broker When a broker places a "For Sale" sign on property, what must appear on the sign? - correct answers.The firms license name The minimum balance of the Virginia Real Estate Transaction Recovery Fund is... - correct answers.$400,000 When are real estate licenses renewed? - correct answers.Every 2 years on the last day of the month in which they were issued Ed, a licensed salesperson, moved to a new home. What is Ed required to do? - correct answers.Advise the Board in writing within 30 calendar days of the change A licensee contacts a homeowner in an attempt to obtain a listing for the property. When must agency disclosure be provided to the homeowner? - correct answers.At the time the owner agrees to list the property A salesperson is alleged to have violated the license law which could result in disciplinary action. TRUE or FALSE? The salesperson is entitled to a jury trial before any action can be taken. - correct answers.FALSE. An investigation will be conducted unless the law specifically provides otherwise. Mike, a broker, has decided to open a brokerage partnership. His long time friend Peter is a licensed stock broker and has agreed to finance the partnership and share in the profits. Peter will be designated as the senior partner. What is true of Peter and the partnership? - correct answers.Peter may not engage in acts of brokerage. Peter may be the senior partner, but he cannot be the principal broker. The partnership must have a separate license, issued by the Board. Joe is a licensed sales agent with XYZ Realty Corp. Joe is working with a customer interested in leasing property owned by XYZ. Is Joe required to disclose his relationship with XYZ to his customer? - correct answers.Yes, Joe must disclose the license status and relationship with XYZ TRUE or FALSE? When there is a possible violation of the Virginia Fair Housing Law, the burden of proof is on the complainant. - correct answers.TRUE A licensee whose license has been on inactive status for more than 3 years will have to do what in order to activate the license? - correct answers.Meet current educational requirements When a person wants to file a claim for payment from the Virginia Real Estate Transaction Recovery Fund, where is the claim filed? - correct answers.The Real Estate Board The Virginia Residential Landlord Tenant Act allows a landlord to require a security deposit as a condition of a lease, but has established a maximum amount. The amount of such deposit cannot exceed... - correct answers.Two month's rent A broker has received an earnest money deposit to support a valid contract. If the contract is breached and does not close, the broker is required to hold the escrow funds until... - correct answers.All principals to the contract agree to the intended distribution Lisa is a licensed salesperson and selling her own townhouse. She advertises her townhouse as a FSBO as follows: "Beautiful, 3 bedroom townhouse. Excellent assumption. Single females only. Call 123-4567 for details. Owner is licensed". Which of the following is not true?