Virginia Quiz 1 Exam Questions and
Answers (SCORED A+)
The Real Estate Board (REB) rules and regulations are found in - ANSWER-the
Virginia Administrative Code (VAC)
The REB is authorized to do all of the following EXCEPT - ANSWER-regulate the
Property Owners' Association Act
The Virginia Real Estate Transaction Recovery Fund is administered by - ANSWER-
the REB
The current real estate regulations went into effect - ANSWER-November 1, 2015
The Common Interest Community (CIC) regulates all of the following EXCEPT -
ANSWER-the Residential Property Disclosure Act
The CIC was established to regulated CIC managers by means of - ANSWER-
Licensure
The Office of the Common Interest Community Ombudsman was established to all of
the following EXCEPT - ANSWER-officiate in making adverse decisions
The term broker may refer to all of the following EXCEPT - ANSWER-a principal in a
brokerage relationship
By Virginia statutory definition, a salesperson may perform all of the following
functions EXCEPT - ANSWER-serve as managing broker
When a licensee acts as an independent contractor and NOT as a standard agent,
the relationship is governed by - ANSWER-a written agreement between licensee
and client
An individual wants to sell her own house. Which of the following statement is
TRUE? - ANSWER-She does not need a real estate license to sell her property
All of the following are exempt from the state licensing requirements EXCEPT -
ANSWER-an officer of a firm who actively participates in brokerage business
The Virginia Real Estate Transaction Recovery Fund was created to - ANSWER-
reimburse consumers who suffer monetary loss due to a licensee's misconduct
The REB may assess each active and inactive licensee a proportionate amount
whenever the Transaction Recovery Fund falls below a minimum balance of -
ANSWER-$400,000
Answers (SCORED A+)
The Real Estate Board (REB) rules and regulations are found in - ANSWER-the
Virginia Administrative Code (VAC)
The REB is authorized to do all of the following EXCEPT - ANSWER-regulate the
Property Owners' Association Act
The Virginia Real Estate Transaction Recovery Fund is administered by - ANSWER-
the REB
The current real estate regulations went into effect - ANSWER-November 1, 2015
The Common Interest Community (CIC) regulates all of the following EXCEPT -
ANSWER-the Residential Property Disclosure Act
The CIC was established to regulated CIC managers by means of - ANSWER-
Licensure
The Office of the Common Interest Community Ombudsman was established to all of
the following EXCEPT - ANSWER-officiate in making adverse decisions
The term broker may refer to all of the following EXCEPT - ANSWER-a principal in a
brokerage relationship
By Virginia statutory definition, a salesperson may perform all of the following
functions EXCEPT - ANSWER-serve as managing broker
When a licensee acts as an independent contractor and NOT as a standard agent,
the relationship is governed by - ANSWER-a written agreement between licensee
and client
An individual wants to sell her own house. Which of the following statement is
TRUE? - ANSWER-She does not need a real estate license to sell her property
All of the following are exempt from the state licensing requirements EXCEPT -
ANSWER-an officer of a firm who actively participates in brokerage business
The Virginia Real Estate Transaction Recovery Fund was created to - ANSWER-
reimburse consumers who suffer monetary loss due to a licensee's misconduct
The REB may assess each active and inactive licensee a proportionate amount
whenever the Transaction Recovery Fund falls below a minimum balance of -
ANSWER-$400,000
