Mosley Virginia Real Estate Test
(Practice) Questions and Answers
100% Correct
According to the Virginia Time-Share act, the statute of limitation for an action
against the developer (based on inaccuracies in the Project instrument) is:
1 year
2 years
3 years
there is no limit - ANSWER-2 years
Board regulations require that records of real estate transactions and escrow
account activity be kept for:
- 2 years from the date of ratification or closing
- 3 years from the date of consummation
- 3 years from the date of ratification or closing
- 5 years from date of consummation - ANSWER-3 years from the date of ratification
or closing
If a claim is paid from the Transaction Recovery Fund, what disciplinary action is
taken against the respondent?
- the respondent's license will be revoked
- the licensee must post a bond
- no action will be taken if the licensee repays the Fund within 30 days
- the respondent's license will be suspended pending a formal hearing - ANSWER-
the respondent's license will be revoked
In Virginia, sellers of residential property must disclose that the:
- pervious owner was murdered
- basement floods during heavy rain
- neighbor is a registered sex offender
- current occupant is affected with HIV - ANSWER-neighbor is a registered sex
offender
It is illegal to induce property sales by representing that:
- the brokerage firm will accept a lower commission rate
- the seller needs a larger home
- the property has appreciated in value
, - ethnic groups may be moving into the neighborhood - ANSWER-ethnic groups may
be moving into the neighborhood
What is required in order to apply for a broker's license in Virginia?
- refundable application fee
- U.S. citizenship
- Virginia residency
- prior experience as a real estate salesperson - ANSWER-prior experience as a real
estate salesperson
A selling broker receives an earnest money deposit to support an offer to purchase.
The deposit is exactly the same amount that the broker will receive when the sale
closes. With the permission of the buyer, the broker deposits the check into his
brokerage account. Which of the following statements is correct in this situation?
- the broker may follow the buyer's instructions because of the fiduciary relationship
- the broker is commingling
such action is permissible if closing take place within 6 months
-the broker has not violated Board regulations - ANSWER-the broker is commingling
Kerri is licensed as a non-resident broker in Virginia, and she only sells residential
property. When is she required to complete her continuing education?
- annually
- every two years
- every three years
- none of the above - ANSWER-every two years
According to the Virginia Time-Share Act, advertisements that include a free gift or
prize must disclose all of the following details. EXCEPT:
- retail value
- start date of the offer
- odds of winning
- expiration date of the offer - ANSWER-start date of the offer
Concurrent licenses may be issued to:
- principal brokers only
- any licensee that is active in more than one firm
- any broker that is active in more than one firm
- any person licensed n another jurisdiction - ANSWER-any broker that is active in
more than one firm
When reselling a condominium, what information must the seller provide to the
buyer?
- condominium financial statements
- condominium documents and by-laws
(Practice) Questions and Answers
100% Correct
According to the Virginia Time-Share act, the statute of limitation for an action
against the developer (based on inaccuracies in the Project instrument) is:
1 year
2 years
3 years
there is no limit - ANSWER-2 years
Board regulations require that records of real estate transactions and escrow
account activity be kept for:
- 2 years from the date of ratification or closing
- 3 years from the date of consummation
- 3 years from the date of ratification or closing
- 5 years from date of consummation - ANSWER-3 years from the date of ratification
or closing
If a claim is paid from the Transaction Recovery Fund, what disciplinary action is
taken against the respondent?
- the respondent's license will be revoked
- the licensee must post a bond
- no action will be taken if the licensee repays the Fund within 30 days
- the respondent's license will be suspended pending a formal hearing - ANSWER-
the respondent's license will be revoked
In Virginia, sellers of residential property must disclose that the:
- pervious owner was murdered
- basement floods during heavy rain
- neighbor is a registered sex offender
- current occupant is affected with HIV - ANSWER-neighbor is a registered sex
offender
It is illegal to induce property sales by representing that:
- the brokerage firm will accept a lower commission rate
- the seller needs a larger home
- the property has appreciated in value
, - ethnic groups may be moving into the neighborhood - ANSWER-ethnic groups may
be moving into the neighborhood
What is required in order to apply for a broker's license in Virginia?
- refundable application fee
- U.S. citizenship
- Virginia residency
- prior experience as a real estate salesperson - ANSWER-prior experience as a real
estate salesperson
A selling broker receives an earnest money deposit to support an offer to purchase.
The deposit is exactly the same amount that the broker will receive when the sale
closes. With the permission of the buyer, the broker deposits the check into his
brokerage account. Which of the following statements is correct in this situation?
- the broker may follow the buyer's instructions because of the fiduciary relationship
- the broker is commingling
such action is permissible if closing take place within 6 months
-the broker has not violated Board regulations - ANSWER-the broker is commingling
Kerri is licensed as a non-resident broker in Virginia, and she only sells residential
property. When is she required to complete her continuing education?
- annually
- every two years
- every three years
- none of the above - ANSWER-every two years
According to the Virginia Time-Share Act, advertisements that include a free gift or
prize must disclose all of the following details. EXCEPT:
- retail value
- start date of the offer
- odds of winning
- expiration date of the offer - ANSWER-start date of the offer
Concurrent licenses may be issued to:
- principal brokers only
- any licensee that is active in more than one firm
- any broker that is active in more than one firm
- any person licensed n another jurisdiction - ANSWER-any broker that is active in
more than one firm
When reselling a condominium, what information must the seller provide to the
buyer?
- condominium financial statements
- condominium documents and by-laws
