VA Real Estate State Licensing Exam
A brokerage relationship is a - ANS -contractual one
A brokerage relationship is between the - ANS -brokerage and the client, even if the
salesperson initiated the relationship
A brokerage agreement must be signed before the licensee performs any - ANS -licensed
activities for the client
Licensees must disclose that they work for their brokerage when they have - ANS -their first
substantive discussion with a client about a specific property
Limited service agents also need to make which disclosure? - ANS -whom they represent
If a licensee's relationship to a client or customer changes during a transaction, the licensee
needs to disclose this fact in - ANS -writing to everyone involved in that transaction
Compensation doesn't imply or create a - ANS -brokerage relationship
The person who pays the compensation does not necessarily have a - ANS -brokerage
relationship with that licensee
The use of a common source information company, such as an MLS, also does not imply or
create - ANS -a brokerage relationship
i.e. a licensee may list a property on an MLS, but that action does not create a brokerage
relationship with the property owner
Licensees can act as limited service agents as long as they - ANS -detail this arrangement in a
written brokerage agreement with their client
The limited service brokerage agreement must: - ANS --Specify that the licensee is a limited
agent
-Provide a list of the services that the licensee offers as a limited agent
-Contain a list of the standard services that agents offer, and that the licensee, as a limited
agent, won't provide
-Include a paragraph that specifies that the client has consented to limited service, and
acknowledges that the licensee doesn't owe the client, or any other party, any duties that don't
fall under the umbrella of a limited agent
,When licensees work as limited agents, they CAN give - ANS -transactional information to the
other party
Limited agents can also help the other party with contracts, which doesn't create - ANS -a
brokerage relationship
Licensees dealing with a client of a limited service agent can create an agreement for payment
of fees for - ANS -services rendered or information provided
-this is fine as long as the licensees' behavior to their own clients is not negligent in any way
If a licensee has a discussion about properties or real estate transactions with someone, and
that person isn't the licensee's client or represented by someone else, that licensee has to -
ANS -disclose any brokerage relationship he or she has with any other party to the transaction
Agency disclosure has to be made, in writing, as early as is practical-- but no later than the time
when the licensee first offers - ANS -specific real estate assistance
Agency disclosure must also be made to any actual or prospective landlords or tenants, but it
isn't required for - ANS -lessors or lessees
For landlords and tenants, agency disclosure should be included in lease applications or in -
ANS -the lease itself, whichever comes first
If licensees act as a dual or designated agent, they must get - ANS -written consent of all
clients to transaction and must do so as early is practical
this written consent must be obtained before the offer to purchase is presented
If the licensee's agency relationship to a client or customer changes, this change must also be
disclosed in - ANS -writing to clients and customers already involved in the transaction
Virginia provides a Disclosure of Brokerage Relationship form that - ANS -licensees can use
Licensees are required to create complete and legible copies of all - ANS -disclosures, offers,
counteroffers, addenda, ratified agreements and other documentation
Licensees must deliver transactional documents to every party involved in the transaction, and
must do so - ANS -promptly
Licensees must maintain written or electronic copies of these documents for - ANS -3 years
even if the other parties involved were not given the documents
,Virginia Real Estate Board - ANS -VREB
If the Virginia Real Estate Board (VREB) requests it, licensees should be able to produce, within
_____ days, any record of a real estate transaction in which a licensee was involved, or any
other record that the licensee is required to maintain. - ANS -10
Standard Agent Duties - ANS -To perform in accordance with the brokerage agreement.
Promote the buyer's interests by seeking a property acceptable to the buyer at a price and
terms acceptable to the buyer; however, the licensee is under no obligation to seek other
properties for the buyer while the buyer is under a contract of sale (unless agreed to as part of
the brokerage relationship).
Help draft and negotiate offers and counteroffers, amendments, and addenda to the real estate
sales contract for the purpose of meeting the buyer's objectives.
Receive and present in a timely manner all written offers and counter-offers, even when the
buyer is already under a contract to purchase property.
Provide assistance to the buyer to satisfy the buyer's obligations under the contract and
facilitate the close.
Maintain confidentiality of personal and financial information received from the buyer during their
relationship, as well as any other information the buyer requests be kept confidential during the
brokerage relationship, unless otherwise provided by law or the buyer consents in writing to the
release of that information.
Exercise ordinary care.
Account in a timely manner for all money and property received by the licensee in which the
buyer has an interest.
Disclose to the buyer all material facts related to the property or concerning the transaction of
which the licensee has actual knowledge.
Comply with fair housing statutes and regulations and all other applicable statutes and
regulations that are not in conflict with statutory duties.
The licensee engaged by the buyer must also - ANS -Treat all sellers honestly.
In a residential transaction, disclose to the seller whether the buyer intends to occupy the
property as a principal residence (expressions of such intent in the contract of sale satisfy this
requirement).
Disclose brokerage relationships to all concerned parties.
The licensee may, without violating the licensee's brokerage agreement with the buyer, perform
ministerial duties for the seller and show other buyers properties that the buyer is interested in.
Statute 54.1-2134 defines the duties licensees owe when engaged by tenants: - ANS -Perform
in accordance with the brokerage agreement.
Promote the tenant's interests by seeking a lease at a rent and with terms acceptable to the
tenant; however, the licensee is not obligated to continue to seek properties for the tenant while
the tenant is a party to a lease or a letter of intent to lease exists under which the tenant has not
yet taken possession, unless agreed to otherwise in the brokerage agreement, or unless the
lease or letter of intent to lease allows this.
, Help draft and negotiate leases and letters of intent for the purpose of meeting the tenant's
objectives, and present in a timely manner all written offers or counter-offers to and from the
tenant and landlord, even when the tenant is already a party to a lease or letter of intent to
lease.
Provide assistance to the tenant to finalize the lease agreement.
Maintain confidentiality of personal and financial information that the tenant provides during their
relationship, as well as any other information the tenant requests be kept confidential during the
brokerage relationship, unless otherwise provided by law or the tenant consents in writing to the
release of that information.
Exercise ordinary care.
Account in a timely manner for all money and property received by the licensee in which the
tenant has an interest.
Disclose to the tenant all material facts related to the property or concerning the transaction of
which the licensee has actual knowledge.
Comply with fair housing statutes and regulations and all other applicable statutes and
regulations that are not in conflict with statutory duties.
The licensee engaged by the tenant must also treat all prospective landlords - ANS -honestly
The licensee may, without violating the licensee's brokerage agreement with the tenant, perform
________ duties for landlord and nless prohibited by the brokerage agreement, show other
tenants properties that the tenant may be interested in. - ANS -ministerial
The licensee owes the following duties to seller clients: - ANS -Perform in accordance with the
brokerage agreement.
Promote the seller's interests by conducting marketing activities in accordance with the
brokerage agreement, seeking a sale at the price and terms agreed to in the agreement or
otherwise acceptable by the seller. This duty does not include the duty to seek additional buyers
when the property is under contract, unless this is agreed to in the brokerage agreement or as
part of the contract of sale.
Help draft and negotiate offers and counter-offers, amendments, and addenda to the real estate
sales contract for the purpose of meeting the seller's objectives.
Receive and present in a timely manner all written offers and counter-offers, even when the
property is already subject to a contract of sale.
Provide assistance to the seller to satisfy the seller's obligations under the contract and facilitate
the close.
Maintain confidentiality of personal and financial information received from the seller during their
relationship, as well as any other information the seller requests be kept confidential during the
brokerage relationship, unless otherwise provided by law or the seller consents in writing to the
release of that information.
Exercise ordinary care.
Account in a timely manner for all money and property received by the licensee in which the
seller has an interest.
A brokerage relationship is a - ANS -contractual one
A brokerage relationship is between the - ANS -brokerage and the client, even if the
salesperson initiated the relationship
A brokerage agreement must be signed before the licensee performs any - ANS -licensed
activities for the client
Licensees must disclose that they work for their brokerage when they have - ANS -their first
substantive discussion with a client about a specific property
Limited service agents also need to make which disclosure? - ANS -whom they represent
If a licensee's relationship to a client or customer changes during a transaction, the licensee
needs to disclose this fact in - ANS -writing to everyone involved in that transaction
Compensation doesn't imply or create a - ANS -brokerage relationship
The person who pays the compensation does not necessarily have a - ANS -brokerage
relationship with that licensee
The use of a common source information company, such as an MLS, also does not imply or
create - ANS -a brokerage relationship
i.e. a licensee may list a property on an MLS, but that action does not create a brokerage
relationship with the property owner
Licensees can act as limited service agents as long as they - ANS -detail this arrangement in a
written brokerage agreement with their client
The limited service brokerage agreement must: - ANS --Specify that the licensee is a limited
agent
-Provide a list of the services that the licensee offers as a limited agent
-Contain a list of the standard services that agents offer, and that the licensee, as a limited
agent, won't provide
-Include a paragraph that specifies that the client has consented to limited service, and
acknowledges that the licensee doesn't owe the client, or any other party, any duties that don't
fall under the umbrella of a limited agent
,When licensees work as limited agents, they CAN give - ANS -transactional information to the
other party
Limited agents can also help the other party with contracts, which doesn't create - ANS -a
brokerage relationship
Licensees dealing with a client of a limited service agent can create an agreement for payment
of fees for - ANS -services rendered or information provided
-this is fine as long as the licensees' behavior to their own clients is not negligent in any way
If a licensee has a discussion about properties or real estate transactions with someone, and
that person isn't the licensee's client or represented by someone else, that licensee has to -
ANS -disclose any brokerage relationship he or she has with any other party to the transaction
Agency disclosure has to be made, in writing, as early as is practical-- but no later than the time
when the licensee first offers - ANS -specific real estate assistance
Agency disclosure must also be made to any actual or prospective landlords or tenants, but it
isn't required for - ANS -lessors or lessees
For landlords and tenants, agency disclosure should be included in lease applications or in -
ANS -the lease itself, whichever comes first
If licensees act as a dual or designated agent, they must get - ANS -written consent of all
clients to transaction and must do so as early is practical
this written consent must be obtained before the offer to purchase is presented
If the licensee's agency relationship to a client or customer changes, this change must also be
disclosed in - ANS -writing to clients and customers already involved in the transaction
Virginia provides a Disclosure of Brokerage Relationship form that - ANS -licensees can use
Licensees are required to create complete and legible copies of all - ANS -disclosures, offers,
counteroffers, addenda, ratified agreements and other documentation
Licensees must deliver transactional documents to every party involved in the transaction, and
must do so - ANS -promptly
Licensees must maintain written or electronic copies of these documents for - ANS -3 years
even if the other parties involved were not given the documents
,Virginia Real Estate Board - ANS -VREB
If the Virginia Real Estate Board (VREB) requests it, licensees should be able to produce, within
_____ days, any record of a real estate transaction in which a licensee was involved, or any
other record that the licensee is required to maintain. - ANS -10
Standard Agent Duties - ANS -To perform in accordance with the brokerage agreement.
Promote the buyer's interests by seeking a property acceptable to the buyer at a price and
terms acceptable to the buyer; however, the licensee is under no obligation to seek other
properties for the buyer while the buyer is under a contract of sale (unless agreed to as part of
the brokerage relationship).
Help draft and negotiate offers and counteroffers, amendments, and addenda to the real estate
sales contract for the purpose of meeting the buyer's objectives.
Receive and present in a timely manner all written offers and counter-offers, even when the
buyer is already under a contract to purchase property.
Provide assistance to the buyer to satisfy the buyer's obligations under the contract and
facilitate the close.
Maintain confidentiality of personal and financial information received from the buyer during their
relationship, as well as any other information the buyer requests be kept confidential during the
brokerage relationship, unless otherwise provided by law or the buyer consents in writing to the
release of that information.
Exercise ordinary care.
Account in a timely manner for all money and property received by the licensee in which the
buyer has an interest.
Disclose to the buyer all material facts related to the property or concerning the transaction of
which the licensee has actual knowledge.
Comply with fair housing statutes and regulations and all other applicable statutes and
regulations that are not in conflict with statutory duties.
The licensee engaged by the buyer must also - ANS -Treat all sellers honestly.
In a residential transaction, disclose to the seller whether the buyer intends to occupy the
property as a principal residence (expressions of such intent in the contract of sale satisfy this
requirement).
Disclose brokerage relationships to all concerned parties.
The licensee may, without violating the licensee's brokerage agreement with the buyer, perform
ministerial duties for the seller and show other buyers properties that the buyer is interested in.
Statute 54.1-2134 defines the duties licensees owe when engaged by tenants: - ANS -Perform
in accordance with the brokerage agreement.
Promote the tenant's interests by seeking a lease at a rent and with terms acceptable to the
tenant; however, the licensee is not obligated to continue to seek properties for the tenant while
the tenant is a party to a lease or a letter of intent to lease exists under which the tenant has not
yet taken possession, unless agreed to otherwise in the brokerage agreement, or unless the
lease or letter of intent to lease allows this.
, Help draft and negotiate leases and letters of intent for the purpose of meeting the tenant's
objectives, and present in a timely manner all written offers or counter-offers to and from the
tenant and landlord, even when the tenant is already a party to a lease or letter of intent to
lease.
Provide assistance to the tenant to finalize the lease agreement.
Maintain confidentiality of personal and financial information that the tenant provides during their
relationship, as well as any other information the tenant requests be kept confidential during the
brokerage relationship, unless otherwise provided by law or the tenant consents in writing to the
release of that information.
Exercise ordinary care.
Account in a timely manner for all money and property received by the licensee in which the
tenant has an interest.
Disclose to the tenant all material facts related to the property or concerning the transaction of
which the licensee has actual knowledge.
Comply with fair housing statutes and regulations and all other applicable statutes and
regulations that are not in conflict with statutory duties.
The licensee engaged by the tenant must also treat all prospective landlords - ANS -honestly
The licensee may, without violating the licensee's brokerage agreement with the tenant, perform
________ duties for landlord and nless prohibited by the brokerage agreement, show other
tenants properties that the tenant may be interested in. - ANS -ministerial
The licensee owes the following duties to seller clients: - ANS -Perform in accordance with the
brokerage agreement.
Promote the seller's interests by conducting marketing activities in accordance with the
brokerage agreement, seeking a sale at the price and terms agreed to in the agreement or
otherwise acceptable by the seller. This duty does not include the duty to seek additional buyers
when the property is under contract, unless this is agreed to in the brokerage agreement or as
part of the contract of sale.
Help draft and negotiate offers and counter-offers, amendments, and addenda to the real estate
sales contract for the purpose of meeting the seller's objectives.
Receive and present in a timely manner all written offers and counter-offers, even when the
property is already subject to a contract of sale.
Provide assistance to the seller to satisfy the seller's obligations under the contract and facilitate
the close.
Maintain confidentiality of personal and financial information received from the seller during their
relationship, as well as any other information the seller requests be kept confidential during the
brokerage relationship, unless otherwise provided by law or the seller consents in writing to the
release of that information.
Exercise ordinary care.
Account in a timely manner for all money and property received by the licensee in which the
seller has an interest.
