Mosley Virginia Real Estate Test (Practice)
QUESTIONS WITH ANSWERS
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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 -
CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS
✔✔ethnic groups may be moving into the neighborhood
What is required in order to apply for a broker's license in Virginia?
QUESTIONS WITH ANSWERS
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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 -
CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS
✔✔ethnic groups may be moving into the neighborhood
What is required in order to apply for a broker's license in Virginia?
