WV REAL ESTATE FINAL EXAM WITH
CORRECT QUESTIONS AND ACTUAL ANSWERS
FROM A VERIFIED SOURCE GRADED A+.
limit competition in the real estate industry.
protect the public in real estate transactions.
regulate the limit for brokerage compensation.
impose license fees to generate income. - CORRECT ANSWERS-
protect the public in real estate transactions.
Jim acquires a West Virginia broker license. He wants to sell real estate
without opening a business so he decides to remain at his salespersons
desk on the sales floor at Acme Realty. Jims license status will be that of
a(n)
---
associate broker.
Salesperson.
broker apprentice.
designated broker. - CORRECT ANSWERS-associate broker.
Salesperson Sharon received a $3,000 deposit from a buyer on Tuesday
morning and gave it to her broker before noon. The brokerÂs normal
banking day is Tuesday and the seller wonÂt be available until Thursday,
so the broker placed the funds in her personal checking account until the
seller returns. The broker:
---
,can hold the funds until the seller accepts or rejects the offer.
must wait for the seller's signature before depositing the funds.
may be sanctioned by the Commission and lose her license.
should have waited for the seller's oral instructions before depositing the
money. - CORRECT ANSWERS-may be sanctioned by the Commission
and lose her license.
A broker who changes his or her business address must notify the
Commission of the address change within how many days?
---
30
14
10
60 - CORRECT ANSWERS-10 Days
Velma is a licensed salesperson in West Virginia. Velma may properly
receive compensation or commissions from
---
Any landlord or seller.
the principal.
any other licensed real estate broker.
her employing broker only. - CORRECT ANSWERS-her employing
broker only.
West Virginia law requires all advertising placed by salespersons and
associate brokers include
,---
the licensees license number.
name of the salesperson or associate broker.
the employing broker's name.
all of the above. - CORRECT ANSWERS-the employing broker's name
A West Virginia license to act as a salesperson or associate broker shows
on the certificate the:
---
employing brokers name.
corporate name.
business address where employed.
home address of the licensee. - CORRECT ANSWERS-employing
broker's name.
Which individual is NOT exempt from licensure under West Virginia law?
---
Individual owner selling his or her own property.
Mortgage broker dealing in residential home loans.
Individual conveying the property of another under the authority of a deed
of trust or a will.
Business broker who negotiates leases of business property only -
CORRECT ANSWERS-Business broker who negotiates leases of
business property only
, Which statement is FALSE regarding brokerage signs?
---
The broker must maintain a sign at the entrance to each branch office.
The sign requirement does not apply to a place of business located in a
home.
The word "Broker" must be on the sign.
The sign must include the brokers trade name, if applicable. - CORRECT
ANSWERS-The sign requirement does not apply to a place of business
located in a home.
In order to perform a Broker Price Opinion (BPO) a broker licensed in
West Virginia must
---
be paid by a lender only.
have five yearss experience.
be registered as the designated broker.
be a licensed appraiser. - CORRECT ANSWERS-be a licensed
appraiser.
Broker Millie owns Ace Realty and is Salesperson Kims registered broker.
Kims compensation as an independent contractor is:
---
set by federal minimum wage law.
determined by West Virginia employment laws.
whatever Millie and Kim agreed to.
CORRECT QUESTIONS AND ACTUAL ANSWERS
FROM A VERIFIED SOURCE GRADED A+.
limit competition in the real estate industry.
protect the public in real estate transactions.
regulate the limit for brokerage compensation.
impose license fees to generate income. - CORRECT ANSWERS-
protect the public in real estate transactions.
Jim acquires a West Virginia broker license. He wants to sell real estate
without opening a business so he decides to remain at his salespersons
desk on the sales floor at Acme Realty. Jims license status will be that of
a(n)
---
associate broker.
Salesperson.
broker apprentice.
designated broker. - CORRECT ANSWERS-associate broker.
Salesperson Sharon received a $3,000 deposit from a buyer on Tuesday
morning and gave it to her broker before noon. The brokerÂs normal
banking day is Tuesday and the seller wonÂt be available until Thursday,
so the broker placed the funds in her personal checking account until the
seller returns. The broker:
---
,can hold the funds until the seller accepts or rejects the offer.
must wait for the seller's signature before depositing the funds.
may be sanctioned by the Commission and lose her license.
should have waited for the seller's oral instructions before depositing the
money. - CORRECT ANSWERS-may be sanctioned by the Commission
and lose her license.
A broker who changes his or her business address must notify the
Commission of the address change within how many days?
---
30
14
10
60 - CORRECT ANSWERS-10 Days
Velma is a licensed salesperson in West Virginia. Velma may properly
receive compensation or commissions from
---
Any landlord or seller.
the principal.
any other licensed real estate broker.
her employing broker only. - CORRECT ANSWERS-her employing
broker only.
West Virginia law requires all advertising placed by salespersons and
associate brokers include
,---
the licensees license number.
name of the salesperson or associate broker.
the employing broker's name.
all of the above. - CORRECT ANSWERS-the employing broker's name
A West Virginia license to act as a salesperson or associate broker shows
on the certificate the:
---
employing brokers name.
corporate name.
business address where employed.
home address of the licensee. - CORRECT ANSWERS-employing
broker's name.
Which individual is NOT exempt from licensure under West Virginia law?
---
Individual owner selling his or her own property.
Mortgage broker dealing in residential home loans.
Individual conveying the property of another under the authority of a deed
of trust or a will.
Business broker who negotiates leases of business property only -
CORRECT ANSWERS-Business broker who negotiates leases of
business property only
, Which statement is FALSE regarding brokerage signs?
---
The broker must maintain a sign at the entrance to each branch office.
The sign requirement does not apply to a place of business located in a
home.
The word "Broker" must be on the sign.
The sign must include the brokers trade name, if applicable. - CORRECT
ANSWERS-The sign requirement does not apply to a place of business
located in a home.
In order to perform a Broker Price Opinion (BPO) a broker licensed in
West Virginia must
---
be paid by a lender only.
have five yearss experience.
be registered as the designated broker.
be a licensed appraiser. - CORRECT ANSWERS-be a licensed
appraiser.
Broker Millie owns Ace Realty and is Salesperson Kims registered broker.
Kims compensation as an independent contractor is:
---
set by federal minimum wage law.
determined by West Virginia employment laws.
whatever Millie and Kim agreed to.
