Virginia State Law Examination / Most
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If the VA Real Estate Board has reason to suspect wrongful activity
with escrow funds, the board shall: (a) appoint a receiver who will be
paid by the Dept of Commerce (b) petition the court to appoint a
receiver who will be paid from the general fund (c) petition the court
to appoint a receiver who will take charge of the management of the
funds (d) immediately disburse the funds to persons entitled to
receive them
(c) petition the court to appoint a receiver who will take charge of the
management of the funds
An agent has a listing which sells. The selling agent leaves the firm
before the closing. Who pays the selling agent? (a) the new
employing broker (b) the listing agent (c) the employing broker at time
of sale (d) the seller
(c) the employing broker at time of sale
In agency relationships, which of the following is involved? (a)
principal, agent, seller (b) principal, agent, buyer (c) principal, agent,
broker (d) principal (client), agent, third parties (customer)
(d) principal (client), agent, third parties (customer)
A blind person with s seeing-eye dog wishes to rent an apartment in
which "no pets are allowed" the landlord may: (a) require more than
two month's security (b) require that the dog stay outdoors (c)
condition his lease on the tenant's agreeing to repair damages caused
by the dog (d) refuse to rent the apartment
(c) condition his lease on the tenant's agreeing to repair damages
caused by the dog
,Limited Service agent is defined as? (a) a licensee who acts for or
represents a client in a residential real estate transaction pursuant to
a brokerage agreement that provides that the limited service agent
will not provide one or more of the duties set forth in the agency
statute (b) a licensee who will represent both the seller and the buyer
(c) a licensee who has been designated to represent the seller or the
buyer (d) none of the above
(a) a licensee who acts for or represents a client in a residential real
estate transaction pursuant to a brokerage agreement that provides
that the limited service agent will not provide one or more of the
duties set forth in the agency statute
The VA fair housing law is more restrictive than the federal law in that
it prohibits discrimination on the basis of: (a) age (b) sex (c) martial
status (d) elderliness
(d) elderliness
A licensee may acquire real estate on her own behalf provided: (a)
she assures the seller that the appraisal is valid (b) her broker agrees
to forfeit the commission (c) she reveals her purpose for purchasing
the property (d) she discloses that she is licensed
(d) she discloses that she is licensed
An owner gives an exclusive right to sell listing to his broker. The
property is sold by another agent. Which of the following statements
is true with regards to the commission? (a) it is divided equally
between the brokers (b) the full commission is paid to the listing
broker (c) the full commission is paid to the selling broker (d) Each is
entitled to the full commission
(b) the full commission is paid to the listing broker
A broker can do which of the following without the seller's
permission? (a) place a sign on the property (b) inform prospective
buyers that the sellers will accept an offer lower than the listed sales
price (c) accept a postdated check (d) call local govt offices to obtain
information on the property.
(d) call local government offices to obtain info on the property
In any offering, the price quoted may NOT be other than: (a) the price
established by fair market value (b) the price recommended by any
, broker (c) the price agreed upon with the owners as the offering price
(d) the value established by the seller's appraisal
(c) the price agreed upon w the owners as the offering price
The VA Real Estate Board has the right to reassess licensees if the
balance of the Transaction Recovery Fund falls below: (a) $400,000 (b)
$600,000 (c) $800,000 (d) $900,000
(a) $400,000
For a broker to commingle funds, he: (a) places savings and business
accounts together (b) mixes the funds of salespersons with personal
funds (c) mixes personal and client funds together (d) mixes a
salespersons commission w business accounts
(c) mixes personal and client funds together
Buyer and seller agree to rescind the contract. What papers need to
be signed to release escrow funds? (a) alienation paper (b) mutual
release papers (c) estoppel papers (d) contract papers
(b) mutual release papers
Which of the following would NOT constitute activity requiring a
license? (a) an agent sells a house for a friend and receives a bottle of
wine as compensation (b) an agents sells an in-house listing (c) an
executor conveys property from an estate (d) an attorney lists and
sells property for a brokerage firm
(c) an executor coveys property from an estate
Ads for the sale of property listed with a licensed brokerage firm are
required to ID the: (a) the listing firm's licensed name (b) listing
salesperson (c) firm number (d) firm address
(a) listing firm's licensed name
Which is true of a licensee when a claim has been paid from the
Transaction Recovery Fund? (a) licensee has 4 years to repay funds
(b) licensee's license will be revoked (c) licensee must file bankruptcy
to remain active (d) licensee may apply for a new license
(b) the licensee's license will be revoked
The VA Property Disclosure law requires the seller to disclose to the
purchaser: (a) if the subject parcel is located in a noise zone or
accident potential zone or both (b) if the seller has actual knowledge
of defective drywall in the subject unit (c) if the seller has actual
Recent Version / Well Elaborated / Get it
100% Correct Answers / Already Rated A+
If the VA Real Estate Board has reason to suspect wrongful activity
with escrow funds, the board shall: (a) appoint a receiver who will be
paid by the Dept of Commerce (b) petition the court to appoint a
receiver who will be paid from the general fund (c) petition the court
to appoint a receiver who will take charge of the management of the
funds (d) immediately disburse the funds to persons entitled to
receive them
(c) petition the court to appoint a receiver who will take charge of the
management of the funds
An agent has a listing which sells. The selling agent leaves the firm
before the closing. Who pays the selling agent? (a) the new
employing broker (b) the listing agent (c) the employing broker at time
of sale (d) the seller
(c) the employing broker at time of sale
In agency relationships, which of the following is involved? (a)
principal, agent, seller (b) principal, agent, buyer (c) principal, agent,
broker (d) principal (client), agent, third parties (customer)
(d) principal (client), agent, third parties (customer)
A blind person with s seeing-eye dog wishes to rent an apartment in
which "no pets are allowed" the landlord may: (a) require more than
two month's security (b) require that the dog stay outdoors (c)
condition his lease on the tenant's agreeing to repair damages caused
by the dog (d) refuse to rent the apartment
(c) condition his lease on the tenant's agreeing to repair damages
caused by the dog
,Limited Service agent is defined as? (a) a licensee who acts for or
represents a client in a residential real estate transaction pursuant to
a brokerage agreement that provides that the limited service agent
will not provide one or more of the duties set forth in the agency
statute (b) a licensee who will represent both the seller and the buyer
(c) a licensee who has been designated to represent the seller or the
buyer (d) none of the above
(a) a licensee who acts for or represents a client in a residential real
estate transaction pursuant to a brokerage agreement that provides
that the limited service agent will not provide one or more of the
duties set forth in the agency statute
The VA fair housing law is more restrictive than the federal law in that
it prohibits discrimination on the basis of: (a) age (b) sex (c) martial
status (d) elderliness
(d) elderliness
A licensee may acquire real estate on her own behalf provided: (a)
she assures the seller that the appraisal is valid (b) her broker agrees
to forfeit the commission (c) she reveals her purpose for purchasing
the property (d) she discloses that she is licensed
(d) she discloses that she is licensed
An owner gives an exclusive right to sell listing to his broker. The
property is sold by another agent. Which of the following statements
is true with regards to the commission? (a) it is divided equally
between the brokers (b) the full commission is paid to the listing
broker (c) the full commission is paid to the selling broker (d) Each is
entitled to the full commission
(b) the full commission is paid to the listing broker
A broker can do which of the following without the seller's
permission? (a) place a sign on the property (b) inform prospective
buyers that the sellers will accept an offer lower than the listed sales
price (c) accept a postdated check (d) call local govt offices to obtain
information on the property.
(d) call local government offices to obtain info on the property
In any offering, the price quoted may NOT be other than: (a) the price
established by fair market value (b) the price recommended by any
, broker (c) the price agreed upon with the owners as the offering price
(d) the value established by the seller's appraisal
(c) the price agreed upon w the owners as the offering price
The VA Real Estate Board has the right to reassess licensees if the
balance of the Transaction Recovery Fund falls below: (a) $400,000 (b)
$600,000 (c) $800,000 (d) $900,000
(a) $400,000
For a broker to commingle funds, he: (a) places savings and business
accounts together (b) mixes the funds of salespersons with personal
funds (c) mixes personal and client funds together (d) mixes a
salespersons commission w business accounts
(c) mixes personal and client funds together
Buyer and seller agree to rescind the contract. What papers need to
be signed to release escrow funds? (a) alienation paper (b) mutual
release papers (c) estoppel papers (d) contract papers
(b) mutual release papers
Which of the following would NOT constitute activity requiring a
license? (a) an agent sells a house for a friend and receives a bottle of
wine as compensation (b) an agents sells an in-house listing (c) an
executor conveys property from an estate (d) an attorney lists and
sells property for a brokerage firm
(c) an executor coveys property from an estate
Ads for the sale of property listed with a licensed brokerage firm are
required to ID the: (a) the listing firm's licensed name (b) listing
salesperson (c) firm number (d) firm address
(a) listing firm's licensed name
Which is true of a licensee when a claim has been paid from the
Transaction Recovery Fund? (a) licensee has 4 years to repay funds
(b) licensee's license will be revoked (c) licensee must file bankruptcy
to remain active (d) licensee may apply for a new license
(b) the licensee's license will be revoked
The VA Property Disclosure law requires the seller to disclose to the
purchaser: (a) if the subject parcel is located in a noise zone or
accident potential zone or both (b) if the seller has actual knowledge
of defective drywall in the subject unit (c) if the seller has actual
