Virginia - State Exam (Practice)Questions With Correct Solutions!!

The Fair Housing Board of Virginia has just issued a charge of discrimination. What is true about this situation? The charge is moved on to the Real Estate Board of Virginia. The charge is referred to the attorney general's office. The defendant must now hire an attorney. This means that the fair housing complaint involved a real estate agent. The next step in this process is that the charge is referred to the attorney general's office. -ANSWER The charge is referred to the attorney general's office. Marney, a Virginia licensee, just wrote a contract for a client. Which of the following statements about this situation is true? Marney can always write contracts for her clients. This is legal under any condition, and shows that she's fulfilling her fiduciary duties. Marney can only do this if she receives her client's written approval for this action before she writes the contract. Marney can only do this if the contract is incidental and if she doesn't charge her client for it. Marney has committed a crime; this action is illegal under any condition. It is legal for Marney real estate licensees to prepare contracts so long as the contract is incidental to a real estate transaction she's involved in and she doesn't charge a separate fee for the service. -ANSWER Marney can only do this if the contract is incidental and if she doesn't charge her client for it. Which of these instances does NOT allow a broker to disburse escrow funds? All principals to the transaction have agreed, in writing, where the money should go. One of the principals to the transaction demonstrates, in writing, a clear financial need. The broker has received a court order that directs her to disburse the funds in a certain way. The related contract directs that the escrow funds be distributed in a certain way. -ANSWER One of the principals to the transaction demonstrates, in writing, a clear financial need. What are the two types of timeshare ownership? Freehold estate and estate for years Timeshare estate and timeshare use Timeshare limited and timeshare unlimited Timeshare vacation and timeshare interval -ANSWER Timeshare estate and timeshare use Which of the following examples describes a condominium? Ownership of all units in the complex is shared equally among investors. Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned. Privately owned units that share a common wall. Rooms within a home are single-occupancy, and common areas such as the kitchen are shared. -ANSWER Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned. Virginia law requires that real estate transaction documents be _______. Converted to paper and stored on site Copied at least five times Protected by encryption and cloud-based backup Readily available upon Virginia Real Estate Board request -ANSWER Readily available upon Virginia Real Estate Board request When does a designated agency disclosure need to be provided? Never Only when representing a buyer and interacting with an unrepresented seller Only when representing the seller and interacting with an unrepresented buyer Prior to a designated agency situation occurring -ANSWER Prior to a designated agency situation occurring Elizabeth is selling her home. She wants an agent who will be with her every step of the process and can advise her, as needed. Which of the following relationships may be best for Emily? Buyer's agent Dual agent Limited service agent Standard agent -ANSWER Standard agent Leon's client is looking for a property with at least 2,500 finished square feet. He finds a 2,200-square-foot property with all the other features the client is looking for and purposely fails to mention the square footage. His client agrees to look at the property, falls in love with it, and wants to make an offer. Which of these statements accurately represents Leon's level of misrepresentation in this situation? Because Leon didn't state the square footage, he's not guilty of misrepresentation. It's the buyer's responsibility to ensure that the property has the proper square footage, so Leon's in the clear. Leon obviously knew about the square footage and intentionally didn't mention it. He's guilty of intentional misrepresentation. Leon omitted a material fact. This is considered unintentional misrepresentation. -ANSWER Leon obviously knew about the square footage and intentionally didn't mention it. He's guilty of intentional misrepresentation. If an out-of-state licensee is seeking to obtain a Virginia broker's license by reciprocity, how much experience must they have? 12 of the last 36 months 24 of the last 48 months 36 of the last 48 months Six of the last 12 months -ANSWER 36 of the last 48 months What is a seller representation agreement also known as? A designated agency disclosure A disclosure to unrepresented parties A listing agreement A purchase agreement -ANSWER A listing agreement Which of the following is required of limited service agents? They must be paid up front. They must disclose any material facts they are aware of or that are reasonable apparent. They must inspect all properties they are listing on the MLS. They must perform all duties required by statute. -ANSWER They must disclose any material facts they are aware of or that are reasonable apparent. Philip tells his agent, Jeff, "I know for a fact that there have been three homicides in this house. What are buyers going to think about this?" What should Jeff say? "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word." "My duties toward the public include disclosing information like this, so I'll have to mention this to potential buyers." "This is something we have to disclose only if we're asked about it directly. Otherwise, we don't have to mention it." "This sort of information has its own mandatory disclosure form in Virginia, so it'll have to come out eventually." -ANSWER "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word." Penelope, a principal broker, manages several property management accounts. She can't disburse money from these accounts unless who agrees? All licensees in the brokerage All tenants who live in the property The property manager The property owner -ANSWER The property owner A real estate license is required ______. When performing maintenance work for one property owner When performing real estate activities for others, for compensation of any kind When performing real estate activities for others, without receiving compensation When performing real estate activities for yourself -ANSWER When performing real estate activities for others, for compensation of any kind Seller Alec provided the Virginia Disclosure Statement to buyer Kelly two days before they ratified the contract. Three days after ratification, he learned that there was mining done on his property and he needs to disclose this. When does he need to make this additional disclosure? Before closing Immediately Within seven days of learning this fact Within two days of learning this fact While sooner is always better when it comes to disclosures, the law only says that Alec needs to make this disclosure before closing. -ANSWER Before closing The Virginia Fair Housing Office's list of protected classes includes these groups in addition to the federally protected classes. Elderliness, sexual orientation, and veteran status Gender identity, elderliness, and smokers Income status, veteran status, and gender identity Source of funds, students, and sexual orientation -ANSWER Elderliness, sexual orientation, and veteran status Question 18 A new licensee at your brokerage tells you, "My client has some closing money, but he wants the settlement agent to hold onto it instead of our brokerage. Is that legal?" What should you say?