West Virginia Real Estate Specific Exam/WEST VIRGINIA EXAM QUESTIONS AND ANSWERS/WV Real Estate FINAL EXAM/WV Real Estate Exam Practice/WV Life and Health or Sickness Insurance Laws and Regulations/WEST VIRGINIA REAL ESTATE/WV Adjuster Test/West Virginia

Licensees must submit this report through the NMLS each year, relaying information on business and operations in the state. - Answer- Mortgage Call Report c The Commissioner will publish a list of licenses issued under the law: - Answer- Monthly w Every six months w Every two years For a lende...

The purpose of the West Virginia License Act is to --- 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. - Answer- protect the public in real estate transa...

Broker - Answer- A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. Appraisal - Answer- A process of developing an opinion of a property's market value based on established methods and the appraiser's professional judge...

The Chief operating officer of the Department of Insurance is - Answer- The Insurance Commissioner Who appoints the Insurance Commissioner - Answer- Governor What is the term for the Insurance commissioner - Answer- 6 years What is the main job for the Insurance Commissioner and Insurance D...

What are the two biggest characteristics of land that have the largest impact on market value? - Answer- Uniqueness and Immobility FISCAL POLICY = - Answer- GOVERNMENTAL CONTROLS Know this for reals! ANYTIME you see the government mentioned in a supply and demand question what is it affecti...

What is the definition of a public adjuster? - Answer- An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - Answer- 30 Days Subrogation occurs when? - Answer- The insurer steps into the posit...

How long is the commissioners term and who are they appointed by? - Answer- 6 years and the governor commissioner is granted the power and responsibility to: - Answer- affix her official seal to all documents, on 10 day pay the state treasury on the 10th day of each month, conduct hearing and has...

1. Methods of risk management include: A. Transfer B. Sharing C. Avoidance D. All of the above. - Answer- D. All of the above. 2. An insured has suffered a fire loss to his/her dwelling. This insured is which party to the claim? A. Third party B. First party C. Second party D. Loss payee ...

The ABC Company has a printing press that suffers a total loss. The company paid $25,000 ten years ago for the press. Actual cash value is $40,000, and the replacement cost is $55,000. The company has had to cancel several contracts for printing due to the loss of the press and they are anxious to r...

Transact the client's affairs in a certain business. - Answer- A general agency empowers the agent to: The client (seller), the agent (broker), or by mutual consent. - Answer- A listing agreement may be terminated by: d. The buyer has had previous credit problems which may have an impact on l...

All of the following are likely to contain a legal description of a parcel of real property EXCEPT a: Select one: a.Mortgage. b.Tax statement. c.Preliminary title report. d.Deed. - Answer- Tax statement. If a person dies intestate, the estate passes to the deceased person's heirs accordin...