Virginia Real Estate Practice Exams Questions with Complete Solutions.
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Course
Virginia Real Estate
Institution
Virginia Real Estate
Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______.
a. Commingling
b. Contractural Interference
c. F...
Virginia Real Estate Practice Exams
Questions with Complete Solutions.
Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's
earnest money funds into his personal account. He plans to move the funds to the
appropriate account within a week. This violation is an example of ______.
a. Commingling
b. Contractural Interference
c. Failure to disclose an agency relationship
d. Performing services that would qualify as practice of law - ANSWER-a. Commingling
Which regulation sets forth the Virginia Real Estate Board's licensing regulations?
a. Code of Virginia Title 53, Chapter 20
b. Real Estate Settlement Agents Act
c. Sherman Act
d. Virginia Administrative Code Title 18, Agency 135, Chapter 20 - ANSWER-d. Virginia
Administrative Code Title 18, Agency 135, Chapter 20
Karen just received her real estate license in Virginia. She must take post-licensing
education this year and then she can renew her license next year. What type of license
does Karen have?
a. Associate broker
b. Broker
c. Managing broker
d. Salesperson - ANSWER-d. Salesperson
Which of the following is NOT an example of a misrepresentation or omission?
a. Kari knows that the low rent she's advertising for some new apartments is too good to
be
true, but she advertises it anyway.
b. Katherine's ad for her newly-renovated home states, "new from the studs up." Her
carpenter has a different story.
c. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of
downtown and the bay."
d. Kim notes that the property is next to a "serene, peaceful green space." It's next to an
industrial park. - ANSWER-c. Kevin's MLS remarks note that the condo has the city's
"most beautiful twilight view of
downtown and the bay."
,John is 18 and he wants to be a real estate broker in Virginia. He is ready to complete
the 180 hours of required real estate licensing coursework. Is there anything that might
prevent him from doing this?
a. No - you go, John!
b. Yes - he must be at least 19 years old.
c. Yes - he must have at least three years of experience as a Virginia salesperson
before he
can become a broker.
d. Yes - he must schedule his exam before beginning the required coursework. -
ANSWER-c. Yes - he must have at least three years of experience as a Virginia
salesperson before he
can become a broker.
Daniel is a full-time member of the armed services. He is renting a property, but just
received orders to relocate to a new base in another state for no less than two years.
What actions could he take related to his existing lease?
a. Abandon the leased property
b. Ask to be evicted from the property
c. He must fulfill the provisions of the lease
d. Use the orders to receive a military release from his lease obligation - ANSWER-d.
Use the orders to receive a military release from his lease obligation
Virginia's Big Valley Brokerage was just audited and the auditor found several instances
of noncompliance. What happens next?
a. The brokerage's license will be temporarily suspended until the noncompliance issue
is
resolved.
b. The licenses of all affiliated brokers will be temporarily suspended.
c. The principal broker must address the noncompliance or create a plan to do so.
d. The principal broker must pay for another more in-depth audit within six weeks. -
ANSWER-c. The principal broker must address the noncompliance or create a plan to
do so.
Business is slow and you've decided to pull in some more clients with a marketing
campaign claiming you're the top-producing real estate agent in town. What type of
violation are you committing?
a. Conflict of interest
b. Improper disclosure
c. Mishandling funds
d. Misrepresentation - ANSWER-d. Misrepresentation
,What is the VREB authorized to do?
a. License appraisers and home inspectors
b. Regulate advertising of small home businesses
c. Require minimum daily work hours for all licensees
d. Set requirements and standards of conduct for real estate licensees as well as
enforce
Virginia's real estate laws - ANSWER-d. Set requirements and standards of conduct for
real estate licensees as well as enforce
Virginia's real estate laws
Why is it important to call 811 before any work involving excavation is performed?
a. So that underground utilities can be marked with flags
b. To ensure the proper permits are in place
c. To ensure work is done according to code
d. To notify the local planning office that permits are required - ANSWER-a. So that
underground utilities can be marked with flags
What happens to you if you're involved in a case and can't pay the judgment amount
and the consumer is awarded money from the Real Estate Recovery Fund?
a. Nothing! That is what the fund is for!
b. You can continue to practice real estate but must pay back the money to the fund at
10%
interest.
c. You must pay back the money from the fund at 30% interest from your real estate
commissions.
d. Your license will be revoked and can't be reinstated until you pay back the fund, plus
interest. - ANSWER-d. Your license will be revoked and can't be reinstated until you pay
back the fund, plus
interest.
In Virginia, how many hours of approved real estate courses must an individual
complete before taking the real estate broker's exam?
a. 180
b. 30
c. 60
d. 75 - ANSWER-a. 180
Which of the following statements best describes a standard agent?
a. They are not required to perform all duties required by statute.
b. They only work for buyers.
c. They only work for sellers.
, d. They perform duties required by statute throughout the transactional process. -
ANSWER-d. They perform duties required by statute throughout the transactional
process.
Which of the following should licensees be careful to avoid when interacting with an
opposing party who has a limited-service agent?
a. Creating unintended dual agency
b. Interacting directly with the opposing party
c. Interacting with the limited service agent
d. Maintaining the confidentiality of information shared by the opposing party -
ANSWER-a. Creating unintended dual agency
When a dispute arises between a condo association and an owner, where should the
parties look to find information about dispute resolution?
a. Condominium bylaws
b. Condominium declaration
c. Federal Fair Housing Act
d. The Virginia Condominium Act - ANSWER-a. Condominium bylaws
Which of the following situations is the best example of a designated agency?
a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is
buying Angie's condo. Devin and Denise both work for Blue Skies Realty.
b. Agent Devin represents seller Angie, and agent Donovan represents buyer Alex. Alex
is
buying Angie's condo. Agent Devin works for Blue Skies Realty and Donovan works for
Happy Homes Realty.
c. Agent Devin represents seller Angie and buyer Alex. Alex is buying Angie's condo.
d. Agent Devin represents seller Angie. The buyer Alex is unrepresented. Alex is buying
Angie's condo. - ANSWER-a. Agent Devin represents seller Angie, and agent Denise
represents buyer Alex. Alex is
buying Angie's condo. Devin and Denise both work for Blue Skies Realty.
Which of the following can hold a Virginia broker's license?
a. A brokerage company only
b. A person only
c. A person or an entity
d. A salesperson with more than five years' experience - ANSWER-c. A person or an
entity
After an investigation by the DPOR, what comes next in the complaint process?
a. A hearing is held.
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