Virginia - State Exam (Practice) Questions with Verified Answers

Virginia - State Exam (Practice) Questions with Verified Answers 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 tim