WV REAL ESTATE FINAL EXAM 2024/2025 WITH 100% CORRECT ANSWERS
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WV REAL ESTATE FINAL EXAM 2024/2025 WITH 100% CORRECT ANSWERS
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WV REAL ESTATE FINAL EXAM
2024/2025 WITH 100% CORRECT
ANSWERS
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. - correct answer protect the public in real estate transactions.
Jim acquires a West Virginia broker license. He wants to sell real estate without opening a business so he
decides to remain at his salespersons desk on the sales floor at Acme Realty. Jims license status will be
that of a(n)
,Salesperson Sharon received a $3,000 deposit from a buyer on Tuesday morning and gave it to her
broker before noon. The brokerÂs normal banking day is Tuesday and the seller wonÂt be available until
Thursday, so the broker placed the funds in her personal checking account until the seller returns. The
broker:
---
can hold the funds until the seller accepts or rejects the offer.
must wait for the seller's signature before depositing the funds.
may be sanctioned by the Commission and lose her license.
should have waited for the seller's oral instructions before depositing the money. - correct answer may
be sanctioned by the Commission and lose her license.
A broker who changes his or her business address must notify the Commission of the address change
within how many days?
---
30
14
10
60 - correct answer 10 Days
Velma is a licensed salesperson in West Virginia. Velma may properly receive compensation or
commissions from
---
,Any landlord or seller.
the principal.
any other licensed real estate broker.
her employing broker only. - correct answer her employing broker only.
West Virginia law requires all advertising placed by salespersons and associate brokers include
---
the licensees license number.
name of the salesperson or associate broker.
the employing broker's name.
all of the above. - correct answer the employing broker's name
A West Virginia license to act as a salesperson or associate broker shows on the certificate the:
---
employing brokers name.
corporate name.
business address where employed.
home address of the licensee. - correct answer employing broker's name.
, Which individual is NOT exempt from licensure under West Virginia law?
---
Individual owner selling his or her own property.
Mortgage broker dealing in residential home loans.
Individual conveying the property of another under the authority of a deed of trust or a will.
Business broker who negotiates leases of business property only - correct answer Business broker who
negotiates leases of business property only
Which statement is FALSE regarding brokerage signs?
---
The broker must maintain a sign at the entrance to each branch office.
The sign requirement does not apply to a place of business located in a home.
The word "Broker" must be on the sign.
The sign must include the brokers trade name, if applicable. - correct answer The sign requirement does
not apply to a place of business located in a home.
In order to perform a Broker Price Opinion (BPO) a broker licensed in West Virginia must
---
be paid by a lender only.
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