Exam (elaborations)
WV Real Estate FINAL EXAM QUESTIONS WITH 100- CORRECT ANSWERS
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WV Real Estate FINAL EXAM QUESTIONS WITH 100- CORRECT ANSWERS
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WV Real Estate FINALEXAM QUESTIONS
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. - 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)
---
associate broker.
Salesperson.
broker apprentice.
designated broker. - answer associate broker.
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. - 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 - 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. - 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. - answer the employing broker's name
A West Virginia license to act as a salesperson or associate broker shows
on the certificate the:
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