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Exam (elaborations)

PSI VA Questions and Answers (100% Pass)

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  • Course
  • PSI VA
  • Institution
  • PSI VA

The developer of a time-share must eventually transfer his fee simple interest to owners' association. This must be performed after what percentage of the project is sold? 90% If a broker purchases property through a "straw man" and does not disclose that information, which of the followin...

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  • November 10, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI VA
  • PSI VA
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1|Page | © copyright 2024/2025 | Grade A+




PSI VA Questions and Answers
(100% Pass)
The developer of a time-share must eventually transfer his fee simple interest

to owners' association. This must be performed after what percentage of the

project is sold?


✓ 90%




If a broker purchases property through a "straw man" and does not disclose

that information, which of the following statements is true?


✓ This is a violation of the License Law




If a judgement has been awarded to a claimant, what must the claimant do

before the Board will authorize payment form the Transaction Recovery Fund?


✓ The claimant must have gone after any assets and property belonging

to the debtor




When a salesperson transfers from one broker to another, it is the duty of the

former broker to


✓ Send the salesperson's license to the Real Estate Board




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

A broker receives an earnest money deposit from the buyer on Thursday.

When is the latest day he can deposit into his escrow account without

violating VREB rules?


✓ Within 5 banking days




Board regulations require that licensees disclose agency relationship to the

principals in a real estate transaction when is such disclosure required?


✓ When the licensee has substantive discussions about a specific

property




When a salesperson transfers from one broker to another, who is responsible

for sending the salesperson's license to the Board?


✓ The old broker




Hearings before the Virginia Real Estate Board must be held in accordance

with the


✓ Administrative Process Act




Broker Evans fired Sally because she was stealing from the petty cash fund.

Evans told her that he would not return her license until the money had been

repaid. But, Sally is innocent! She started looking for new firms after the



Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

accusations were made, but can't transfer until her license is returned to the

Board. What can Sally do to force Evans to return the license to the Board?


✓ File a complaint with the Real Estate Board




When a real estate license has expired, when can a person reinstate his

license without monetary penalty?


✓ Within 30 days




According to the Virginia Landlord and tenant Act, what can the landlord do

if rental payments are late?


✓ Issue a written notice, which gives the tenant 5 days to pay or vacate

the property




Every Virginia resident who is also licensed as a broker MUST


✓ Maintain an office in the state of Virginia




Virginia Fair Housing Laws apply to


✓ Residential sales and rentals




Salesperson Cook places a newspaper ad on a piece of property that she

owns. The ad reads, "3 bedroom, 2 bath, rambler; below market; good

Master01 | October, 2024/2025 | Latest update

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