Virginia Real Estate Exam 2023-2024
Questions & Answers 100% Correct
If, after passing the licensing exam, more than twelve months passes before applying
for a license, the applicant must then _______________ before he can apply for a
license. - ANSWER-Re-take and pass the exam again.
Under the Virginia Residential Landlord and Tenant Act, the security deposit, any
accrued interest and any deductions, damages, and charges shall be itemized by the
landlord in a written notice given to the tenant together with any amount due the tenant
within ____ days after termination of the tenancy and delivery of possession. -
ANSWER-45 days.
The landlord has 45 days to give a written notice of any deductions to the tenant's
deposit (and any amount due) after termination of the tenancy and delivery of
possession.
________ is money placed into a trust by a third party to be turned over to a grantee
upon fulfillment of a contract. - ANSWER-Escrow.
Escrow is to be placed inside of an account by a third party to be turned back to the
grantee upon fulfillment of contract.
An auctioneer selling real estate at a public auction for the owner does not need to have
a real estate license, if the auction is open only ___ hours. - ANSWER-48 hours.
The final inspection of a rental property is required by Virginia law to be held within ___
hours of the tenant vacating the property. - ANSWER-72 hours (or three days).
The landlord has up to three days to conduct a final inspection of a rental property upon
the tenant leaving the property.
Someone involved in real estate brokerage dealings in Virginia: - ANSWER-Must have
a license issued by the Virginia board, whether or not this person is licensed elsewhere.
It does not matter if they are licensed anywhere else.
In what case is there an automatic renewal of a real estate license? - ANSWER-Never.
It is the responsibility of the broker/salesperson to renew their licenses at the
appropriate time.
,According to Virginia law, the fee for examination or reexamination is subject to
contracted charges to the board by an outside vendor, but the fee shall NOT exceed
____ per candidate. - ANSWER-$90.
The fee for a real estate examination in Virginia is *not* to exceed $90.
To whom must disclosures be made: - ANSWER-Buyers, sellers, tenants, and
landlords.
All parties are due certain disclosures.
Virginia non-residents who are not licensed in another jurisdiction must meet the same
requirements as the residents of Virginia, and must also: - ANSWER-File an irrevocable
consent to suits and services, as well as agree to allow the Director of DPOR to accept
legal service of any legal process on the licensee's behalf.
Tenants have the right to install security devices, provided that: - ANSWER-It's at their
own expense, that they restore the property to it's original condition before vacating, and
that the landlord is given operating instructions and keys for any and all equipment
installed.
The Virginia Real Estate Board does not: - ANSWER-Handle disputes between
salespeople and brokers or standardize listing sales contracts or agreements.
Which of the following is the Virginia Real Estate Board authorized to do? - ANSWER-
The board sets standards for licensure and conduct, administers and enforces license
laws, as well as issues and renews real estate licenses.
______ is one in which the broker or salesperson is not affiliated with a supervising
broker, firm, or sole proprietorship. - ANSWER-An inactive license.
In what case can a real estate license be reinstated after 12 months? - ANSWER-
Never.
The person must take and pass the real estate examination again and apply for a new
license.
If a Virginia license applicant has a prior misdemeanor involving moral turpitude, sexual
offense, drug distribution, physical injury or any felony, the license applicant must
submit: - ANSWER-Official FBI records and state police criminal records, a written
explanation, as well as certified copies of all court records.
All active and inactive licensees must pay their fees to ____ to renew their licenses. -
ANSWER-The Department (DPOR).
, Fees are paid to the Department of Professional and Occupational Regulation to renew
their licenses, NOT the VREB.
Those applicants who do not follow all board rules, or rules of the testing service in
taking the examination, may: - ANSWER-Have their application denied.
They will NOT be subject to a fine or arrest.
The __________ license is one under which salespeople and associate brokers do not
establish a brokerage firm, but wish to have the liability protection and tax benefits of a
corporation or LLC. - ANSWER-Business entity salesperson.
This is meant for *individuals* rather than a business entity, which will have their own
license called the Business Entity License.
As defined by Virginia law, ______ is any person, or business entity of not more than
two persons unless related by blood or marriage, who for compensation or valuable
consideration is employed either directly or indirectly by, or affiliated as an independent
contractor with, a real estate broker, to sell or offer to sell, or to buy or offer to buy, or to
negotiate the purchase, sale or exchange of real estate, or to lease, rent or offer for rent
any real estate, or to negotiate leases, or of the improvements relating to the real
estate. - ANSWER-Real estate salesperson.
This is any individual OR business entity of less than two people (that are NOT related)
who perform agency relationships for others.
The Virginia Real Estate Board has ___ members. - ANSWER-9 members.
7 of which have been licenses salespeople/brokers for at least 5 consecutive years, and
2 that are civilians. Their terms are for 4 years each.
A(n) ______ is "every relationship in which the real estate licensee acts for or
represents a person by such person's express authority in a real estate transaction,"
according to Virginia law. - ANSWER-Agency.
This occurs upon the very first point of professional contact or advise of a potential
client.
If a licensee's license expires, how long does the person have to reinstate the license
without paying a penalty? - ANSWER-30 days.
Under the Virginia Time Share Act, buyers may cancel the purchase contract within __
calendar days after execution of the purchase contract or receipt of a current public
offering statement, whichever is later, without penalty. - ANSWER-7 days.
