Virginia Real Estate Exam questions and answers latest top score.

Virginia Real Estate Exam questions and answers latest top score. 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. - correct answers.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. - correct answers.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. - correct answers.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. - correct answers.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. - correct answers.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: - correct answers.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? - correct answers.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. - correct answers.$90. The fee for a real estate examination in Virginia is *not* to exceed $90. To whom must disclosures be made: - correct answers.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: - correct answers.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: - correct answers.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: - correct answers.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? - correct answers.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. - correct answers.An inactive license. In what case can a real estate license be reinstated after 12 months? - correct answers.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: - correct answers.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. - correct answers.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: - correct answers.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. - correct answers.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 th - correct answers.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. - correct answers.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. - correct answers.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? - correct answers.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. - correct answers.7 days. Remember, time shares all have odd-numbered dates. You have SEVEN days to cancel the purchase contract, and must be refunded within 45 days of the receipt of cancellation The initial purchaser of the condo has ___ days to rescind the (purchase) contract without reason or penalty. - correct answers.10 days. Remember, condos have even-numbered maximum dates. If the Virginia license applicant has had a license suspended or revoked in any jurisdiction because of association with disciplinary action, which of the following is true? - correct answers.A very detailed explanation of the event or circumstances must be included with their license application. Which licensees must take the continuing education before they renew the licenses? - correct answers.Only active licensees. Only ACTIVE licensees must take the continuing education before they can renew their licenses. Inactive licensees are not required to take CE to renew. An expired license can be renewed within 30 days, if: - correct answers.The licensee pays the normal renewal fee, as well as completed necessary continuing education. The Virginia Real Estate Board administers which of the following? - correct answers.The VREB administers the: VA Fair Housing Act, VA Condominium Act, and the VA Time-Share Act. A landlord may do which of the following if the rent remains unpaid five days following appropriate notification? - correct answers.File suit against the tenant to have him or her evicted. A landlord cannot enter the rental property to remove tenant's property, post the rental as available, or cut off the power to the property. A landlord may release a tenant's financial records under which of the following circumstances? - correct answers.Only with the tenant's written permission. Regarding time shares in Virginia, the declarant must file a time-share project instrument, which defines the project, and is in accordance with the: - correct answers.Virginia Non-Stock Corporations Act In accordance with the Virginia Non-Stock Corporations Act, the declarant must file which of the following instruments in the case of a time-share estate program? - correct answers.A time-share project instrument. According to the Virginia Condo Act, when an owner submits his intent to commit a property to a condo regime, which of the following must be included with declaration instruments submitted to the Virginia Real Estate Board? - correct answers.The condo name which must include the term "condominium." Time frames of project completion, names of all prospective building tenants, and the current assessed value of property are not needed to be included. If a tenant has violated terms of his or her lease, the landlord must give written notice and the tenant must correct the violation within how many days? - correct answers.21 days. If the tenant violates their lease, the landlord may notify the violation to which the tenant then has 21 days to correct the violation. Payment of claims through the Virginia Real Estate Transaction Recovery Fund will be delayed for a maximum of one year if which of the following occurs? - correct answers.If there is reason to believe there will be MULTIPLE CLAIMS involving ONE licensee. A brokerage relationship involves which two parties? - correct answers.A licensed broker/salesperson and the client. Brokerage relationships are agreements between the licensee and the buyer/seller/client. A licensee must disclose the broker/brokerage whom the licensee represents to landlords and tenants in which of the following manners? - correct answers.As soon as possible, but definitely before when the lease is signed. This disclosure of brokerage must be disclosed in WRITING, and presented with the lease (application) at the earliest time possible. All written offers and counteroffers must be submitted by the licensee within what amount of time of receipt? - correct answers.In a timely manner.