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Exam (elaborations)

Virginia Real Estate Exam Questions & Answers Solved Correctly
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  • Course
  • Virginia Real Estate
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  • Virginia Real Estate

Time period a complainant has to submit concerning a fair housing violation is: - ANSWER-1 year from occurrence Fees for issuing, renewing and reinstating are determined by: - ANSWER-The Real Estate Board (REB). Prior to a sales contract being signed by a purchaser in VA, a salesperson must p...

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  • April 5, 2024
  • 5
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • virginia real estate exam questions answers sol
  • virginia real estate exam questions stuvia
  • of the real estate board are appointed by answe

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  • Virginia Real Estate
  • Virginia Real Estate

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Virginia Real Estate Exam Questions &
Answers Solved Correctly

of the Real Estate Board are appointed by: - ANSWER-the governor

Time period a complainant has to submit concerning a fair housing violation is: -
ANSWER-1 year from occurrence

Fees for issuing, renewing and reinstating are determined by: - ANSWER-The Real
Estate Board (REB).

Prior to a sales contract being signed by a purchaser in VA, a salesperson must
provide: - ANSWER-An agency disclosure.

Which of the following does Not govern how agency is handled in VA? - ANSWER-
Common law.

Division of fees is permitted: - ANSWER-Between brokers.

In VA, a lessor cannot restrict a handicapped tenant: - ANSWER-From making
reasonable modifications at lessee's expense.

After an agency relationship ends, what does the licensee will owe to the client? -
ANSWER-keep confidential all personal information learned during the relationship.

If a licensee fails to provide a termination date within a listing agreement: -
ANSWER-The statutory termination date of 90 days applies.

If a broker changes the address of their principal office: - ANSWER-He/she has 30
days to submit notice of the change to the REB.

If a party dies intestate their estate may be divided as follows: - ANSWER-1/3 of
estate to surviving spouse and 2/3 to surviving children.

The mandatory condition disclosure/disclaimer should be completed by the seller: -
ANSWER-At time of listing the property.

In VA you have died intestate if: - ANSWER-No will. Nuncupative (oral) wills and
holographic wills without the required 2 witnesses would invalid wills.

A licensee must respond to a complaint filed with REB: - ANSWER-Within 15 days.

Deposits to be placed in the escrow account must be in the account: - ANSWER-
Within 5 business/banking days.

, Advertisements for shared living situations are allowed to restrict only concerning: -
ANSWER-Gender

Every principal broker should have readily available to the public: - ANSWER-A
roster of every salesperson and broker assigned to that office.

If an applicant fails the PSI exam, and still wishes to obtain a license: - ANSWER-
Must schedule with PSI to retake the portion of the exam failed.

A licensee that is able to represent and look out for the client's best interests and
attempt to secure the best terms for that client is a - ANSWER-Designated agent.

You, a licensed salesperson, receive a lead from a friend. You want to split your
commission with your unlicensed friend: - ANSWER-This is a violation of the license
law.

A broker must return their license within: - ANSWER-3 days of termination.

A broker returns a salesperson license within: - ANSWER-10 days of termination.

Escrow, Agency paperwork, and Contracts (even the ones that don't settle) are kept
for: - ANSWER-3 years

Upon receiving a Public Offering Statement, the timeshare purchaser: - ANSWER-Is
given 7 days to cancel contract.

A private club, by limiting occupancy of its lodgings to club members, is violating: -
ANSWER-No state or Federal law.

Right of redemption for a tax sale that allows the owner to redeem and keep the
property: - ANSWER-Is equitable and exists prior to the foreclosure.

A contract for sale of Virginia residential property must contain in bold print a
statement concerning: - ANSWER-A right of selection clause. Which is the buyer's
right to choose a settlement company.

When an unlicensed salesperson negotiates his/her first sale of real estate, the
commission is payable only to: - ANSWER-No one but the licensed party.

The minimum amount to be maintained in the Real Estate Transaction Recovery
Fund is: - ANSWER-$400,000.

The doctrine of caveat emptor still applies in Virginia and means: - ANSWER-Let the
buyer beware.

Charging a brokerage fee higher than allowed by state law is known as: - ANSWER-
Nothing. There is no maximum fee.

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