100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Virginia Real Estate Testprep Exam Questions and Answers 100% Correct $10.09   Add to cart
Quickly navigate to
Preview
  2.  
  3. Virginia Real Estate
  4.  
  5. Virginia Real Estate

Exam (elaborations)

Virginia Real Estate Testprep Exam Questions and Answers 100% Correct
 9 views  0 purchase
  • Course
  • Virginia Real Estate
  • Institution
  • Virginia Real Estate

When a seller and licensed salesperson agree to a listing, on terms acceptable to the broker, an agency relationship is established between: - ANSWER-The listing broker and the seller A broker would be in violation of the Federal Fair Housing Law for all of the following actions EXCEPT: - ANSWER...

[Show more]

Preview 2 out of 10  pages

Document information

  • April 5, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • virginia real estate testprep exam questions and
  • virginia real estate testprep exam stuvia
  • an offer is accepted by all parties with a settlem

Written for

  • Virginia Real Estate
  • Virginia Real Estate

Seller

avatar-seller
IMORA

Reviews received

Content preview

Virginia Real Estate Testprep Exam
Questions and Answers 100% Correct

An offer is accepted by all parties with a settlement date of September 5. Three days
prior to settlement the purchaser notifies the seller that funds are not available and
settlement cannot take place as scheduled. Which of the following options are
available to the seller? - ANSWER-Any of the above
a. Sue for specific performance
b. Sue for monetary damages
c. Allow rescission of the contract

A broker obtains an open listing on a piece of property. In order to collect a
commission on the sale of this property, the broker must be able to prove which of
the following? - ANSWER-All of the above
a. He was licensed at the time of the sale
b. He was employed at the time of the sale
c. He was the procuring cause of the sale

When a seller and licensed salesperson agree to a listing, on terms acceptable to
the broker, an agency relationship is established between: - ANSWER-The listing
broker and the seller

A broker would be in violation of the Federal Fair Housing Law for all of the following
actions EXCEPT: - ANSWER-Hiring salespeople, on the basis of sex, regardless of
experience or qualifications.

A broker is representing a buyer. When the broker is showing property, he may NOT
disclose to his buyer: - ANSWER-The current owner is infected with the HIV virus.

The Virginia Fair Housing Law prohibits discrimination on the basis of: - ANSWER-
Familial status.

The net income on a property is $350 per month which represents a 9.2% annual
rate of return on the value of the property. What is the approximate value of the
property? - ANSWER-$45,650
$350 X 12 months = $4,200 annual income. $4,200 divided by 9.2% = $45,652.17 or
$45,650

A licensee has refused to pay a special assessment of $20.00 to the Transaction
Recovery Fund even after receiving a second notice. At this point, the licensee: -
ANSWER-Is automatically suspended after 30 days.

Which of the following statements BEST illustrates the difference between puffing
and misrepresentation? - ANSWER-Puffing is an exaggeration, not concealing

, material facts; misrepresentation is unjustly harming a person by concealing material
facts

An owner has entered into a listing agreement with a broker. During the period of the
agreement, the owner sells the property himself. The owner is not legally required to
pay a commission to the broker. What type of listing agreement did the owner have?
- ANSWER-An exclusive agency

After an offer to purchase has been made and accepted, the broker may change the
contract, under which of the following circumstances? - ANSWER-With the approval
of all parties involved in the contract.

Which of the following would cause a deed to be void? - ANSWER-Illegal purpose

A contract cannot be consummated because of a disagreement between buyer and
seller. The broker still has the earnest money deposit in his escrow account. The
seller has demanded that the deposit be given to him and the buyer has demanded
that the deposit be returned to her. What can the broker legally do? - ANSWER-Hold
the funds until ordered by the court to disburse

Under Truth-in-Lending, full disclosure of all financing terms is required. Which of the
following could be omitted and NOT violate the regulation? - ANSWER-Selling price
of the property

A restrictive covenant in a deed could: - ANSWER-Prevent the use of the property as
a dance hall

A brokerage relationship may be terminated prior to completion of the contract in
which of the following circumstances? - ANSWER-Mutually agreed-upon termination.

A person that authorizes another to act for him or her is known as the: - ANSWER-
Client

If a motel clerk furnishes a broker with leads to prospective buyers in exchange for a
percentage of the commission collected, which of the following would be true? -
ANSWER-The clerk must be licensed as a broker

The document that determines what type of improvements you can build in a certain
area is: - ANSWER-Zoning ordinance

A salesperson may work for a broker, licensed in another jurisdiction, other than his
or her employing broker, with the: - ANSWER-Permission of his or her employing
broker.

The Virginia Time-Share Act defines a time-share as a right to occupy a unit or any
of several units during: - ANSWER-Five or more separated time periods over a
period of at least five years coupled with either a freehold estate or an estate for
years in a time-share project

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.09. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.09
  • (0)
  Add to cart