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Exam (elaborations)

VA Real Estate Final Exam Questions and Answers(RATED A+)
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  • Course
  • VA Real Estate
  • Institution
  • VA Real Estate

In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? - ANSWER-Within one month of the agreement's effective date Which of the following is a task that a licensee could perform for a customer in a transaction? - ANSWER-Providing the opposing par...

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  • April 5, 2024
  • 25
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • va real estate final exam questions and answersra
  • va real estate final exam questions stuvia
  • according to the vrlta a copy of the written ren

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  • VA Real Estate
  • VA Real Estate

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VA Real Estate Final Exam Questions
and Answers(RATED A+)

According to the VRLTA, a copy of the written rental agreement must be provided to
the tenant within ______________ of the agreement's effective date. - ANSWER-
One month

In Virginia, a landlord must provide a copy of the written rental agreement. When
must this be provided? - ANSWER-Within one month of the agreement's effective
date

Which of the following is a task that a licensee could perform for a customer in a
transaction? - ANSWER-Providing the opposing party with signed copies of
paperwork

Erin, a contractor and licensee, is selling one of a group of homes she built this year.
Which of the following is true about her disclosure responsibilities? - ANSWER-Erin
only needs to disclose any known defects that are considered building code
violations.

According to the disclosure statement, what is a seller's disclosure obligation if a sex
offender lives near their property? - ANSWER-The seller makes no representations.

Under which of the following circumstances can a buyer agency agreement be
terminated in Virginia? - ANSWER-If the buyer and agent both agree in writing to
end the agreement.

In Virginia, in what form can a buyer pay earnest money? - ANSWER-Cash, check,
bank letter of credit, or promissory note

A Virginia resident has worked with the Virginia Housing Development Authority on
their first home purchase. The purchase is being secured by a deed of trust. Who are
the parties involved? - ANSWER-Trustee, trustor, beneficiary

Why does a designated agency relationship require a disclosure signed by both
parties? - ANSWER-Because although each party is represented by a different
licensee, all brokerage agreements are in the broker's name. Consumers must be
made aware of this.

In Virginia, landlords may amend a rental agreement if ______. - ANSWER-The
landlord and tenant agree to the changes

The Real Estate Board has issued a charge of discrimination against a real estate
licensee in Virginia. What should the licensee expect to happen next? - ANSWER-
The charge will be referred to the Attorney General's office

,What is the general purpose of a POA? - ANSWER-Make and enforce rules for the
properties in its jurisdiction

Which of the following is true about a broker's recordkeeping responsibilities? -
ANSWER-Brokers must keep records of signed dual agency consent forms for three
years.

You should ______ before you affiliate with a broker. - ANSWER-Ask lots of
questions

A timeshare owner has decided to sell her share, and has found a buyer. What does
she need to provide to the buyer? - ANSWER-A Certificate of Resale

Identify which of these actions is a prohibited activity for a real estate licensee in
Virginia. - ANSWER-Increasing the rent and security deposit for a family with seven
children.

Which of these statements about septic systems and disclosure are true? -
ANSWER-Septic systems that don't involve additional maintenance requirements
and a waiver don't have to be disclosed.

When does a dual agency disclosure need to be provided? - ANSWER-Prior to a
dual agency situation occurring

What Virginia regulatory authority protects wetlands through the Water Protection
Permit program? - ANSWER-Department of Environmental Quality

What is a seller representation agreement also known as? - ANSWER-A listing
agreement

What is used to secure a home loan in Virginia? - ANSWER-Deed of trust

Shayla has been a principal broker for almost eight years. Does she have to submit
proof of continuing education (CE) the next time she renews her license? -
ANSWER-Yes, because brokers need to take CE as part of their renewal process.

How often should a principal broker conduct an audit (or arrange to have one done)?
- ANSWER-Every two years

Henry, a licensee, has worked long and hard to find a buyer for his seller client
Maxine. The help of the brokerage's unlicensed assistant Bart has been invaluable.
Henry's principal broker Simone has provided advice and encouragement, but hasn't
been directly involved in the transaction. Now, the buyer, Celia, has given Henry an
earnest money check for $3,000. Who's responsible for opening this escrow
account? - ANSWER-Simone

Clifford is working for a couple of different sellers at the moment. His seller, Jim, only
wants Clifford to help create a listing and get it on the MLS. His seller, Pam, wants
Clifford to list the property, market the property, assist in reviewing offers and

, preparing counter-offers, and lead her through the entire transaction. In which role is
Clifford acting for each of these clients? - ANSWER-Clifford is acting as a limited
service agent for Jim and a standard agent for Pam.

Which of the following examples describes a condominium? - ANSWER-Ownership
of the pool, grassy areas, and walkways is shared, while units are privately owned.

Derek, a real estate licensee, has had a fair housing complaint filed against him with
the Virginia Fair Housing Office. Which group is responsible for either dismissing the
complaint or issuing a charge of discrimination? - ANSWER-The Virginia Real Estate
Board

What is one purpose of the Equipment Condition and Inspection section in the
Residential Contract of Purchase? - ANSWER-To give notice to the parties that the
seller must provide the buyer and the buyer's representatives reasonable access to
the property.

When some activities are conducted in wetland areas, permits are required. In
Virginia, what regulatory authority issues these permits? - ANSWER-Department of
Environmental Quality

Which of the following situations is the best example of designated agency? -
ANSWER-Agent Devin represents seller Angie, and agent Denise represents buyer
Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies
Realty.

Parker represents buyer clients, Mr. and Mrs. Merryweather, who have just made an
offer on a house. Parker presents the offer to the seller's agent and says, "Just so
you know, my clients are happy to come down a bit on that price." Has Parker done
anything wrong, and if so, what? - ANSWER-Parker has violated the duty of
confidentiality he owes his clients.

Fran is a seller's agent. In which of these Virginia scenarios is she breaking a federal
law? - ANSWER-A potential buyer asks, "Do you know if anyone who lives here has
HIV?" Fran answers, "Yes. The current owner's son does."

According to the Virginia Residential Landlord and Tenant Act, who's responsible for
ensuring that residential dwellings have locks on the sliding glass doors? -
ANSWER-The landlord

The VREB has cause to believe that the escrow accounts at Green Valley Brokerage
are being mismanaged. Which of the following is an action they can take? -
ANSWER-They can petition the court to appoint a receiver to oversee the escrow
accounts.

Which section of the Residential Contract of Purchase requires the seller of a condo
that is subject to the Virginia Condominium Act to give the buyer a copy of the resale
certificate from the unit owners' association? - ANSWER-The Virginia Condominium
Act section

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