Virginia Real Estate License Exam Qs Latest
Update 2024-2025 Actual Exam Questions and
100% Verified Correct Answers Verified by
Professor
A broker has received an earnest money deposit to support a valid contract. If the
contract is breached and does not close, the broker is required to hold the escrow funds
until... - CORRECT ANSWER: All principals to the contract agree to the intended
distribution
A broker manages 3 properties for the same owner. One property is in need of repairs
but there is not enough money in the management account to cover the cost. The
broker borrows money from the escrow account of one of the other properties to make
repairs.
TRUE or FALSE? The broker is in violation of regulations for improperly handling
escrow funds - CORRECT ANSWER: TRUE
A broker may be licensed with more than one VA brokerage firm or sole proprietorship
under what circumstances? - CORRECT ANSWER: With the written consent of the
principal brokers represented
A broker, in an attempt to sell a property quickly, offers a bonus of $500 to the person
that submits as acceptable offer on the property. To whom may the broker pay this
bonus? - CORRECT ANSWER: Any other licensed cooperating broker
A licensed real estate salesperson may receive money or other valuable consideration
for services rendered in connection with property management from... - CORRECT
ANSWER: His or her employing broker
A licensed salesperson can be licensed with more than one VA broker under what
circumstances? - CORRECT ANSWER: Under no circumstances
, A licensee contacts a homeowner in an attempt to obtain a listing for the property. When
must agency disclosure be provided to the homeowner? - CORRECT ANSWER: At the
time the owner agrees to list the property
A licensee presents a seller a full price offer to purchase, subject to a home inspection.
The selling agent orders the inspection from a friend who pays the agent a fee for the
referral. Such action would be considered a violation of Board regulations unless.. -
CORRECT ANSWER: The fee is disclosed, in writing, to the parties to the contract
A licensee was out of town on personal business. When she returned on July 5 she
realized that her license had expired on May 31. What is required if the licensee wants
to remain licensed? - CORRECT ANSWER: Apply for reinstatement and pay a
reinstatement fee
A licensee who is actively engaged in real estate brokerage works at least.. - CORRECT
ANSWER: 40 hours per week
A licensee whose license has been on inactive status for more than 3 years will have to
do what in order to activate the license? - CORRECT ANSWER: Meet current
educational requirements
A nonresident who obtains a license as an active salesperson in VA is required to do
which of the following?
1. Move to VA within 6 months of licensure.
2. Post a bond.
3. Maintain an escrow account in VA.
4. Activate with a VA licensed broker. - CORRECT ANSWER: 4. Activate with a VA
licensed broker.
A property was sold by Bob, a licensed associate broker. Several weeks after closing,
the seller send Bob $500 and a thank you note for a job well done. Bob accepted the
check because he felt he deserved it for working hard. TRUE or FALSE? Bob may keep
the bonus because he is licensed as an associate broker. - CORRECT ANSWER:
FALSE. Bob has violated the Board regulations
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