Real Estate Exam - State

Front 1

I am the person who hires and authorizes an agent. I am the broker who hires the salespeople. I am the seller who hires the broker. who am i?

Back 1

Principal

Front 2

I am authorized to perform a single act for a principal. I act under detailed instructions. I cannot bind the principal to any contract. If i am hired by a seller

Back 2

I am limited to finding a ready

Front 3

I am empowered to do anything the principal could do personally. My authority to act on behalf of the principal is essentially unlimited. Generally

Back 3

I'm not a real estate licensee. Who am I?

Front 4

I am a Facilitator

Back 4

transactional broker

Front 5

Under the terms of a listing agreement

Back 5

the broker is considered to have earned the commission if:

Front 6

Under the terms of a listing agreement

Back 6

the broker is considered to have earned the commission if:

Front 7

The word "equity" as applied to real estate means which of the following?

Back 7

The difference between the appraised value of the property and the current loan balance.

Front 8

A "listing" is

Back 8

a contract for the professional services of the broker.

Front 9

The common law concept of agency is based on:

Back 9

The master-servant relationship under English rules

Front 10

Supply and Demand is an economic principle based on:

Back 10

uniqueness and mobility

Front 11

Real property is best understood as including:

Back 11

land

Front 12

3. The principal is the person who employs the broker.

Back 12

Statements about Agency:

Front 13

A broker only owes a fiduciary duty in all real estate transactions to:

Back 13

the client. Other parties in relation to the broker are either "non agent scenarios" or "facilitator scenarios".

Front 14

The purpose of license law includes all the following:

Back 14

-Establish basic requirements for obtaining a license.

Front 15

The major benefit for most homeowners is that:

Back 15

The IRS allows an interest and tax deduction on the 1040.

Front 16

A SALESPERSON obtains a listing of residential property. After the listing is registered with the broker

Back 16

the salesperson shows the property to a family who came into the office in search of a home. A disclosure of agency must be given to:

Front 17

A personal assistant to a real estate salesperson:

Back 17

performs many small but vital details in running the business.

Front 18

Emblements:

Back 18

Are plantings that require annual cultivation.

Front 19

The six common law fiduciary duties are:

Back 19

-care

Front 20

Homeowner Sam placed an ad in the local newspaper stating his house is "for sale". he gave a listing to a broker who placed the property in the MLS and it was shown by several agents. A buyer saw the ad

Back 20

inspected the property and bought the house directly from the owner. At settlement

Front 21

Exclusive right to sell

Back 21

As long as the house sells (no matter by whom) the broker gets paid.

Front 22

Exclusive agency

Back 22

The specific agent has to sell the house in order for the broker to get paid.

Front 23

A licensed salesperson

Back 23

may carry out only those responsibilities assigned by his employing broker.

Front 24

Much of our wealth is in real estate. The economic characteristics of real estate include all the following:

Back 24

Scarcity

Front 25

A type of listing that is prohibited in VA

Back 25

Net Listing. The REB regulations specifically prohibit these under 18 VAC 135-20-280(5).

Front 26

A potential buyer signs an "exclusive right to represent buyer" agreement with a real estate broker who designates one of his salespersons to represent the interest of the buyer. The salesperson concludes that one of the company listings would meet the buyer's requirements and shows the buyer that property. under these circumstances:

Back 26

The broker is a dual agent.

Front 27

A broker needs to distingish between a customer and a client. That distinction is best described as:

Back 27

A customer has no agency agreement with the broker; the client does.

Front 28

A listing agreement may be terminated:

Back 28

if the title to the property is transferred by operation of the law.

Front 29

An agency relationship is created by all of the following:

Back 29

-By an expressed written agreement.

Front 30

The listing price is an important factor in marketing property. That price is determined by:

Back 30

The SELLER

Front 31

All of the following are prohibited under the antitrust laws:

Back 31

-Price fixing.

Front 32

-Competing brokers allocating ("Designating

Back 32

Setting") markets based on the values of homes.

Front 33

When a real estate broker is responsible for a chain of events that results in the sale of one of the brokers' CLIENT'S properties

Back 33

this is referred to as:

Front 34

To be entitled to a sales commission

Back 34

an individual must be:

Front 35

Salesperson Norman wants to be classified as a qualified real estate agent- the equivalent of holding independent contractor status. All the following are requirements for him to meet:

Back 35

-Receive substantially all of his income from the brokerage based on production

Front 36

There is a spectacular house that salesperson Ronald from Weichert Realty has been trying for several weeks to list for sale. The owners have been interviewing salespeople from different firms. They tell Ronald that Long and Foster Properties will charge a 2% lower commission for selling the house. What should Ronald say to the owner in order to get the listing?

Back 36

"Weichert Realty provides excellent services to market their seller's properties."

Front 37

Broker Smith is helping a buyer and seller fill out a sales contract

Back 37

but is not representing either party. Broker Smith is a(n):

Front 38

Unless some other written agreement has been made

Back 38

broker Hugo will usually receive his brokerage commission when:

Front 39

"Fee-for-service" means

Back 39

Arrangement with a consumer that asks a licensee to perform specific real estate services for a set fee. aka "piecemeal".

Front 40

The National Do Not Call Registry provides that:

Back 40

Consumers who have made an inquiry to a licensee may be contacted up to 3 months later.

Front 41

Most homeowners' insurance policies contain which of the following clauses?

Back 41

A coinsurance clause (a clause in insurance policies covering real property that requires the policy holder to maintain fire insurance coverage generally equal to at least 80% of the property's actual replacement cost.

Front 42

In designated agency:

Back 42

-The BROKER could be a dual agent.

Front 43

A real estate broker's responsibility to keep the principal informed of all the facts that could affect a transaction is the duty of:

Back 43

Disclosure

Front 44

A broker is permitted to represent both the seller and the buyer in the same transaction when:

Back 44

both parties have been informed and agree to the dual representation.

Front 45

Although unethical

Back 45

it is considered a lawful practice in real estate brokerage:

Front 46

As an agent for the seller

Back 46

a real estate broker can:

Front 47

A seller has listed a home with a broker for $190

Back 47

000. The listing broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. the buyer offers $185

Front 48

It is the duty of an agent to disclose to the principal every material step taken in the transaction of the principal's business. this is because the:

Back 48

agent has a fiduciary obligation to the principal.

Front 49

Upon discovering a latent defect in a property

Back 49

Broker Alice should discuss the problem with seller Juan and then:

Front 50

The type of agency practiced in which there is only ever one client is:

Back 50

single agency

Front 51

A salesperson who is employed by a broker told a prospective buyer that a house the buyer was looking at is "the best house in the area". because of this statement:

Back 51

the salesperson was practicing puffing.

Front 52

A salesperson sells buyer Fred's property listed by another brokerage firm in the multiple listing system. the salesperson has been working with Fred for many months but does not have an agency contract with him. this salesperson has fiduciary obligations to who?

Back 52

The seller.

Front 53

Broker Joan shows properties listed for sale with her company to prospect Karl. Karl has refused buyer representation. Karl is Joan's:

Back 53

Customer.

Front 54

Broker Sven

Back 54

in the course of selling a home to customer Nancy

Front 55

Broker LaRue's newest salesperson

Back 55

Shandra

Front 56

A broker who represents a seller under an exclusive-agency listing recieves two offers for the property at the same time

Back 56

one from one of the broker's salespeople and one from the salesperson of a cooperating broker. What should the broker do?

Front 57

A broker has an exclusive-right-to-sell listing on a building. the owner is out of town when the broker gets an offer from a buyer to purchase the building providing the seller agrees to take a purchace money mortgage. the buyer must have a commitment from the seller before the seller is scheduled to return to the city. under these circumstances:

Back 57

the broker must obtain the signature of the seller to effect a contract.

Front 58

A property manager is hired to manage a property while the owner is overseas for two years. The property manager is a(n):

Back 58

General agent (one who is authorized by a principal to represent the principal in a specific range of matters.)

Front 59

adaptations of property specifications to suit tenant requirements are:

Back 59

tenant improvements

Front 60

If a tenancy by the entirety is ended due to a divorce the former spouses

Back 60

if not specified otherwise

Front 61

The "Wet Settlement Act" requires that recordation and distribution of funds take place within how many days?

Back 61

2 days

Front 62

How long does a license candidate have to apply for a license once the licenseing exam is passed?

Back 62

12 months

Front 63

In VA

Back 63

a listing agent owes the seller all of the following duties:

Front 64

A licensee is selling his/her own home For Sale By Owner. The sign in the front lawn must contain:

Back 64

Information that the owner is a licensee.

Front 65

Which of the following classes is protected under the VA fair housing law but not the federal fair housing law?

Back 65

Elderliness

Front 66

The maximum fine for a single violation of regulations that can be imposed on an agent by the REB is:

Back 66

$2

Front 67

You are listing a property in which one of the owners recently committed suicide. Which of the following is true?

Back 67

the suicide need not be disclosed to buyers

Front 68

Which of the following "roommate wanted" ads would be illegal under the VA Fair Housing Laws?

Back 68

Christian Females only

Front 69

According to the VA landlord tenant act

Back 69

a tenant who vacates a property in good standing

Front 70

A person who has had a license on inactive for over 3 years will be required to do which of the following to reactivate?

Back 70

meet the current educational requirement and pay the reactivation fee.

Front 71

A broker who is found to have violated the VA Fair Housing Laws would be subject to a maximum civil penalty of: (civil case-first & subsequent offense)

Back 71

$50

Front 72

If an owner agrees to pay a 7% commission to a real estate broker

Back 72

if the broker sells the property. The home owner has established the same agreement with 3 other brokers

Front 73

A broker could be found guilty of commingling by failing to remove from an escrow account

Back 73

funds they earned as part of a transaction

Front 74

The Real Estate Board is responsible for administering the following:

Back 74

VA condominium act

Front 75

The following are permitted under VA law:

Back 75

-a local jurisdiction may have added additional protected classes to the fair housing laws.

Front 76

A person holding an active broker's license in VA who is not the principal broker is:

Back 76

An Associative broker

Front 77

A licensee must disclose his/her license status in WRITING to all parties to a contract in the following situations:

Back 77

-when purchasing a property themselves.

Front 78

Regarding the VA Fair housing laws:

Back 78

A larger security deposit may be charged on a larger rental unit.

Front 79

Financial records of escrow accounts must be maintained for:

Back 79

3 years

Front 80

In VA

Back 80

property assessments for tax purposes are to be based on:

Front 81

Board regulations require that agency disclosure be made to buyers and sellers:

Back 81

during initial contact

Front 82

The license of a real estate salesperson must be:

Back 82

publicly displayed in the main office.

Front 83

The surviving spouse of someone who dies testate may be eligible for:

Back 83

an elective share of the augmented estate.

Front 84

Usury Laws in VA set the maximum interest rate on loans secured by a first deed of trust on real estate at:

Back 84

There is no limit

Front 85

The sign on a real estate company must:

Back 85

have some words or phrase that lets the public know that the office is a real estate business.

Front 86

How long after the work is done may a mechanic wait before filing a mechanics lien?

Back 86

no more than 90 days

Front 87

The REB (actual board) has:

Back 87

9 members. 7 are professionals and 2 consumers.

Front 88

In addition to other requirements

Back 88

an unlicensed nonresident who wishes to obtain a VA real estate license:

Front 89

Routine services that an agent provides to the customer are referred to as:

Back 89

Ministerial acts

Front 90

If the board recieves an application for a partnership brokers license from a real estate broker and a real estate salesperson

Back 90

each with over 10 years experience

Front 91

If a licensee has had their license revoked because their behavior caused a payment to be made from the Transaction Recovery Fund:

Back 91

The licensee must pay the fund back

Front 92

All of the following are protected under the VA fair housing laws:

Back 92

-a Canadian with a one year job assignment in Richmond.

Front 93

An applicant for a broker license must have been active as a salesperson for a minimum:

Back 93

3 years (36 months)

Front 94

A principal broker may be disciplined for the actions:

Back 94

of an agent only if the principal broker knew or should have known of the unlawful action.

Front 95

Referral fees may be paid:

Back 95

to any broker regardless of where those brokers are located.

Front 96

The first step in the procedure when the REB receives a complaint is:

Back 96

The REB reviews the complaint to determine if it has jurisdiction.

Front 97

Normally the seller property condition disclosure would be provided to the buyer before the contract of sale is ratified. If the buyer does not receive the disclosure or disclaimer prior to contract ratification then the following is true:

Back 97

-The buyer may cancel the contract any time up until settlement if the never receive the disclosure/disclaimer and do not apply for a mortgage.

Front 98

All of the following are exempt from the seller property condition disclosure/disclaimer requirements:

Back 98

-The seller of a new home

Front 99

A licensee selling his/her own property as a FSBO:

Back 99

is subject to the rules of the REB

Front 100

Licensees are barred from receiving unapproved kickbacks from a third parties. these would include all the following:

Back 100

-Sharing in the fee your buyer pays to a home inspector.

Front 101

A branch office is required to display:

Back 101

the branch office license.

Front 102

how many days after a salesperson's license expires can reinstatement occur without monetary penalty?

Back 102

30 days

Front 103

How many days does a purchaser have to rescind the contract at the initial public offering of a time share?

Back 103

-5 days

Front 104

When a real estate firm changes its trade name

Back 104

the board must receive WRITTEN notification of the change within:

Front 105

Real estate for sale ads placed by a real estate company must contain:

Back 105

The brokers name

Front 106

In VA

Back 106

a salesperson may conduct a settlement the following situation:

Front 107

The developer remains responsible for the management of a condominium until what percentage to the units are sold?

Back 107

75%

Front 108

In branch offices:

Back 108

the office manager must be a broker.

Front 109

What penalty is a licensee subject to

Back 109

if a payment is made from the Transaction Recovery Fund bc of the action of that licensee.

Front 110

A couple feels that they have been discriminated against by a landlord due to their place of national origin. they have filed a complaint with the REB. the burden of proof falls on the:

Back 110

Fair Housing Office

Front 111

A salesperson puts his/her license in referral.

Back 111

he/she is considered to have an active license

Front 112

If the balance of the transaction recovery fund falls below the minimum

Back 112

it may be necessary to assess each licensee an additional fee. that fee:

Front 113

A tenant's security depisit-if not forfeit due to damages- must be returned to the tenant within how many days after the tenant vacates the property?

Back 113

45 days

Front 114

Violations of VA fair housing laws:

Back 114

-not showing ground floor condominiums to a single woman bc of your concern for her safety.

Front 115

Upon expiration of a lease

Back 115

the lessor:

Front 116

Va fair housing law protects people starting at age?

Back 116

55

Front 117

renewal fees must be paid while:

Back 117

having an inactive status

Front 118

A real estate advertisement in a publication whose subscribers are mainly Asian is a violation of:

Back 118

NOTHING

Front 119

Stigmatized properties would be a property that "suffers" from:

Back 119

-suicide in the house

Front 120

however

Back 120

disclosure about a client who has a stigmatized attribute can result in contract cancellation but no disciplinary actions will be held against the agent.

Front 121

however

Back 121

the only topic of disclosure that is specifically prohibited is ANY discussion of HIV AIDS. (if info is disclosed regarding persons infected with HIV AIDS

Front 122

A security deposit (held by a broker)

Back 122

charged as part of the rental transaction:

Front 123

means any broker or salesperson who is under the supervision of a principal or supervising broker of a firm or sole proprietor and who is performing those activities defined in §§54.1-2100 and 54.1-2101 of the Code of Virginia.

Back 123

"Active"

Front 124

means active licensure with a licensed real estate firm or sole proprietorship in performing those activities as defined in §§54.1-2100 and 54.1-2101 of the Code of Virginia for an average of at least 40 hours per week. This requirement may be waived at the discretion of the board in accordance with §54.1-2105 of the Code of Virginia.

Back 124

"Actively Engaged"

Front 125

means anyone who holds an active real estate license.

Back 125

"Actively engaged in the brokerage business"

Front 126

means any individual licensee of the board holding a broker's license other than one who has been designated as the principal broker.

Back 126

"Associate Broker"

Front 127

means a person who has entered into a brokerage relationship with a licensee as defined by §54.1-2130 of the Code of Virginia.

Back 127

"Client"

Front 128

means any sole proprietorship (nonbroker owner)

Back 128

partnership

Front 129

refers to any broker or salesperson who is not under the supervision of a principal broker or supervising broker

Back 129

who is not active with a firm or sole proprietorship and who is not performing any of the activities defined in §§54.1-2100 and 54.1-2101 of the Code of Virginia.

Front 130

means a licensee who acts for or represents a client other than as a standard agent and whose duties and obligations are governed by a written contract between the licensee and the client.

Back 130

"Independent Contractor"

Front 131

means real estate brokers and salespersons as defined in Chapter 21 (§54.1- 2100 et seq.) of Title 54.1 of the Code of Virginia.

Back 131

"Licensee"

Front 132

means the individual broker who shall be designated by each firm to assure compliance with Chapter 21 (§54.1-2100 et seq.) of Title 54.1 of the Code of Virginia

Back 132

and this chapter

Front 133

means a party to a real estate transaction including without limitation a seller or buyer

Back 133

landlord or tenant

Front 134

means any individual

Back 134

not a corporation

Front 135

means a licensee who acts for or represents a client in an agency relationship. A standard agent shall have the obligations as provided in Article 3 (§54.1- 2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia.

Back 135

"Standard Agent"

Front 136

means (i) the individual broker who shall be designated by the principal broker to supervise the provision of real estate brokerage services by the associate brokers and salespersons assigned to branch offices or (ii) the broker

Back 136

who may be the principal broker

Front 137

Renewal Required

Back 137

Licenses issued under this chapter for salespersons

Front 138

1. The principal broker

Back 138

either through his own efforts or through the efforts of his employees or associates

Front 139

2. The principal broker and his employees or associates can receive business calls and direct business calls to be made.

Back 139

A. Within the meaning and intent of §54.1-2110 of the Code of Virginia

Front 140

No place of business shall be in a residence unless it is separate and distinct from the living quarters of the residence and is accessible by the public.

Back 140

place of business

Front 141

Every principal broker shall have readily available to the public in the main place of business the firm license

Back 141

the principal broker license and the license of every salesperson and broker active with the firm. The branch office license and a roster of every salesperson or broker assigned to the branch office shall be posted in a conspicuous place in each branch office.

Front 142

Each place of business and each branch office shall be supervised by a supervising broker. The supervising broker shall exercise reasonable and adequate supervision of the provision of real estate brokerage services by associate brokers and salespersons assigned to the branch office. The supervising broker may designate another broker to assist in administering the provisions of this subsection. The supervising broker does not relinquish overall responsibility for the supervision of the acts of all licensees assigned to the branch office. Factors to be considered in determining whether the supervision is reasonable and adequate include

Back 142

but are not limited to

Front 143

2. The availability of training and written procedures and policies which provide

Back 143

without limitation

Front 144

b. Compliance with federal and state fair housing laws and regulations if the firm engages in residential brokerage

Back 144

residential leasing

Front 145

d. Negotiating and drafting of contracts

Back 145

leases and brokerage agreements;

Front 146

Place of business

Back 146

3. The availability of the supervising broker in a timely manner to supervise the management of the brokerage services;

Front 147

6. If a supervising broker is located more than 50 miles from the branch office and there are licensees who regularly conduct business assigned to the branch office

Back 147

the supervising broker must certify in writing on a quarterly basis on a form provided by the board that the supervising broker complied with the requirements in this subsection; and

Front 148

Maintenance of license: Name and Adress

Back 148

1. Salespersons and individual brokers shall at all times keep the board informed of their current name and home address. Changes of name and address must be reported to the board in writing within 30 calendar days of such change. The board shall not be responsible for the licensee's failure to receive notices

Front 149

Maintenance of License: Discharge or termination of active status

Back 149

1. When any salesperson or broker is discharged or in any way terminates his active status with a sole proprietorship or firm

Front 150

2. When any principal broker is discharged or in any way terminates his active status with a firm

Back 150

it shall be the duty of the firm to notify the board and return the license by certified mail to the board within three business days of termination or status change. The firm shall indicate on the license the date of termination

Front 151

Maintenance of Escrow accounts

Back 151

1. If money is to be held in escrow

Front 152

Disbursement of funds from escrow accounts.

Back 152

a. Purchase transactions. Upon the ratification of a contract

Front 153

Disbursement of funds from escrow accounts.

Back 153

b. Lease transactions: security deposits. Any security deposit held by a firm or sole proprietorship shall be placed in an escrow account by the end of the fifth business banking day following receipt

Front 154

Disbursement of Funds from escrow accounts

Back 154

c. Lease transactions: rents or escrow fund advances. Unless otherwise agreed in writing by all principals to the transaction

Front 155

Disbursement of funds from escrow accounts

Back 155

Purchase transactions. Unless otherwise agreed in writing by all principals to the transaction

Front 156

Disbursement of funds from escrow accounts

Back 156

b. Lease transactions. Unless otherwise agreed in writing by the principals to the lease or property management agreement

Front 157

Disbursement of funds from escrow accounts

Back 157

3. On funds placed in an account bearing interest

Front 158

Disbursement of funds from escrow accounts

Back 158

4. A licensee shall not disburse or cause to be disbursed moneys from an escrow or property management escrow account unless sufficient money is on deposit in that account to the credit of the individual client or property involved.

Front 159

Disbursement of funds from escrow accounts

Back 159

Unless otherwise agreed in writing by all principals to the transaction

Front 160

Actions including improper maintenance of escrow funds include:

Back 160

1. Accepting any note

Front 161

2. Commingling the funds of any person by a principal or supervising broker or his employees or associates or any licensee with his own funds

Back 161

or those of his corporation

Front 162

5. Failing

Back 162

as principal broker

Front 163

18 VAC 135-20-185. Maintenance and management of financial records.

Back 163

A. A complete record of financial transactions conducted under authority of the principal broker's Virginia license shall be maintained in the principal broker's place of business

Front 164

maintenence and management of financial records

Back 164

B. The principal broker shall maintain a bookkeeping or record keeping system which shall accurately and clearly disclose full compliance with the requirements outlined in this section. Accounting records which are in sufficient detail to provide necessary information to determine such compliance shall be maintained.

Front 165

C. Actions constituting improper record keeping include:

Back 165

1. Failing

Front 166

3. Failing

Back 166

within a reasonable time

Front 167

means all forms of representation

Back 167

promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity.

Front 168

in the context of online advertising means (i) advertising that contains the firm's licensed name

Back 168

the city and state in which the firm's main office is located and the jurisdiction in which the firm holds a license or (ii) advertising that contains the licensee name

Front 169

means advertising in which no real property is identified.

Back 169

"Institutional Advertising"

Front 170

means a page that may or may not scroll beyond the borders of the screen and includes the use of framed pages.

Back 170

"Viewable Page"

Front 171

All advertising must be under the direct supervision of the principal broker or supervising broker

Back 171

in the name of the firm and

Front 172

Online advertising Disclosure:

Back 172

a. The web. If a firm or licensee owns a webpage or controls its content

Front 173

b. E-mail

Back 173

newsgroups

Front 174

c. Instant messages. Disclosure is not necessary in this format if the firm or licensee provided the disclosures via another format prior to providing

Back 174

or offering to provide

Front 175

d. Chat/Internet-based dialogue. Disclosure is required prior to providing

Back 175

or offering to provide

Front 176

All online listings advertised must be kept current and consistent as follows:

Back 176

a. Online listing information must be consistent with the property description and actual status of the listing. The licensee shall update in a timely manner material changes to the listing status authorized by the seller or property description when the licensee controls the online site.

Front 177

Online advertising prohibits:

Back 177

1. Implying that property listed by a licensee's firm and advertised by the firm or licensee is for sale

Front 178

4. Failing to obtain the written consent of the seller

Back 178

landlord

Front 179

Disclosure of Interest

Back 179

If a licensee knows or should have known that he

Front 180

Disclosure of Brokerage relationships

Back 180

Purchase transactions.

Front 181

1. Unless disclosure has been previously made by a licensee

Back 181

a licensee shall disclose to an actual or prospective buyer or seller who is not the client of the licensee and who is not represented by another licensee and with whom the licensee has substantive discussions about a specific property or properties

Front 182

2. Except as otherwise provided in subdivision 3 of this subsection

Back 182

such disclosure shall be made in writing at the earliest practical time

Front 183

Disclosure of brokerage relationships (lease transactions)

Back 183

1. Unless disclosure has been previously made by a licensee

Front 184

Provisions of records to the board

Back 184

Unless otherwise specified by the board

Front 185

Response to inquiry of the board

Back 185

A licensee must respond to an inquiry by the board

Front 186

Actions constituting unworthy and incompetent conduct include:

Back 186

1. Obtaining a license by false or fraudulent representation;

Front 187

3. As a currently licensed real estate salesperson

Back 187

sitting for the licensing examination for a salesperson's license;

Front 188

4. As a currently licensed real estate broker

Back 188

sitting for a real estate licensing examination;

Front 189

5. Having been convicted or found guilty

Back 189

regardless of the manner of adjudication in any jurisdiction of the United States of a misdemeanor involving moral turpitude

Front 190

Actions constituting a conflict of interest include:

Back 190

1. Being active with or receiving compensation from a real estate broker other than the licensee's principal broker

Front 191

Improper brokerage commission:

Back 191

1. Offering to pay or paying a commission or other valuable consideration to any person for acts or services performed in violation of Chapter 21 (§54.1-2100 et seq.) of Title 54.1 of the Code of Virginia

Front 192

Improper brokerage commission:

Back 192

2. Accepting a commission or other valuable consideration

Front 193

Improper brokerage commission:

Back 193

3. Receiving a fee or portion thereof including a referral fee or a commission or other valuable consideration for services required by the terms of the real estate contract when such costs are to be paid by either one or more principals to the transaction unless such fact is revealed in writing to the principal(s) prior to the time of ordering or contracting for the services;

Front 194

Improper brokerage commission:

Back 194

4. Offering or paying any money or other valuable consideration for services required by the terms of the real estate contract to any party other than the principals to a transaction which results in a fee being paid to the licensee; without such fact being revealed in writing to the principal(s) prior to the time of ordering or contracting for the services;

Front 195

Improper brokerage commission:

Back 195

5. Making a listing contract or lease which provides for a "net" return to the seller/lessor

Front 196

improper brokerage commission:

Back 196

6. Charging money or other valuable consideration to or accepting or receiving money or other valuable consideration from any person or entity other than the licensee's client for expenditures made on behalf of that client without the written consent of the client.

Front 197

Actions constituting improper dealing include:

Back 197

1. Entering a brokerage relationship that does not (i) specify a definite termination date; (ii) provide a mechanism for determining the terminationdate; or (iii) is not terminable by the client;

Front 198

2. Offering real property for sale or for lease without the knowledge and consent of the owner or the owner's authorized representative

Back 198

or on any terms other than those authorized by the owner or the owner's authorized representative;

Front 199

4. Causing any advertisement for sale

Back 199

rent

Front 200

Actions constituting misrepresentation or omission

Back 200

or both

Front 201

3. Failing as a licensee to tender promptly to the buyer and seller every written offer

Back 201

every written counteroffer

Front 202

improper delivery of instument:

Back 202

1. Failing to make prompt delivery to each principal to a transaction

Front 203

3. Failing to deliver to the seller and buyer

Back 203

at the time a real estate transaction is completed

Front 204

Principal and supervising broker's responsibility for acts of licensees and employees.

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Any unlawful act or violation of any of the provisions of Chapter 21

Front 205

Effect of disciplinary action on subordinate licensees.

Back 205

Action by the board resulting in the revocation

Front 206

Effect of disciplinary action on concurrent licenses.

Back 206

The board shall suspend

Front 207

If a licensee has any family

Back 207

business

Front 208

Unless disclosure has been made previously

Back 208

a licensee must disclose the party he or she represents to an actual or prospective buyer or seller who is not the client of the licensee and who is not represented by another licensee. in the case of both buyers and sellers

Front 209

The disclosure must advise prospective buyers

Back 209

sellers

Front 210

A licensee who is acting as a dual or designated representitive must obtain the written consent of all parties "at the earliest practical time." the disclosure may be made in conjunction with other required disclosures if it is conspicuous

Back 210

printed in bold lettering

Front 211

Public offering statement

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the pos filed for a time-share project is similar to the pos filed for a condominium. the developer may not convey any interest or advertise the property until the pos has been approved. if the time-share is being converted from another type of ownership

Front 212

Right to rescind

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the purchaser of a time share interest at the project's initial sale has seven calendar days from execution of contract in which to cancel the contract without penalty. the developer is required to deliver the pos to the purchaser prior to the execution of the contract. the cancellation period commences on the date of contract ratification. if the seventh day falls on a sunday or legal holiday

Front 213

Further

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if there are material changes to the pos prior to settlement and after the initial time of contracting to purchase

Front 214

encumbrance

Back 214

anything- such as a mortgage

Front 215

upon the ratification of a contract

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earnest money deposits and down payments received by the principal broker or supervising broker or his associates must be placed in an escrow account by the end of the fifth business banking day following ratification

Front 216

escrow interest

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On funds placed in an account bearing interest

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escrow

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Unless otherwise agreed in writing by all principals to the transaction

Front 218

escrow improper maintenance

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Failing

Front 219

Megan's Law

Back 219

Disclosure forms must contain a notice advising purchasers that they should exercise whatever due diligence they deem necessary with respect to information on violent sexual offenders registered with the commonwealth. the form is not required for new home sales

Front 220

Buyer Recourse

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If the buyer learns of defects that either were not disclosed or were misrepresented in the disclosure statement

Front 221

The owner is not liable for any error

Back 221

inaccuracy

Front 222

Licensee liability

Back 222

Like the owner

Front 223

An "Agency" relationship could best be described as one in which a licensee:

Back 223

acts for or represents another person in a real estate transaction.

Front 224

Disclosure of brokerage relationship form:

Back 224

needs to be signed when buyer/seller in the transaction does not have representation.

Front 225

Where must a roster of salespersons and brokers assigned to the branch office be located?

Back 225

At the branch office on request by any member of the public.

Front 226

When a licensee acts as an independent contractor and not as a standard agent

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what governs the relationship between the licensee and the client?

Front 227

Homestead Exemption

Back 227

a householder is entitled to hold a certain amount of real property exempt from unsecured debts. The total value of the property may not exceed $5

Front 228

What is the status of dower and curtsey rights in VA?

Back 228

They have been abolished

Front 229

homestead exemption:

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the family bible

Front 230

all the following are true about easement by necessity?

Back 230

-it must be an appurtenant easement

Front 231

Virginia is not a:

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community property state

Front 232

POA Disclosure Packet

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info in packet must be current as of the date of the packet. this allows the property owner to have the packet available to purchaser at time of contract.

Front 233

The association is required to make the packet available within 14 days after an owner/member

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or an owner/member's authorized agent

Front 234

what is required for a corporation to convey property by deed?

Back 234

corporate seal and signatures of corporate officers

Front 235

when a person wants to create a condominium:

Back 235

the word "condominium" must appear in the name of the property.

Front 236

contracts for the INITIAL purchase of a condominium may be rescinded without penalty how many days after the later of contract ratification or receipt of the POS?

Back 236

10 days

Front 237

if a condominium unit owner fails to pay the owners' association's assessment against his or her unit

Back 237

the owner's association may:

Front 238

what vote is necessary for condo owners to dissolve the condo status of the property?

Back 238

80%

Front 239

B has a ratified contract to purchase a two-bedroom condo unit from T. B is now suffering from buyers remorse and wishes to back out of the contract. she has not yet recieved the condo documents. after hand-delivery of the documents

Back 239

she will have how many days to cancel the contract?

Front 240

H is the owner of a time share unit

Back 240

which he bought several years ago from the developer. on march 2

Front 241

When the owner's interest in a time share includes either a freehold interest or an estate for years

Back 241

it is what type?

Front 242

H recently visited a brand new time share project on the Eastern shore. if she decides to make an offer on the property

Back 242

how long will she have to cancel the contract w/out penalty?

Front 243

what is the statue of limitations on any action for misrepresentation of information as it applies to time shares?

Back 243

two years

Front 244

m has decided she no longer wishes to purchase the town house which she currently has under contract. the town house is covered by the POA Act. M can cancel her contract:

Back 244

within 3 days after receiving the POA disclosure packet

Front 245

S is 6 months behind in his POA fees. the association has the right to:

Back 245

place a lien on the property

Front 246

Both the condominium act and the property owner association act have a set limit on the amount that may be charged for preparation of the required document packet of:

Back 246

up to $325

Front 247

the REB is charged with the administration of all the following:

Back 247

-property owner's association act

Front 248

fee simple

Back 248

entitled to ALL THE RIGHTS OF THE PROPERTY

Front 249

J signs an agreement to purchase a condomunium unit on april 1. on april 10

Back 249

J recieves the condo documents and immediately requests and update to the condo documents. on april 20

Front 250

the condo act states that ______ of the total voting interest is required to change the bylaws.

Back 250

2/3

Front 251

A couple engaged to be married is planning to purchase a home prior to the wedding. they can take title in all the following ways:

Back 251

-tenants in common

Front 252

The survey always:

Back 252

supersedes errors in the plat

Front 253

A lender cannot require:

Back 253

that a particular surveyor conduct the survey

Front 254

A survey that shows the location of the house

Back 254

garage

Front 255

uniform real estate taxation in VA:

Back 255

tax rates and assessments must be uniformly applied to similar properties.

Front 256

in regards to taxes on new construction:

Back 256

taxes are estimated from the date of the certificate of occupancy.

Front 257

In va

Back 257

who owns a property (for real estate tax purposes) on the date of sale?

Front 258

J is relieved to learn that her home will soon be served by a city sewer line. How will this improvement most likely be paid for?

Back 258

Special Assessment

Front 259

How long after work is done may a mechanic wait before filing a mechanics lien?

Back 259

90 days

Front 260

how soon after filing the lien must the mechanic enforce it by filing suit?

Back 260

w/in 6 months

Front 261

w/in what period of time must a creditor on a judgement enforce the judgement once it is rendered?

Back 261

w/in 20 years

Front 262

the following statements with regard to power of attorney are true:

Back 262

-a party cannot attend the closing on a property may designate an attorney-in-fact.

Front 263

2 weeks after a buyer and seller signed a sales contract on a house

Back 263

the house burned to the ground. If the contract is silent on the issue

Front 264

if K rents P's vacation spot from May through september for $900 per month and P agrees to the terms orally and K fails to make rent payments

Back 264

is the contract enforceable?

Front 265

In a situation where either the buyer or the seller contacts a licensee to merely prepare a sales contract for a fee

Back 265

the licensee may:

Front 266

An actual contract used for the purchase and sale of real property:

Back 266

may take any form

Front 267

A sales contract would contain all of the following:

Back 267

-types of sewage system

Front 268

How many days after the request for the POA disclosure packet regarding a referenced property must the packet be delivered to the purchaser?

Back 268

14 days

Front 269

When requesting the disclosure packet

Back 269

payment:

Front 270

A person is presumed competent unless:

Back 270

a court rules otherwise

Front 271

It is illegal to buy/sell property to a:

Back 271

minor

Front 272

When using power of attorney:

Back 272

the borrower should obtain the lenders permission when using power of attorney.

Front 273

The seller in a transaction was calle out of town on business the day before the closing. Any affidavits (A written declaration made under oath before a notary public or other authorized officer) or sworn statements the seller is required to deliver at the closing must be signed by the:

Back 273

Seller

Front 274

the seller would be expected to pay:

Back 274

Grantor tax of $0.50 per $500 of purchase price

Front 275

to establish this

Back 275

it is necessary to show: actual

Front 276

M's great-aunt S has died and left M her lake-side cabin in her will. M will receive title to the property:

Back 276

after the will has gone through probate. (in VA circuit courts serve as probate courts. this occurs when a person dies testate (leaving a will). Normally there is a probate section in the clerk's office where wills

Front 277

K was very ill

Back 277

and she wrote a will in her own handwriting

Front 278

When is the seller of real property required to have marketable title?

Back 278

at closing

Front 279

B is purchasing property from S. Prior to closing

Back 279

certain defects are found in S's title. what is the status of the sales contract between these parties?

Front 280

According to the consumer real estate settlement act

Back 280

the selection of a settlement agent is made by:

Front 281

At the time of taking a listing

Back 281

the listing agent will find it helpful to ask to see all documents concerning the property that the seller has available in order to do all of the following:

Front 282

A full title search goes back how many years?

Back 282

60 years

Front 283

A correctional deed:

Back 283

corrects erroneous legal descriptions

Front 284

in cases where title must be cleared by having correction deeds signed

Back 284

who is responsible for locating the parties who must sign?

Front 285

you should be worried about judgement liens on a property bc:

Back 285

judgment liens remain against the property

Front 286

all the following are protections offered to an owner insured by a standard title insurance policy:

Back 286

-Losses suffered bc of defects in the record title

Front 287

a brokers business is growing and now she wants to open a branch office:

Back 287

the office must have a seperate license

Front 288

A licensed salesperson may hold a concurrent license w/ more than one va broker under:

Back 288

no circumstances

Front 289

a permissable sign to place in front of the office:

Back 289

"weichert Realty"

Front 290

A salesperson retires

Back 290

what must they do:

Front 291

If a broker establishes an account to hold money belonging to others:

Back 291

all checks

Front 292

Earnest money deposits may be distributed from the broker's escrow account in any of the following situations:

Back 292

-at settlement on the property

Front 293

Every va real estate office is required to:

Back 293

keep transaction records for 3 years

Front 294

Broker D has developed her own Web page to advertise her listings for sale. online disclosure requirements require that she include on each page:

Back 294

her name

Front 295

A licensed salesperson is selling her own condo and advertises it as follows: "for sale by owner: 3 bed. condo unit in high rise. call 5402224986 for details. owner licensed."

Back 295

the ad is proper bc the owner has disclosed her license status as required by law

Front 296

when must you file a claim w/ REB to recover money from the Transaction Recovery fund?

Back 296

w/in one year of being awarded judgment by the courts

Front 297

What is the minimum balance of the va real estate transaction recovery fund?

Back 297

$400

Front 298

A licensed salesperson obtains a listing. several days later

Back 298

the salesperson meets prospective buyers at the property and tells them

Front 299

when must you notify the REB of a conviction?

Back 299

w/in 30 days

Front 300

w/ a salesperson lists and sells property that he or she owns

Back 300

it is important that the listing agreement include all of the following info:

Front 301

Under the terms of a sales contract

Back 301

the seller is required to provide a termite certificate. the seller requests that the salesperson order one. the salesperson does so

Front 302

w/ a sole proprietor has their license suspended for 2 years

Back 302

w/ effect does this have on the associate broker ans salespeople affiliated with the proprietor?

Front 303

bob wants to hire an assistant to help him w/ paperwork

Back 303

answer calls

Front 304

the minimum balance in the va real estate transaction recovery fund is $400

Back 304

000. what is the maximum amount allowed to remain in the recovery fund at the end of each fiscal year?

Front 305

a salesperson lists his broker's home for sale and publishes it in the local MLS. it is important that the salesperson disclose:

Back 305

the fact that both he and his broker are licensees

Front 306

in order to practice real estate in two differen't states you must:

Back 306

consent to suits and services

Front 307

you must complete 30 hours of postlicensing education:

Back 307

w/in the first 12 months of becoming a licensee