Virginia Real Estate - State Portion Exam
Questions With Correct Answers
Settlement Agent - CORRECT ANSWER✔✔-The person charged with
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coordinating the activities and documentation necessary for completing
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a real estate transaction. Cannot be a Real estate salesperson
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Principle Broker - CORRECT ANSWER✔✔-the one licensee who is
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responsible for all of the agent activities in the company
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associate broker - CORRECT ANSWER✔✔-a broker, affiliated with a
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brokerage, who is not the principle broker
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Transaction Recovery Fund - CORRECT ANSWER✔✔-provides relief to
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eligible consumers who have incurred losses through the improper or
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dishonest conduct of a licensed real estate salesperson, broker or firm
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Supervising broker - CORRECT ANSWER✔✔-a broker who is named by
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the principal broker to supervise a branch office is called a supervising
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broker in VA law
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, Virginia Real Estate Board - CORRECT ANSWER✔✔-the regulatory board
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responsible for licensing and oversight of real estate salespersons,
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brokers and firms in the Commonwealth of Virginia
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Earnest Money - CORRECT ANSWER✔✔-money offered as an indication
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of good faith regarding future performance of a purchase agreement
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Escrow Account - CORRECT ANSWER✔✔-a separate account maintained
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by a broker for the deposit of client's money (ie good faith deposits)
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Commingling - CORRECT ANSWER✔✔-occurs when a licensee mixes | | | | | | | |
client funds with brokerage funds
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Defeasance - CORRECT ANSWER✔✔-a clause used to defeat or cancel a
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certain right upon the occurrence of a specific date
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encroachment - CORRECT ANSWER✔✔-a physical object intruding onto| | | | | | | |
neighboring property, often due to a mistake regarding the boundary
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application deposit - CORRECT ANSWER✔✔-any refundable deposit of
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money, however denominated, including all money intended to be used
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as a security deposit under a rental agreement, or property, which is
| | | | | | | | | | | |
paid by a tenant to a landlord for the purpose of being considered as a
| | | | | | | | | | | | | | |
tenant for a dwelling unit
| | | |
Questions With Correct Answers
Settlement Agent - CORRECT ANSWER✔✔-The person charged with
| | | | | | | |
coordinating the activities and documentation necessary for completing
| | | | | | | |
a real estate transaction. Cannot be a Real estate salesperson
| | | | | | | | |
Principle Broker - CORRECT ANSWER✔✔-the one licensee who is
| | | | | | | | |
responsible for all of the agent activities in the company
| | | | | | | | |
associate broker - CORRECT ANSWER✔✔-a broker, affiliated with a
| | | | | | | | |
brokerage, who is not the principle broker
| | | | | |
Transaction Recovery Fund - CORRECT ANSWER✔✔-provides relief to
| | | | | | | |
eligible consumers who have incurred losses through the improper or
| | | | | | | | | |
dishonest conduct of a licensed real estate salesperson, broker or firm
| | | | | | | | | |
Supervising broker - CORRECT ANSWER✔✔-a broker who is named by
| | | | | | | | | |
the principal broker to supervise a branch office is called a supervising
| | | | | | | | | | | |
broker in VA law
| | |
, Virginia Real Estate Board - CORRECT ANSWER✔✔-the regulatory board
| | | | | | | | |
responsible for licensing and oversight of real estate salespersons,
| | | | | | | | |
brokers and firms in the Commonwealth of Virginia
| | | | | | |
Earnest Money - CORRECT ANSWER✔✔-money offered as an indication
| | | | | | | | |
of good faith regarding future performance of a purchase agreement
| | | | | | | | |
Escrow Account - CORRECT ANSWER✔✔-a separate account maintained
| | | | | | |
by a broker for the deposit of client's money (ie good faith deposits)
| | | | | | | | | | | | |
Commingling - CORRECT ANSWER✔✔-occurs when a licensee mixes | | | | | | | |
client funds with brokerage funds
| | | |
Defeasance - CORRECT ANSWER✔✔-a clause used to defeat or cancel a
| | | | | | | | | | |
certain right upon the occurrence of a specific date
| | | | | | | |
encroachment - CORRECT ANSWER✔✔-a physical object intruding onto| | | | | | | |
neighboring property, often due to a mistake regarding the boundary
| | | | | | | | |
application deposit - CORRECT ANSWER✔✔-any refundable deposit of
| | | | | | | |
money, however denominated, including all money intended to be used
| | | | | | | | | |
as a security deposit under a rental agreement, or property, which is
| | | | | | | | | | | |
paid by a tenant to a landlord for the purpose of being considered as a
| | | | | | | | | | | | | | |
tenant for a dwelling unit
| | | |
