Moseley Pre License State Exam Prep Questions and
Answers 2023 with complete solution
An applicant must meet which of the following requirements in order to become a
salesperson or broker?
Select one:
A.
Be at least 18 years of age
B.
Be a US citizen
C.
Hold degree in real estate
D.
Be a Virginia resident for at least 1 year
Be at least 18 years of age
A salesperson contacts a neighborhood FSBO about listing the house with her firm.
When is agency disclosure required?
Select one:
A.
At the first meeting between the FSBO and the agent
B.
Before the FSBO agrees to list his house with the agent
C.
When the agent presents the first offer from a prospective buyer
D.
Never since disclosure is only required to buyers, not sellers
Before the FSBO agrees to list his house with the agent
When a real estate license has expired, when can a person reinstate his license without
monetary penalty?
Select one:
A.
Within 15 days
B.
Within 30 days
C.
Within 1 year
D.
The licensee cannot be reinstated after expiration
Within 30 days
The VREB regulations require that complete records of real estate transactions:
Select one:
A.
Be retained by the principal broker indefinitely
B.
Be furnished to the Board upon request
,C.
Be furnished to the Board every three years
D.
Be maintained in a federally insured bank
Be furnished to the Board upon request
A real estate license could be suspended without investigation if the licensee:
Select one:
A.
Engages in acts of brokerage while on inactive status
B.
Violates the Virginia Real Property Act
C.
Does not pay the Transaction Recovery Fund assessment
D.
All of the above
Does not pay the Transaction Recovery Fund assessment
Earnest money deposits may be placed in interest-bearing accounts if the:
Select one:
A.
Contract specifies the beneficiary of any earned interest
B.
Account earns a minimum of 5% interest
C.
Account is properly titled as escrow
D.
Interest is divided between the cooperating brokers
Contract specifies the beneficiary of any earned interest
Broker Foster manages an apartment building for Owner Smith. Foster used the
security deposits of two tenants (Petri and Gonzales) for general maintenance on the
apartment building. Was this action permissible?
Select one:
A.
Yes, because deposits are held to cover the cost of repairs
B.
Yes, as long as the owner is aware of it
C.
No, security deposits are held for tenants in an escrow account and are not part of the
operating funds
D.
No, using these deposits for repairs would eliminate the need to charge damage repairs
when tenants move out
No, security deposits are held for tenants in an escrow account and are not part of the
operating funds
Harry is a broker. He works out a deal with Larry (a developer), Darrell (a contractor),
and Tony (a mortgage banker). The deal states that Harry will sell all of the houses that
Darrell built on Larry's land. After that, Tony would handle the mortgages of any buyers
, through his bank. Harry sells three houses, then runs off with all the funds. Larry,
Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Who
is most likely to collect?
Select one:
A.
Larry, the developer
B.
Darrell, the contractor
C.
Tony, the mortgage banker
D.
No one
No one
What is the illegal act where an insurance policy is denied based on the property
location instead of the economic qualifications of the borrower?
Select one:
A.
Redlining
B.
Steering
C.
Blockbusting
D.
Puffery
Redlining
Which of the following actions is NOT a violation of Virginia License Law?
Select one:
A.
Placing an earnest money deposit in an interest-bearing account, but failing to advise all
parties of that fact
B.
Accepting a net listing
C.
Refusing to cooperate on the sale of property listed exclusively
D.
Showing a home to a prospective buyer before the owner has signed a listing
agreement
Refusing to cooperate on the sale of property listed exclusively
Listing agreements should be specific about their exact terms. Under what conditions
may the listing be altered?
Select one:
A.
To encourage a prospective buyer to make an offer
B.
With written permission from the listing broker
C.
Answers 2023 with complete solution
An applicant must meet which of the following requirements in order to become a
salesperson or broker?
Select one:
A.
Be at least 18 years of age
B.
Be a US citizen
C.
Hold degree in real estate
D.
Be a Virginia resident for at least 1 year
Be at least 18 years of age
A salesperson contacts a neighborhood FSBO about listing the house with her firm.
When is agency disclosure required?
Select one:
A.
At the first meeting between the FSBO and the agent
B.
Before the FSBO agrees to list his house with the agent
C.
When the agent presents the first offer from a prospective buyer
D.
Never since disclosure is only required to buyers, not sellers
Before the FSBO agrees to list his house with the agent
When a real estate license has expired, when can a person reinstate his license without
monetary penalty?
Select one:
A.
Within 15 days
B.
Within 30 days
C.
Within 1 year
D.
The licensee cannot be reinstated after expiration
Within 30 days
The VREB regulations require that complete records of real estate transactions:
Select one:
A.
Be retained by the principal broker indefinitely
B.
Be furnished to the Board upon request
,C.
Be furnished to the Board every three years
D.
Be maintained in a federally insured bank
Be furnished to the Board upon request
A real estate license could be suspended without investigation if the licensee:
Select one:
A.
Engages in acts of brokerage while on inactive status
B.
Violates the Virginia Real Property Act
C.
Does not pay the Transaction Recovery Fund assessment
D.
All of the above
Does not pay the Transaction Recovery Fund assessment
Earnest money deposits may be placed in interest-bearing accounts if the:
Select one:
A.
Contract specifies the beneficiary of any earned interest
B.
Account earns a minimum of 5% interest
C.
Account is properly titled as escrow
D.
Interest is divided between the cooperating brokers
Contract specifies the beneficiary of any earned interest
Broker Foster manages an apartment building for Owner Smith. Foster used the
security deposits of two tenants (Petri and Gonzales) for general maintenance on the
apartment building. Was this action permissible?
Select one:
A.
Yes, because deposits are held to cover the cost of repairs
B.
Yes, as long as the owner is aware of it
C.
No, security deposits are held for tenants in an escrow account and are not part of the
operating funds
D.
No, using these deposits for repairs would eliminate the need to charge damage repairs
when tenants move out
No, security deposits are held for tenants in an escrow account and are not part of the
operating funds
Harry is a broker. He works out a deal with Larry (a developer), Darrell (a contractor),
and Tony (a mortgage banker). The deal states that Harry will sell all of the houses that
Darrell built on Larry's land. After that, Tony would handle the mortgages of any buyers
, through his bank. Harry sells three houses, then runs off with all the funds. Larry,
Darrell, and Tony all file claims for payment from the Transaction Recovery Fund. Who
is most likely to collect?
Select one:
A.
Larry, the developer
B.
Darrell, the contractor
C.
Tony, the mortgage banker
D.
No one
No one
What is the illegal act where an insurance policy is denied based on the property
location instead of the economic qualifications of the borrower?
Select one:
A.
Redlining
B.
Steering
C.
Blockbusting
D.
Puffery
Redlining
Which of the following actions is NOT a violation of Virginia License Law?
Select one:
A.
Placing an earnest money deposit in an interest-bearing account, but failing to advise all
parties of that fact
B.
Accepting a net listing
C.
Refusing to cooperate on the sale of property listed exclusively
D.
Showing a home to a prospective buyer before the owner has signed a listing
agreement
Refusing to cooperate on the sale of property listed exclusively
Listing agreements should be specific about their exact terms. Under what conditions
may the listing be altered?
Select one:
A.
To encourage a prospective buyer to make an offer
B.
With written permission from the listing broker
C.
