PSI QUESTIONS: STATE
When a land contract is entered into; - ANS- The buyer acquires equitable title
Angela operated her own brokerage firm until she unexpectedly passed away. The Board
appoints her son, Adam, to operate the business for 180 days. During this period, Adam:
- ANS- Can only conclude the transactions in the process to facilitate the termination of
the business
Which person would NOT need a real estate license? - ANS- An owner who sells no more
than three of her own houses in a year, a salaried property manager who is employed to
manage the apartment and lease individual units, and an attorney who is offering real
property for sale under court order
Which person would require a license, issued by the Real Estate Board? - ANS- An
employee of a broker, who negotiates leases
NOT the executor of an estate, an auctioneer, or an individual employed by the owner of
rental property
Which person is most likely required to have an active real estate license? - ANS-
Independent contractors, negotiating leases on behalf of another for a fee
The act of buying, selling, or leasing real estate on behalf of another and for
compensation is an act of real estate brokerage. Therefore, a license is required UNLESS
there's an applicable exemption. Virginia License Law specifies that salaried rental
property personnel may show units, provide facts, and accept applications and security
deposits without a real estate license. Similarly, persons selling property under a court
order can do so without a real estate license. Licensed auctioneers may auction real
estate if they are employed by the owner and the bidding is open for no longer than 48
hours. However, an independent contractor paid to negotiate a lease on behalf of another
must be licensed.
Under the broker's supervision, his unlicensed assistant may: - ANS- Prepare and file
papers for tenant eviction for non-payment of rent
An unlicensed assistant can NOT take listings over the phone, give additional
information to callers about listings, or rent apartments for a small fee.
The real estate license of any person or firm may be revoked by which of the following
entities? - ANS- The Virginia Real Estate Board
, Susan currently owns a house in Virginia, but is looking to move to Texas this summer.
Susan decides to sell her own house. Under the circumstances, which of the following
statements is true? - ANS- She does not need a real estate license to sell her own house
In Virginia, you must be licensed if, ON BEHALF OF ANOTHER PERSON and for a fee,
you perform a regulated act of real estate. A person does not need a license to sell her
own property.
When a real estate license has expired, when can a person reinstate his license without
monetary penalty? - ANS- Within 30 days
Licensees must renew their license BEFORE it expires. Licensees may reinstate their
license within 30 days by paying the regular renewal fee (no additional penalty).
Afterwards, licensees must pay a reinstatement fee (Day 31 to 1 yr) or re-apply for initial
license if not reinstated in a timely manner (more than 1 yr).
Which of the following statements is correct if a licensee is leasing his own property,
without help from a broker? - ANS- The licensee may be exempt from the Virginia
Landlord Tenant Act
If the licensee qualifies, he may be exempt from the Landlord Tenant Act (like any other
citizen of the state).
By Virginia definitions, which person requires a real estate license?
Select one:
A. An attorney-at-law
B. An auctioneer
C. An appraiser
D. None of the above - ANS- None of the above
The attorney-at-law and the auctioneer are exempt from having real estate licenses when
acting within the scope of their profession. An appraiser is not performing regulated real
estate activity, but instead gives an estimate or opinion of the value of real property.
Under current laws, the appraiser would have to have an APPRAISER'S license, not a real
estate license.
Which person would need a license if selling real property for others?
Select one:
A. An executor of a will
B. An appraiser
C. A trustee, appointed by a court
D. A receiver in a bankruptcy proceeding - ANS- An appraiser
When a land contract is entered into; - ANS- The buyer acquires equitable title
Angela operated her own brokerage firm until she unexpectedly passed away. The Board
appoints her son, Adam, to operate the business for 180 days. During this period, Adam:
- ANS- Can only conclude the transactions in the process to facilitate the termination of
the business
Which person would NOT need a real estate license? - ANS- An owner who sells no more
than three of her own houses in a year, a salaried property manager who is employed to
manage the apartment and lease individual units, and an attorney who is offering real
property for sale under court order
Which person would require a license, issued by the Real Estate Board? - ANS- An
employee of a broker, who negotiates leases
NOT the executor of an estate, an auctioneer, or an individual employed by the owner of
rental property
Which person is most likely required to have an active real estate license? - ANS-
Independent contractors, negotiating leases on behalf of another for a fee
The act of buying, selling, or leasing real estate on behalf of another and for
compensation is an act of real estate brokerage. Therefore, a license is required UNLESS
there's an applicable exemption. Virginia License Law specifies that salaried rental
property personnel may show units, provide facts, and accept applications and security
deposits without a real estate license. Similarly, persons selling property under a court
order can do so without a real estate license. Licensed auctioneers may auction real
estate if they are employed by the owner and the bidding is open for no longer than 48
hours. However, an independent contractor paid to negotiate a lease on behalf of another
must be licensed.
Under the broker's supervision, his unlicensed assistant may: - ANS- Prepare and file
papers for tenant eviction for non-payment of rent
An unlicensed assistant can NOT take listings over the phone, give additional
information to callers about listings, or rent apartments for a small fee.
The real estate license of any person or firm may be revoked by which of the following
entities? - ANS- The Virginia Real Estate Board
, Susan currently owns a house in Virginia, but is looking to move to Texas this summer.
Susan decides to sell her own house. Under the circumstances, which of the following
statements is true? - ANS- She does not need a real estate license to sell her own house
In Virginia, you must be licensed if, ON BEHALF OF ANOTHER PERSON and for a fee,
you perform a regulated act of real estate. A person does not need a license to sell her
own property.
When a real estate license has expired, when can a person reinstate his license without
monetary penalty? - ANS- Within 30 days
Licensees must renew their license BEFORE it expires. Licensees may reinstate their
license within 30 days by paying the regular renewal fee (no additional penalty).
Afterwards, licensees must pay a reinstatement fee (Day 31 to 1 yr) or re-apply for initial
license if not reinstated in a timely manner (more than 1 yr).
Which of the following statements is correct if a licensee is leasing his own property,
without help from a broker? - ANS- The licensee may be exempt from the Virginia
Landlord Tenant Act
If the licensee qualifies, he may be exempt from the Landlord Tenant Act (like any other
citizen of the state).
By Virginia definitions, which person requires a real estate license?
Select one:
A. An attorney-at-law
B. An auctioneer
C. An appraiser
D. None of the above - ANS- None of the above
The attorney-at-law and the auctioneer are exempt from having real estate licenses when
acting within the scope of their profession. An appraiser is not performing regulated real
estate activity, but instead gives an estimate or opinion of the value of real property.
Under current laws, the appraiser would have to have an APPRAISER'S license, not a real
estate license.
Which person would need a license if selling real property for others?
Select one:
A. An executor of a will
B. An appraiser
C. A trustee, appointed by a court
D. A receiver in a bankruptcy proceeding - ANS- An appraiser
