Virginia Real Estate Practice Exam with questions and answers

Virginia Real Estate Practice Exam- 100 "Theodore is the listing agent for a Virginia seller who's completed a property disclosure form. For how long must this form be retained? A minimum of two years, but only if the sale goes through. For five years. For three years, whether the sale happens or not. It isn't a contract, so it doesn't need to be retained. - CORRECT ANSWER For three years, whether the sale happens or not." "In Virginia, which type of licensee must take 24 hours of continuing education every renewal cycle? Associate broker Broker Managing broker Salesperson - CORRECT ANSWER Broker" "Agent Toby represents his seller clients, Mr. and Mrs. Poole. Which of these actions would violate one of the statutory duties he owes them? Toby advises them to list their house at a price that's a little lower than the Pooles first suggest. Toby brings a counter-offer to the Pooles and explains to them what it means. Toby discloses his brokerage relationship to several potential buyers. When the house is under contract, Toby receives three more offers that he doesn't present to the Pooles. - CORRECT ANSWER When the house is under contract, Toby receives three more offers that he doesn't present to the Pooles." "Which of the following is/are illegal? Both disparate impact and disparate treatment Disparate impact Disparate treatment Neither disparate impact nor disparate treatment - CORRECT ANSWER Both disparate impact and disparate treatment" "Janet lives with her cousin, Darla, but pays no rent. Which of the following is true? Darla cannot allow Janet to stay with her Darla must disclose all visible areas of mold within five days Darla must provide a copy of her written rental agreement The VRLTA does not apply - CORRECT ANSWER The VRLTA does not apply" "If you're convicted of a lesser crime, why might your real estate license still be revoked? Even misdemeanors are cause for license revocation. If the crime involves another individual, it's grounds for license revocation. Lesser crimes are treated under the new "One Strike and You're Out" rule. There is no leeway when it comes to violating the law. Your offense demonstrates a lack of trustworthiness. - CORRECT ANSWER Your offense demonstrates a lack of trustworthiness." "Which of the following statements best describes Megan's Law and disclosure requirements in Virginia? In Virginia, sellers never need to provide a Megan's Law disclosure. Megan's Law means that every seller needs to research the sex offenders who may live near them. The Megan's Law disclosure is required only if a known sex offender lives within one square mile. Virginia does not maintain a database of known sex offenders, so the Megan's Law disclosure is required. - CORRECT ANSWER In Virginia, sellers never need to provide a Megan's Law disclosure." "Grant, a landlord, doesn't like to rent to those over the age of 60, and goes out of his way to discourage these applicants from his apartments. "I don't hate older people," he explains to you, his agent. "It's just that they usually forget to pay rent on time and need a lot more managing." What should you tell him? "As long as you make sure you're not discriminating based on race, color, or national origin, you are fine to continue this practice." "It's okay. The elderly aren't protected under federal law, so you can choose not to rent to them." "The elderly are protected under Virginia fair housing laws, so you could be found guilty of breaking those laws." "You're allowed to rent to whomever you choose. That means you can turn away anyone you want to." - CORRECT ANSWER "The elderly are protected under Virginia fair housing laws, so you could be found guilty of breaking those laws."" "What are some roles and responsibilities of your sponsoring broker? Give you freedom to learn the ropes on your own. Make sure you show up to work each day. Renew your license on time. Supervise and train you. - CORRECT ANSWER Supervise and train you." "Which of the following is true about net listings? The listing agent is guaranteed at least some commission. They don't include compensation for the buyer's agent. They often involve a conflict of interest. They're legal in all 50 states. - CORRECT ANSWER They often involve a conflict of interest." "In order to qualify as one of the seven real estate professional members of the real estate board, how many years of real estate experience must you have? Five Nine Seven Six - CORRECT ANSWER Five" "Denise is ready to apply for her salesperson's license. Which of the following facts, if any, could disqualify her? None of these facts disqualify her. She has no experience in real estate. She's 17. She's taken some of her pre-license coursework in a classroom. - CORRECT ANSWER She's 17." "Per the Equipment Condition and Inspection section of the Residential Contract of Purchase, what can the buyer do if the seller fails to deliver the property in the condition required by the purchase agreement? Add the cost of the clean-up/repairs to the seller's closing costs Either terminate the contract or waive the defect Pitch a hissy fit Sue the seller for damages - CORRECT ANSWER Either terminate the contract or waive the defect" "What is the general purpose of a POA? Act as an intermediary between disputing neighbors Enact laws that keep certain people out of the community Make and enforce rules for the properties in its jurisdiction Recruit desirable residents to the community - CORRECT ANSWER Make and enforce rules for the properties in its jurisdiction" "Which of the following statements is true about document handling in Virginia? Licensees are required to contact the Virginia Real Estate Board if one or more transactional documents goes missing. Licensees have a responsibility to create and deliver transactional documents to every party involved in the transaction. Licensees need only ensure that their clients have copies of transactional documents. Licensees should only store documents in electronic form. - CORRECT ANSWER Licensees have a responsibility to create and deliver transactional documents to every party involved in the transaction." "Which regulation establishes the Real Estate Board? Code of Virginia Title 54.1 Chapter 21 Real Estate Settlement Agents Act The Sherman Act Truth in Lending Act - CORRECT ANSWER Code of Virginia Title 54.1 Chapter 21" "Cornelia just discovered that her house, which she's trying to sell, is located in a military accident potential zone (APZ). Does this fact affect her selling process? No, Cornelia just needs to fill out Virginia's standard property disclosure form. Yes, Cornelia needs to disclose this fact to potential buyers. Yes, it means that buyers can cancel the transaction after closing with no penalties. Yes, this will decrease Cornelia's asking price by 10%. - CORRECT ANSWER Yes, Cornelia needs to disclose this fact to potential buyers." "How long after a license expires can it be renewed without penalty? 30 days 60 days 90 days Up to one year - CORRECT ANSWER 30 days" "Which of the following statements about brokerage relationships in Virginia is true? A brokerage relationship is created through compensation (i.e., when someone pays you). Either a written or verbal agreement creates a brokerage relationship. They aren't required for commercial real estate transactions. You must enter into one before you perform any licensed activities. - CORRECT ANSWER You must enter into one before you perform any licensed activities." "After an investigation by the DPOR, what comes next in the complaint process? A hearing is held. A meeting is held between the parties involved to determine the facts of the matter. Interviews with witnesses and statements are obtained. The fee or penalty is assessed. - CORRECT ANSWER A meeting is held between the parties involved to determine the facts of the matter." "Which of these landlord policies is discriminatory? All residents must show a U.S. birth certificate as part of the application process. Max occupancy in an apartment may not exceed fire regulations. No barbecue grills are allowed on balconies. No skateboards are allowed on the historic hardwood floors. - CORRECT ANSWER All residents must show a U.S. birth certificate as part of the application process." "Why is it important to call 811 before any work involving excavation is performed? So that underground utilities can be marked with flags To ensure the proper permits are in place To ensure work is done according to code To notify the local planning office that permits are required - CORRECT ANSWER So that underground utilities can be marked with flags" "Which Act requires a seller to disclose the condition of the property but states that the owner makes no representations or warranties as to the condition of the property and that the property is being sold "as is"? Virginia Condominium Act Virginia Property Owners Association Act Virginia Residential Disclosure Act Virginia Residential Landlord and Tenant Act - CORRECT ANSWER Virginia Residential Disclosure Act" "According to the Virginia Residential Landlord and Tenant Act, who's responsible for ensuring that residential dwellings have locks on the sliding glass doors? The landlord The local fire department The property manager The tenant - CORRECT ANSWER The landlord" "Which of the following is NOT an example of a misrepresentation or omission? Kari knows that the low rent she's advertising for some new apartments is too good to be true, but she advertises it anyway. Katherine's ad for her newly-renovated home states, "new from the studs up." Her carpenter has a different story. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." Kim notes that the property is next to a "serene, peaceful green space." It's next to an industrial park. - CORRECT ANSWER Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay."" "What is it called when a broker has approval to work at multiple brokerages? Concurrent licensure Dual agency Licensure by reciprocity Multi-licensure - CORRECT ANSWER Concurrent licensure" "Davina has engaged Sean as her real estate agent to sell her property. According to statute, what does Sean owe Davina? Marketing Davina's property to seek a ready, willing, and able buyer Performing an inspection to uncover any defects with Davina's property Purchasing Davina's property if a buyer is not found by the end of the agreement period Sharing any and all details requested by a buyer - CORRECT ANSWER Marketing Davina's property to seek a ready, willing, and able buyer" "How many hours of post-licensing education are salespersons required to take in the first year as a licensee? 16 24 30 60 - CORRECT ANSWER 30" "Sandy is a real estate licensee who is listing a condo for her client. Sandy sends a note to the owner's association requesting a condo disclosure package. How long does the association have to provide this to her and her client? 14 days after receipt of the written request 28 days after receipt of the written request 30 days after receipt of the written request 45 days after receipt of the written request - CORRECT ANSWER 14 days after receipt of the written request" "Lora, a new licensee, has a landlord client named Gus who doesn't rent to smokers. "I'm not sure he can do that," she says. "Aren't smokers a protected class under fair housing laws?" How should you respond? "Gus can choose not to rent to smokers, as long as he makes sure they're not protected under any local ordinance." "Gus can't do that, because smokers are a protected class under federal law." "Gus can't do that, because smokers are a protected class under Virginia law." "Gus is well within his rights to decide not to rent to smokers." - CORRECT ANSWER "Gus can choose not to rent to smokers, as long as he makes sure they're not protected under any local ordinance."" "How do you become a member of the Virginia Real Estate Board? Get appointed by the governor Get appointed by the state attorney general and get approval by the other board members Run in a public election for an open position when one becomes available Submit an application to the board and submit to a public hearing at one of the annual meetings - CORRECT ANSWER Get appointed by the governor" "Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted, and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______. Demonstrating untrustworthiness or incompetency to act as a real estate broker Failing to disclose an agency relationship Making a substantial and willful misrepresentation Performing services that would qualify as practice of law - CORRECT ANSWER Demonstrating untrustworthiness or incompetency to act as a real estate broker" "Which of the following can hold a Virginia broker's license? A brokerage company only A person only A person or an entity A salesperson with more than five years' experience - CORRECT ANSWER A person or an entity" "Which of the following statements best describes a standard agent? They are not required to perform all duties required by statute. They only work for buyers. They only work for sellers. They perform duties required by statute throughout the transactional process. - CORRECT ANSWER They perform duties required by statute throughout the transactional process." "Broker Joseph tells his client that a property is zoned as residential even though he knows it's zoned as commercial. This violation is an example of ______. Failing to disclose an agency relationship Interfering in a contract Making a substantial and willful misrepresentation Performing services that qualify as practice of law - CORRECT ANSWER " In Virginia, what type of deed is used to convey property? General warranty deed Grant deed Quick claim deed Special warranty deed - CORRECT ANSWER General warranty deed" "According to the disclosure statement, what is a seller's disclosure obligation if their property is located in an area that falls under the Chesapeake Bay Preservation Act? The seller is required to disclose this information. The seller makes no representations. The seller must provide a list of the activities regulated by the Act. This condition is not material to the property and need not be disclosed. - CORRECT ANSWER The seller makes no representations." "For how long must a Virginia licensee retain transaction file records after the date of the transaction? Five years Three years Two years Up to 10 years - CORRECT ANSWER Three years" "Dennis thinks he was discriminated against by a potential landlord in Virginia and wants to make a complaint. How should you, as his agent, advise him? "Call Virginia's Fair Housing Administrator's Office. They'll assign an investigator to your case." "Contact the Virginia Fair Housing Office, or go to its website to start the complaint process." "I recommend that you get in touch with Virginia's Real Estate Board. They can help you." "You need to get in touch with the Virginia Association of REALTORS®. They have the tools you need." - CORRECT ANSWER "Contact the Virginia Fair Housing Office, or go to its website to start the complaint process."" "Which of the following statements about continuing education (CE) is true? CE is only required when inactive licensees want to reactivate their licenses. CE requirements are different for licensees and brokers. Licensees must start their CE during their first year of holding a license. The VREB requires a certain number of CE hours for brokers, but not for licensees. - CORRECT ANSWER CE requirements are different for licensees and brokers." "Which of the following topics are required as part of the CIC manager license? Community psychology Construction and renovation basics History of common interest properties Management ethics - CORRECT ANSWER Management ethics" "Which of the following does Virginia's Condominium Act NOT do? Establishes condo owners' rights Mandates that all condo associations file a declaration Regulates how condos are created and sold Regulates the kind of mortgages that buyers can get - CORRECT ANSWER Regulates the kind of mortgages that buyers can get" "What is one purpose of the Equipment Condition and Inspection section in the Residential Contract of Purchase? To give notice to the parties that the seller must provide the buyer and the buyer's representatives reasonable access to the property. To identify the type of security system the property has. To provide the buyer with instructions on where the key to the front door is kept. To specify the date on which the buyer can take possession of the property. - CORRECT ANSWER To give notice to the parties that the seller must provide the buyer and the buyer's representatives reasonable access to the property." "POAs are most commonly formed as which kind of organization? C-Corporation Limited liability company Non-Profit Partnership - CORRECT ANSWER Non-Profit" "Chris doesn't need to make a disclosure about his septic system. Which of the following statements about his situation is true? Buyers need to perform due diligence to discover the septic system themselves. Chris's agent is required to keep information about Chris's septic system confidential, even if buyers ask about it. Chris's septic system must not be older than five years. In order for a disclosure not to be required, Chris's septic system must be in good working order. - CORRECT ANSWER Buyers need to perform due diligence to discover the septic system themselves." "When some activities are conducted in wetland areas, permits are required. In Virginia, what regulatory authority issues these permits? Bureau of Health and Social Services Department of Environmental Quality Department of Redundancy Department Department of Water Safety - CORRECT ANSWER Department of Environmental Quality" "Someone called into Rolling Hills Realty with a complaint about an advertisement that agent Luellen has displayed on her seller client, Ron's, property. "I want to talk to the person who's ultimately responsible for this ad!" says the caller. Which of the following is the correct response? "In that case, I'd advise you to get hold of someone in Virginia's Department of Professional and Occupational Regulation, or DPOR, since they make the advertising rules." "Luellen is the agent who created the ad, so let me give you her mobile number." "OK, I'll have you talk to our principal broker Gary McCann." "The best thing to do is to talk to the seller, Ron, since the sign is on his property." - CORRECT ANSWER "OK, I'll have you talk to our principal broker Gary McCann."" "When you walk into the reception area of Happy Homes Realty, you see the licenses of ________ displayed on the wall. All brokers, associate brokers, and salespersons affiliated with the brokerage Only the associate brokers affiliated with the brokerage Only the principal or sponsoring broker Only the salespersons affiliated with the brokerage - CORRECT ANSWER All brokers, associate brokers, and salespersons affiliated with the brokerage" "A property is located in Planning District 15. Which facts must be disclosed? That either mining activities took place on the property or that it contains abandoned mines. That Planning District 15 is a flood-prone area. That Planning District 15 properties usually have special maintenance requirements because of their historical value. That these properties are affected by the Chesapeake Bay Act. - CORRECT ANSWER That either mining activities took place on the property or that it contains abandoned mines." "Which of the following is a statutory duty a Virginia agent owes to seller clients? Disregard fair housing regulations. Negotiate a sale that meets the buyer's objectives. Receive and present all offers in a timely manner. Share confidential information shared by the seller with the buyer's agent. - CORRECT ANSWER Receive and present all offers in a timely manner." "How many scheduled public meetings does the VREB hold each year? Eight Four Seven Two - CORRECT ANSWER Eight" "Trevon's landlord Lucia is pretty good, but she isn't doing one thing that must be done. For which of these infractions can Trevon take action or seek restitution, according to the Virginia Residential Landlord and Tenant Act? Lucia doesn't allow for rent payments to be made between the first and 15th of the month—she says rent is due the fifth. Lucia doesn't maintain the cleanliness of Trevon's rental unit. Lucia hasn't fixed the electric panels in Trevon's building, which are definitely not up to code. Lucia hasn't landscaped the apartment building's common areas. - CORRECT ANSWER Lucia hasn't fixed the electric panels in Trevon's building, which are definitely not up to code." "Anna engaged Christopher as her listing agent. During the relationship, Anna shared information about her motivations for selling and the price she'd be willing to accept. The termination date listed on her agreement with Christopher has come and gone without a sale. Anna decides to re-list her property with a new agent. Christopher has a new buyer client interested in Anna's property. Can he use the information shared by Anna when he was her agent? No, the duty of confidentiality survives the relationship. Yes, Christopher must put his buyer client's interests ahead of any duties owed to Anna. Yes, motivation and price are not confidential information. Yes, the relationship has terminated so he no longer owes her any duties. - CORRECT ANSWER No, the duty of confidentiality survives the relationship." "In which section of the Residential Contract of Purchase can buyers request that the seller provide them with a copy of the Residential Property Disclosure form? The Miscellaneous section The Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act section The Notice to Purchaser(s) section The Seller's and Purchaser's Options section - CORRECT ANSWER Disclosure Pursuant to Virginia Residential Property" "Yolanda provided the purchaser of her property in Virginia with a disclosure statement before the purchase contract was signed by both parties. Today, she learned her property is partially located in Planning Zone 15 and mining activities took place on the property. When does Yolanda need to provide the buyer with this material change? As soon as a change is identified At or before settlement Before contract ratification Once the original disclosure is made, no changes can be made - CORRECT ANSWER At or before settlement" "What is another term you might hear that is synonymous with 'condominium?' Attached units Horizontal property Timeshare Townhome - CORRECT ANSWER Horizontal property" "Which of these Virginia transactions requires that the property disclosure be provided to the buyer? A house for sale by owner A transfer between government agencies A transfer between spouses due to a divorce decree A transfer pursuant to a court order - CORRECT ANSWER A house for sale by owner" "Examples of penalties for lesser violations may include a reprimand, fine, repayment of commission, or _________. Additional education Jail time License revocation License suspension - CORRECT ANSWER Additional education" "Can a condominium include commercial owners? A condominium may have up to 25% of its units owned by commercial enterprises. No, condominiums in Virginia must be residential only. Yes, as long as four-fifths of the member owners vote to allow this. Yes, as long as some of the condo's units are residential or occupied for recreational purpose - CORRECT ANSWER Yes, as long as some of the condo's units are residential or occupied for recreational purpose" "How many days does a brokerage have to notify the VREB of any changes in name or business location? 30 days 60 days 90 days Up to one year - CORRECT ANSWER 30 days" "A real estate license is required ______. When performing maintenance work for one property owner When performing real estate activities for others, for compensation of any kind When performing real estate activities for others, without receiving compensation When performing real estate activities for yourself - CORRECT ANSWER When performing real estate activities for others, for compensation of any kind" "Philip tells his agent, Jeff, "I know for a fact that there have been three homicides in this house. What are buyers going to think about this?" What should Jeff say? "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word." "My duties toward the public include disclosing information like this, so I'll have to mention this to potential buyers." "This is something we have to disclose only if we're asked about it directly. Otherwise, we don't have to mention it." "This sort of information has its own mandatory disclosure form in Virginia, so it'll have to come out eventually." - CORRECT ANSWER "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word."" "Yolanda is selling her property in Virginia. Several buyers showed interest in the property at a recent open house. When does Yolanda need to provide a buyer with the disclosure statement? At settlement At the first private showing Before contract ratification It should've been provided at the open house. - CORRECT ANSWER Before contract ratification" "Which of the following best explains the difference between misrepresentations and omissions? A misrepresentation is always intentional, while an omission is always accidental. A misrepresentation is another name for fraud, while an omission is an honest mistake. Misrepresentations are a sub-category of omissions, and are not punishable by law. Misrepresentations can be intentional or unintentional. Omissions are one type of misrepresentation. - CORRECT ANSWER Misrepresentations can be intentional or unintentional. Omissions are one type of misrepresentation." "Which of the following misdeeds is something that the DPOR or VREB CANNOT investigate? Domingo says that the broker he signed with convinced him to do a net listing. Mr. Alvarez says that his broker, Monica, told him that he shouldn't mention the damaged foundation of the house he was trying to sell. Mrs. Peterson says that Danika helped her sell her house, but Danika doesn't have a license. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information. - CORRECT ANSWER Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information." "Routine acts that do not involve judgment, advocacy, or negotiation are called ______. Fiduciary duties Ministerial acts Statutory duties Transactional duties - CORRECT ANSWER Ministerial acts" "Linda is a broker at Gardner Homes. Which of the following best describes what happens with her license? Linda can choose whether or not to store or display her license at Gardner Homes. Linda displays her license at Gardner Homes. Linda keeps a copy of her license at home for safekeeping. Linda stores her license at Gardner Homes. - CORRECT ANSWER Linda displays her license at Gardner Homes." "When conducting any activities that involve excavation, it is necessary to call 811. Why is that? So that flags can be placed to mark utility lines To ensure the proper permits are in place To ensure work is done according to code To notify the local planning office that permits are required - CORRECT ANSWER So that flags can be placed to mark utility lines" "Martina, a Virginia homeowner, is in default. The trustee has publicized a foreclosure sale and will hold the sale next week, all without involving the courts. What type of foreclosure process is this? Eviction Illegal Judicial Non-judicial - CORRECT ANSWER Non-judicial" "According to the VRLTA, within five days of the tenant taking occupancy, the landlord must provide what to the tenant? A copy of the written rental agreement A refund of the security deposit A written agreement stating that the tenant's information will be kept confidential A written report detailing any existing damage to the unit - CORRECT ANSWER A written report detailing any existing damage to the unit" "A Virginia resident has worked with the Virginia Housing Development Authority on their first home purchase. The purchase is being secured by a deed of trust. Who are the parties involved? Trustee and beneficiary Trustee and trustor Trustee, trustor, beneficiary Trustor and beneficiary - CORRECT ANSWER Trustee, trustor, beneficiary" "Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town. What type of violation are you committing? Conflict of interest Improper disclosure Mishandling funds Misrepresentation - CORRECT ANSWER Misrepresentation" "Which of the following is true about for sale signs in Virginia? They must be created only by a firm's sponsoring broker. They must include the firm name and primary or branch office phone number. They need to include the city and state where the agent is licensed. They should include the agent's work number. - CORRECT ANSWER They must include the firm name and primary or branch office phone number." "Why does a dual agency relationship require a disclosure signed by both parties? Because dual agency offers reduced services to consumers (often without a commensurate reduction in fees). Because the buyer's interests must take priority over the seller's interests. Because the seller's interests must take priority over the buyer's interests. It doesn't. - CORRECT ANSWER Because dual agency offers reduced services to consumers (often without a commensurate reduction in fees)." "Which of the following is true about a broker's recordkeeping responsibilities? Associate brokers are primarily responsible for this task. Brokers must keep records of signed dual agency consent forms for three years. Brokers only need to keep records of completed transactions. If the broker's primary office isn't in Virginia, the state of Virginia doesn't require brokers to keep records. - CORRECT ANSWER Brokers must keep records of signed dual agency consent forms for three years." "Emily is selling her home. Although she doesn't have a real estate license, she's fairly knowledgeable about the process and doesn't need much assistance. Really, all she'd like is for her property to be listed on the MLS. Which of the following relationships may be best for Emily? Buyer's agent Limited service agent Standard agent Sub-agent - CORRECT ANSWER Limited service agent" "Many buyer agency agreements contain a provision which comes into play if the buyers let the agreement expire and then try to contact a seller directly. What is this provision called? Commission assignment Exclusivity clause Mitigation clause Protection clause - CORRECT ANSWER Protection clause" "How do you change supervising brokerages? File an affidavit from both brokerages approving the switch at the county clerk's office. Just start working at the new brokerage. Notify your current brokerage and file a transfer request with the VREB containing both your and your new broker's signatures. Tell your current brokerage you're leaving after your license is transferred to the new brokerage. - CORRECT ANSWER Notify your current brokerage and file a transfer request with the VREB containing both your and your new broker's signatures." "Which section of the Residential Contract of Purchase states that the seller is responsible for maintaining the property in the same condition as it is on the contract date, the inspection date, or some other date specified by the buyer? The Equipment Condition and Inspection section The Real Property section The Risk of Loss section The Settlement; Possession section - CORRECT ANSWER The Equipment Condition and Inspection section" "Samantha affiliated with broker Jenny as soon as she was licensed. Samantha just celebrated her two-year anniversary with the brokerage. How much longer must she be affiliated before she qualifies for a broker's license? Another three years Eight more years One more year Only until she's 21 years old - CORRECT ANSWER One more year" "How often should a principal broker conduct an audit (or arrange to have one done)? Every four years Every three years Every two years Every year - CORRECT ANSWER Every two years" "Which statement about the buyer's selection of the settlement agent is true? Buyers must follow the guidelines provided by the Virginia State Bar when selecting a settlement agent. Chapter 27.3 of Title 55 of the Code of Virginia gives the buyer the right to select the settlement agent. Sellers can waive buyers' right to select the settlement agent. Virginia law mandates that the buyer select a settlement agent who is a licensed Virginia attorney. - CORRECT ANSWER Chapter 27.3 of Title 55 of the Code of Virginia gives the buyer the right to select the settlement agent." "Which of these situations requires a dual agency disclosure? An agent from Firm A represents both the buyer and the seller. An agent from Firm A represents the buyer and an agent from Firm B represents the seller. An agent from Firm A represents the buyer and another agent from Firm A represents the seller. An agent from Firm A represents the buyer and the seller is unrepresented. - CORRECT ANSWER An agent from Firm A represents both the buyer and the seller." "Harold is the sole owner of a timeshare development. He has just started advertising his timeshares when his circumstances change; he must move to the other side of the country to take charge of some family issues. He decides it is best to terminate the timeshare development. Can he legally do so? No, but as long as he retains 50% ownership, he can legally transfer management of the timeshare to another developer. No, he must request approval from the Common Interest Community Board to terminate any timeshare project. Yes, as long as he is still the sole owner of the development. Yes, but he must first provide any timeshare owners with the Notice of Timeshare Conversion. - CORRECT ANSWER Yes, as long as he is still the sole owner of the development." "What is used to secure a home loan in Virginia? Deed of trust Full covenant and warranty deed Mortgage Property title - CORRECT ANSWER Deed of trust" "You're holding an open house for your seller client Nathaniel. It's busy, and you chat with several potential buyers. When should you present them with the agency disclosure form? At the point when they present you with an offer to buy. The moment you meet them. When you began to exchange small talk. When you begin to talk about the property and its characteristics. - CORRECT ANSWER When you begin to talk about the property and its characteristics." "Stacey's home has been sold as a result of foreclosure proceedings. Does she need to provide the purchaser with a property disclosure statement? No, Stacey doesn't need to provide the disclosure statement, but the bank does. No, transfers resulting from foreclosure sale are exempt. Yes, all sales (even foreclosure sales) require disclosure. Yes, all transfers of real property require disclosure. - CORRECT ANSWER No, transfers resulting from foreclosure sale are exempt." ""In addition to the CIC manager education, what else is required for CIC manager licensure? Must be a member of the CIC Board Must be bonded and insured Must be voted in by the owner's association Must have past real estate experience - CORRECT ANSWER Must be bonded and insured" "Which one of the following people does NOT have to provide the Virginia Residential Property Disclosure Statement in order to sell his or her property? Agent Victor has just listed a 100-year-old country manor for sale; it's on the town's historic register. Cindy's townhouse was sold in foreclosure because she hasn't paid state taxes in more than 10 years. Darren is putting his beach house on the market as a lease with an option to buy. Owner Cameron is selling his condo by himself (he's not using an agent). - CORRECT ANSWER Cindy's townhouse was sold in foreclosure because she hasn't paid state taxes in more than 10 years." "Which section of the Residential Contract of Purchase gives buyers who are purchasing a home built before 1978 the option to have their home inspected for lead-based paint hazards? The Lead-Based Paint Inspection section The Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act section The Notice to Purchaser(s) section The Seller's and Purchaser's Options section - CORRECT ANSWER The Lead-Based Paint Inspection section" "Which agency is authorized to promulgate and enforce licensing laws in Virginia? DEQ DMV DOA VREB - CORRECT ANSWER VREB" "In Virginia, how long must completed real estate forms be kept on file with the broker? A minimum of three years At least six months One year Seven years - CORRECT ANSWER A minimum of three years" "Which of the following are true statements about development in water bottoms? It is dangerous. It is generally not allowed. It is not regulated. It requires a Joint Permit Application. - CORRECT ANSWER It requires a Joint Permit Application." "According to the disclosure statement, what is a seller's disclosure requirement if their property is located in a historic district? The seller is required to disclose this information. The seller makes no representations. The seller must provide the buyer with the ordinances for the district. This condition is not material to the property and need not be disclosed. - CORRECT ANSWER The seller makes no representations." "What law requires that sex offender registry information be made available to the public? Martha's Law Martin's Law Megan's Law Melissa's Law - CORRECT ANSWER Megan's Law" "Which of these is a rule that governs how escrow money can be disbursed? Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement between the parties. Brokers can disburse escrow money in a different way than the contract indicates. If the contract doesn't give any instructions about the escrow account, the money always goes back to the client who paid it. Licensees must open an escrow account on the same day that they receive escrow money. - CORRECT ANSWER Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement between the parties." "A timeshare owner has decided to sell her share, and has found a buyer. What does she need to provide to the buyer? A Certificate of Resale A Disclosure of Timeshare Resale A Resale Offering Statement Nothing - CORRECT ANSWER A Certificate of Resale" "Which of these is NOT a duty that licensee Violet owes her landlord client Tony? After getting Tony's sign-off, Violet sends an advertisement for Tony's property to the local newspaper. She and Tony sit down together and go over the current lease paperwork. Tony gives Violet $2,000 to spend in marketing efforts, and Violet deposits these funds into an escrow account on the same day. Violet agrees to not take on any other landlord clients while she's helping Tony. - CORRECT ANSWER Violet agrees to not take on any other landlord clients while she's helping Tony." "Lyanna's home is on the market. At a showing, a potential buyer asks, "I've heard that this house is haunted. Is it?" Which of these choices is the best answer Lyanna's agent could give? "Hauntings aren't real, you know." "Lyanna certainly thinks so, but I don't personally believe in such things." "What a ridiculous question!" "Why don't you have a look around and see what you think?" - CORRECT ANSWER "Why don't you have a look around and see what you think?"" "Escrow funds must be deposited within how many days? Within five business days of receipt and ratification of contract. Within the business day of receipt and ratification of contract. Within two business days of receipt and ratification of contract. Within two business weeks of receipt and ratification of contract. - CORRECT ANSWER Within five business days of receipt and ratification of contract."