1
WV Real Estate FINAL EXAM Questions
and Answers (100% Correct Answers)
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The purpose of the West Virginia License Act is
to
---
© 2025 Assignment
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Expert
limit competition in the real estate industry.
protect the public in real estate transactions.
regulate the limit for brokerage compensation.
impose license fees to generate income. Ans:
protect the public in real estate transactions.
Jim acquires a West Virginia broker license. He
wants to sell real estate without opening a
, 2
business so he decides to remain at his
salespersons desk on the sales floor at Acme
Realty. Jims license status will be that of a(n)
---
associate broker.
© 2025 Assignment
Guru01 - Stuvia
Expert
Salesperson.
broker apprentice.
designated broker. Ans: associate broker.
Salesperson Sharon received a $3,000 deposit
from a buyer on Tuesday morning and gave it to
her broker before noon. The brokerÂs normal
banking day is Tuesday and the seller wonÂt be
available until Thursday, so the broker placed
the funds in her personal checking account until
the seller returns. The broker:
, 3
---
can hold the funds until the seller accepts or
rejects the offer.
© 2025 Assignment
must wait for the seller's signature before
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depositing the funds.
Expert
may be sanctioned by the Commission and lose
her license.
should have waited for the seller's oral
instructions before depositing the money. Ans:
may be sanctioned by the Commission and lose
her license.
A broker who changes his or her business
address must notify the Commission of the
address change within how many days?
---
, 4
30
14
© 2025 Assignment
Guru01 - Stuvia
10
Expert
60 Ans: 10 Days
Velma is a licensed salesperson in West Virginia.
Velma may properly receive compensation or
commissions from
---
Any landlord or seller.
the principal.
WV Real Estate FINAL EXAM Questions
and Answers (100% Correct Answers)
Already Graded A+
The purpose of the West Virginia License Act is
to
---
© 2025 Assignment
Guru01 - Stuvia
Expert
limit competition in the real estate industry.
protect the public in real estate transactions.
regulate the limit for brokerage compensation.
impose license fees to generate income. Ans:
protect the public in real estate transactions.
Jim acquires a West Virginia broker license. He
wants to sell real estate without opening a
, 2
business so he decides to remain at his
salespersons desk on the sales floor at Acme
Realty. Jims license status will be that of a(n)
---
associate broker.
© 2025 Assignment
Guru01 - Stuvia
Expert
Salesperson.
broker apprentice.
designated broker. Ans: associate broker.
Salesperson Sharon received a $3,000 deposit
from a buyer on Tuesday morning and gave it to
her broker before noon. The brokerÂs normal
banking day is Tuesday and the seller wonÂt be
available until Thursday, so the broker placed
the funds in her personal checking account until
the seller returns. The broker:
, 3
---
can hold the funds until the seller accepts or
rejects the offer.
© 2025 Assignment
must wait for the seller's signature before
Guru01 - Stuvia
depositing the funds.
Expert
may be sanctioned by the Commission and lose
her license.
should have waited for the seller's oral
instructions before depositing the money. Ans:
may be sanctioned by the Commission and lose
her license.
A broker who changes his or her business
address must notify the Commission of the
address change within how many days?
---
, 4
30
14
© 2025 Assignment
Guru01 - Stuvia
10
Expert
60 Ans: 10 Days
Velma is a licensed salesperson in West Virginia.
Velma may properly receive compensation or
commissions from
---
Any landlord or seller.
the principal.
