Virginia State Real Estate Exam 2023/2024 Questions & Answers 100% Correct
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Course
Virginia State Real Estate
Institution
Virginia State Real Estate
55 years of age or older - ANSWER-The Virginia Fair Housing Law is more restrictive than the Federal Law, in that it provides protection for the elderly. In Virginia, "elderly" is defined as any natural person:
Does not pay the Transaction Recovery Fund assessment - ANSWER-A real estate license ...
Virginia State Real Estate Exam
2023/2024 Questions & Answers 100%
Correct
55 years of age or older - ANSWER-The Virginia Fair Housing Law is more restrictive
than the Federal Law, in that it provides protection for the elderly. In Virginia, "elderly" is
defined as any natural person:
Does not pay the Transaction Recovery Fund assessment - ANSWER-A real estate
license could be suspended without investigation if the licensee:
No one, only brokers can pay referral fees and split commissions with other
brokerage/firms - ANSWER-A salesperson decides to offer a $500 referral bonus to
anyone that finds an acceptable buyer for his listing. The salesperson can pay this
referral bonus to:
Before the owner agrees to list the property - ANSWER-A licensee contacts a
homeowner and tries to obtain a listing for the property. When must agency disclosure
be provided to the homeowner?
Within 30 days - ANSWER-When a real estate license has expired, when can a person
reinstate his license without monetary penalty?
File a claim against to the licensee to recover the amount paid from the Fund -
ANSWER-If the Board honors a claim and authorizes payment from the Transaction
Recovery Fund, the claimant subrogates his rights to the Board. The Board now has the
right to:
$20,000 - ANSWER-If the named licensee is involved in multiple transaction violations,
what is the maximum that a person may collect from the Transaction Recovery Fund?
The renewal fee - ANSWER-When a broker renews his license, which of the following
items must accompany that renewal application?
A court of competent jurisdiction orders disbursement - ANSWER-A party defaults
during the executory period of a valid real estate contract. As a condition of the contract,
the broker must hold any funds in his possession until:
Her employing broker - ANSWER-A real estate salesperson will receive her share of the
brokerage fee from which person?
, Bob has violated the Board regulations - ANSWER-Bob, an associate broker, sold a
property. Several weeks after closing, the seller sent him $250 and a thank you note for
a job well done. Bob accepted the check since he worked hard and felt the bonus was
deserved. In the situation described, which of the following statement is true?
The Virginia Real Estate Board - ANSWER-Two brokers are involved in a dispute over
splitting a commission. Which entity would NOT involve itself in resolving the matter?
$20 in a two year period - ANSWER-New licensee applicants are required to pay into
the Transaction Recovery Fund. If necessary, the Board may reassess licensees:
Put this information into the written offer - ANSWER-A buyer gives her salesperson a
note, payable at settlement, as an earnest money deposit for a home. The salesperson
must do which of the following actions?
3 years from the date of consummation or ratification of the contract - ANSWER-How
long must a broker keep copies of escrow records?
$20,000 - ANSWER-In a single transaction, what is the maximum amount that a person
can collect from the Transaction Recovery Fund due to licensee misconduct?
Landlords may impose a refundable application deposit and a $50 non-refundable
application fee. Cash deposits must be refunded within 10 days. The owner can keep a
part of the deposit (for processing expenses) or he could return all of it. - ANSWER-
Under Virginia's Landlord Tenant Act:
That she is not affiliated with a brokerage firm or sole proprietor - ANSWER-If a licensee
has placed her license on inactive status, it means:
2 years - ANSWER-The statute of limitations as it applies to time-share properties is:
30 hours within the first year - ANSWER-Juan obtains his license on May 3rd. How
much continuing education must Juan complete?
Under no circumstance - ANSWER-Under which circumstance can a salesperson be
licensed with more than one Virginia broker?
Within 2 years of the alleged act - ANSWER-A person feels that his rights have been
violated according to the Virginia Fair Housing Law. If he wants to file a formal
complaint, it must be filed:
90% - ANSWER-The developer of a time-share must eventually transfer his fee simple
interest to the owners' association. This must be performed after what percentage of the
project is sold?
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