Exam (elaborations)
VIRGINIA SALESPERSON REAL ESTATE DPOR
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VIRGINIA SALESPERSON REAL ESTATE DPOR
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VIRGINIA SALESPERSON REAL ESTATE DPORHow many people serve on the Virginia Real Estate Board?
A) two experienced real estate salespersons or brokers.
B)nine people.
C)seven citizens.
D)eleven experienced real estate salespersons or brokers. - Answers-B)nine people.
How long must a licensee hold copies of disclosures regarding fully executed purchase
contracts?
A)5 years
B)3 years
C)4 years
D)2 years - Answers-B)3 years
The Virginia Fair Housing Act, the Virginia Condominium Act and the Virginia Time-
Share Act are all administered by which of the following?
A)The Virginia Fair Housing Authority
B) The Virginia Time-Share Commission
C)The Department of Professional and Occupational Regulation
D)The Virginia Equal Rights Commission - Answers-C)The Department of Professional
and Occupational Regulation
Applicants for broker's licensing must have acted in the capacity of a real estate
salesperson for 36 of the previous how many months before applying for a broker's
license?
A)24
B)36
C)60
D)48 - Answers-D) 48
An expired license can be renewed under which of the following guidelines?
A)An expired license can be renewed within 45 days with payment of normal renewal
fees and completion of the necessary continuing education
B)An expired license can be renewed upon completion of the necessary continuing
education and payment of normal renewal fees within 30 days or from the 31st day with
payment of a reinstatement fee
An expired license cannot be renewed under any circumstances.
An expired license can be renewed in any case upon payment of a mandatory late fee
and completion of continuing education - Answers-B)An expired license can be renewed
upon completion of the necessary continuing education and payment of normal renewal
fees within 30 days or from the 31st day with payment of a reinstatement fee
, Continuing education shall be completed within ______ ______ prior to activation of a
license when the the license has been inactive for more than 30 days.
A) 1 year
B) 2 years
C) 21 days
D) 6 months - Answers-B) 2 years
A salesperson renewing their license for the first time, must complete how many hours
of post licensure education (except active duty?) - Answers-30 hours
Active duty military must complete how many hours each licensing term? - Answers-24
hours
How long does an active duty military person to complete courses when they are
released? - Answers-6 months
A license may be reinstated for up to _____ _____ following the expiration date with
payment of reinstatement fee. - Answers-1 year
Changes of name and address must be reported to the board within how many days?
A)21
B)14
C)31
D)30 - Answers-D)30
When a salesperson or broker terminates their active status, the principal broker must
return the license to the board, so that it is received within... - Answers-10 calendar days
of date of termination
When a principal broker is discharged or terminates their active status with a firm, the
firm should notify the board and return the license to the board within how many days? -
Answers-3 business days of termination
A financial transaction record in a VA office, will include what 3 things? - Answers-1)
From whom money was received
2) Date of receipt
3) Final disposition of funds
A principal/supervising broker must retain every transaction, agreement, and disclosure,
for how long? - Answers-3 years
In electronic advertising, where must a disclosure be viewable? - Answers-On the main
page, no more than 1 click away
For sale/lease signs on property, what must be included? - Answers-Firm name and
contact information
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