Virginia real estate licensing Exam bundle with complete solutions questions and answers

A nonresident who obtains a license as an active salesperson in VA is required to do which of the following? 1. Move to VA within 6 months of licensure. 2. Post a bond. 3. Maintain an escrow account in VA. 4. Activate with a VA licensed broker. - ANSWER-4. Activate with a VA licensed broker. ...

Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. ...

If, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. - ANSWER-Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, an...

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...

Transact the client's affairs in a certain business. - ANSWER-A general agency empowers the agent to: The client (seller), the agent (broker), or by mutual consent. - ANSWER-A listing agreement may be terminated by: d. The buyer has had previous credit problems which may have an impact on loa...

Abstract of Title - ANSWER-A condensed history of property An acre contains (sq. ft.) - ANSWER-43,560 sq. ft. An administrator is - ANSWER-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - ANSWER-A means of acquiring title to property Alienat...

Settlement Agent - ANSWER-The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. Cannot be a Real estate salesperson Principle Broker - ANSWER-the one licensee who is responsible for all of the agent activities in the company a...

VREB Stands For - ANSWER-Virginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines - ANSWER-the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be p...

In a residential real estate transaction there are disclosures that the seller is required to make to the buyer. The Virginia Real Estate Board produces two forms that, in most cases, must be given to the buyer. One of these forms is a one-page document in which the seller discloses to the buyer whi...

A nonresident who obtains a license as an active salesperson in VA is required to do which of the following? - ANSWER-4. Activate with a VA licensed broker. The purpose of the VA real estate license law and Board related rules and regulations is to... - ANSWER-Protect the public interest Two b...

Fannie Mae (FNMA) - ANSWER-Government sponsored private corporation that generates funds for primary lenders by buying and selling FHA, VA and Conventional Loans. Minnie Mae (GNMA) - ANSWER-Federal Agency under HUD that operates the federal subsidy housing loan programs. Freddie Mac (FHLMC) - ...

Firm - ANSWER-any sole proprieteorship, partnership, assoc, LLC, or Corp that is required to have a separate brokerage firm license. "ABC Realty" must have a firm license, and a licensed principle broker DPOR - ANSWER-Board of Professional and Occupational Regulation. Consists of 9 members, app...

What are the three most common forms of legal descriptions? Lot and block, rectangular government survey, and monument Metes and bounds, lot and block, and plat map Metes and bounds, lot and block, and point of beginning Metes and bounds, lot and block, and rectangular government survey - ANSWER...

Who is not required to have a license to sell RE? - ANSWER-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...