WV Real Estate Tests Bundle Set

All members of the West Virginia Real Estate Commission must have been residents of the state for at least the previous___________. CORRECT ANSWER 6 years What are the requirements necessary for a West Virginia salesperson licensee to obtain a broker license CORRECT ANSWER - Served an apprentices...

The purpose of the West Virginia License Act is to --- 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. CORRECT ANSWER protect the public in real estate t...

Broker CORRECT ANSWER A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. Appraisal CORRECT ANSWER A process of developing an opinion of a property's market value based on established methods and the appraiser's professi...

Broker is ordering the sign for her new firm. Which is NOT a sign requirement? CORRECT ANSWER Letters at least 2 inches in height The Reason: Every sign shall prominently display the name of the broker, the term "Broker" and the company name, if any, all in letters not less than 1 inch in heigh...

What are the two biggest characteristics of land that have the largest impact on market value? CORRECT ANSWER Uniqueness and Immobility FISCAL POLICY = CORRECT ANSWER GOVERNMENTAL CONTROLS Know this for reals! ANYTIME you see the government mentioned in a supply and demand question what is ...

Broker is ordering the sign for her new firm. Which is NOT a sign requirement? --- The firm's trade name. Letters at least 2 inches in height. The name of the broker. The term "Broker". CORRECT ANSWER Letters at least 2 inches in height Every sign shall prominently display the name...

Activities That Require a License CORRECT ANSWER anyone engaging in, carrying on, advertising, and acting in the capacity of a broker, associate broker or real estate salesperson Exceptions to Having A License CORRECT ANSWER Appraiser, Mortgage Company, Engineer, Lawyer, Contractor, Surveyor, and...

Salesperson Nellie finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of land. For all of her extra efforts, she can legally receive a performance bonus from CORRECT ANSWER her broker. A sales associates contract with her broker states that she is...

All of the following are likely to contain a legal description of a parcel of real property EXCEPT a: Select one: a.Mortgage. b.Tax statement. c.Preliminary title report. d.Deed. CORRECT ANSWER Tax statement. If a person dies intestate, the estate passes to the deceased person's heirs acc...