In Virginia, which protected class would cover hoarding?
A)
Elderliness
B)
Age
C)
Familial status
D)
Handicap - ANS The answer is handicap. Of the eight protected classes in Virginia's Fair Housing Act, handicap - physical, mental‒includes hoarding.
The term Miss Utility commonl...
In Virginia, which protected class would cover hoarding?
A)
Elderliness
B)
Age
C)
Familial status
D)
Handicap - ANS The answer is handicap. Of the eight protected classes in Virginia's Fair
Housing Act, handicap - physical, mental‒includes hoarding.
The term Miss Utility commonly refers to
A)
the Virginia Underground Utility Act.
B)
the Virginia Utility Power Line Excavation Act.
C)
the Virginia Damage Prevention Act.
D)
the Virginia Underground Utility Damage Prevention Act. - ANS The answer is the Virginia
Underground Utility Damage Prevention Act. The term Miss Utility commonly refers to this act.
A broker's or firm's records of transactions must be retained
A)
for three years at the firm's or broker's place of business or five years offsite.
B)
for three years at the firm's or broker's place of business.
C)
for three years at the firm's or broker's place of business or five years online.
D)
,for five years at the firm's or broker's place of business. - ANS The answer is for three years at
the firm's or broker's place of business. Both financial and transaction records must be retained
for this period.
xxxx What is the time frame for a seller to provide a resale certificate required under the terms
of the sales contract?
A)
No time frame for the delivery of the resale certificate by the seller
B)
10 days
C)
3 days
D)
14 days - ANS The answer is 14 days. The seller must deliver a resale certificate
(documentation) to the purchaser within 14 days of ordering it.
Agent Ester is thinking of putting her own house on the market for sale. Will she have to
disclose that she's a licensee if another firm (not her own) lists her house?
A)
If another firm lists her house for sale, she will not have to disclose her licensee status.
B)
If Ester's firm lists her house for sale, she will have to disclose her licensee status.
C)
Any method Ester uses to sell her home will require the disclosure of her licensee status.
D)
If Ester just posts a FSBO sign in her front yard, she will have to disclose her licensee status. -
ANS The answer is any method Ester uses to sell her home will require the disclosure of her
licensee status. Failing to include a notice in all advertising that the owner is a real estate
licensee if the licensee owns or has any ownership interest in the property advertised is a
violation of the REB regulations.
xxxx Marcus showed his listing to an interested represented buyer. What disclosure does
Marcus need to make to the represented buyer?
A)
Marcus needs to make a disclosure of a possible conflict of interest.
B)
None is needed.
C)
Marcus needs to make a disclosure of brokerage relationship to the represented buyer.
D)
,Marcus should not show his listing to a buyer with an agent. - ANS The answer is none is
needed. Marcus has no obligation to make a disclosure to a buyer who is represented by
another agent.
Who is a customer?
A)
A customer is a person who has entered into a brokerage relationship with a licensee.
B)
A customer is a person who has not entered into a brokerage relationship with a licensee but
whom the licensee has agreed to represent in a real estate transaction involving the licensee's
listing.
C)
A customer is a person who has entered into a brokerage relationship with a licensee and
signed a written agreement.
D)
A customer is a person who has not entered into a brokerage relationship with a licensee. - ANS
The answer is a customer is a person who has not entered into a brokerage relationship with a
licensee. If someone has entered into a brokerage relationship agreement, that person is a
client.
Agent Jane's unlicensed assistant can perform all of the following EXCEPT
A)
show Jane's buyer clients property when Jane is sick.
B)
have keys made for lockbox use.
C)
prepare open house flyers and deliver them to the property.
D)
prepare a list of properties for Jane to show her new buyer client. - ANS The answer is show
Jane's buyer clients property when Jane is sick. Showing property for Jane when she is sick is
the one thing in this list her assistant cannot do because it is a licensed activity.
xxxx Jonah has showed his listing to a buyer who doesn't want representation. However, he
wants Jonah to write the offer for him. How can Jonah do this?
A)
Jonah must be a dual agent first.
B)
Jonah must convince the buyer to sign a buyer's representation agreement before he can write
the offer.
C)
Jonah cannot write the offer because the buyer has refused representation.
, D)
Jonah must first make a disclosure of brokerage relationship to the buyer and explain that he
can perform ministerial acts in assisting the buyer to prepare an offer to submit to his seller. -
ANS The answer is Jonah must first make a disclosure of brokerage relationship to the buyer
and explain that he can perform ministerial acts in assisting the buyer to prepare an offer to
submit to his seller. The buyer described here is a customer in a real estate transaction and a
party who is not represented by a licensee but to whom certain duties prevail.
The property John is listing is alleged to be "haunted." Should he disclose this?
A)
No, it is not a material fact.
B)
Because some people believe in the supernatural, it might be wise to disclose that the house is
"haunted."
C)
A "haunted" house is considered a stigmatized property, and no disclosure needs to be made.
D)
Yes, it is a material fact. - ANS The answer is a "haunted" house is considered a stigmatized
property, and no disclosure needs to be made. Unless the events alleged or cited resulted in
material defects to the integrity of the property, the disclosure of a haunted presence is
specifically forbidden.
xxxx The term resource protection area (RPS) commonly refers to
A)
the National Environment Protection Act.
B)
the Restoration and Protective Services Act.
C)
the Environmental Protection Act.
D)
the Chesapeake Bay Act. - ANS The answer is the Chesapeake Bay Preservation Act. The
regulations establish the Resource Protection Area (RPA) as the "shoreward" component of the
Chesapeake Bay Preservation Area.
All of the following are conflicts of interest EXCEPT
A)
Performing regulated activities as a standard agent, limited service agent, or independent
contractor for any client outside the licensee's brokerage firm(s) or sole proprietorship(s)
B)
Being active with a real estate broker other than the licensee's principal broker, without the
written consent of the principal broker
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