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PSI VA EXAM WITH QUESTIONS AND 100% CORRECT ANSWERS LATEST UPDATE
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PSI VA EXAM WITH QUESTIONS AND 100% CORRECTANSWERS LATEST UPDATE
The developer of a time-share must ultimately transfer his fee simple interest to owners'
association. He must do this after what percentage of the project is sold? - Answer 90%
If a broker buys property through a "straw man" and does not disclose that fact, which
of the following statements is true? - Answer This is a violation of the License Law
If a judgement has been awarded to a claimant, what does the claimant need to do
before the Board will approve payment form the Transaction Recovery Fund? - Answer
The claimant needs to have pursued any assets and property of the debtor
When a salesperson transfers from one broker to another, what is the responsibility of
the former broker? - Answer Deliver the salesperson's license to the Real Estate Board
An earnest money deposit is given to a broker by a buyer on Thursday. What is the last
day he can deposit it in his escrow account without being in violation of VREB
regulations? - Answer Within 5 banking days
Board Regulations call for licensees to disclose agency relationship to the principals in
a real estate transaction when is such disclosure required? - Answer When the licensee
has substantive discussions about a specific property
When a salesperson transfers from one broker to another, who is responsible for
sending the salesperson's license to the Board? - Answer The old broker
Hearings before the Virginia Real Estate Board must be held in accordance with the -
Answer Administrative Process Act
, Broker Evans fired Sally because she was stealing from the petty cash fund. Evans told
her the license would not be returned until the money was repaid. But Sally is innocent!
She started looking for other companies after the charges were filed, but can't move
until her license is returned to the Board. What can Sally do to force Evans to return the
license to the Board? - Answer File a complaint with the Real Estate Board
When a license of real estate has expired, within how many days can a person reinstate
his license without monetary penalty? - Answer Within 30 days
Under the Virginia Landlord and tenant Act, for what can the landlord issue a written
notice if rental payments are late? - Answer The written notice allows for the tenant 5
days to pay or vacate the property
Every resident of Virginia who is also licensed as a broker MUST - Answer Maintain an
office in the state of Virginia
Virginia Fair Housing Laws apply to - Answer Residential sales and rentals
Salesperson Cook runs a newspaper ad for a property she has listed. The ad states, "3
bedroom, 2 bath, rambler; below market; good location; call 555-3421." The ad is in
violation of the Real Estate Board Regulations because: - Answer The ad does not
indicate the owner of the property is a licensee.
If a payment is made on a broker's behalf from the Transaction Recover Fund, what
action does the Board take? - Automatical revoke the broker's license.
Sarah the Salesperson sold a property for Owner Fred. Fred thought Sarah did such a
good job, he sent her a $500 bonus. If Sarah keeps the $500, she: - Is in violation of the
VA license Law
Ben and Barry enter into a valid contract of sale. The contract states the trash
compactor shall be in working condition. Ben signs a disclaimer/ waiver about the
property that he is selling "as is" and has no opinion one way or the other as to the
condition of specified systems. When Barry takes possession of the house, the trash
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