Virginia Law Practice Test 1 By Information Hoard Staff - December 5, 2020 0 310 Welcome to Virginia Law Practice Test 1 Just like the real state exam, you must get 70% correct to pass! *Note: At the end if the submit button does not work, then you have missed a question. Click on previous and go back through all of the questions to find the missed one. Name Email 1. Under the Virginia Residential Landlord and Tenant Act, the security deposit, any accrued interest and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant together with any amount due the tenant within __ days after termination of the tenancy and delivery of possession.102130452. Each new licensee must pay $____ into the Virginia Real Estate Transaction Recovery Fund.$20$30$40$50None3. During a review by the board of complaints concerning a licensee, the licensee may request an _______________, during which a member of the board listens to all involved parties, and makes a decision.Informal Licensee Complaint Conference (ILCC)Informal Hearing Request Conference (IHRC)Informal Fact Finding Conference (IFFC)None of the above4. All active and inactive licensees must ________ the Department to renew their licenses.pay their fees toapply towrite tomake a call to5. The following are not eligible to receive payments from the fund:BuyerSellerClientPolicemenA financial/lending institution6. A licensee must present all written offers and counterofferswithin 1 hourwithin 24 hoursimmediatelyin a timely manner7. In what case is there an automatic renew of a real estate license?If the renewal license was lost by the post officeIf the renewal notice did not arrive in timenever8. Regarding time shares in Virginia, the declarant must file a time-share project instrument, which defines the project, and is in accordance with the:Virginia Time Shares and Condo RegulationsVirginia Fair Time Shares ActVirginia Stock CorporationsVirginia Non-Stock Corporations9. ___________ is "any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data and includes, but is not limited to, multiple listing services".BrokerageCommon source information companyAgentDesignated agency10. Those applicants who do not follow all board rules, or rules of the testing service in taking the examination, maybe arrestedbe fined $1000be fined an amount decided by the Boardhave their applications denied11. The Virginia Fair Housing Law applies toNewspapersAppraisersRE SalespersonAll of these12. Which of the following items are not required to be disclosed:If a homicide, suicide, or felony occurred on the siteIf an occupant is/was affected with HIV (in fact, IF information regarding an HIV-infected individual IS disclosed, the licensee could face Fair Housing Law and Federal Privacy Act violations!)If the property was the site of an accident which did not affect the physical structure or environmentAll of these13. The Fund's minimum balance is?$800,000$1,000,000$400,000$600,00014. ______________ mandates that a specific disclosure be given in bold-faced type regarding the choice of settlement agent and the unauthorized practice of law.Consumer Real Estate ActConsumer Real Estate Discipline ActConsumer Real Estate Oversight ActConsumer Real Estate Protection Act15. The Virginia Real Estate Board administers which of the following?The Virginia Time-Share ActThe Virginia Fair Housing ActThe Virginia Condominium ActAll of these16. After the complaint has been filed, and if it is decided that the licensee will be investigated, who will be notified?The ComplaintantThe licenseeThe lead brokerThe entire firm17. One acting as a dual or designated agent must receive in writing, the consent of all clients to a transaction,at the earliest possible timewithin 1 daywithin 5 dayswithin 10 days18. If the fund falls below _____, the board may determine that all licensees (both active and inactive) should pay an assessment. This assessment will not exceed _____ for a two-year period ending on June 30th of the even-numbered years.$400,000, $30.00$400,000, $20.00$500,000, $20.00$500,000, $30.0019. A disclosure must have a record of the inspection, whether or not evidence of lead-based paint is found (This record must be kept by the agent for __ years from the completion date of sale!1234520. If a Virginia license applicant has passed the exam, he has __ months to apply for a license.68122421. A Recovery Fund single claim is limited to$10,000.00$20,000.00$30,000.00$40,000.00$50,000.0022. If a payment is made from the Transaction Recovery Fund for a licensee, the licensee's license will besuspended automaticallyrevoked automaticallyvoided automatically23. The Mechanic's lien may be filed at any time after the work is commenced or the material is furnished but not later than the earlier of ______ from the last day of the month in which the lienor last performed work or furnished materials or _______ from the time the construction, removal, repair or improvement is terminated.60 days90 days110 days120 days24. Multiple claims involving one regulant are limited to __________ per year$50,000$60,000$100,000$150,00025. A claimant of the Fund should file a claim with the Director of the DPOR requesting payment from the Fund for the unpaid portion of the claim. This must be filed within __ of the final judgment1 month2 months6 months12 monthsJuly 27, 2021 You have completed the Virginia Law Practice Test 1 Click on "Submit Quiz" to get your results. If the submit button does not work, then you have missed a question. Click on previous and go back through all of the questions to find the missed one. Time is Up! LIMITED TIME: Get 2 Free Stocks valued between $2.5-$1400 when you open and fund a Webull brokerage account.