Virginia Law Practice Test 2

Welcome to Virginia Law Practice Test 2
Just like the real state exam, you must get 70% correct to pass!

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1. If a salesperson is offered a $500 bonus from client

The salesperson can never accept a bonus of any kind

The salesperson can accept the bonus on the side

The salesperson cannot accept the bonus and the commision

The salesperson can accept it if the broker approves it

2. ________ is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract.

escrow

trust fund

earnest

special

3. Regarding disclosures, the licensee has the obligation to

Disclose to the seller anylhing lhat the licensee suspects about the buyer

Disclose only those things about which the seller directly asks

Disclose to the seller all material facts to which the licensee has actual Knowledge, related either to the property or the transaction

Disclose nothing

4. Under the Virginia Residential Landlord and Tenant Act, a security deposit may not be more than

$1,000

$2,000

One month's rent

Two month's rent

5. __________ is one in which the licensee is associated with a broker, who must certify the new licensee's license application that he has agreed to be associated with this new licensee.

An inactive license

An active license

An invalid license

An valid license

6. Disclosures must always be made to landlords and tenants

by the buyers whom the licensee represents

by the sales representative whom the licensee represents

by the broker/brokerage whom the licensee represents

by the clients whom the licensee represents

7. If a licensee is going to work with two parties within the same transaction, a disclosure must be provided

in writing

to all involved parties

as soon as possible

All of these

8. Which case presented below in which the HUD and EPA disclosure rules do not apply to the sale or lease of target housing

Leases of 150 days or less, in which there will NOT be a renewal

Lease renewals in which the tenant has already received the pertinent information

Sale or lease of housing for the elderly or disabled, unless a child under 10 lives in the building

The sale or lease of a 1-bedroom property

9. A licensee must present all written offers and counteroffers

immediately

within 24 hours

with 2 days

in a timely manner

10. According to VA 54.1-2113, the VREB assess an additional fee of $20 for each initial applicant This fee is for

License expenses

Recovery Fund

Initial application fee

11. For which of the following acts would the licensee be held accountable and disciplined by the Virginia Real Estate Board?

Not producing for the board any documentation regarding a real estate transaction in w'hich the licensee was involved or for whicn he was required to keep records

Not responding to a board inquiry within 21 days

Failing to comply with the rules ot the Code of virginia and board regulations

Any of these

12. Should the disclosure information change, the owner is required to provide this information to the buyer ______ closing.

during

before

after

never

13. Lead-based paint disclosure is necessary for any residential structures built prior to ______

1948

1969

1978

1980

14. If a licensee doesn't pay the assessment to the Transaction Recovery Fund, he will

Put to inactive status

Have his license suspended automatically

Have his license voided automatically

None of the above

15. Upon the death or disability of a licensed real estate broker who was engaged in a proprietorship or who was the only licensed broker in a corporation or partnership, the estate, an adult family member, or an employee of the licensee conduct the broker's business for __ following the death or disability of the broker.

30 days

60 days

90 days

180 days

16. One acting as a dual or designated agent MUST RECEIVE IN WRITING, the consent of all clients to a transaction,

at the earliest possible time

within 1 day

within 5 days

within 10 days

17. Each new licensee must pay $__.__ into the Virginia Real Estate Transaction Recovery Fund.

$10.00

$20.00

$30.00

$40.00

18. Someone involved in real estate brokerage dealings in Virginia.

must have a license issued by the Virginia board, whether or not this person is licensed elsewhere

cannot be licensed anywhere but Virginia

must have a real estate license

None of these

19. Prior to entering Into a brokerage relationship, the licensee must disclose both the type of brokerage relationship proposed by the broker and

The broker's license number

The broker's compensation

The broker's personal character

All of these

20. If the licensee commits either of the following acts, disciplinary action may be taken against him WITHOUT a review or hearing.

If a broker has full knowledge of wrong doings, the board has the power to fine any licensee, and to suspend or revoke any license issued under the provisions of the regulations

If he doesn't pay the assessment to the Transaction Recovery Fund, his license will be Suspended automatically

If a payment has to be made from the Transaction Recovery Fund, his license will be revoked automatically

All of these

21. At the end of the fiscal year, if the Fund balance is higher than ________ the funds over that amount will be transferred into the Virginia Housing Partnership Fund.

$500,000

$1,000,000

$2,000,000

22. A Recovery Fund single claim is limited to

$10,000

$20,000

$50,000

$100,000

23. During a Formal Hearing of the board for disciplinary action of the licensee, the licensee may be fined a

penalty of up to $500 per violation

penalty of up to $1,000 per violation

penalty of up to $2,000 per violation

penalty of up to $5,000 per violation

24. If a licensee's license expires, how long does the person have to reinstate the license without paying a penalty?

15 days

30 days

45 days

60 days

25. ___________ 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".

Designated agency

Common source information company

Brokerage

January 19, 2021
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