Virginia Law Practice Test 2

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

Someone involved in real estate brokerage dealings in Virginia.

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

A licensee must present all written offers and counteroffers

If a salesperson is offered a $500 bonus from client

A Recovery Fund single claim is limited to

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

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

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

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

Regarding disclosures, the licensee has the obligation to

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

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.

___________ 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".

Disclosures must always be made to landlords and tenants

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

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

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

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

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

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

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

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

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.

__________ 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.