Virginia Law Practice Test 2 By Information Hoard Staff - December 5, 2020 0 350 Welcome to Virginia Law Practice Test 2 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. Lead-based paint disclosure is necessary for any residential structures built prior to ______19481969197819802. Disclosures must always be made to landlords and tenantsby the buyers whom the licensee representsby the sales representative whom the licensee representsby the broker/brokerage whom the licensee representsby the clients whom the licensee represents3. During a Formal Hearing of the board for disciplinary action of the licensee, the licensee may be fined apenalty of up to $500 per violationpenalty of up to $1,000 per violationpenalty of up to $2,000 per violationpenalty of up to $5,000 per violation4. A Recovery Fund single claim is limited to$10,000$20,000$50,000$100,0005. 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 days6. 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 days60 days90 days180 days7. Regarding disclosures, the licensee has the obligation toDisclose to the seller anylhing lhat the licensee suspects about the buyerDisclose only those things about which the seller directly asksDisclose to the seller all material facts to which the licensee has actual Knowledge, related either to the property or the transactionDisclose nothing8. A licensee must present all written offers and counteroffersimmediatelywithin 24 hourswith 2 daysin a timely manner9. 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 elsewherecannot be licensed anywhere but Virginiamust have a real estate licenseNone of these10. Under the Virginia Residential Landlord and Tenant Act, a security deposit may not be more than$1,000$2,000One month's rentTwo month's rent11. 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 recordsNot responding to a board inquiry within 21 daysFailing to comply with the rules ot the Code of virginia and board regulationsAny of these12. According to VA 54.1-2113, the VREB assess an additional fee of $20 for each initial applicant This fee is forLicense expensesRecovery FundInitial application fee13. Which case presented below in which the HUD and EPA disclosure rules do not apply to the sale or lease of target housingLeases of 150 days or less, in which there will NOT be a renewalLease renewals in which the tenant has already received the pertinent informationSale or lease of housing for the elderly or disabled, unless a child under 10 lives in the buildingThe sale or lease of a 1-bedroom property14. ________ is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract.escrowtrust fundearnestspecial15. If a licensee is going to work with two parties within the same transaction, a disclosure must be providedin writingto all involved partiesas soon as possibleAll of these16. Should the disclosure information change, the owner is required to provide this information to the buyer ______ closing.duringbeforeafternever17. ___________ 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 agencyCommon source information companyBrokerage18. 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$2,000,00019. Prior to entering Into a brokerage relationship, the licensee must disclose both the type of brokerage relationship proposed by the broker andThe broker's license numberThe broker's compensationThe broker's personal characterAll of these20. If a salesperson is offered a $500 bonus from clientThe salesperson can never accept a bonus of any kindThe salesperson can accept the bonus on the sideThe salesperson cannot accept the bonus and the commisionThe salesperson can accept it if the broker approves it21. __________ 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 licenseAn active licenseAn invalid licenseAn valid license22. If a licensee's license expires, how long does the person have to reinstate the license without paying a penalty?15 days30 days45 days60 days23. 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 regulationsIf he doesn't pay the assessment to the Transaction Recovery Fund, his license will be Suspended automaticallyIf a payment has to be made from the Transaction Recovery Fund, his license will be revoked automaticallyAll of these24. If a licensee doesn't pay the assessment to the Transaction Recovery Fund, he willPut to inactive statusHave his license suspended automaticallyHave his license voided automaticallyNone of the above25. Each new licensee must pay $__.__ into the Virginia Real Estate Transaction Recovery Fund.$10.00$20.00$30.00$40.00July 27, 2021 You have completed the Virginia Law Practice Test 2 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.