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Virginia State & National Real Estate
Exam Question Bank CE Workshop 2024
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Should licensees be careful when interacting with opposing parties with limited service agents and why?
- ✔✔Yes, it will create an unintended dual-agency. In VA, the floodplain consists of a flood way and a - ✔✔Flood Fringe How long does a licensee have to provide an owners association request to a client in a condo? - ✔✔ 14 days after written request What is the name for the regulatory board for condominiums in VA? - ✔✔Common Interest Community Board or CICB What is the name of the clause that protects sellers from buyers that let agreements expire? - ✔✔Protection Clause When holding an open house, when should you offer an agency disclosure form? - ✔✔Whenever you go into specifics about a property In what manner can a licensee engaged as a property manager represent an owner? - ✔✔As a acting seller or Landlord Define a Buyer Representation Agreement - ✔✔Legal document that defines the working relationship between the agent and the client. T/F: Licensees have a responsibility to create and deliver transactional documents to every party involved in a transaction. - ✔✔True
After an audit, what does the broker need to keep once the audit is complied with? - ✔✔Copies of the report What will happen if a seller fails to remedy or repair a septic tank? - ✔✔Terminate the contract or waive off the defect Which act establishes both landlord and tenant obligations and remedies? - ✔✔VA residential land lord and tenant act If you are a buyer agent, can you offer information to the seller? - ✔✔No T/F: Brokerage agreements must be in writing - ✔✔True How long do tenants have to disclose issues about a unit after signing a lease? - ✔✔5 Days To show a property to a potential buyer, do you need a license? - ✔✔Yes What does a client give up whenever agreeing to a dual agency relationship other than loyalty? - ✔✔Advocacy How long does a condominium association have to provide paperwork after a request? - ✔✔14 Days How do you get appointed to the VREB Board? - ✔✔Appointed by the Governor T/F: You need a name and phone number of your sponsoring broker in your business cards. - ✔✔False When talking about the characteristics of the open house home, should you should hand the buyer an agency disclosure form? - ✔✔Yes
How much notice does a land lord need to give to show off a clients apartment to potential buyers? - ✔✔24 Hours How do you change brokerages? - ✔✔Notify current brokerage, transfer licensee via VREB, and sign your contract with a new brokerage VA fair housing laws do not apply to any single family households sold or rented by owner, so long as they do not own more than [ ] single family houses - ✔✔ 3 How soon must a broker return a licensees license upon knowing they are transferring brokerages? - ✔✔10 Days In VA, claims that are anti trust violations must be filed within [ ] years - ✔✔ 4 Describe a net listing - ✔✔The commission is based upon how much the seller can sell a house for past a certain threshold established by the seller. T/F: VA is a Title Theory State - ✔✔True What is used to secure a home loan in VA - ✔✔A Deed of Trust Which section of a residential contract of purchase can buyers request a seller to provide them with a copy of a disclosure form? - ✔✔The Notice of Disclosure Pursuant to VA Residential Property Disclosure Act What part of a flood plain is the most dangerous in VA? - ✔✔A Flood Way Escrow funds must be deposited within how many days? - ✔✔5 Business Days
Asking "How firm is the seller on the price?" require an agency disclosure? - ✔✔Yes P.O.A's are formed commonly under which organization? - ✔✔Non-Profits T/F: A landlord may require a tenant to pay for both damages and renters insurance? - ✔✔True A Time Share owner has decided to sell her share, what does she need to provide the buyer? - ✔✔A certification of resale A licensee states "My client has some closing money, but he wants the agent to hold the money instead of the brokerage." Is this legal? - ✔✔Yes, because a brokerage does not need to manana all escrow accounts Other than a signature, what else is a requirement for recording documents in VA? - ✔✔The signature must be acknowledged before a notary public What is the difference between designated agency and designated representation? - ✔✔Agency means the licensee is acting as a standard or limited agent. A representation is the licensee is acting as an independent contractor. How many hours of post licensing education are salesman required to take during their first year? - ✔✔30 Hours When does a designated agency disclosure need to be provided? - ✔✔prior to a designated agency situation What may be used as a buyers representation agreement? - ✔✔Exclusive right to represent What is the duty of an agent acting as a property manager? - ✔✔Account for all money
When the government buys private property, what is this called? - ✔✔Condemnation Explain the SARA Act - ✔✔It protects buyers who purchased a property whilst being unaware of hazardous materials Can a listing be terminated without penalty? - ✔✔Yes, only if bot parties agree in writing What are the benefits of a deed transfer? - ✔✔It puts public notice in regards to property ownership Define Subrogation - ✔✔Subrogation is the acquisition by an insurer of an insured's rights against any third party for indemnification of loss or other payment, to the extent that the insurer pays the loss. T/F: An escrow agent is a limited agent - ✔✔True Where do you as an agent have to put earnest money? - ✔✔In a trusted account Ex.) Property on map book 12, pg. 14, and the docs are located at the courthouse. What is this statement? - ✔✔Lot and Block Property categorization If a house is built before 1978, what must you give potential buyers? - ✔✔Lead Awareness pamphlet What act of 1988 protects disabled in real estate? - ✔✔Fair Housing Amendments Act A buyer backs out of a contract last second, are they liable to accept damages? - ✔✔Yes T/F: Landlords can never enter a tenants house without notice - ✔✔False. They can only do this during an emergency T/F: If a seller finds their own buyer wish list in a "Right To Sell" agreement with an agent, the seller does not have to pay commission. - ✔✔False
What are the main causes of external depreciation? - ✔✔Hazardous or Undesirable influences Define Land Exclusion: - ✔✔Excluding people from using your land What is a mortgage clause that requires lenders to discharge their lien once paid in full? - ✔✔Defeasance Define a percentage based lease: - ✔✔When rent incorporates a percentage of sales as a payment What loans are preferred for people with low credit scores and a low down payment? - ✔✔FHA Loan What is the term whenever property taxes decrease upon renovation? - ✔✔Tax Abatement What are sinkholes a sign of? - ✔✔Underground Mining T/F: You need third party insurance for using an FHA loan? - ✔✔True An owner of a servant estate buying a dominate estate is an example of what? - ✔✔Easement of Termination by Merger Who pays off existing loans? - ✔✔Closing Agent Who enforces the ADA Act of 1990? - ✔✔U.S. Department of Housing and Development Define Pottage - ✔✔The added value as a result of assembling or combining two or more properties into one large parcel What allows the local gov to buy someones property at market value? - ✔✔Eminent Domain
In order to qualify for being on the VA real estate board, how many years of experience must you have/ - ✔✔Five In VA, who must keep all document pertaining to funds deposited, date deposited, etc.? - ✔✔The Broker Kari insists all tenants must be christian. What must be told to Kari about this demand? - ✔✔Discrimination via religion breaks the Federal Fair Housing Laws What is an escrow account? - ✔✔An account to hold money for other people; also called trust How would you know if a property is within a military aircraft zone? - ✔✔Zoning Map Tasha's salesman license expired 20 days ago. How long does she have to renew it without any penalty? - ✔✔10 days How long must brokers keep completed real estate forms? - ✔✔Three years How many hours must someone complete before taking an in person exam within the CE website? - ✔✔60 hours Jess functions as a CIC manager without a license, what can she be charged with? - ✔✔A misdemeanor for the first and second offense. After that its a felony Are smokers a protected class under the Federal Fair Housing Laws? - ✔✔No T/F: You can use the right to waive POA fees in time of financial duress? - ✔✔False Broker Tyrell spotted licensee Mark dipping into escrow account. What must be done? - ✔✔Report Mark to VREB within three days
Which act establishes the rights and responsibilities of condo owners? - ✔✔VA condominium act T/F: Lou maintaining all escrow account records for three years is improper escrow account handling? - ✔✔False How long after a license expires can it be renewed without penalty? - ✔✔30 days T/F: Cindy does not have to provide a VA Residential Disclosure statement since she has not had to pay taxes on her town-home for over 10 years? - ✔✔True What administration distributes realtor licensees> - ✔✔VREB What is the maximum amount a consumer can recover from a recovery fund? - ✔✔$20k T/F: Neither a limited service agent nor an independent contractor performs all services of a standard agent. - ✔✔True Candice is selling a condo. Dan is willing to buy if he receives a POA disclosure packet. What should Dan do? - ✔✔Ensure he receives the packet physically and in writing If you are involved in a case and cannot pay the fees, what happens? - ✔✔You are stripped of your license and you'll be forced to pay the amount plus interest T/F: Violet agrees to not take on any other landlord clients while she is helping Tony is a duty Violet must obey. - ✔✔False When changing brokerages, who must you notify? - ✔✔VREB T/F: The licensees duties and responsibilities to the buyer must be included in a buyer agreement? - ✔✔True
If you are licensed in WV, and you have clients in VA, what is needed to conduct business legally in VA? - ✔✔A reciprocal license Giving notice to the parties that a seller must provide a buyers representation access to property is the purpose of what inspection section? - ✔✔Equipment What is a seller representation also known as? - ✔✔Listing agreement T/F: Promotional material needs to be in accordance with VA disclosure roles? - ✔✔False What does the VA Condominium Act regulate and must include to buyers? - ✔✔All info is included in proper offering statements How long must VA licensees retain transaction records? - ✔✔5 Years Real estate board members serve terms that are how long? - ✔✔4 years When sales activities involve wetlands, what permit is required? - ✔✔Environmental Qualification Permit T/F: A complaint is submitted via email is part of the fair housing complaint process in Virginia? - ✔✔False You decide to take the earnest money deposit you've been given and place it in your personal account until it is needed at closing. What type of violation have you committed? - ✔✔Improper delivery of instruments What best describes what the Virginia Real Estate Board (VREB) does? - ✔✔It oversees the requirements needed for real estate licensure in Virginia.
What is defined in VAC Title 18, Agency 135, Chapter 20? - ✔✔The Virginia Real Estate Board's licensing regulations Which agency is responsible for approving real estate schools and education? - ✔✔Virginia Real Estate Board Broker Magnus received an earnest money check for $4,000 from his licensee Leslie on behalf of client Mika. He deposited the check two business days later into an escrow account. However, the house didn't pass inspection and Mika cancelled the contract. Seller Howard says that some of the money belongs to him. When two weeks have passed without Howard and Mika coming to an agreement, Magnus asks the courts to intercede, and turns the money over to them. Which of the following is true? - ✔✔He did nothing wrong. What is the purpose of the Common Interest Community (CIC) Board? - ✔✔To develop and regulate the CIC manager licensing program What are the two types of timeshare ownership? - ✔✔Timeshare estate and timeshare use When a policy negatively impacts a protected class more than it negatively impacts others, this is called what? - ✔✔Disparate impact What is another term you might hear that is synonymous with 'condominium?' - ✔✔Horizontal property In Virginia, what type of deed is used to convey property? - ✔✔General warranty deed Larry represents the seller. Performing which of these duties for the buyer could be a breach of duty to his client? - ✔✔Advising the buyer on what to include in an offer When a dispute arises between a condo association and an owner, where should the parties look to find information about dispute resolution? - ✔✔Condominium bylaws
If you're convicted of a lesser crime, why might your real estate license still be revoked? - ✔✔Your offense demonstrates a lack of trustworthiness. Sallee, a salesperson with three months of experience who works under principal broker Skyler, destroys brokerage disclosure records that are two and a half years old. Which of the following statements about this situation is true? - ✔✔Skyler could be found negligent in his recordkeeping duties. What is one of the reasons that illegal discrimination still occurs? - ✔✔Discrimination is often not visible to the public. What purpose do restrictive covenants serve? - ✔✔Covenants preserve a community's overall aesthetics, presentation, and its residents' way of life. First Baptist Church in Norfolk owns two apartments next door to the church, which used to be housing for their ministerial staff. It does not rent to non-Baptists. Is this legal? - ✔✔Yes, as long as it does not discriminate based on race, color, national origin, or familial status. Minnie helps to manage a common interest community. Under which of the following circumstances will she need to have a CIC manager license? - ✔✔She is employed by the owner's association but does not live in the community she manages. A property is located in Planning District 15. Which facts must be disclosed? - ✔✔That either mining activities took place on the property or that it contains abandoned mines. When an existing building is converted to timeshares, how much notice is the developer required to give to the current month-to-month tenants? - ✔✔120 Days In Virginia, claims that an antitrust violation has occurred must be filed within ______ years. - ✔✔ 4 What does an agent owe the client after their relationship terminates? - ✔✔Confidentiality
Under what listing agreement is an agent owed a commission no matter who secures the buyer for the transaction? - ✔✔Exclusive right-to-sell In Virginia, anyone who owns or operates a regulated UST must notify ______ of the UST's existence. - ✔✔The DEQ Unfulfilled contracts are also called _______. - ✔✔Unconsummated contracts T/F: Those who want to buy a property in an area affected by this act should work to find out how the additional restrictions affect the property. - ✔✔True In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? - ✔✔Within one month of the agreement's effective date How many required hours of education does the CIC manager license require? - ✔✔80hrs In Virginia, in what form can a buyer pay earnest money? - ✔✔Cash, check, bank letter of credit, or promissory note According to Virginia's disclosure statement, what is a seller's disclosure requirement if the seller knows that the parcel of land behind the property is being rezoned for commercial development? - ✔✔The seller makes no representations. Which of the following statements about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true? - ✔✔The disclosure form is not part of the purchase agreement. What is the highest amount a licensee can be fined by the Department of Professional and Occupational Regulation for a serious violation of real estate license law? - ✔✔$ In Virginia, what is the definition of a common interest community? - ✔✔Real estate that is subject to a declaration containing lots and common areas
