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Virginia Real Estate Board
Terms in this set (75)
Members of the Real Estate Board are appointed by:
Time period a complainant has to submit concerning a fair housing violation is:
1 year from occurrence
Fees for issuing, renewing and reinstating are determined by:
The Real Estate Board (REB).
Prior to a sales contract being signed by a purchaser in VA, a salesperson must provide:
An agency disclosure.
Which of the following does Not govern how agency is handled in VA?
Division of fees is permitted:
In VA, a lessor cannot restrict a handicapped tenant:
From making reasonable modifications at lessee's expense.
After an agency relationship ends, what does the licensee will owe to the client?
keep confidential all personal information learned during the relationship.
If a licensee fails to provide a termination date within a listing agreement:
The statutory termination date of 90 days applies.
If a broker changes the address of their principal office:
He/she has 30 days to submit notice of the change to the REB.
If a party dies intestate their estate may be divided as follows:
1/3 of estate to surviving spouse and 2/3 to surviving children.
The mandatory condition disclosure/disclaimer should be completed by the seller:
At time of listing the property.
In VA you have died intestate if:
No will. Nuncupative (oral) wills and holographic wills without the required 2 witnesses would invalid wills.
A licensee must respond to a complaint filed with REB:
Within 15 days.
Deposits to be placed in the escrow account must be in the account:
Within 5 business/banking days.
Advertisements for shared living situations are allowed to restrict only concerning:
Every principal broker should have readily available to the public:
A roster of every salesperson and broker assigned to that office.
If an applicant fails the PSI exam, and still wishes to obtain a license:
Must schedule with PSI to retake the portion of the exam failed.
A licensee that is able to represent and look out for the client's best interests and attempt to secure the best terms for that client is a
You, a licensed salesperson, receive a lead from a friend. You want to split your commission with your unlicensed friend:
This is a violation of the license law.
A broker must return their license within:
3 days of termination.
A broker returns a salesperson license within:
10 days of termination.
Escrow, Agency paperwork, and Contracts (even the ones that don't settle) are kept for:
Upon receiving a Public Offering Statement, the timeshare purchaser:
Is given 7 days to cancel contract.
A private club, by limiting occupancy of its lodgings to club members, is violating:
No state or Federal law.
Right of redemption for a tax sale that allows the owner to redeem and keep the property:
Is equitable and exists prior to the foreclosure.
A contract for sale of Virginia residential property must contain in bold print a statement concerning:
A right of selection clause. Which is the buyer's right to choose a settlement company.
When an unlicensed salesperson negotiates his/her first sale of real estate, the commission is payable only to:
No one but the licensed party.
The minimum amount to be maintained in the Real Estate Transaction Recovery Fund is:
The doctrine of caveat emptor still applies in Virginia and means:
Let the buyer beware.
Charging a brokerage fee higher than allowed by state law is known as:
Nothing. There is no maximum fee.
In regards to irrevocable consent for suits and services, the Real Estate Licensing Laws:
Require this to secure that notification of legal proceedings can be provided to nonresident licensees.
Not including fair housing complaints, how long does someone have from time of discovery to submit a complaint to REB?
A "bait and switch" approach to advertising is violating the standard of conduct concerning:
The grantor's tax is normally 0.1% of the sales price and:
Is paid by the seller.
Which of the following do not require a written disclosure of agency relationship?
Three month lease
Routine acts that are performed without loyalty within the transaction are called:
A time share developer is not required:
To give 60 days notice to all tenants in month-to-month leases.
At the conclusion of a 6 month lease, there were no damages to be held from the security deposit. The landlord must return the deposit:
Without interest in 45 days.
Failure to disclose the following is NOT grounds for disciplinary actions:
Owner having AIDS or HIV and occurrence of homicide or suicide
A tenant who wished to install security systems and alarms must:
Give landlord a copy of instructions and needed keys to operate equipment.
Not exempt from licensure in Virginia:
Salaried employee of a licensed broker negotiating lease amounts.
If a payment has to be taken from the Real Estate Transaction Recovery Fund:
The responsible licensee has their license revoked.
Someone holding an associate broker's license who has been assigned to supervise the activities of a branch office would be referred to as:
The supervising broker.
CRESPA provides guidelines for what settlement agents can do including:
A settlement agent cannot provide legal advice unless license to practice law.
The most commonly used legal description in VA is:
A combination metes and bounds and lot and block.
VHDA funding comes from:
Bonds from the private sector.
The Real Estate Board of VA has the authority to impose a maximum fine of:
$2,500 per violation on licensed individuals only.
When a court action seeks a tenant's personal property due to unpaid rent this is:
A license issued on the first of September of 2007 will expire:
On the date set by law.
If a salesperson's license is terminated, the broker must return it to the REB within:
Out-of-state licensees, applying for a VA license, may be required to:
Take the law portion of exam in time for their first license renewal.
Familial status means:
The presence of minor children
Seven of the nine members of the Real Estate Board:
Have been licensed to sell real estate for a minimum of 5 years.
Any advertisement for the sale of real estate by licensees must have:
The brokerage firm's name.
Operating without a license could mean:
Being investigated by REB and reported to the Commonwealth attorney for discipline.
Who is responsible for acquiring information about known sex offenders within a community?
Buyer has the opportunity to acquire this information.
Ronnie is a single parent of three young daughters. Ronnie owns a townhouse worth $75k. What is the total maximum value under the homestead exemption?
$6,500 includes $5,000 plus $500 for each dependent.
Imputed knowledge means:
You are only responsible to disclose material facts known with accuracy.
Fair housing violations brought before the attorney general would be:
$100,000 for two or more violations. $50,000 for the first violation.
The right of cancellation for a resale condominium is:
3 days or 6 days from postmark if mailed.
If a buyer has not received a property disclosure/disclaimer prior to contract ratification:
They can rescind up to settlement, possession, and loan application or within 3 days of receipt from hand delivery 5 days from postmark if mailed.
How many of the 16 required continuing education hours must be in the mandatory topics?
8 hours of mandatory topics.
To utilize the right of eminent domain, just compensation would mean:
Offering a fair market value at time of condemnation.
Peter is just past 6 months late on his POA dues. What can the association do?
Place a lien on property.
What is the required amount of time a landlord has to disclose in writing any visible evidence of mold?
Within 5 days of occupancy.
What is not covered by a standard owner's title insurance policy?
A full title search goes back how far?
For a licensee to hold a concurrent license with two different brokers in the state of VA, they must:
No permission will be granted b/c VA does not allow this type of license.
Broker Laurie has created a Web site to display her listings. What is required to appear on the site?
Her name, her firm's name, city and state of the office and in what jurisdiction the broker is licensed.
What does not create an agency relationship?
Seller paying a full 3% coop fee.
A residential listing agreement:
Must be in writing and a copy given to the seller.
What can a landlord require a tenant to pay?
Landlord can require up to 2 months security deposit. Amount can include damage and renters insurance but can not exceed this amount.
If your license is on inactive status:
You can keep it there for 3 years as long as you make up all your required continuing education hours.
The state of VA has added what class to the protected category?
Elderly. They also use the word handicapped instead of disability.
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