STATE PRACTICE EXAM 2 OF PT 2

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Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. In order for Kathy to collect, she must have already:
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Terms in this set (20)
Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. In order for Kathy to collect, she must have already:
Filed a claim against the salesperson in a court of competent jurisdiction
The statute of limitations as it applies to time-share properties is:
2 years
A motel clerk provides a few leads to a broker in exchange for a percentage of the commission. In this situation, which of the following statements is true?
The clerk must be licensed as a broker
With the permission of his broker, a salesperson is representing a buyer. The salesperson goes to a showing for a listed property and properly advises the listing broker that he is representing the buyer. This situation:
Is legal because proper disclosure has been made
Which of the following statements is true about real estate advertising?
Select one:
A.
It must be supervised by the principal or supervising broker
B.
It must be in the name of the firm
C.
The firm's licensed name must be clearly and legibly displayed
D.
All of the above
D.
All of the above
A real estate salesperson's license may be revoked if the licensee:
Advertises a listing at lower than listed price
The Virginia Fair Housing Law is more restrictive than the Federal Law, in that it provides protection for the elderly. In Virginia, "elderly" is defined as any natural person:
55 years of age or older
Which of the following statements about the Transaction Recovery Fund is correct?
A claimant may collect up to $20,000
Salesperson Cook places a newspaper ad on a piece of property that she owns. The ad reads, "3 bedroom, 2 bath, rambler; below market; good location; call 555-3421." This ad is in violation of the Real Estate Board Regulations because:
The ad fails to disclose that the owner is a licensee
If a broker purchases property through a "straw man" and does not disclose that information, which of the following statements is true?
This is a violation of the License Law
A salesperson who receives an earnest money deposit is NOT required to place the money in an escrow account:With the written agreement of both partiesThe real estate license of any person or firm may be revoked by which of the following entities?Virginia Real Estate BoardHearings before the Virginia Real Estate Board must be held in accordance with the:Administrative Process ActA buyer entered into a contract to purchase a new condominium. At the time of contract ratification, the swimming pool cited in the POS was not completed. How should the sales agent advise the prospective buyer?Make certain that the plat included in the condo documents is clearly marked that the pool is "to be completed"Billy the Broker represents Suzy Seller in an effort to sell her home. Bob the Buyer makes an offer that is $20,000 below what Suzy is asking. Knowing that Suzy would reject such a low offer, Billy tells Bob to "forget it." Has Billy violated the VA License Law?Yes, because Billy failed to present the offer to SuzyUnder the Virginia Landlord and Tenant Act, tenants:May pay rent into escrow if the landlord was given written notice, but fails to make repairsCarla has been licensed to sell real estate in Wisconsin for the last 10 years. After moving to Virginia, her neighbor finds out about this experience and asks Carla to sell his home. Under these circumstances, Carla:Cannot accept the listingIf the named licensee is involved in multiple transaction violations, what is the maximum that a person may collect from the Transaction Recovery Fund?$20,000When a real estate license has expired, when can a person reinstate his license without monetary penalty?Within 30 daysJan and Bill have a real estate brokerage partnership. Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. Which of the following statements is correct?Gene must obtain a broker's license