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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)
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