Virginia State Law Quiz

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					Virginia State Law Quiz
1. For a Maryland licensee to sell real
   estate in Virginia, he/she must do all of
   the following EXCEPT:
  A. Take an approved course and pass a written
     exam
  B. Sign an irrevocable consent to suites.
  C. Submit a Certificate of Licensure to the REB
  D. Pay the licensee fee and the TRF
     assessment
2. The licensee of a salesperson who will
   be working at a branch office is:
  A. Mailed to the employing manager
  B. Mailed to the branch office manager
  C. Mailed by certified mail to the principal
     broker
  D. Mailed by certified mail to the licensee at the
     branch office
3. Any person who believes he is a victim of a
   discriminatory practice prohibited under the
   Virginia Fair Housing Law may do all of the
   following EXCEPT:
  A. Institute an action in federal court for injunctive relief
     against the person responsible for the
     discriminatory practice.
  B. File a complaint with the Virginia Real Estate Board
     within one year of the alleged violation.
  C. Reasonably and fairly amend any complaint filed
     with the REB
  D. Institute an action in circuit court for money
     damages against the person responsible for the
     discriminatory practice.
4. Salesperson Dole who works for Broker Smith
   sells a property listed by Broker Jones and
   collects a commission from Broker Jones
   without the knowledge of Broker Smith. Which
   of the following is true?
  A.   Only Dole could lose his license
  B.   Only Smith could lose his license
  C.   Both Dole and Smith could lose their licenses
  D.   Both Dole and Jones could lose their licenses
5. When a salesperson transfers from one firm to
   another, the former broker MUST:
  A. Mail the salesperson’s license within 10 days, by
     certified mail, to the new broker.
  B. Mail the salesperson’s license within 10 days, by
     certified mail, to the REB
  C. Mail the salesperson’s license by certified mail so
     the new broker receives it within 10 days
  D. Mail the salesperson’s license by certified mail so it
     is received by the REB within 10 days.
6. Which of the following is TRUE regarding
   the Transaction Recovery Fund?
  A. The maximum amount paid out of the fund
     for one transaction is limited to $20,000
  B. The board must pay a claim as soon as a
     final judgment from a Virginia Court is
     verified
  C. Payment will not be made from the Fund if
     the licensee was dealing as a principal on
     his own account
  D. The maximum paid out of the Fund in behalf
     on any one licensee is $100,000
7. Three weeks after a binding sales
   agreement was signed by the purchaser
   and seller, the listing broker received a
   written offer for %97,000. What should
   the broker do?
  A. Tell the second purchaser the property is
      already “under contract”
  B. Tell the second purchaser he will file the offer
      and present it if the first contract fails
  C. Tell the sellers to cancel the first offer
      because there is now a higher offer
  D. Immediately present the offer
8. Salesman Smith secured an open listing
   without a definite termination date, but
   his principal broker refused to accept the
   listing. Was the broker correct?
  A. Yes, because it is a violation of the license
     law
  B. Yes, because it is a violation of the REB
     rules and regulations
  C. No, because only exclusive listings must
     have definite termination dates
  D. No, because the listing is a valid contract
     between Salesman Smith and the owner
9. Ten days prior to the expiration of his
   license, a complaint was filed with the
   REB against Broker Samuels. Upon
   receipt of a request for renewal, the
   REB:
  A.   Must issue Samuels a renewal license
  B.   May withhold issuance of the renewal
  C.    Must hold a hearing within 20 days
  D.   May suspend his license pending the
       outcome of a hearing on the complaint
10. Salesman biff committed an act which was in
    violation of the REB rules and regulations.
    Although his broker was aware of the violation,
    he did not participate in it. Could the broker’s
    license be in jeopardy?
  A. Yes, because he had guilty knowledge
  B. Yes, because the broker is responsible for any
     unlawful act committed by a salesperson in his
     employ
  C. No, because he did not participate in the violation
  D. No, because the broker is not responsible for his
     agents if they are independent contractors.
11. After a broker presented an offer to a seller, he
    learned of a pending zoning change that will
    affect the property. The seller had not yet
    accepted or rejected the offer. The broker
    MUST:
   A. Promptly disclose the pending change to the
      potential buyer
   B. Promptly disclose the pending change to both buyer
      and seller
   C. Give written notice of the pending change to all
      parties
   D. Give written notice of the pending change to the
      potential purchaser
12. The Real Estate Board consists of:
  A. Nine members, each with at least five years
     real estate experience
  B. Seven members who may serve for only
     four years
  C. Seven members appointed by the Governor
     for five-year terms
  D. Nine members, including two citizen
     members
13. A purchase agreement is terminated by
   the broker. The escrow deposit will be:
  A. Given to the seller by the listing broker
  B. Returned to the buyer by the broker
  C. Returned to the buyer by the closing
     attorney
  D. Given to the seller by the closing attorney
     upon order of the court
14. When is it permissible for a broker NOT
   to place earnest money deposit in his
   firm’s escrow account?
  A. Under no circumstances
  B. With written consent of all parties
  C. With written permission of the person to
     whom the funds ultimately belong
  D. As long as the buyer and seller are notified
     by the principal broker
15. A licensee may have his license
   suspended or revoked for any of the
   following EXCEPT:
  A. Failing to provide in a timely manner written
     notice of any material fact relating to the
     property
  B. Failing to provide in a timely manner written
     notice of any material change in the
     transaction
  C. Failing to tender to the principal all written
     offers
  D. Failing to produce, at the request of the REB
     documents in the licensee’s possession
16. At what point during a transaction should
   a broker give the buyer and seller written
   notice that he is acting for both parties?
  A. At any point before a binding contract is
     signed
  B. Before accepting his commissions from
     each party
  C. Before any negotiations take place
  D. Before the broker has substantive
     discussions about the property
17. A broker has just listed a property in
   which he has a 1/10th interest. He
   MUST:
  A. Provide written disclosure of his ownership
     interest to all persons who inquire about the
     property
  B. Disclose in writing his interest in the property
     and the names of the other owners
  C. No disclosure is necessary because his
     interest is under 25%
  D. Provide written disclosure of his ownership
     interest to persons interested in signing a
     binding contract
18. To avoid paying a penalty, a licensee
   MUST renew his license:
  A.   Before the expiration date
  B.   Within 30 days of expiration
  C.   Within 180 days of expiration
  D.   Within 12 months of expiration
19. A salesperson could have her license
   suspended or revoked for all of the
   following EXCEPT:
  A. Representing another broker without the
     written consent of her principal broker
  B. Advertising a property for sale without
     including the principal brokers’ name and
     phone number
  C. Making an exclusive listing without a definite
     termination date
  D. Accepting a commission from a broker other
     than her principal broker, without written
     permission of her principal broker
20. Real Estate licenses are renewed:
  A. Annually, in the month issued
  B. Biennially, on June 30th of even-numbered
     years
  C. Every year, in the month of the licensees’
     birthday
  D. Every other year, in the month issued
21. Jill is a license salesperson, selling her own
    residence. She advertises her house as a
    FSBO:
• “Beautiful 4-bedroom house. Excellent
    assumption. Single females only. Call 999-
    9999 for details. Owner is licensed”. Which of
    the following statements is true?
  A. Jill is subject to disciplinary action by the REB
  B. Jill is in compliance with the Board of regulations
      because she has disclosed her licensee status
  C. Jill is not subject to REB regulations since she is
      selling her own property
22. Two brokers are involved in a dispute
   involving a commission. Which of the
   following would NOT be involved in the
   settlement of their dispute?
  A. The local Association of REALTORS®
  B. The Real Estate Board
  C. The court having jurisdiction over the
     brokers
  D. The State Supreme Court
23. Which of the following is true with regard
   to the Virginia Fair Housing Law?
  A. All complaints must be filed with HUD
  B. The burden of proof is on the complainant
  C. The burden of proof is on the respondent
  D. If convicted, a licensee will have his/her
   license immediately revoke
24. An officer of a Virginia real estate
   company who handles the property
   management subsidiary:
  A. May be licensed either as a salesperson or
     a broker
  B. Must be licensed as a broker
  C. Does not need to hold a brokers license
     since he deals only with property
     management
  D. Does not need to be licensed since he is
     involved with property management
25. Luke completed the education requirements for
    licensure and passed the license exam in June
    2002, but did not apply for his license. In July
    2003, Luke decided to start his real estate
    career.
  A. Luke should have a broker request his license and
     pay the proper fees
  B. Luke will have to retake the licensing exam
  C. Luke must have additional classes to meet current
     educational requirements
  D. Luke must pass an oral examination administered
     by the REB

				
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