Real Estate Licensing and Regulations in Virginia, Exams of Advanced Education

Download Real Estate Licensing and Regulations in Virginia and more Exams Advanced Education in PDF only on Docsity!

Virginia Real Estate Practice Exams

Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. Failure to disclose an agency relationship d. Performing services that would qualify as practice of law - a. Commingling Which regulation sets forth the Virginia Real Estate Board's licensing regulations? a. Code of Virginia Title 53, Chapter 20 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135, Chapter 20 - d. Virginia Administrative Code Title 18, Agency 135, Chapter 20 Karen just received her real estate license in Virginia. She must take post-licensing education this year and then she can renew her license next year. What type of license does Karen have? a. Associate broker b. Broker c. Managing broker d. Salesperson - d. Salesperson Which of the following is NOT an example of a misrepresentation or omission? a. Kari knows that the low rent she's advertising for some new apartments is too good to be

true, but she advertises it anyway. b. Katherine's ad for her newly-renovated home states, "new from the studs up." Her carpenter has a different story. c. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." d. Kim notes that the property is next to a "serene, peaceful green space." It's next to an industrial park. - c. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." John is 18 and he wants to be a real estate broker in Virginia. He is ready to complete the 180 hours of required real estate licensing coursework. Is there anything that might prevent him from doing this? a. No - you go, John! b. Yes - he must be at least 19 years old. c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker. d. Yes - he must schedule his exam before beginning the required coursework. - c. Yes - he must have at least three years of experience as a Virginia salesperson before he can become a broker. Daniel is a full-time member of the armed services. He is renting a property, but just received orders to relocate to a new base in another state for no less than two years. What actions could he take related to his existing lease? a. Abandon the leased property b. Ask to be evicted from the property c. He must fulfill the provisions of the lease d. Use the orders to receive a military release from his lease obligation - d. Use the orders to receive a military release from his lease obligation

Virginia's Big Valley Brokerage was just audited and the auditor found several instances of noncompliance. What happens next? a. The brokerage's license will be temporarily suspended until the noncompliance issue is resolved. b. The licenses of all affiliated brokers will be temporarily suspended. c. The principal broker must address the noncompliance or create a plan to do so. d. The principal broker must pay for another more in-depth audit within six weeks. - c. The principal broker must address the noncompliance or create a plan to do so. Business is slow and you've decided to pull in some more clients with a marketing campaign claiming you're the top-producing real estate agent in town. What type of violation are you committing? a. Conflict of interest b. Improper disclosure c. Mishandling funds d. Misrepresentation - d. Misrepresentation What is the VREB authorized to do? a. License appraisers and home inspectors b. Regulate advertising of small home businesses c. Require minimum daily work hours for all licensees d. Set requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws - d. Set requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws Why is it important to call 811 before any work involving excavation is performed?

a. So that underground utilities can be marked with flags b. To ensure the proper permits are in place c. To ensure work is done according to code d. To notify the local planning office that permits are required - a. So that underground utilities can be marked with flags What happens to you if you're involved in a case and can't pay the judgment amount and the consumer is awarded money from the Real Estate Recovery Fund? a. Nothing! That is what the fund is for! b. You can continue to practice real estate but must pay back the money to the fund at 10% interest. c. You must pay back the money from the fund at 30% interest from your real estate commissions. d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest. - d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest. In Virginia, how many hours of approved real estate courses must an individual complete before taking the real estate broker's exam? a. 180 b. 30 c. 60 d. 75 - a. 180 Which of the following statements best describes a standard agent? a. They are not required to perform all duties required by statute. b. They only work for buyers.

c. They only work for sellers. d. They perform duties required by statute throughout the transactional process. - d. They perform duties required by statute throughout the transactional process. Which of the following should licensees be careful to avoid when interacting with an opposing party who has a limited-service agent? a. Creating unintended dual agency b. Interacting directly with the opposing party c. Interacting with the limited service agent d. Maintaining the confidentiality of information shared by the opposing party - a. Creating unintended dual agency When a dispute arises between a condo association and an owner, where should the parties look to find information about dispute resolution? a. Condominium bylaws b. Condominium declaration c. Federal Fair Housing Act d. The Virginia Condominium Act - a. Condominium bylaws Which of the following situations is the best example of a designated agency? a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty. b. Agent Devin represents seller Angie, and agent Donovan represents buyer Alex. Alex is buying Angie's condo. Agent Devin works for Blue Skies Realty and Donovan works for Happy Homes Realty. c. Agent Devin represents seller Angie and buyer Alex. Alex is buying Angie's condo. d. Agent Devin represents seller Angie. The buyer Alex is unrepresented. Alex is buying

Angie's condo. - a. Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's condo. Devin and Denise both work for Blue Skies Realty. Which of the following can hold a Virginia broker's license? a. A brokerage company only b. A person only c. A person or an entity d. A salesperson with more than five years' experience - c. A person or an entity After an investigation by the DPOR, what comes next in the complaint process? a. A hearing is held. b. A meeting is held between the parties involved to determine the facts of the matter. c. Interviews with witnesses and statements are obtained. d. The fee or penalty is assessed. - b. A meeting is held between the parties involved to determine the facts of the matter. How often should a principal broker conduct an audit (or arrange to have one done)? a. Every four years Every three years c. Every two years Every year - c. Every two years According to the disclosure statement, what is a seller's disclosure requirement if they know that the parcel of land behind their property is being rezoned for commercial development? a. The seller is required to disclose this information.

b. The seller makes no representations. c. The seller must provide the buyer with a zoning map. d. This condition is not material to the property and need not be disclosed. - b. The seller makes no representations. Why does a designated agency relationship require a disclosure signed by both parties? a. Because although each party is represented by a different licensee, all brokerage agreements are in the broker's name. Consumers must be made aware of this. b. Because the buyer's interests must take priority over the seller's interests. c. Because the seller's interests must take priority over the buyer's interests. d. It doesn't. - a. Because although each party is represented by a different licensee, all brokerage Denise is ready to apply for her salesperson's license. Which of the following facts, if any, could disqualify her? a. None of these facts disqualify her. b. She has no experience in real estate. c. She's 17. d. She's taken some of her pre-license coursework in a classroom. - c. She's 17 Tommy is an unlicensed individual helping his sister, Katerina, find a new house, in return for a trip to Europe. Which of the following activities can Tommy legally perform? a. He can negotiate the sale of her old house. b. He can purchase a new property for Katerina at an auction. c. He can receive compensation from Katerina for locating a new house. d. He can search real estate sites and resources to find available homes in the area. - d. He can search real estate sites and resources to find available homes in the area.

Which of these instances does NOT allow a broker to disburse escrow funds? a. All principals to the transaction have agreed, in writing, where the money should go. b. One of the principals to the transaction demonstrates, in writing, a clear financial need. c. The broker has received a court order that directs her to disburse the funds in a certain way. d. The related contract directs that the escrow funds be distributed in a certain way. - b. One of the principals to the transaction demonstrates, in writing, a clear financial need. How many days does a brokerage have to notify the VREB of any changes in name or business location? a. 30 days b. 60 days c. 90 days d. Up to one year - a. 30 days The listing agent for a house promises the seller $500,000 but then assists the buyer in negotiating a better deal without letting the seller know. What violation has the listing agent committed? a. Improper brokerage commission b. Improper delivery of instruments c. Incompetence d. Misrepresentation - d. Misrepresentation Which agency is authorized to promulgate and enforce licensing laws in Virginia? a. DEQ b. DMV c. DOA

d. VREB - d. VREB Marney, a Virginia licensee, just wrote a contract for a client. Which of the following statements about this situation is true? a. Marney can always write contracts for her clients. This is legal under any condition, and shows that she's fulfilling her fiduciary duties. b. Marney can only do this if she receives her client's written approval for this action before she writes the contract. c. Marney can only do this if the contract is incidental and if she doesn't charge her client for it. d. Marney has committed a crime; this action is illegal under any condition. - c. Marney can only do this if the contract is incidental and if she doesn't charge her client for it. Sylvio is a salesperson at Gardner Homes. Linda is his sponsoring broker. Which of the following best describes what happens with Silvio's license? a. Linda displays Silvio's license at Gardner Homes b. Linda stores Silvio's license at Gardner Homes c. Silvio displays his license at Gardner Homes d. Silvio keeps a copy of his license at home for safekeeping - a. Linda displays Silvio's license at Gardner Homes Which of these is a quality that differentiates escrow accounts from other accounts? a. Escrow accounts cannot earn interest. b. Escrow accounts can't be touched if the brokerage goes bankrupt. c. Escrow funds can be used for whichever purpose the principal broker decides.

d. The client who provides the escrow funds is the one tasked with managing the account. - b. Escrow accounts can't be touched if the brokerage goes bankrupt. A small condominium building has five units. Two of the units are for sale. The remaining units are owned by Rory, Dawn, and John, respectively. As a group, they decide they'd like to change the status of the building from condominium and instead make it an income-producing apartment complex that they will manage, after purchasing the two units that are for sale. How can they change the status of the condominium? a. Alter the original declaration to change the status of the property to an apartment building. b. Complete a Request for Condominium Status Termination form, have all members sign it, and send it to the Common Community Interest Board for approval. c. Create and sign, as a majority of the owners, a termination agreement. d. Since there are no dissenting unit owners, Rory, Dawn, and John can treat the property as they like. They do not need to change the condominium status to go forward with their plan. - c. Create and sign, as a majority of the owners, a termination agreement. Which regulation describes how the VREB must carry out its responsibilities and defines the regulations that it enforces? a. Code of Virginia Title 54.1, Chapter 21 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135 - d. Virginia Administrative Code Title 18, Agency 135 What is the general purpose of a POA? a. Act as an intermediary between disputing neighbors b. Enact laws that keep certain people out of the community c. Make and enforce rules for the properties in its jurisdiction

d. Recruit desirable residents to the community - c. Make and enforce rules for the properties in its jurisdiction Which of these is NOT an example of improper escrow account handling? a. Kerri deposits a down payment check and the rent she received from one of her own properties in the same account. b. Lou maintains all account-related records for three years after the transactions close. c. Maxine withdraws money from an escrow account to pay for a business lunch. d. Three weeks after he receives the check, Derek opens an escrow account for a client's rental security deposit. - b. Lou maintains all account-related records for three years after the transactions close. Max is a condominium developer. For his new development, he is gathering documentation that he has to submit to the CIC board. Which of the following pieces of information is NOT likely to be included with this documentation? a. "Marketing rules for real estate personnel are as follows:" b. "Owner's rights include the following:" c. "There are 36 units, numbered 1-36, each between 2,000-2,500 square feet." d. "This is a leasehold timeshare condominium development." - a. "Marketing rules for real estate personnel are as follows:" According to the disclosure statement, what is a seller's disclosure obligation if a sex offender lives near their property? a. The seller is required to disclose this information. b. The seller makes no representations. c. The seller must obtain permission from any local sex offenders to release their information to buyers. d. The seller must provide pictures, names and addresses of all sex offenders within a five mile

radius. - b. The seller makes no representations. How many members are on the Virginia Real Estate Board? a. Nine b. Seven c. Six d. Two - a. Nine Shayla has been a principal broker for almost eight years. Does she have to submit proof of continuing education (CE) the next time she renews her license? a. No, because CE requirements end once a broker becomes a principal broker. b. No, because CE requirements end once a salesperson becomes a broker. c. Yes, because brokers need to take CE as part of their renewal process. d. Yes, Shayla needs to take 16 hours of CE and submit proof of it when she renews. - c. Yes, because brokers need to take CE as part of their renewal process. Which section of the Residential Contract of Purchase requires the seller of a property within a development that is subject to the Virginia Property Owners' Association Act to give the buyer a copy of the property owners' association packet? a. The Notice to Purchaser(s) section b. The Property Owners' Association Disclosure section c. The Seller's and Purchaser's Options section d. The Virginia Condominium Act section - b. The Property Owners' Association Disclosure section Which of these statements describes the purpose of Virginia agency disclosures?

a. To advertise the services of a brokerage b. To compete effectively with other brokerages c. To protect consumers by keeping them informed d. To protect licensees from liability - c. To protect consumers by keeping them informed Ryan has engaged Jaclyn as his real estate agent to purchase a property. According to statute, which of these duties does Jaclyn owe Ryan? a. To perform an inspection to uncover any defects on properties b. To seek a property at a price and terms acceptable to Ryan c. To sell her own property if Ryan does not find a property to purchase by the end of the agreement period d. To share any and all details that a seller requests - b. To seek a property at a price and terms acceptable to Ryan When does a dual agency disclosure need to be provided? a. Never b. Only when representing a buyer and interacting with an unrepresented seller c. Only when representing the seller and interacting with an unrepresented buyer d. Prior to a dual agency, situation occurring - d. Prior to a dual agency situation occurring What are the two types of timeshare ownership? a. Freehold estate and estate for years b. Timeshare estate and timeshare use c. Timeshare limited and timeshare unlimited d. Timeshare vacation and timeshare interval - b. Timeshare estate and timeshare use

If you are unsure about whether an activity requires that you contact Miss Utility, what should you do? a. Ask a neighbor b. Call the police c. Contact Miss Utility d. Nothing - c. Contact Miss Utility Molly is going over her disclosure responsibilities with her agent, Tim. "You know, I think I might be in a military aircraft noise zone," she tells him. "But I don't know. How can I find out?" What should Tim say? a. "Let's check with the previous owners of this property. They should know." b. "The original developer of this property should have the information for you." c. "The Virginia Board of REALTORS® website has this information." d. "We can find this information in this area's official zoning map." - d. "We can find this information in this area's official zoning map." Larry represents the seller. Performing which of these duties for the buyer could be a breach of duty to his client? a. Advising the buyer on what to include in an offer b. Filling in the blanks for the buyer by following their instruction c. Presenting the buyer's offer to the seller d. Providing the buyer with copies of signed paperwork - a. Advising the buyer on what to include in an offer What is it called when a broker has the approval to work at multiple brokerages? a. Concurrent licensure b. Dual agency c. Licensure by reciprocity

d. Multi-licensure - a. Concurrent licensure Which of these statements about fair housing for people with disabilities is true? a. A person with a disability should not be prevented from making reasonable accommodations, and may also request accessibility accommodations. b. People with disabilities have priority over other renters when an accessible unit is available to lease. c. Property owners/landlords are not required to make reasonable accommodations. d. Property that is sold or rented to a person with a disability must be renovated to meet ADA standards. - a. A person with a disability should not be prevented from making reasonable accommodations, and may also request accessibility accommodations. Trevon's landlord Lucia is pretty good, but she isn't doing one thing that must be done. For which of these infractions can Trevon take action or seek restitution, according to the Virginia Residential Landlord and Tenant Act? a. Lucia doesn't allow for rent payments to be made between the first and 15th of the month she says rent is due the fifth. b. Lucia doesn't maintain the cleanliness of Trevon's rental unit. c. Lucia hasn't fixed the electric panels in Trevon's building, which are definitely not up to code. d. Lucia hasn't landscaped the apartment building's common areas. - c. Lucia hasn't fixed the electric panels in Trevon's building, which are definitely not up to code. Which of the following is true about for sale signs in Virginia? a. They must be created only by a firm's sponsoring broker. b. They must include the firm name and primary or branch office phone number.

c. They need to include the city and state where the agent is licensed. d. They should include the agent's work number. - b. They must include the firm name and primary or branch office phone number. What is the purpose of the Default section of the Residential Contract of Purchase? a. To define Virginia's policy of no-fault defaults. b. To explain the process for how the seller or buyer sues for damages. c. To explain what happens in the event either party defaults. d. To provide detailed examples of default behavior and resulting consequences. - c. To explain what happens in the event either party defaults. What duty does a Virginia buyer's agent owe to sellers? a. Confidentiality of information shared by the seller b. Honest treatment c. Obedience d. Putting the seller's interests ahead of their client's - b. Honest treatment Seller Dom asks his agent, Chelsea, "I understand that my house is subject to extra regulations ... something about the Chesapeake Bay Preservation Act? What does that mean?" How should Chelsea respond? a. "If potential buyers ask about this act, I have an informative brochure ready to hand out." b. "I will make sure that all potential buyers know about these extra regulations up front, so you don't have to worry about it." c. "You are under no obligation to reveal the fact that your property is affected by this act." d. "You only have to explain these regulations if a potential buyer happens to ask about them, and that's not likely." - c. "You are under no obligation to reveal the fact that your property is affected by this act."

Who is able to apply for concurrent licensure? a. Bethany is almost finished with her 180 hours of broker education and is ready to take her broker's examination. b. Eric, who works for the largest real estate firm in the state as a salesperson. c. George is a licensed broker at a small backwoods real estate firm. d. Jason, a registered administrative clerk and licensed salesperson. - c. George is a licensed broker at a small backwoods real estate firm. Real estate licensees are seldom guilty of blatant discrimination, but unintentional discrimination does exist. What's one example of unintentional discrimination? a. Following a landlord's instructions as to income requirements for applicants b. Not showing African Americans homes in neighborhoods where they may be victims of racial bias c. Not showing first-time homebuyers homes outside of their price range d. Refusing to work with African Americans - b. Not showing African Americans homes in neighborhoods where they may be victims of racial bias Sarah and Jim both have their broker's licenses and want to start a business together. What do they need in order to get started? a. Advertising campaigns b. An irrevocable consent form filed with the VREB c. A separate firm license d. New clients - c. A separate firm license

Principal broker Tyrell has uncovered evidence that one of his licensees, Maren, has been dipping in to several escrow accounts. Which of the following actions should he take? a. He must immediately disburse the rest of these escrow funds according to the agreements in the relevant contracts. b. He needs to report this information to the VREB within three business days. c. He should immediately deposit his own funds in the escrow accounts to make up for the deficiencies. d. He should suspend Maren's license immediately for no fewer than 14 business days. - b. He needs to report this information to the VREB within three business days. Under which of the following circumstances can a listing agreement be terminated in Virginia? a. If the seller and agent both agree in writing to end the agreement. b. If the seller consents to designated representation but not to dual representation. c. If the seller finds out that their agent's broker is representing other clients. d. If the seller tells the agent over the phone that they think the property is priced too low. - a. If the seller and agent both agree in writing to end the agreement. Which of the following actions should Cora, a principal broker, take after her brokerage has been audited? a. She should check her firm's advertising to make sure it complies with all relevant laws. b. She should keep a copy of the report at her brokerage in case the VREB wants to see it. c. She should make sure that all her affiliated licensees carry a copy of the audit with them when working. d. She should send a copy of the audit to all current clients. - b. She should keep a copy of the report at her brokerage in case the VREB wants to see it. When an existing building is converted to timeshares, how much notice is the developer required to give to the current month-to-month tenants?

a. 120 days b. 30 days c. 60 days d. 90 days - a. 120 days Which of the following examples describes a condominium? a. Ownership of all units in the complex is shared equally among investors. b. Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned. c. Privately owned units that share a common wall. d. Rooms within a home are single-occupancy, and common areas such as the kitchen are shared. - b. Ownership of the pool, grassy areas, and walkways is shared, while units are privately owned. Real Estate Board members serve terms that are how long? a. Four years b. Nine years c. Seven years d. Two years - a. Four years 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? a. $10, b. $100, c. $

d. $50,000 - c. $ Which of the following statements about brokerage relationships in Virginia is true? a. A brokerage relationship is created through compensation (i.e., when someone pays you). b. Either a written or verbal agreement creates a brokerage relationship. c. They aren't required for commercial real estate transactions. d. You must enter into one before you perform any licensed activities. - d. You must enter into one before you perform any licensed activities. Which of these is NOT one of the steps of the fair housing complaint process in Virginia? a. A complaint is submitted via email. b. An investigator gathers facts about the complaint. c. A trained professional manages a conciliation session. d. The final investigative report is presented to the Fair Housing Board or the Real Estate Board. - a. A complaint is submitted via email. Virginia law requires that real estate transaction documents be _______. a. Converted to paper and stored on site b. Copied at least five times c. Protected by encryption and cloud-based backup d. Readily available upon Virginia Real Estate Board request - d. Readily available upon Virginia Real Estate Board request A person performing real estate activities under the judgment or order of a Virginia court, such as a trustee in a bankruptcy, is ______. a. Not required to have a real estate license

b. Required to have a broker's license c. Required to have at least a sales agent license d. Required to have taken all pre-licensing courses, but passing the exam is not required - a. Not required to have a real estate license Which regulation establishes the VREB and gives it the authority to enforce Virginia real estate license laws? a. Code of Virginia Title 54.1, Chapter 21 b. Real Estate Settlement Agents Act c. Sherman Act d. Virginia Administrative Code Title 18, Agency 135 - a. Code of Virginia Title 54.1, Chapter 21 The Virginia Condominium Act is concerned that condo owners and potential buyers have the information they need to make informed decisions. To that end, which of the following does this act regulate? a. That all condo developments adopt the same CC&Rs b. That all owners associations allow everyone in the development to run for board member positions c. That the legal definition of a condominium is posted in all development common areas d. The information that must be included in public offering statements - d. The information that must be included in public offering statements How do you become a member of the Virginia Real Estate Board? a. Get appointed by the governor b. Get appointed by the state attorney general and get approval by the other board members c. Run in a public election for an open position when one becomes available d. Submit an application to the board and submit to a public hearing at one of the annual

meetings - a. Get appointed by the governor Which of the following is an example of an escrow account? a. Licensee Connor keeps money in this account to pay for traveling expenses for when he's showing clients houses. b. Money in this account pays for all the licensees in a brokerage to travel to a trade show next month. c. Principal broker Cynthia maintains this account to cover expenses such as lunches out with clients. d. Principal broker Darius opened this account to hold an earnest money check from his licensee's client. - d. Principal broker Darius opened this account to hold an earnest money check from his licensee's client. Which of the following situations must be reported to the VREB? a. Ben just failed the test to become a broker. b. May, a principal broker, is changing the name of her brokerage. c. Natalia signed up to take six hours of post-licensing education. d. Yusuf just received a large commission from his first sale. - b. May, a principal broker, is changing the name of her brokerage. Randolph, a seller, has an open listing agreement with you. Randolph locates a buyer himself. Who is owed a commission? a. No one b. You and the buyer c. You are d. You, but only a 10% open listing fee - a. No one

The purpose of the Underground Damage Prevention Act is to _________ utility lines. a. Discover b. Install c. Protect d. Repair - c. Protect Which one of the following people does NOT have to fill out the Virginia Property Disclosure form in order to sell his or her property? a. Agent Victor has just listed a 100-year-old country manor for sale; it's on the town's historic register. b. Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years. c. Darren is putting his beach house on the market as a lease with an option to buy. d. Owner Cameron is selling his condo by himself (he's not using an agent). - b. Cindy has to sell her townhouse because she hasn't paid state taxes in more than 10 years. It's March 25, and new salesperson Travis is about to renew his license. Travis was first licensed one year ago on March 3. He's taken 30 hours of post-licensing education, paid his fees, and filled out his renewal application on the VREB website. What, if anything, has he forgotten or done wrong? a. He hasn't forgotten anything or done anything wrong. b. He needs a signed letter verifying his employment from his supervising broker. c. He took 14 extra hours of CE, which won't count towards his next renewal. d. He will have to pay a fee for late renewal. - a. He hasn't forgotten anything or done anything wrong. Which of the following is NOT a protected class under federal or Virginia fair housing laws? a. Gender identity

b. Muslims c. The elderly d. Those with assistance animals - d. Those with assistance animals Which of these is an incorrect disbursement of escrow funds? a. Broker Curtis manages a property management-related escrow account. Although both parties to the transaction agree about where the funds should go, he doesn't disburse them until the property owner agrees. b. Broker Nadia has an unconsummated contract with no escrow-related instructions. She decides to give half of the escrow funds to both parties. c. Kim, a principal broker, waits until a court tells her to how to disburse escrow funds in a particular account. d. There were no instructions in the contract, so broker Shane waits to disburse the escrow until both parties to the contract agree, in writing, where it should go. - b. Broker Nadia has an unconsummated contract with no escrow-related instructions. She decides to give half of the escrow funds to both parties. Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require property disclosures? a. No, a disclosure is not required because Wayne and Sandy gave the property to Robbie. b. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt. c. Yes, a disclosure must be provided so the deed can be updated. d. Yes, any transfer of real property requires a property disclosure. - b. No, transfers to a person who has a direct line relationship with one or more of the transferors are exempt.

According to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date. a. One month b. One week c. Three days d. Two weeks - a. One month Which of the following is a statutory duty of an agent acting as a property manager? a. Account for all money or property received by the licensee in which the owner has an interest b. Disregard fair housing regulations c. Negotiate a sale meeting the buyer's objectives d. Seek a property to purchase - a. Account for all money or property received by the licensee in which the owner has an interest In order to qualify as one of the seven real estate professional members of the real estate board, how many years of real estate experience must you have? a. Five b. Nine c. Seven d. Six - a. Five Broker Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as commercial. This violation is an example of ______. a. Contractual interference