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Which of the following statements about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true? A. As part of the disclosure, the seller is required to provide a list of sex offenders living near the property. b. The buyer is required by law to request a copy of the disclosure. c. The disclosure form is not part of the purchase agreement. d. The disclosure form is part of the purchase agreement. - correct answer ✔ c. The disclosure form is not part of the purchase agreement. Which of the following transactions demonstrates designated agency? a. Benny, a licensee from New Days Realty, represents seller Carmine. Bert, a licensee from Expertise Realty, represents Cassandra, the buyer. b. Benny, a licensee, represents seller Carmine and buyer Cassandra.
c. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty. d. The seller, Carmine, is represented by licensee Benny. The buyer, Cassandra, is unrepresented. - correct answer ✔ c. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty. A property is located in Planning District 15. Which facts must be disclosed? a. That either mining activities took place on the property or that it contains abandoned mines. b. That Planning District 15 is a flood-prone area. c. That Planning District 15 properties usually have special maintenance requirements because of their historical value. d. That these properties are affected by the Chesapeake Bay Act. - correct answer ✔ a. That either mining activities took place on the property or that it contains abandoned mines. Which of the following topics are required as part of the CIC manager license? a. Community psychology b. Construction and renovation basics c. History of common interest properties
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." - correct answer ✔ c. "You are under no obligation to reveal the fact that your property is affected by this act." Per the Well and Septic section of the Residential Contract of Purchase, what can the buyer do if the seller fails to remedy or repair defects to a well or septic system? a. Contact the EPA and report the seller. b. Either terminate the contract or waive the defect. c. Require the seller to take a much lower offer. d. Sue the seller for damages. - correct answer ✔ b. Either terminate the contract or waive the defect. 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." - correct answer ✔ a. "Marketing rules for real estate personnel are as follows:" Broker Magnus received an earnest money check for $4,000 from his licensee Leslie on behalf of client Mika. He deposited the check two business days later into an escrow account. However, the house didn't pass inspection and Mika withdrew her offer. Seller Howard says that some of the money belongs to him. When two weeks have passed without Howard and Mika coming to an agreement, Magnus asks the courts to intercede, and turns the money over to them. Which of the following is true? a. He did nothing wrong. b. He should have directed Leslie to manage the escrow money. c. He should have given the money back to Mika. d. He should have waited for the courts to take over instead of asking them. - correct answer ✔ a. He did nothing wrong.
In Virginia, anyone who owns or operates a regulated UST must notify ______ of the UST's existence. a. The DEP b. The DEQ c. The EPA d. The local police - correct answer ✔ b. The DEQ Virginia fair housing law does not apply to any single-family house sold or rented by an owner, so long as they do not own more than ______ single-family houses at any one time. a. five b. four c. three d. two - correct answer ✔ c. three 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. - correct answer ✔ d. Your license will be revoked and can't be reinstated until you pay back the fund, plus interest. What is the purpose of the Virginia Underground Utility Damage Prevention Act? a. To make it difficult to install a small sign b. To prevent damage to underground utilities c. To prevent excavation d. To repair damage to underground utilities - correct answer ✔ b. To prevent damage to underground utilities Philip tells his agent, Jeff, "I know for a fact that there have been three homicides in this house. What are buyers going to think about this?" What should Jeff say? a. "If I tell buyers this, I could be found guilty of negligence to you, so don't worry. Mum's the word."
next door to the house. He wants to terminate the contract because this wasn't disclosed. Which of the following is INCORRECT? a. If Rilla knew about the school and failed to disclose it, Tony may terminate. b. If this was a concern to Tony, it was up to him to research it prior to entering into the contract. c. The law doesn't require Rilla to make any disclosure regarding the planned school. d. Tony may not terminate on this basis because Virginia is a "caveat emptor state." - correct answer ✔ a. If Rilla know about the school and failed to disclose it, Tony may terminate. Which of the following items do NOT have to be created in accordance with Virginia licensing disclosure rules? a. Advertising created by a licensee b. Any advertising displayed on a property to be bought or sold c. Online advertising d. Promotional materials such as pens and magnets - correct answer ✔ d. Promotional materials such as pens and magnets
Which of the following is an example of improper escrow account maintenance? a. Broker Madge keeps $20 of her own money in all escrow accounts to cover bank fees. b. Broker Odette deposits an escrow check seven business days after she receives it. c. Broker Wendy disburses escrow funds according to the instructions in the relevant contract. d. Licensee Ben gives a lease deposit check for $500 to his principal broker Kevin. - correct answer ✔ b. Broker Odette deposits an escrow check seven business days after she receives it. Virginia licensee Leslie represents Mr. and Mrs. Connelly. The three of them just met with Mick, and Mick signed an agency disclosure form. Which of the following is true about this situation? a. Leslie can now legally facilitate a real estate transaction between these two parties. b. Leslie is now a dual agent for the Connellys and Mick on any upcoming sales transaction. c. Leslie may now legally be paid commission.
d. Purchase agreement - correct answer ✔ c. Condominium public offering statement In what parts of Virginia does the Virginia Residential Landlord and Tenant Act (VRLTA) apply? a. Only certain counties b. Only in participating suburban districts c. Only in urban areas with a population of more than 100, d. The entire state - correct answer ✔ d. The entire state Which of the following is a task that a licensee could perform for a customer in a transaction? a. Advising the opposing party on what to include in an offer or counter-offer b. Assisting the opposing party in evaluating an offer c. Negotiating on behalf of the opposing party d. Providing the opposing party with signed copies of paperwork - correct answer ✔ d. Providing the opposing party with signed copies of paperwork
What's a buyer representation agreement? a. A disclosure of defects in a property b. A legal document that formalizes the working relationship between the agent and buyer client c. A marketing plan d. A waiver of duties - correct answer ✔ b. A legal document that formalizes the working relationship between the agent and buyer client You should ______ before you affiliate with a broker. a. Ask lots of questions b. Ask only about the commission rate c. Build your own website d. Refrain from asking any questions - correct answer ✔ a. Ask lots of questions
Which of the following misdeeds is something that the DPOR or VREB CANNOT investigate? a. Domingo says that the broker he signed with convinced him to do a net listing. b. Mr. Alvarez says that his broker, Monica, told him that he shouldn't mention the damaged foundation of the house he was trying to sell. c. Mrs. Peterson says that Danika helped her sell her house, but Danika doesn't have a license. d. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information. - correct answer ✔ d. Sabra, an assistant broker, claims that her client Rob defrauded his mortgage company by providing false information. Which of the following scenarios best describes a net listing? a. Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker. b. Jason is listing his duplex for $400,000 but reserves the right to find his own buyer and not have to pay a listing commission.
c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. d. Ralph is selling his townhome for $225,000 and is paying a brokerage fee of $25,000. - correct answer ✔ c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. What does an agent owe the client after their relationship terminates? a. Confidentiality b. Disclosure c. Loyalty d. Obedience - correct answer ✔ a. Confidentiality Which of the following actions DOES NOT violate federal or Virginia fair housing laws? a. Kathy manages a development of condos. She wrote a covenant that families with small children are only permitted to buy properties in the western building. b. Miriam, a bank manager, charges higher mortgage closing costs to female applicants.
c. Obedience d. Putting the buyer's interests ahead of their client's - correct answer ✔ b. Honest treatment Which of these statements about the Virginia Residential Landlord and Tenant Act is true? a. The act doesn't apply to landlords with fewer than 25 dwelling units. b. The act doesn't list tenant obligations. c. The act establishes both landlord and tenant obligations and remedies. d. The act prohibits leases longer than one year. - correct answer ✔ c. The act establishes both landlord and tenant obligations and remedies. Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______. a. Demonstrating untrustworthiness or incompetency to act as a real estate broker b. Failure to disclose an agency relationship
c. Making a substantial and willful misrepresentation d. Performing services that would qualify as practice of law - correct answer ✔ a. Demonstrating untrustworthiness or incompetency to act as a real estate broker What is another term you might hear that is synonymous with 'condominium?' a. Attached units b. Horizontal property c. Timeshare d. Townhome - correct answer ✔ b. Horizontal property What is the maximum amount a consumer can recover from the Real Estate Transaction Recovery Fund? a. $1, b. $10, c. $100,
