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WV Real Estate FINAL EXAM 100%
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The purpose of the West Virginia License Act is to
limit competition in the real estate industry. protect the public in real estate transactions. regulate the limit for brokerage compensation. impose license fees to generate income. - ANS; protect the public in real estate transactions. Jim acquires a West Virginia broker license. He wants to sell real estate without opening a business so he decides to remain at his salespersons desk on the sales floor at Acme Realty. Jims license status will be that of a(n)
associate broker. Salesperson. broker apprentice. designated broker. - ANS; associate broker. Salesperson Sharon received a $3,000 deposit from a buyer on Tuesday morning and gave it to her broker before noon. The brokerÂs normal banking day is Tuesday and the seller wonÂt be available until Thursday, so the broker placed the funds in her personal checking account until the seller returns. The broker:
can hold the funds until the seller accepts or rejects the offer. must wait for the seller's signature before depositing the funds.
may be sanctioned by the Commission and lose her license. should have waited for the seller's oral instructions before depositing the money. - ANS; may be sanctioned by the Commission and lose her license. A broker who changes his or her business address must notify the Commission of the address change within how many days?
30 14 10 60 - ANS; 10 Days Velma is a licensed salesperson in West Virginia. Velma may properly receive compensation or commissions from
Any landlord or seller. the principal. any other licensed real estate broker. her employing broker only. - ANS; her employing broker only. West Virginia law requires all advertising placed by salespersons and associate brokers include
the licensees license number. name of the salesperson or associate broker. the employing broker's name. all of the above. - ANS; the employing broker's name A West Virginia license to act as a salesperson or associate broker shows on the certificate the:
employing brokers name.
set by federal minimum wage law. determined by West Virginia employment laws. whatever Millie and Kim agreed to. the commission rates set by MLS brokers. - ANS; whatever Millie and Kim agreed to. Jim owns and operates Best Realty in Keyser and is the firmÂs only broker. If JimÂs broker license is revoked, the persons registered to work under JimÂs supervision will ____________________.
be called as witnesses in an investigation conducted by the Commission. have their licenses automatically suspended. be guaranteed employment with another broker or authorization to work without supervision. run the company in Jim's absence. - ANS; have their licenses automatically suspended. An employment contract between a broker and seller that is illegal in West Virginia is a (n) ________________, which allows a broker to receive as commission all excess monies over and above the sellerÂs stated minimum sales price.
exclusive right to sell listing. exclusive agency listing. open listing. net listing. - ANS; net listing. Regardless of the date the license was issued, West Virginia real estate licensees have a duty to renew a license before it expires on ______________.
June 15. July 1. June 30.
January 1. - ANS; June 30. Broker Bob is moving his real estate firm to a new and trendy location. Bob must make application to the Commission before changing the address of his office, or must notify the Commission in writing within ______________ after changing the address.
10 30 90 14 - ANS; 10 According to the West Virginia Real Estate License Act, a licensee who is authorized to conduct any real estate business and is required to comply with any continuing education requirements is____________________.
in violation of law. on active status. on inactive status. unlicensed. - ANS; on active status For first violations, the West Virginia Real Estate Commission does NOT have the power to impose civil penalties in excess of ________________ per day, per violation.
$ $ $ $2500 - ANS; $ A broker who has written permission to represent both the seller and the buyer in the same transaction is acting as a (n) __________________.
designated agent.
The power to issue, renew, suspend or revoke real estate licenses is under the authority of_____________________.
WVRE Commission. The Governor. WV legal system. The department of labor. - ANS; WCRE Commision All active West Virginia real estate brokers are required by law to maintain a physical ______________ in keeping with the standards of real estate trade.
website. or virtual office. home office. place of business. - ANS; place of business Which of these persons is required to hold a West Virginia real estate license?
George owns a small apartment building and personally manages the property. Kelly is an attorney who charges clients for writing purchase contracts for real property. Leon is paid a salary for maintenance work on George's apartments. Leon occasionally opens an apartment for viewing by a prospective tenant. Hugo earns commissions for renting space in commercial office buildings. - ANS; Hugo earns commissions for renting space in commercial office buildings. Phillip is paid a salary as Broker Tim's unlicensed personal assistant. Which of these actions is a violation of West Virginia license law?
Phillip answers the phone and directs calls to Tim. Phillip provides information about which listed properties are still available. Phillip drives prospective buyers to properties and may show the property if Tim is late.
Phillip makes appointments for Tim to show property. - ANS; Phillip drives prospective buyers to properties and may show the property if Tim is late. Which of these actions is NOT a power or duty of the Real Estate Commission? The Commission:
may levy fines and imprisonment as penalties for certain crimes. will provide appropriate examination for any applicant for a license. may enter into licensing agreements with other jurisdictions. can issue subpoenas through any member or authorized agent. - ANS; may levy fines and imprisonment as penalties for certain crimes. Preceding appointment as a Commissioner, a licensed member of the WVREC must have been licensed and engaged in real estate work in West Virginia no fewer
ten years. seven years. six years. five years. - ANS; ten years Broker Phyllis Garten is preparing to open her real estate office, West Virginia Realty, and is placing the order for her new entrance sign. Which wording is NOT a sign requirement?
West Virginia Realty. Phyllis Garten. Broker. 1200 Commerce Street. - ANS; 1200 Commerce Street In regard to a broker's trust account,
no trust account may be interest-bearing.
must be a resident of West Virginia. - ANS; must sign an affidavit that he or she is the individual who completed the exam. After a student successfully completes an approved pre-license course, the school must:
supply the student with a certificate of course completion with letter grades. guarantee the student will pass the licensing exam. refund tuition if the student fails the state exam. provide the student with a practice state licensing exam. - ANS; supply the student with a certificate of course completion with letter grades. The West Virginia Real Estate Commission has the authority to deny a licensee's application if:
the applicant does not reside in West Virginia. the applicant has ever been licensed in another jurisdiction. the licensee was convicted of a felony. the applicant has ever been in foreclosure. - ANS; the licensee was convicted of a felony. At the conclusion of a hearing following a complaint against a West Virginia licensee, a final decision will be made by:
the Executive Director. a judge of the appellant court. the Assistant State Attorney General. the Commission or presiding officer. - ANS; the Commission or presiding officer. Any person adversely affected by a final decision:
will automatically lose the license.
is entitled to a judicial review. may not practice real estate for a minimum of two years. must apply for a license reinstatement within two years. - ANS; is entitled to a judicial review. Which of these circumstances would NOT cause the Commission to deny a license application? The applicant:
willfully departed from accepted standards of professional conduct. was convicted of a felony. lost a bundle of money on a bad real estate investment. has engaged in acts constituting professional negligence. - ANS; lost a bundle of money on a bad real estate investment. A witness in a contested hearing:
can lose his or her license after testifying. can be granted immunity from disciplinary action by the Commission. can refuse to respond to a subpoena. has no obligation to help the Commission. - ANS; can be granted immunity from disciplinary action by the Commission. Shelley and Nadine bought a store building and took title as joint tenants. Nadine died testate.Shelly now owns the store:
as joint tenant with rights of survivorship. in severalty. as a tenant in common with Nadine's heirs. in trust. - ANS; in severalty. Enid lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other
When the brokerage firm is up for sale. When the responsible broker dies. While an employed sales associate is an applicant for a brokers license. - ANS; When the responsible broker dies Which of the following activities is not included in the scope of the practice of real estate brokerage?
List, sell, purchase, exchange, option, rent, manage, lease or auction any interest in real estate. Render an appraisal opinion of a property. Maintain records of all funds deposited into the trust fund account. Offer rebates, inducements, or other discounts to clients or customers. - ANS; Render an appraisal opinion of a property What is a possible consequence of a check that is returned due to insufficient funds for any licensing transaction fee payments of a to the WVRE Commission?
The transaction is nullified for any fee that remains unpaid. The Commission may initiate disciplinary proceedings for violation. The Commission may require payment expenses incurred by the Commission as a result of the insufficient funds. All of the above. - ANS; All of the above Which unpaid fees may cause the Commission to refuse to issue or renew a real estate license?
All New Licensure fees must be paid in full but renewal or late fees can be paid after the license is received. All fees must be paid in full in order for issuance or renewal of license. Only late fees can be paid after the license is received.
All education fees must be paid prior to a license being issued or renewed - ANS; All fees must be paid in full in order for issuance or renewal of license How many hours of pre-License education are required before sitting for a WV real estate salesperson's license examination?
90 hours. 120 hours. 70 hours. 60 hours. - ANS; 90 hours If a persons real estate license has been revoked or suspended by the Commission but the revocation did not establish terms for license reinstatement, what is the minimum amount of time is required before they can apply for reinstatement?
two years from any initial disciplinary actions. four years from the order effective date. two years from the order effective date. four years from the first renewal date after the cancellation or suspension. - ANS; two years from the order effective date Which situation is enough to satisfy the qualifications for a nonresident to obtain a comparable WV real estate license?
There are no reciprocity agreements identified in the state of WV which would allow a nonresident to obtain a comparable license. The nonresident complies with all the provisions for obtaining a new license in WV. The nonresident passed a real estate examination for different state. The nonresident holds a valid license issued by another state. - ANS; The nonresident holds a valid license issued by another state How many hours of continuing professional education each fiscal year?
appointing a real estate Commission to oversee all areas of the licensing process. prosecuting any licensee that violates real estate laws. establishing standards for the privilege of obtaining and keeping a real estate license. providing multiple ways for real estate to be bought and sold without requiring licensing.
- ANS; establishing standards for the privilege of obtaining and keeping a real estate license Applicants for a broker's license must satisfactorily complete an additional ___ hours of commission-approved education.
90 hours. 120 hours. 70 hours. 60 hours. - ANS; 90 hours Failure to adequately supervise the salespersons and associate brokers who are registered with the Commission as the broker's employees, may result in:
the removal of employees from the brokers supervision. a $5000 fine. incarceration, depending on the infringements of the employees. suspension or revocation of the broker's license. - ANS; suspension or revocation of the broker's license From whom may a West Virginia real estate salesperson lawfully collect compensation?
the buyer. his or her employing broker only. the seller.
any party to the real estate transaction. - ANS; his or her employing broker only A licensee may offer, directly or indirectly, to clients or customers rebates, inducements, or other discounts, if
they disclose in writing, the terms of any rebate, inducement or other discount offered. the offers are made under the direct supervision of the responsible broker. they disclose in writing, the fair market value of any rebate, inducement or other discount offered. All of the above. - ANS; All of the above Which activities are normally performed as practice of a real estate brokerage?
Home Inspections, & Appraisals. Acting as a legal consultant. The sale, purchase, and leasing of property. Mortgage financing. - ANS; The sale, purchase, and leasing of property How long after a copy of a complaint is provided to a licensee do they have to file an answer with the Commission?
1 year. 20 days. 90 days. 180 days. - ANS; 20 days What is the possible outcome for a licensee that violates any fair housing law in the state of West Virginia?
revocation of their real estate license. suspend of their real estate license.
At the time of securing the contract, final acceptance and after securing signatures. At the time of inserting any provision which requires the person signing the contract to pay a fee. Only when the licensee is representing both the seller & the buyer. Copies of a contract is never a requirement but are often recommended. - ANS; At the time of securing the contract, final acceptance and after securing signatures. What criteria will the Commission use to determine if a branch office will be approved for registration with the state?
The building's value, appearance and maintenance schedule. The number of rooms that will be used for business purposes only. The structure's permanence, usage, and type of activities conducted there. The ratio of square footage to number of license certificates displayed for each branch office. - ANS; The structure's permanence, usage, and type of activities conducted there It is the responsibility of every broker who receives any trust funds to:
place all monies in a secured place, such as an office safe, until they can get to the bank. deposit the funds into the broker's trust account before the end of the business week. deposit the funds into an escrow, broker's trust or the personal broker's bank account. immediately deposit the funds in the broker's trust account. - ANS; immediately deposit the funds in the broker's trust account What is meant by the statement "Agency representation must be discussed with all prospective buyers"?
The seller's licensee must reveal the names of each real estate broker, agents, attorneys and financiers that will be involved in the real estate transaction.
The licensee must disclose the party or parties the licensee is representing to all parties to the real estate transaction. The licensee must discuss how different Real estate broker-client relationships are defined. The licensee must explain the implied actions they will take to sell the property. - ANS; The licensee must disclose the party or parties the licensee is representing to all parties to the real estate transaction What is true about dual agency in the state of West Virginia?
Dual agency is the best way to earn the highest possible commission. Disclosure of a dual agency is required either orally or in writing. Written consent for dual agency must be obtained from both the buyer and the seller. Dual agency is illegal in the state of West Virginia. - ANS; Written consent for dual agency must be obtained from both the buyer and the seller What is not an allowed physical space for branch offices?
A room in a broker's private home. A temporary shelter in a subdivision being sold by the broker. A rented office space in a converted warehouse. A shared traditional office building. - ANS; A room in a broker's private home In a complaint case, if the licensee fails to appear for a hearing at the appointed time, the hearing will:
be rescheduled. be dismissed. continue. be delayed until the licensee appears. - ANS; continue
