1. Virginia State Law Quiz

2. 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

3. 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

4. 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.

5. 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

6. 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.

7. 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

8. 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

9. 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

10. 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

11. 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.

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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