Free Virginia Real Estate Practice Exam Questions (April 2024) 40+

No way! Even though she is a licensed associate broker, accepting it would be a violation of the VREB’s rules and regulations.

Virginia state law requires that copies of ALL documents, including agency disclosures and brokerage agreements, MUST be kept by the licensee for at least 3 years.

The maximum balance of the Virginia Real Estate Transaction Recovery Fund is $2,000,000. Whenever the balance of the fund exceeds $2 million, the amount in excess of $2 million shall be transferred to the Virginia Housing Trust Fund Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2113.e.

Brokers must inform any change of addresses to the VREB within thirty days. If thirty days go by without the broker informing the VREB they have the right to suspend the brokers license.

The Real Estate Recovery Trust Account is a special fund established by Virginia Real Estate Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The recovery revolving fund is designed to protect consumers.

No it is not. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. Commingling is illegal in Virginia.

Unlike some states, Virginia has no minimum. The amount is completely negotiable by the buyer and the seller.

Continuing education for Virginia brokers is required every two years. If not completed brokers are at risk of being suspended and also fined.

The Virginia Property Disclosure Act governs the required seller disclosure in a residential transaction.

The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues.

During a Virginia salesperson's FIRST year they are required to complete additional education lasting 30 hours.

Although some local jurisdictions have additional protected classes for Fair Housing, the only statewide protected class in Virginia other than the 7 federal classes is elderliness.

In Virginia, all of the following are legal except for Net listings.

The Recovery Fund does not pay interest, punitive damages, exemplary damages, or any amounts that do not constitute actual monetary loss to the claimant. However, the award (claim) may include attorneys' fees and court costs. Per Article 2. Virginia Real Estate Transaction Recovery Act.

Per Virginia licensing law brokers must complete at least 24 hours of continuing education every renewal cycle.

The Governor is in charge of handling the appointment of board members. Per Virginia Real Estate Regulations.

In Virginia, licensed activity is defined as anyone who lists, sells, leases, or deals in real estate transactions. If someone does any of those activities without a license it is considered unlicensed activity. In order to do prior tasks they must hold an active real estate license.

Both the single mom and married couple would be classified as a regulant. "Claimant means any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act.” Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.

There are three legal ways to represent a client in Virginia agency law. The law recognizes them as standard agents, limited service agents, and independent contractors.

There are a total of nine members of the VREB. “ The Board shall be composed of nine members as follows: seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment and two citizen members.” Per Virginia Real Estate Regulations 54.1-2104.

The only way an unlicensed investor can open a brokerage is if the business is managed by a licensed broker.

The VREB will review the complaint FIRST for a possible licensee violation. If they do find reasonable cause they will then take the proper steps.

A licensee can be suspended without investigation if they do not pay the The Virginia Real Estate Transaction Recovery Fund assessment fee.

Failing to comply with any request from the VREB within ten days is an example of noncompliance with the VREB.

State law specifies that brokerage agreements be made in writing. Verbal agreements are not legal in Virginia.

The Virginia Residential Landlord Tenant Act requires security deposits not to exceed 2 months rent.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

The minimum balance of the Virginia Real Estate Transaction Recovery Fund is $400,000. Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2113.c.

Under no circumstances can a Virginia salesperson be licensed with more than one Virginia broker.

State law limits a single Recovery Fund claim to $20,000. Multiple claims involving the same real estate licensee are limited to $100,000 per biennial license period. Per Article 2. Virginia Real Estate Transaction Recovery Act. Read More Here

Per Virginia law, someone purchasing a residential condominium from a developer has five days to review the offer. They can also rescind the contract during that five day time frame.

Steering refers to the practice in which real estate agents or brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. This practice is highly illegal in all states including Virginia.

Per Virginia licensing law salespersons must complete at least 16 hours of continuing education every renewal cycle.

It is a violation for a broker to pay any compensation to an agent affiliated with another broker. Brokers can only pay their own applicable agents.

The Virginia Real Estate Board is abbreviated (VREB). The Board is the state agency that governs real estate practices in Virginia.

An agent would be classified as a regulant. “Regulant means a person, partnership, association, corporation, agency, firm or any other entity licensed by the VREB as a real estate broker or real estate salesperson.” Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.

A Real Estate Recovery Fund Claim Form must be filed with the Department of Professional and Occupational Regulation (DPOR) within 12 months after the judgment is final. Per Article 2. Virginia Real Estate Transaction Recovery Act.

Virginia state law requires that copies of ALL documents, including escrow account activity, MUST be kept by the licensee for at least 3 years.

"Director" means the Director of the Department of Professional and Occupational Regulation. Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.

When a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically revoked. Per Article 2. Virginia Real Estate Transaction Recovery Act.