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

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.

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.

The VREB holds at least four meetings per year to discuss Virginia real estate related issues.

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.

The Virginia Real Estate Board mandates agents enter into a broker agreement with a buyer before the agent begins to provide substantive advice or begins real estate duties for the buyer.

The terms of members of the VREB are four years long. Per Virginia Real Estate Regulations 54.1-2104.

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

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

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

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

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

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

A chattel is an item of property other than real estate. So an item NOT considered real property. While leftover items may be considered a chattel they are best defined as another word for personal property.

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

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

Licenses not renewed before thirty one days, will have late fees or penalties. VREB regulations provide a 30-day period after the expiration date in which a license may be renewed without penalty (therefore, at thirty one days late they may impose a late fee).

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.

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.

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

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.

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

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.

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.

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.

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.

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

‘State law prohibits the following from filing a Recovery Fund claim: a real estate licensee; the personal representative of a real estate licensee; the spouse or child of the licensee who is the subject of the claim (the licensee against whom the judgment was awarded), nor the personal representative of such spouse or child; or any lending or financial institution, nor anyone whose business involves the construction or development of real property.” In our case the only party that can file a claim would be the

If the Virginia Real Estate Transaction Recovery Fund falls below the minimum, licensees may be assessed to restore the Fund with a maximum fee of $20 (per two year period).

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.

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

A Virginia broker can be licensed with more than one Virginia brokerage firm with the written consent of the principal brokers represented.

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.

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.

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

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

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.

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.

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.