Virginia Brokerage Regulation & Disclosures

Question 1

If a broker who is a sole proprietor becomes disabled the REB will allow another individual within the firm complete the brokers business within_____of the brokers disability

Answer 1

180 days

Question 2

Broker ann deposits one of her personal checks in her brokerages escrow account which of the following has she done?

Answer 2

Commingling

Question 3

If the REB wants to conduct an in her brokerages escrow account which of the
Broker have to submit the records?

Answer 3

10 days

Question 4

If the REB wants to conduct an inspection of the financial records of a brokerage how long does the broker have to submit the records?

Answer 4

10 days

Question 5

Which property information is a seller required to disclose?

Answer 5

A methamphetamine laboratory that has not been cleaned up

Question 6

What year was the Chesapeake bay preservation act originally adopted?

Answer 6

1989

Question 7

Brokers must retain all business records for______from the date of execution

Answer 7

3 years

Question 8

If a buyer discovers material and visible defects in a property that were not disclosed in the property conditions disclosure, the buyer may take legal action within________of the disclosure
Delivery date

Answer 8

1 year

Question 9

Which law requires authority to make information about registration sex offenders available to the public?

Answer 9

Megan’s law

Question 10

Which of the following is the seller required to disclose?

Answer 10

Defective drywall that the seller is aware of

Question 11

Sellers must provide an HOA/POA disclosure packet to the buyer within_____after a written request has been submitted

Answer 11

14 days

Question 12

Electronic media advertising carried out by the firm must include the firm’s licensed name city

Answer 12

State

Question 13

Michael was accused of false advertising even though he had gotten the information from public records.
What will the outcome of this complaint most likely be?

Answer 13

Michaels found the information on public records and was unaware it was false so he is not liable

Question 14

If the broker uses any escrow funds for his or her own purposes the broker is committed to an act of___________.

Answer 14

Illegal conversation

Question 15

If the broker uses any escrow funds for his or own purposes, the broker is committed to an act of__________.

Answer 15

Illegal conversation

Question 16

When is a commission generally paid in a transaction?

Answer 16

When the transaction closes

Question 17

Which statue governs the information property owners disclose to buyers?

Answer 17

The Virginia residential property disclosure act

Question 18

Which property must comply with Virginia residential property disclosure act?

Answer 18

A quadplex that is for sale

Question 19

Which Virginia requires inspection of septic systems on a property sale?

Answer 19

No Virginia law or regulation requires inspection of septic systems on properties for sale

Question 20

Nick did not receive the required property condition disclosures before the sales was ratified. How long does he have to terminate the contract if he chooses to?

Answer 20

3 days after delivery of the disclosure statement

Question 21

Amber is the listing agent of the 1950s mid-century modern home. What is she required to provide to the buyers in a timely fashion?

Answer 21

Lead warning statement and us EPA protect your family from lead in your home booklet

Question 22

Unless otherwise agreed to in writing, all prepaid rent and deposit paid by a tenant must be deposited into an escrow account escrow account by the end of the_______following receipt of the funds

Answer 22

Fifth business banking day

Question 23

Which of the following is specific to an independent contractor?

Answer 23

An independent contractor does not have any social security tax withheld by the broker

Question 24

Salesperson and associate brokers must be licensed and registered with a the____to legally receive compensation

Answer 24

Broker

Question 25

For sale and for lease signs placed on the property must include the firm’s name main or branch office_______

Answer 25

Telephone number

Question 26

Which of the following is true regarding escrow accounts?

Answer 26

Escrow accounts are not required to be interest bearing

Question 27

Which of the following is true regarding branch office?

Answer 27

Branches must be individually licensed

Question 28

How often should an escrow account have sufficient balances for all funds that are designated held by the firm?

Answer 28

At all times

Question 29

Which of the following is a voluntary deed transfer?

Answer 29

When a closing transfer a property from one or more co-owner to other co-owners

Question 30

If a broker passes away which is first in line to be chosen by the REB to complete broker’s business

Answer 30

A personal representative qualified by the court

Question 31

Miller is listing a home that is located near a military air installation what does it need to share with the buyers?

Answer 31

An aircraft noise/crash disclosure from the REB

Question 32

Which of the following affects the desirability of a property and not the physical condition of a property?

Answer 32

A murder previously committed on the public