Virginia State Law Quiz
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
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
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.
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.
B.
C.
D.
Only Dole could lose his license
Only Smith could lose his license
Both Dole and Smith could lose their licenses
Both Dole and Jones could lose their licenses
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.
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
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
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
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.
B.
C.
D.
Must issue Samuels a renewal license
May withhold issuance of the renewal
Must hold a hearing within 20 days
May suspend his license pending the
outcome of a hearing on the complaint
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.
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
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
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
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
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
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
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
18. To avoid paying a penalty, a licensee
MUST renew his license:
A.
B.
C.
D.
Before the expiration date
Within 30 days of expiration
Within 180 days of expiration
Within 12 months of expiration
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
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
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 9999999 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
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
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
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
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