Free Virginia State Real Estate Laws and Real Estate Board Rules — Broker State Portion Practice Questions

Sample Practice Questions

Try these 10 sample questions from the Virginia State Real Estate Laws and Real Estate Board Rules — Broker State Portion practice bank. Each includes the answer and explanation. Continue with the interactive practice above to review the full question set.

1. 1A Virginia principal broker opens a second place of business and assigns affiliated licensees there. Who must supervise that branch?

   1. A. A broker assigned as supervising broker
   2. B. An experienced affiliated salesperson
   3. C. The firm's unlicensed office manager
   4. D. The settlement agent used by the firm

   Answer: A

   Explanation: The controlling rule says, "Each place of business, each branch office, and each real estate team shall be supervised by a supervising broker." The new branch therefore requires a broker in that supervisory role.

   Reference: Va Code Title54.1 Ch21 — § 54.1-2110.1 A

2. 2Where must a Virginia firm place money that it is to hold in escrow for a real estate transaction?

   1. A. In one or more federally insured escrow accounts
   2. B. In the principal broker's operating account
   3. C. In any investment account selected by the client
   4. D. In the associate broker's personal trust account

   Answer: A

   Explanation: The rule requires firms to "maintain one or more federally insured escrow accounts" for transaction funds. The federally insured escrow account is therefore required.

   Reference: Va Admin Code 18Vac135 20 — 18VAC135-20-181 A 1

3. 3What representation does Virginia's residential property disclosure statement say an owner makes about Chesapeake Bay resource protection areas?

   1. A. No representation; the purchaser is advised to conduct due diligence
   2. B. A warranty that no resource protection area exists
   3. C. A promise to obtain a zoning variance
   4. D. A certification by the listing broker

   Answer: A

   Explanation: The form states, "The owner makes no representations with respect to whether the property contains any resource protection areas." Purchaser due diligence, not an owner warranty, controls.

   Reference: Va Code Title55.1 Ch7 — § 55.1-703 B 5

4. 4A Virginia licensee receives a seller's written rejection of an offer. When must the licensee tender that rejection to the client or unrepresented party?

   1. A. Promptly after receiving it
   2. B. At the scheduled settlement
   3. C. Within three calendar days
   4. D. Only after a written request

   Answer: A

   Explanation: Virginia lists as misconduct "Failing as a licensee to tender promptly to the client or unrepresented party every written offer, every written counteroffer, and every written rejection." The written rejection must therefore be tendered promptly.

   Reference: Va Admin Code 18Vac135 20 — 18VAC135-20-300 3

5. 5For the Virginia Fair Housing Law, when does an individual meet the definition of elderliness?

   1. A. At age 50
   2. B. At age 62
   3. C. Upon attaining age 55
   4. D. Upon attaining age 65

   Answer: C

   Explanation: Virginia defines elderliness as "an individual who has attained his fifty-fifth birthday." Age 55 is the statutory threshold.

   Reference: Va Code Title36 Ch5.1 — § 36-96.1:1, definition of elderliness

6. 6A Virginia condominium purchaser receives the current public offering statement after signing the purchase contract. What is the ordinary cancellation period from that delivery?

   1. A. One business day
   2. B. Three calendar days
   3. C. Five calendar days
   4. D. Ten business days

   Answer: C

   Explanation: The disposition is subject to cancellation "within five calendar days from the contract date of the disposition or delivery of the current public offering statement, whichever is later." Because delivery occurred later here, five calendar days runs from delivery.

   Reference: Va Code Title55.1 Ch19 — § 55.1-1974

7. 7Which subject must a Virginia supervising broker address in the firm's written policies and procedures?

   1. A. Employees' preferred vacation months
   2. B. The proper handling of escrow deposits
   3. C. The firm's annual sales goals
   4. D. Membership in a local trade association

   Answer: B

   Explanation: The required policy list expressly includes "Handling of escrow deposits in compliance with law and regulation." Escrow handling is therefore mandatory policy content.

   Reference: Va Admin Code 18Vac135 20 — § 54.1-2110.1 B 2 a

8. 8How must checks and bank statements for a Virginia real estate escrow account be identified?

   1. A. With the word client
   2. B. With the word escrow
   3. C. With the word reserve
   4. D. With the property street address only

   Answer: B

   Explanation: All escrow accounts, checks, and bank statements must be labeled “escrow,” and the financial institution must designate the accounts as escrow accounts.

   Reference: Va Admin Code 18Vac135 20 — 18VAC135-20-181 A 1 d

9. 9What duty does a Virginia listing broker have to an owner whose residential property is subject to the Residential Property Disclosure Act?

   1. A. Guarantee every disclosure statement
   2. B. Inform the owner of statutory rights and duties
   3. C. Conduct every purchaser's due diligence
   4. D. Certify all Chesapeake Bay maps

   Answer: B

   Explanation: Virginia provides that a listing broker "has a duty to inform each such owner represented by that licensee of the owner's rights and obligations under this chapter." Informing the owner is the broker's duty.

   Reference: Va Code Title55.1 Ch7 — § 55.1-712

10. 10From whom may a Virginia associate broker ordinarily accept compensation for licensed activity?

    1. A. The client paying the purchase price
    2. B. The associate's principal or supervising broker
    3. C. The settlement agent closing the transaction
    4. D. A cooperating broker in the transaction

    Answer: B

    Explanation: The rule permits compensation from "the licensee's principal broker or supervising broker" unless the specified prior written consent exists. That makes the employing broker the ordinary payor.

    Reference: Va Admin Code 18Vac135 20 — 18VAC135-20-280 A 2