1. A newly licensed Virginia salesperson must complete how many hours of post-license education, and by when?
Answer & explanation
Answer: C. Section 54.1-2105.01 and 18VAC135-20-95 require 30 hours within one year from the last day of the month of issuance. The 16-hour option is the regular CE requirement that applies from the second renewal on.
2. After receiving the disclosure statement late, which buyer action ends the buyer's termination right under § 55.1-709 even if the 3-day period has not run?
Answer & explanation
Answer: D. The termination right ends at the earliest of the 3- or 5-day period, settlement, occupancy, a mortgage application stating that termination rights end, or a written waiver signed in a separate document.
3. A buyer's agent's commission is paid by the seller out of the sale proceeds. Under Virginia law, whom does the buyer's agent represent?
Answer & explanation
Answer: A. Section 54.1-2140 states that payment or promise of compensation does not create a brokerage relationship with any party. The brokerage agreement determines whom the licensee represents.
4. In real estate, the accessibility requirements of the Americans with Disabilities Act apply mainly to:
Answer & explanation
Answer: A. The ADA's accessibility rules primarily cover public accommodations and commercial facilities; housing accessibility is governed mainly by the Fair Housing Act.
5. A Virginia firm must obtain a branch office license for which location?
Answer & explanation
Answer: A. Section 54.1-2106.1 and 18VAC135-20-20 require a branch office license for each additional place of business. Trade shows, residences not held out to the public, and public venues like coffee shops are expressly exempt.
6. In a life estate, the person who receives the property when the life tenant dies is the:
Answer & explanation
Answer: A. The life tenant has a present interest; the remainderman holds a future interest. If the property returns to the grantor, it is a reversion.
7. Under Virginia law, a person who has not entered into a brokerage relationship with a licensee is presumed to be a:
Answer & explanation
Answer: B. Section 54.1-2130 defines a customer as a person without a brokerage relationship for whom the licensee performs ministerial acts, and says a person is presumed a customer unless a brokerage relationship exists.
8. After a listing agreement expires, which duty does the licensee still owe the former client?
Answer & explanation
Answer: B. Under § 54.1-2137, after termination the licensee owes no further duties except accounting for money and property and keeping confidential personal and financial information, unless otherwise agreed in writing or required by law.
9. A home sells for $520,000 with a 5% commission. The listing broker pays 2.5% to the buyer's broker and splits the listing side 60/40 with the listing salesperson (salesperson gets 60%). How much does the listing salesperson earn?
Answer & explanation
Answer: C. Total = $520,000 x 0.05 = $26,000. Buyer broker gets 2.5% = $13,000, leaving $13,000 for the listing side. Salesperson = $13,000 x 0.60 = $7,800.
10. Which person must hold a Virginia real estate license?
Answer & explanation
Answer: B. Leasing real estate for others for compensation is brokerage under § 54.1-2100, and no exemption applies. Owners, executors and attorneys acting as attorneys are all exempt under § 54.1-2103. The executor is tempting because she sells someone else's property, but fiduciaries and court-ordered sellers are specifically exempt.
11. How much real estate coursework must a Virginia broker applicant complete?
Answer & explanation
Answer: C. Section 54.1-2105 B 2 requires broker applicants to complete not less than 12 semester hours of real estate courses. Four semester hours (or 60 hours) is the salesperson principles requirement.
12. The required disclosure statement is hand-delivered to a buyer the day after ratification. The buyer has not settled, moved in, applied for a loan, or signed a waiver. How long does the buyer have to terminate?
Answer & explanation
Answer: C. Section 55.1-709 B gives the buyer the right to terminate within 3 days after hand or electronic delivery, or 5 days after the postmark if mailed, or sooner upon settlement, occupancy, a qualifying loan application, or a separate written waiver.
13. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:
Answer & explanation
Answer: B. In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)
14. A broker earned a $15,750 commission on a $450,000 sale. What was the commission rate?
Answer & explanation
Answer: A. Rate = commission / sale price = $15,750 / $450,000 = 0.035 = 3.5%.
15. What is the maximum the Recovery Fund will pay on account of one licensee for claims from multiple transactions during a single biennial license period?
Answer & explanation
Answer: B. Section 54.1-2116 caps aggregate claims involving one regulant across multiple transactions at $100,000 per biennial period ending June 30 of each even-numbered year. $400,000 is the fund's required minimum balance.
16. When competing brokerages agree to charge the same commission rate, they commit:
Answer & explanation
Answer: D. Agreeing on commissions among competitors is illegal price fixing under the Sherman Antitrust Act; commissions must be set independently and are always negotiable.
17. A state charges a transfer tax of 0.5% on the first $100,000 of the price and 1.5% on the amount above $100,000. What is the tax on a $320,000 sale?
Answer & explanation
Answer: C. First $100,000 x 0.005 = $500; remaining $220,000 x 0.015 = $3,300; total = $3,800.
18. Two brokers agree not to cooperate with a discount brokerage in order to drive it out of business. This is:
Answer & explanation
Answer: D. Agreeing with competitors to refuse to deal with another business is an illegal group boycott.
19. Which action may a life tenant take WITHOUT the remainderman's consent?
Answer & explanation
Answer: D. A life tenant may occupy or lease the property for the duration of the life estate but cannot sell, mortgage or commit waste that harms the remainderman's future interest.
20. A listing agreement in which the broker earns a commission regardless of who sells the property is a(n):
Answer & explanation
Answer: B. In an exclusive right-to-sell listing, the listing broker earns a commission no matter who procures the buyer, even the owner. (Reclassified to section 6 / CORE.)
21. A licensee representing the seller who learns the buyer will pay more than the offer must:
Answer & explanation
Answer: C. Loyalty and disclosure require the seller's agent to share material information that benefits the client. The agent owes the buyer-customer no confidentiality.
22. Mixing client trust funds with the broker's own business funds is:
Answer & explanation
Answer: B. Commingling client/escrow funds with the broker's operating funds is prohibited and grounds for discipline. Using those funds for personal purposes is conversion.
23. A home sells for $400,000 with a 5% total commission. What is the total commission?
Answer & explanation
Answer: B. $400,000 x 0.05 = $20,000.
24. On the buyer's side of the closing statement, the earnest money deposit and the new mortgage loan are both:
Answer & explanation
Answer: A. Earnest money and loan proceeds are sources of funds that reduce what the buyer must bring, so they are buyer credits.
25. Which statement about FHA-insured loans is correct?
Answer & explanation
Answer: C. FHA loans are made by approved lenders and insured by FHA, with down payments as low as 3.5% and mortgage insurance premium (MIP) required on all FHA loans, for 1-4 family homes.
Sources
Source verification pending. Confirm current requirements with your state regulator.