VRES - Virginia Real Estate Salesperson Exam

Question 21: A licensee in Richmond signs a property management agreement to run a small apartment building for an out-of-state owner. Which of the following states a duty the agency article places on a licensee engaged to manage real estate?

Guarantee full occupancy of the building

Advance repair costs from the licensee's funds

Set rents at the owner's requested figure

Disclose material facts actually known

Question 22: An unrepresented seller in Winchester deals directly with the buyer's licensee throughout the transaction and never hires a licensee of his own. Which of the following best describes the complete set of protections Virginia extends to that unrepresented party?

Full statutory duties minus confidentiality

Only a written disclosure of representation

Honesty, known physical defects, written disclosure

Promotion of his interests in the negotiation

Question 23: An unrepresented buyer touring a listed property in Charlottesville tells the seller's licensee that he could stretch well above his opening offer if the seller pressed him. Which of the following describes what the licensee may do with that statement?

Relay it to the seller she represents

Keep it confidential as client information

Use it only after an offer arrives

Disclose it only with the buyer's consent

Question 24: A Virginia licensee's brother is quietly assembling offers on several properties, and the licensee herself begins substantive discussions with a seller about one of them. Which of the following describes the disclosure the licensee must make to that seller?

No disclosure, since the brother is unlicensed

Written disclosure of status and interest

Oral notice to the seller's attorney

Disclosure only if the offer is accepted

Question 25: A licensee in Portsmouth receives a written rejection of her client's offer, with no counteroffer attached to it. She assumes there is nothing to pass along to her client. Which of the following states the Board's requirement on transmitting documents?

Only accepted offers must be transmitted

Counteroffers yes, rejections no

Documents pass through the principal broker first

Every offer, counteroffer, and rejection

Question 26: A licensee in Manassas begins negotiating on behalf of a prospective seller who has said he will sign the listing paperwork whenever there is time. Which of the following describes Virginia's rule about the timing of that document?

Signature is required before closing

Signature is required before the first offer

The agreement must precede brokerage services

No agreement is required for sellers

Question 27: A Virginia licensee prepares a market analysis and a marketing plan for a specific property in Fairfax County, hoping the owner will list with her. No brokerage agreement has been signed. Which of the following describes her position?

She falls within the express statutory exception

She needs written permission first

She has formed an implied brokerage relationship

She has violated the written agreement mandate

Question 28: A licensee in Virginia Beach is asked by a prospective buyer to unlock three listed oceanfront condominiums this weekend. The licensee has been engaged by that buyer but has no signed paperwork in hand yet. Which of the following rules applies?

Showings may proceed if disclosure is oral

Paperwork is due before any offer

One courtesy showing is permitted first

A brokerage agreement must precede any showing

Question 29: A Virginia broker drafting a standard listing form for her Chesterfield County office wants to know which timing term the statute requires every brokerage agreement in the Commonwealth to contain. Which of the following identifies that mandatory term?

A minimum ninety-day marketing period

A definite termination date

An automatic renewal provision

A thirty-day cancellation notice period

Question 30: A buyer brokerage agreement signed in Albemarle County lists the fee and the services to be rendered but leaves the termination date blank. The buyer asks how long he is committed. Which of the following states the statutory result?

It is void from the start

It runs until the buyer purchases

It terminates ninety days after signing

It renews monthly until cancelled

Question 31: A Virginia brokerage agreement states that the client will pay a fee that is customary in the local market and will settle up at a mutually convenient time. Which of the following describes the problem with that language?

Fees may not be negotiated in advance

Fees must match the cooperating broker's share

Fees need principal broker approval

The amount and payment terms are missing

Question 32: A licensee offering a reduced service package in Roanoke County drafts a written agreement listing everything she will do for the seller. Her broker tells her something required is still missing. Which of the following identifies that missing element?

The standard agent duties being withheld

The seller's minimum acceptable price

An acknowledgment that no fee is refundable

A schedule of the property's known defects

Question 33: A consumer in Newport News wants to know whom to call at a brokerage if a problem arises with the licensee handling her sale. Which of the following describes what Virginia requires the brokerage agreement itself to contain?

The Real Estate Board's complaint address

The firm's escrow account institution

The supervising broker's name and contact information

The licensee's license number and expiration

Question 34: Before a Virginia licensee enters into any brokerage relationship with a prospective client, the statute requires her to advise that person of two specific things at the outset. Which of the following pair does the statute expressly name for that conversation?

Market value and days on market

Relationship type and broker compensation

The firm's complaint history and current caseload

The licensee's experience and transaction volume

Question 35: A Virginia broker plans to offer part of her fee to whichever cooperating firm brings the buyer to the table. Her prospective seller client has not been told. Which of the following describes the broker's obligation on that point?

Disclosure belongs in the closing statement

Disclosure is required if the seller asks

Sharing is disclosed before the relationship

Sharing requires the Board's prior approval

Question 36: A Virginia brokerage relationship can end in several different ways under the statute, and a licensee in Hanover County wants to know which events the article actually lists. Which of the following is one of those listed statutory triggers?

Mutual agreement of the parties to terminate

The client listing with a second firm

The licensee transferring to a new brokerage

Thirty days without any showing activity

Question 37: A seller in Fredericksburg agrees to pay part of the buyer broker's fee at settlement. The seller now claims that broker owed him loyalty in the negotiation because he paid her. Which of the following describes Virginia's rule?

Payment converts the recipient into a subagent

Payment creates a relationship with the payor

Payment does not create a brokerage relationship

Payment requires the payor's written consent

Question 38: A licensee in Chesapeake has signed brokerage agreements with both the buyer and the seller of the same house, and both clients want her to continue. Which of the following describes what Virginia requires before she may serve in that capacity?

Notice to the Real Estate Board

Oral consent from whichever party objects

Approval from the multiple listing service

Written consent following written disclosure

Question 39: A buyer already represented by a licensee in Loudoun County decides to make an offer on a property that same licensee has listed for a seller. Which of the following describes when the dual representation disclosure must be made?

At settlement, in the closing package

Before the dual representation commences

Within three days after the contract ratifies

Whenever a conflict actually materializes

Question 40: A dual representative in Arlington learns from the seller the lowest price he would accept and learns from the buyer the highest price she would pay. Which of the following describes what she may lawfully do with those two figures?

Disclose neither client's information to the other

Disclose both figures for fairness

Disclose the seller's figure to the buyer

Disclose either figure after an offer

VRES Virginia Real Estate Salesperson Exam - Set 2 - Part 2