VRES - Virginia Real Estate Salesperson Exam

Question 21: A condominium unit in Arlington goes under contract, and the parties immediately dispute who is supposed to obtain the resale certificate from the association. Which of the following identifies the party the statute charges with making that request?

The purchaser or the purchaser's lender

The settlement agent handling closing

The buyer's agent at showing

The seller or the seller's agent

Question 22: A purchaser in Fairfax County received the resale certificate before her contract was ratified, and the contract itself says nothing at all about any review period. Which of the following states her cancellation right under the Resale Disclosure Act?

Six days from the date of delivery

No cancellation right at all

Three days from the date of ratification

Until the association approves the transfer

Question 23: A purchaser of a townhouse in Prince William County receives the resale certificate a full week after her contract ratified, and the parties had agreed to no particular review period. Which of the following states her cancellation right?

Three days from receipt of the certificate

Five days from the postmark

Three days from the date of ratification

Seven days from the date of receipt

Question 24: A purchaser of a condominium in Richmond never receives a resale certificate or any notice that one is unavailable, and the settlement date is now approaching quickly. Which of the following describes how long she may cancel the contract?

Three days from the original ratification date

Fourteen days from her written demand

She loses it on loan approval

At any time prior to settlement

Question 25: A townhouse in Chesapeake belongs to both a master association and a subassociation, and the two required resale certificates arrive at the purchaser's home nine days apart. Which of the following describes when her cancellation period begins to run?

From delivery of the last certificate received

From delivery of the first certificate received

Two separate periods run independently

From the ratification date regardless of delivery

Question 26: A purchaser in Newport News mails written notice cancelling her contract under the Virginia Resale Disclosure Act, and the seller later denies ever having received it. Which of the following describes how the statute allocates the burden in that dispute?

The seller must prove nondelivery

The association certifies delivery to both parties

The purchaser must demonstrate delivery

Delivery is presumed once notice is mailed

Question 27: A purchaser properly cancels her contract within the statutory period after reviewing a resale certificate that revealed a large special assessment coming due next year. Which of the following describes the financial consequence of that cancellation for her?

Cancellation is penalty free, funds returned

The association keeps its preparation fee

The seller recovers the certificate cost

Her deposit covers association arrears

Question 28: A buyer contracts to purchase a brand-new condominium unit directly from the declarant in Virginia Beach and receives the current public offering statement three days after signing that contract. Which of the following describes her right to cancel the purchase?

Three days from ratification of the contract

Three days from delivery of it

Fourteen days from the contract date

Five calendar days from the later event

Question 29: Four different dispositions of association units cross a Virginia broker's desk during one busy week, and she needs to know which require a certificate. Which of the following is exempt from the certificate requirement under the Resale Disclosure Act?

A sale to a rental investor

A sale by a relocating owner

A disposition by foreclosure

A sale with unpaid assessments

Question 30: An association in Albemarle County wants to know what limits Virginia law places on the amounts it may charge a seller for preparing and delivering a resale certificate. Which of the following describes the statutory framework that governs those charges?

The statute fixes each fee in dollars

The Common Interest Community Board

Associations may charge whatever the market bears

The Real Estate Board, annually

Question 31: A house in a Virginia locality containing a military air installation sits inside a designated accident potential zone shown on the locality's official zoning map. Which of the following describes the owner's disclosure obligation to a prospective purchaser?

No representations are made about aircraft activity

Disclosure only if the buyer asks

Affirmative disclosure naming the specific zone

The locality notifies at settlement

Question 32: A waterfront lot in Gloucester County lies within a resource protection area under Virginia's Chesapeake Bay program, and the buyer hopes to build a large addition near the shoreline. Which of the following describes the vegetated buffer requirement that applies?

Fifty feet from mean low water

Two hundred feet from the property boundary

Twenty-five feet on tidal waters only

One hundred feet of retained vegetation

Question 33: A buyer touring a house in Manassas asks her agent directly whether any registered sex offenders happen to live nearby in the neighborhood. Which of the following describes the approach Virginia law expects of the seller and the licensee?

Research the registry and report the findings

Decline to discuss the subject entirely

Refer the buyer to the registry

Obtain a written waiver of the inquiry

Question 34: A rural property in Rockingham County has an onsite sewage system operating under a waiver that the health department granted years ago. Which of the following describes what happens to that waiver when the property is sold to a new owner?

It transfers automatically with the property

It is void upon transfer

It continues for one year after settlement

It becomes a conventional permit

Question 35: A salesperson in Chesterfield County wants to run social media advertisements for her own listings using only her personal brand name and photograph. Which of the following describes the supervision and naming rule the Board's advertising regulation imposes on her?

In the firm's name under broker supervision

Personal branding with accurate listings

Only print advertising requires the firm name

Her license number replaces the firm name

Question 36: The Board's advertising regulation requires every firm advertisement and every affiliated licensee advertisement to carry a disclosure that is clear, legible, and conspicuous. Which of the following identifies the two items that the advertising disclosure must always contain?

The property address and the asking price

The licensee's name and license number

Broker name and listing expiration date

Firm name and office contact information

Question 37: A listing in Roanoke goes under contract, and the licensee leaves the online advertisement showing the property as newly available for another three full weeks afterward. Which of the following describes the regulatory problem with leaving that advertisement up?

Contract status is confidential until settlement

Only the listing service needs updating

Advertising must be updated on material changes

The seller approves status changes

Question 38: A licensee in Hampton advertises a rental at a price well below market with no intention of renting it at that figure, planning instead to steer the callers toward other units. Which of the following describes that conduct?

Permissible lead generation if disclosed later

A violation only where a tenant suffers

Acceptable where the unit is genuinely listed

Prohibited bait and switch advertising

Question 39: A broker in Portsmouth temporarily borrows from her firm's escrow account to cover payroll one month, fully intending to replace the funds within the week. Which of the following describes the statutory rule that she has plainly broken?

No licensee may divert escrowed funds

Escrow funds must sit in Virginia banks

Escrow accounts must earn interest for clients

Escrow accounts require two signatures for withdrawal

Question 40: A purchase contract on a house in Suffolk is fully executed by all parties on a Monday, and the buyer's earnest money check is already in the listing firm's hands. Which of the following states the deposit deadline?

The next business day after ratification

End of the fifth business banking day

End of the third business banking day

The end of the tenth calendar day

VRES Virginia Real Estate Salesperson Exam - Set 3 - Part 2