VRES Virginia Real Estate Salesperson Exam - Set 1 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A Virginia principal broker sorting old files wants to know when the three-year retention clock starts for a brokerage agreement as opposed to the documents from a sale that closed. Which of the following correctly pairs each document with its starting point?

Both run from the date of closing

Both run from the date of execution

Agreement from execution; transaction file from closing

Agreement from expiration; transaction file from ratification

Question 42: A seller in Petersburg tells a licensee she wants a set dollar amount from her sale and he may keep anything above that figure as his entire fee for the work. Which of the following describes how Virginia treats that arrangement?

It is a prohibited net listing

It is permitted with written seller consent

It is permitted only on commercial property

It is permitted at a reasonable price

Question 43: A buyer in Williamsburg believes a licensee mishandled her deposit and wants the Virginia Real Estate Transaction Recovery Fund to make her whole. Which of the following must she obtain before the Fund will consider paying her claim?

A Board finding of a regulatory violation

A written demand refused by the licensee

A final judgment from a Virginia court

An arbitration award from a trade association

Question 44: A claimant has obtained a final judgment against a Virginia licensee from which no further appeal is available. She now wants to file her verified claim with the Fund. Which of the following states the deadline for that filing?

Six months after entry of the judgment

Eighteen months after the improper conduct

Two years after the transaction closed

Twelve months after the final judgment

Question 45: Before the Transaction Recovery Fund pays anything on a claim, Virginia expects the claimant to have chased the licensee's own assets first and come up empty. Which of the following describes the collection step the statute specifically requires of a claimant?

A lien recorded against the licensee's residence

Debtor's interrogatories and action on discovered assets

A criminal complaint against the licensee

A complaint to the Real Estate Board

Question 46: One claimant holds an unsatisfied judgment against a Virginia licensee arising out of that licensee's dishonest conduct in a single transaction. Which of the following states the maximum the Transaction Recovery Fund may pay to that one claimant on that one transaction?

Twenty thousand dollars

Fifty thousand dollars

One hundred thousand dollars

Ten thousand dollars

Question 47: Four separate claimants each hold unsatisfied judgments against the same Virginia licensee arising from her improper conduct in one transaction. Which of the following states the total the Fund may pay out on account of that single transaction, taking all four claims together?

Twenty thousand dollars

Eighty thousand dollars

Fifty thousand dollars

One hundred thousand dollars

Question 48: Claims arising from several different transactions handled by the same Virginia licensee reach the Fund during one biennial license period. Which of the following states the aggregate the Fund may pay on account of that licensee during the period?

Twenty thousand dollars

Fifty thousand dollars

Four hundred thousand dollars

One hundred thousand dollars

Question 49: A claimant's unsatisfied judgment against a Virginia licensee includes compensatory damages, prejudgment interest, punitive damages, court costs, and attorney fees. Which of the following identifies the categories the Transaction Recovery Fund must exclude when it calculates the payment?

Interest and punitive damages

Court costs and attorney fees

Punitive damages and attorney fees

Nothing; the whole judgment counts

Question 50: The Director pays a claim out of the Virginia Real Estate Transaction Recovery Fund on account of a licensee's improper and dishonest conduct. Which of the following describes what happens to that licensee's license and to any future application for licensure?

Suspension until the Fund is repaid

A monetary penalty and mandatory education

Immediate revocation, with repayment before reapplying

Automatic non-renewal at the term's end

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