VRES Virginia Real Estate Salesperson Exam - Set 3 - 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 property manager in Richmond collects a tenant's monthly rent on the first of the month and holds the check while she reconciles the ledger. Which of the following describes the deadline and trigger for depositing that money?

Fifth business banking day following ratification

Third business banking day following receipt

Fifth business banking day after term start

Fifth business banking day following receipt

Question 42: A managing agent in Harrisonburg receives a new tenant's security deposit on the day the lease is signed and files it with the tenant's paperwork. Which of the following describes the deadline and the trigger for placing that money in escrow?

Fifth business banking day after ratification

Tenth calendar day after the lease begins

Fifth business banking day after receipt

Fifth business banking day after move-in

Question 43: A prospective tenant in Blacksburg pays an application deposit while her rental application is still under review, and the landlord approves that application four days later. Which of the following describes the escrow deposit deadline and its trigger for that money?

Fifth business banking day after approval

Fifth business banking day after receipt

Immediately upon receipt from the applicant

Fifth business banking day following lease signing

Question 44: A newly licensed firm in Winchester is opening its first escrow account at a local bank and asks the principal broker exactly what the Board's regulation requires of the account itself. Which of the following correctly describes those requirements?

A bank with a branch nearby

Federally insured, firm name, labeled escrow

Titled in the principal broker's personal name

Board approval before any use

Question 45: A principal broker in Staunton deposits a client's security deposit into the firm's operating account, intending to move the money over to escrow at the end of the month. Which of the following identifies the actual violation she has committed?

Conversion of client property

Failure to account in a timely manner

Improper delivery of instruments

Commingling of funds

Question 46: A broker holds escrowed funds for several clients in one account and needs to disburse for a settlement, though that particular client's funds have not yet cleared the bank. Which of the following states the governing rule here?

Sufficient funds credited to that client

Any positive account balance permits disbursement

The broker may advance from personal funds

The settlement agent absorbs any shortfall

Question 47: A Virginia firm holds a buyer's earnest money in an interest-bearing escrow account rather than a plain one. Which of the following describes when and how the principals must be told how that accrued interest will be disbursed?

Orally before the deposit is accepted

In a separate letter within five days

In the contract when it is written

On the settlement statement at closing

Question 48: A buyer in Fairfax County offers a promissory note rather than a check as the earnest money deposit on a purchase contract for a brick colonial in Vienna. Which of the following describes how Virginia actually treats that arrangement?

Notes are flatly prohibited as deposits

Acceptable with proper acknowledgment to the seller

Acceptable only in commercial transactions

The note goes to escrow promptly

Question 49: A purchase contract in Newport News terminates and the parties immediately disagree about who should receive the earnest money. Which of the following is one of the lawful routes the statute gives a broker for releasing those funds?

Release to whichever party demands it first

Retain the funds as liquidated damages

Split the deposit evenly between the parties

Interplead the funds into court

Question 50: A Virginia broker gives written notice that she will release escrowed funds under the clear and explicit terms of a terminated contract unless someone objects in time. Which of the following states the protest period and her protection?

Ten business days, with no statutory immunity

Thirty calendar days, immunity from the Board

Fifteen calendar days, immunity from the parties

Twenty calendar days, immunity with court approval

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