West Virginia Brokers Practice Exam

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• Under which condition is it permissible for a broker to suggest a title insurance company located in the same building?
• How many primary items must be disclosed to a borrower under TILA?
• What does "title" represent in real estate?
• Which of the following statements is true regarding the role of a landlord in a novation?
• Which factor does NOT contribute to a decrease in property value?
• What documentation might Jimmy need to successfully terminate the easement?
• What is the license period for brokers?
• While determining the net operating income of an investment property, which expense is typically not considered?
• What is the body of law that governs negotiable instruments?
• In the context of real estate, what does the acronym MLS facilitate?
• How must all complaints be submitted to the West Virginia Real Estate Commission (WVREC)?
• How often does a Broker need to renew their license?
• What is a foreclosure notice?
• What type of license is required to act as a real estate broker in West Virginia?
• Which activity does NOT represent compliance with real estate trust account laws?
• When is a broker NOT required to maintain a trust account?
• What term describes something of value given to another as an inducement for entering into a contract?
• What must real estate brokers disclose to their clients?
• Which of the following best describes the primary duty of a broker?
• What does TILA stand for in the context of lending?
• What is the maximum penalty under West Virginia law for a real estate license violation?
• What was the primary purpose of enacting the Real Estate Settlement Procedures Act?
• What is typically included in common areas of a condominium project?
• What type of note requires periodic payments of principal only?
• If a seller receives an offer and makes a counteroffer while wanting to hold the earnest money, what should the listing agent do?
• In real estate, what does the acronym "MLS" stand for?
• If a rental property has a return rate of 8% and a monthly net rental income of $600, what is the market value of the property?
• How much is the fee for a duplicate license?
• Who does a broker have a fiduciary duty to?
• What term best describes the process of combining multiple parcels of land to enhance their value?
• What type of insurance protects against loss from defects in property title?
• What is the statute of limitations for filing a lawsuit related to real estate transactions in West Virginia?
• What duty does the non-breaching party have under contract law?
• How many hours of West Virginia specific real estate training are required for brokers?
• What is a real estate trust account used for?
• What additional penalty is imposed for receiving compensation in violation of the Real Estate License Act?
• What does a short sale in real estate involve?
• In order for a real estate transaction to be valid, which of the following is NOT an essential element of a contract?
• What type of ownership does a joint tenancy grant?
• What do the terms "liquidated damages" refer to in a contract?
• What is the purpose of a home warranty?
• What is the effect of a mortgage that has not been recorded?
• What is not a requirement for a brokerage sign?
• What is the fee for a licensee name change?
• What is the commission rate commonly accepted in West Virginia real estate transactions?
• The government taking private property for public use with compensation is known as?
• What does commingling refer to in real estate transactions?
• What is a fiduciary duty in real estate transactions?
• What minimum fine is imposed on a corporation found guilty of the Commission's rules for the first time?
• When must a real estate broker provide an agency disclosure form?
• What are property management agreements typically used for?
• What legal process allows for reimbursement from responsible parties for contamination at a Superfund site?
• What are the two main categories of licensure in real estate?
• Which of the following is NOT one of the primary items disclosed under TILA?
• What is the purpose of the West Virginia Fair Housing Act?
• What is the application fee to sit for re-examination?
• Which item can a broker take when moving from an office?
• What should Broker Pete do if his trust account has more money than is insured by the FDIC?
• Which of the following is typically NOT included in professional liability insurance?
• Which of the following is one of the four primary items disclosed to borrowers under TILA?
• What is the requirement regarding advertising and the use of a broker's name?
• What type of agency relationship is created when an individual does not stop someone from selling their automobile?
• What is the time limit for filing a complaint against a licensee according to the regulations?
• Which document utilizes legal title to real property as security for debt?
• What is the minimum penalty for Salesperson Roy, who is convicted after accepting a finder's fee?
• Who does a broker's fiduciary duty primarily serve?
• What must be demonstrated in order to receive an extension for paying the real estate license fee?
• What is required on every brokerage sign?
• What is the total cost for a first-time application for both a Broker and Salesperson?
• What is a broker's ethical responsibility in handling a buyer's earnest money?
• What must a property manager do regarding inducements to enter into a contract?
• Given a property that rents for $750 per month and a GRM of 110, what is the indicated value of the property?
• Which of the following is NOT required to be a member of the WVREC?
• What must be true for an individual to be appointed as an administrator of an estate?
• What is the combined cost of renewing a Broker's license and a Salesperson's license for one year?
• What act might Kareem be found guilty of by the Commission for managing earnest money inappropriately?
• What happens when a tenant fully assigns the lease?
• What is the primary purpose of the Superfund program?
• According to Fannie Mae and Freddie Mac standards, what percentage of a borrower's income can be applied toward housing expenses for a conventional loan?
• What is a buyer's market?
• In what category does land usually fall regarding real estate investments?
• What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
• What is the maximum fine for corporations convicted of a second violation?
• What is the minimum age requirement to apply for a broker's license in West Virginia?
• Which of the following is NOT a type of real estate investment?
• Which statement is TRUE when a condominium owner wishes to sell their unit and an assessment has been levied?
• What does "fair market value" mean?
• What is the term for the address where users can access a website?
• When a real estate transaction involves easements, what role does a licensed agent usually play?
• When a customer asks a listing agent for a recommendation on an offering price, what should the agent advise?
• Which of the following best describes a key aspect of property condition in appraisal?
• What is the maximum jail time for an individual found guilty of violating the provisions in this article?
• What type of real estate investment generally involves properties used for business operations?
• What responsibility does a seller have regarding items specified in the purchase agreement?
• How long does a claimant have to file a complaint with the HUD Office of Equal Opportunity for violations of Title VIII?
• Who is typically appointed to oversee an estate of a person who dies without a will?
• What is a leasehold estate?
• Which member of the WVREC does not need a background in real estate?
• What is the first step in the decision-making process?
• In a leasehold estate, the landlord typically holds what?
• How are property taxes typically calculated?
• Which type of real estate investment focuses on properties built for people to live in?
• What type of review is available to any person affected by a final order from the commission after a hearing?
• What is a listing agreement?
• What is dual agency?
• What is the fee for changing the name on a real estate license?
• How long is the educational requirement valid for the broker's exam?
• What is the primary difference between tenancy in common and joint tenancy?
• Owners of undivided interest in land without rights of survivorship are classified as?
• If a property manager offers a free entertainment center as an inducement for signing a lease, what is the issue if it is not documented?
• Which of the following is considered a fixed expense for an investment property?
• How many clock hours of brokerage operations and management are required for a broker's license?
• What is the timeframe for a licensee to respond to a filed complaint?
• What approach is commonly used to determine the rental value of an investment property?
• What is the minimum fine for a person violating the provisions of the article?
• What is the term for the air space within the walls, floors, and ceilings of a condominium project?
• What is the essential element of a contract that ensures each party receives something of value?
• What is the selling salesperson's commission if a property sells for $240,000 at a rate of 7% with two brokers sharing commissions equally?
• How long must a violation continue for it to be considered a separate offense?
• Which of the following could trigger a foreclosure notice?
• In the case of a purchase money mortgage, which clause allows the lender to declare the loan due upon transfer?
• Which element is included in the disclosures required by TILA?
• What does condemnation refer to in the context of property law?
• What is a real estate contract?
• In which scenario does a broker demonstrate comingling?
• What does the term "adjusted basis" refer to in real estate?
• What is the fee to take the national and state real estate exam?
• What is the requirement for the continuing education of real estate agents in West Virginia?
• What is the role of a real estate agent in a transaction?
• In what situation is dual agency typically avoided?
• What constitutes a legal description of a property?
• What is a home inspection?
• What is the fee for a change of company name?
• What is the application fee to sit for the exam?
• What is the fee to change an employing broker with the WVREC?
• Transferring one's rights under a contract to another while retaining secondary liability is called?
• How frequently must a Salesperson renew their license?
• If a broker deposits an earnest money check into his personal account instead of an escrow account, what is this practice called?
• What is entitled to any person affected by a decision made by the commission after a hearing?
• What is the licensing fee for a Broker in West Virginia?
• What is the fine for an individual convicted of a second or subsequent violation?
• What does the term "contingency" signify in a real estate contract?
• In a suit under the amended Federal Fair Housing law, what is the status of punitive damages?
• What is the minimum fine for a corporation convicted of its first violation?
• What does Roberta need to obtain in order to legally build her garage closer than the required side setback?
• In real estate, what does the term "GRM" stand for?
• Which body is responsible for administering the West Virginia Fair Housing Act?
• What is the maximum fine for a corporation's second violation of the Real Estate License Act?
• What is the main purpose of a variance in property law?
• What does "as-is" condition mean in a real estate sale?
• Who is referred to as the mortgagee in a mortgage loan?
• What is the purpose of a plat map in real estate?
• To compute the real property tax on a parcel of land, one must multiply what by the rate of mills?
• How many hours of continuing education are required for West Virginia real estate brokers every two years?
• Can Sandra's West Virginia salesperson's license be suspended for forgery committed in another state?
• What are closing costs in real estate transactions?
• What is the main characteristic of an easement?
• In the income approach to appraisal, the value typically refers to what aspect of a property?
• What is the fee for a certification of licensure?
• What is the typical duration of a real estate license in West Virginia before renewal?
• Which of these must be included on salesperson Smith's business cards?
• Which of the following is included in the adjusted basis calculation for real estate?
• How are prorated taxes shown on the settlement statement?
• Who is responsible for the actions of real estate agents working under them?
• What economic impact are the Sharkeys experiencing regarding their home value?
• What is the role of an appraiser in real estate transactions?
• What is the legal process by which a lender takes possession of a property due to nonpayment?
• What action is considered a violation of trust fund regulations?
• What happens if a licensed entity does not stop apparent agency from occurring?
• Which method is NOT typically applied for financing qualification?
• In what scenario might a broker's commission not be earned?
• Which action can lead to the suspension or revocation of a license related to moral turpitude?
• What is meant by "good faith" in real estate transactions?
• Which situation most likely indicates a buyer's market?
• Which of the following factors is commonly considered in determining a real estate appraisal?
• How long must brokers retain transaction records according to West Virginia law?
• Which financing method does NOT utilize an income ratio for qualification?
• What is the purpose of the West Virginia residential property disclosure form?
• What are discounts or "points" on mortgages considered?
• What must a broker do upon receiving an earnest money deposit?
• What does the term 'fiduciary duty' primarily refer to in real estate?
• What is the primary purpose of a conditional use permit?
• Is it permissible for new broker Ned to use telemarketers to introduce his brokerage?
• What serves as conclusive evidence that a real estate licensee has been convicted of a crime?
• Which co-ownership type allows no right of survivorship?
• What does a straight note typically require in terms of payment?
• What defines a material defect in a property?
• How should Martha properly represent herself when advertising her property for sale?
• What is the renewal fee for a Salesperson's license for one year?
• Which best describes the nature of Jimmy's easement issue?
• According to the Civil Rights Act of 1866, what is the maximum amount of punitive damages that can be awarded?
• Within how many days must hearings be held after a complaint is received?
• What type of document is commonly used to establish agency at the broker level?
• How many continuing education hours are required each year for licensure renewal?
• Why was asbestos commonly used prior to understanding its health risks?
• What type of insurance is required by a brokerage operation?
• When must a broker notify the commission of a change of address?
• Good faith in real estate transactions implies what type of behavior?
• What is the licensing fee for a branch office?
• What is the annual license renewal fee for a Broker?
• Which are the three primary types of agency in real estate?
• How should Shawna handle the tenant's refusal to pay rent due to a broken appliance?
• Who is responsible for determining the legitimacy of an earnest money check?
• How many hours of education are required for a broker's license?
• What is earnest money in a real estate transaction?
• What distinguishes a mortgage from a deed of trust?
• What constitutes misrepresentation in real estate?
• What is the total fee for a Broker and branch office combined?
• What authority oversees the implementation of the Do-Not-Call Registry related to telemarketing?
• What is an essential feature of a domain name?
• When a tenant requests to reschedule a showing due to a sick child, what is the legal right of the tenant?
• In a real estate transaction, what differentiates a sublease from an assignment?
• How many members are there in the West Virginia Real Estate Commission (WVREC)?
• When is Salesperson Sal required to turn over an earnest money check to his broker?
• Must a broker maintain a definite place of business in the state where they transact real estate?
• Define the term "easement."
• What is a comparative market analysis (CMA)?
• Who has the authority to appoint members to the WVREC?
• When must a real estate license renewal fee be submitted?
• When a broker suggests actions to a client to facilitate a property sale, this is known as what?
• How much does it cost to obtain a license as a Salesperson?
• What is the primary purpose of the West Virginia Real Estate Commission?
• What does zoning regulation refer to?
• Bob and Janice want to obtain a loan to buy a new home. If their combined monthly income is $7,500 and the lender uses a 28/36 ratio, what is the maximum monthly payment they can qualify for?
• What is typically included in a gross lease between a tenant and landlord?
• What is a plat map?
• What is chattel in real estate terms?
• What action is prohibited if a complaint is filed after two years from the done act?
• What does the term "escrow" refer to in a real estate transaction?
• What was the outcome of the Jones vs. Mayer case decided by the U.S. Supreme Court?
• Among the WVREC members, how many do not need to have practiced real estate?
• What is the main role of the administrator appointed by the court?
• Which clause states that the lender must cancel any claim on the borrower's title when the debt has been satisfied?
• What is the required amount of human resources management training for a broker's license?
• How many of the five members of the WVREC must have practiced real estate?
• What is the indicated value of a property that rents for $750/month with a GRM of 110?
• The act of a broker using an earnest money deposit for personal expenses is an example of what?
• Asbestos was primarily valued in building materials for its?
• What is the fee for a change of company address?
• What is the term for notifying another party before the performance time that you will not perform as agreed?
• In the case of the tenant with a broken washing machine, what is typically a landlord's obligation according to the lease?
• What is the fee for obtaining a duplicate real estate license?
• What is the renewal fee for a branch office for the year?
• For what purpose would a real estate licensee be required to facilitate a property transaction?
• What type of mortgage allows sellers to receive payments from a buyer while still making payments to the mortgagee?