Virginia Real Estate Salesperson Exam — All Questions
← Back to practiceAllProperty OwnershipLand Use Controls and RegulationsValuation and Market AnalysisFinancingContractsAgencyProperty DisclosuresTransfer of TitlePractice of Real EstateProperty ManagementReal Estate CalculationsVirginia License LawVirginia Agency RulesVirginia Practice & ClosingVirginia Licensing Requirements
2 questions
Practice of Real Estate
A licensee tells prospective buyers of a particular background that a certain neighborhood 'would be a better fit for them' and steers them away from others. This practice is called:
- a.Farming
- b.Puffing
- c.Novation
- d.Steering✓
Steering is directing prospective buyers toward or away from particular neighborhoods based on a protected characteristic. It violates fair housing law. Puffing is nonfactual sales talk; novation substitutes a new contract or party.
Practice of Real Estate
A broker must generally keep a client's earnest money deposit in a:
- a.Personal money market fund
- b.Separate escrow or trust account✓
- c.Petty cash box at the office
- d.Joint account with the seller
Client funds such as earnest money must be held in a separate escrow or trust account, kept apart from the broker's own operating and personal funds. Mixing them (commingling) is a serious license law violation.