Virginia Real Estate Salesperson Exam — All Questions

When a Virginia broker holds earnest money in escrow, the broker must:

• a.Deposit it into the broker's personal account
• b.Place it in a separate escrow account and account for it accurately✓
• c.Give it to the seller immediately
• d.Keep it in cash at the closing table

Virginia licensees must place client escrow funds, such as earnest money, into a separate escrow account and maintain accurate records, disbursing the funds only as the contract and law allow. Commingling or converting these funds is prohibited.

In many Virginia residential closings, the settlement is conducted by:

• a.The buyer alone with no third party
• b.A real estate appraiser
• c.The listing agent personally holding all funds
• d.A settlement agent or attorney who handles the closing and disburses funds✓

Virginia closings are commonly handled by a licensed settlement agent or a real estate attorney who prepares documents, handles the escrow and title work, and disburses funds. This neutral party helps ensure the transaction is completed correctly.