100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Virginia Real Estate Exam Prep, VA Questions Latest Update Actual Exam 150 Questions and 100% Verified Correct Answers Verified by Professor$20.49
Add to cart
Virginia Real Estate Exam Prep, VA Questions
Latest Update 2024-2025 Actual Exam 150
Questions and 100% Verified Correct Answers
Verified by Professor
A bank letter to the borrower saying that it will fund a mortgage loan is known as a -
CORRECT ANSWER: Mortgage commitment
Explanation: The lender's agreement to fund a home loan is written in the form of a
mortgage or loan commitment letter, which creates a contract to make the loan.
A broker is responsible for - CORRECT ANSWER: the supervision of salespersons and
associate brokers who work for the broker,
maintaining a place of business,
displaying the licensed name of the brokerage which must include the words Real
Estate, Realty or the name of a recognized organization of real estate professionals,
and notifying the VERB of any changes to the address or name of the brokerage within
30 days of the change
A broker may be a person or... - CORRECT ANSWER: an entity, such as a corporation
A broker may work independently, but a salesperson or associate broker must -
CORRECT ANSWER: work supervised by a broker
A buyer, before any binding contract of sale is signed, is entitled to receive a property
condition disclosure statement from the seller, and - CORRECT ANSWER: whether or
not the seller provides the disclosure form has no effect on the seller's liability for
undisclosed defects.
A deed is valid only when it is - CORRECT ANSWER: Delivered and accepted
,A developer retains agent Suzy to sell townhouses. Joey, a licensed agent, submits an
offer to buy unit 1603 for $120,000, and a sales contract is executed. Through a
typographical error, however, the contract identified unit 1602 which was listed for $15 -
CORRECT ANSWER: Voidable
A false statement of material fact such as "No, that roof is fine shape" or "I can get you
$400,000 if you list with me" is an example of - CORRECT ANSWER: Misrepresentation
A homeowner has a mortgage with a fixed interest rate. Under what circumstances
would her payments change?
a. None; the payment will not change over the life of the loan.
b. The property taxes go up or down.
c. The cost of homeowner's insurance goes up or down.
d. Either b or c. - CORRECT ANSWER: d. Either b or c.
A notary's acknowledgment of the signature on a deed is necessary - CORRECT
ANSWER: for the deed to be recorded.
A property manager is responsible for maintaining the value of a property while -
CORRECT ANSWER: maximizing income
Explanation: A property manager is responsible for maintaining the value of the property
while maximizing income.
A salesperson or associate broker may perform as a real estate broker only when... -
CORRECT ANSWER: associated with a supervising broker
Accepting your commission from anyone other than your broker is an example of -
CORRECT ANSWER: Improper Brokerage
, Act of Waste - CORRECT ANSWER: abuse of property by a person who holds
possession through a life estate
Active licensee buying or selling a property without disclosing licensee status is an
example of - CORRECT ANSWER: Undisclosed personal interest
An associate broker is - CORRECT ANSWER: a licensed broker who may perform the
acts of a broker but chooses to work under a supervising broker
An enforceable agreement between competent parties in which each party acquires a
benefit or right is called a - CORRECT ANSWER: contract.
Explanation: A contract is a voluntary agreement between legally competent parties to
perform or refrain from performing a legal act.
An option: - CORRECT ANSWER: Permits the optionor to complete a purchase, if the
optionee so elects
Explanation: A listing agreement binds a seller to a commission. An offer is a proposal,
while an option is a contract that gives a person permission to exercise a certain action;
in this case the purchase of a property. An option does not automatically convey
ownership.
Anthony is in-contract with a broker to sell his property. Anthony's contract with the
broker states that he will pay a commission to the broker that sells the property. What
type of agency agreement does this best describe? - CORRECT ANSWER: Exclusive
agency listing agreement
Explanation: An exclusive agency listing agreement is one which states the principal will
pay a commission to the broker who procures the buyer.
At closing, the title company will ask the seller to sign a document assuring that there
have been no judgments, bankruptcies, or divorces involving the seller since the date of
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutordiligent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
