Virginia Real Estate - State Portion Latest Update
2024-2025 Actual Exam Questions and 100%
Verified Correct Answers Verified by Professor
Accessible - CORRECT ANSWER: when used with respect to the public and common
use areas of a building containing covered multi-family dwellings, means that the public
or common use areas of the building can be approached entered and used by people
with physical disabilities
application deposit - CORRECT ANSWER: any refundable deposit of money, however
denominated, including all money intended to be used as a security deposit under a
rental agreement, or property, which is paid by a tenant to a landlord for the purpose of
being considered as a tenant for a dwelling unit
application fee - CORRECT ANSWER: any nonrefundable fee, which is paid by the
tenant to a landlord or managing agent for the purpose of being considered as a tenant
for a dwelling unit
associate broker - CORRECT ANSWER: a broker, affiliated with a brokerage, who is not
the principle broker
blockbusting - CORRECT ANSWER: illegal practice of inducing owners to sell their
homes (often at a deflated price) by suggesting the ethnic or racial composition of the
neighborhood is changing, implying property values will drop, also called panic selling
brokerage agreement - CORRECT ANSWER: a contract that establishes a business
relationship between the buyer and the agent. it must include the start and end date,
payment arrangements, and then duties and obligations of all parties
bylaws - CORRECT ANSWER: rules that govern the activities of condo and coops,
includes the purpose of the building, rules for elections and voting, frequency of board
of directors meetings
, caveat emptor - CORRECT ANSWER: "let the buyer beware" the rule that says a buyer
is expected to examine property carefully, instead of relying on the seller to point out the
problems
Commingling - CORRECT ANSWER: occurs when a licensee mixes client funds with
brokerage funds
complainant - CORRECT ANSWER: a person who files a complaint under the VA Fair
Housing Law
Conciliation - CORRECT ANSWER: the attempted resolution of issues raised by a
complainant, or by the investigation of such complaint, through informal negotiations
involving the aggrieved person, the respondent, their respective authorized
representatives and the Fair Housing Board
Conciliation Agreement - CORRECT ANSWER: written agreement setting forth the
resolution of the issues in conciliation
condo - CORRECT ANSWER: property developed for co ownership with each owner
having a separate interest in an individual unit and undivided interest in the common
areas of the property
condo declaration - CORRECT ANSWER: the document that must be filed in the public
record when property is developed as, or converted to a condo. declaration describes
the property, delineates the common elements and boundaries etc.
constructive eviction - CORRECT ANSWER: when a LANDLORD's act (or failure of act)
interferes with the tenant's quiet enjoyment of the property, or makes the property unfit
for its intended use, to such an extent that the tenant is forced to serve notice and file
an action with the court
conversion condominium - CORRECT ANSWER: a condominium containing structures
that were wholly or partially occupied by persons other than those who have contracted
to purchase a unit
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