VA Virginia Real Estate Exam Latest Update

VA Virginia Real Estate Exam Latest Update

• Actual Exam 100 Questions and 100%

Verified Correct Answers Verified by Professor

"Runs with the land" and applies to the current owner and any subsequent owners. -

CORRECT ANSWER: Deed Restriction

$20 within a 2 year period. - CORRECT ANSWER: If transaction recovery fund falls below minimum, what is the maximum licensees may be assessed?

$400,000 - CORRECT ANSWER: The minimum balance for the Transaction Recovery

Fund is set at:

180 days - CORRECT ANSWER: An individual appointed to carry out the conclusion of

a broker's business is only authorized to act in this capacity for a period of:

180 days (6 months) - CORRECT ANSWER: A broker may hold commissions in their

escrow account and NOT be guilty of commingling, provided that such money is

removed from the escrow account at regular intervals, not to exceed:

30 days - CORRECT ANSWER: When a real estate license has expired how long does

the licensee have to reinstate the license without monetary penalty?

75 percent of the units are sold. - CORRECT ANSWER: A declarant remains

responsible for the management and maintenance of the entire condominium project

until:

A construction loan. - CORRECT ANSWER: Which loan carries highest risk to lender?

• / 3

A loan feature that allows the principle balance to increase because payments are

insufficient to pay the interest owed. - CORRECT ANSWER: What is negative

amortization?

• ad valorem - CORRECT ANSWER: Taxing real estate according the the value of the

property is called:

• ad valorem
• assessment
• appraisal
• capitalization

a. Horse ranch - CORRECT ANSWER: Commercial property includes all but which of

the following?

• horse ranch
• office buildings
• restaurants
• vacant land suitable for commercial development

a. market value and replacement cost - CORRECT ANSWER: When appraising new

single family homes, the greatest reliance would be placed on which of the following:

• market value and replacement cost
• replacement cost and income
• highest and best use and market value
• replacement cost and capitalization

• physical deterioration- curable - CORRECT ANSWER: A building badly in need of

cleaning, painting, and minor repairs is an example of: 2 / 3

• physical deterioration-curable
• physical deterioration- incurable
• functional obsolescence-curable
• functional obsolescence- incurable

a. price of the property - CORRECT ANSWER: In the capitalization approach, the

appraiser considers all of the following EXCEPT:

• price of the property
• rate of return on the investment
• rate of return of the investment
• the estimated future income

• the entire lease interest is transferred - CORRECT ANSWER: When a property is

sold with an existing lease:

• the entire lease interest is transferred
• the original lessor remains primarily liable on the lease
• the original lessor has no liability
• the assignee would pay the rent to the assignor

• title to the property - CORRECT ANSWER: When a buyer purchases property under

an installment sales contract, the seller retains:

• title to the property
• a remainder estate
• possession
• a life estate
• / 3