Virginia Real Estate Exam Prep, VA Questions

Virginia Real Estate Exam Prep, VA Questions Latest Update - 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

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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?

• None; the payment will not change over the life of the loan.
• The property taxes go up or down.
• 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

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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

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