Virginia Exam questions with correct answers

independent contractor CORRECT ANSWER The types of agency relationship that are recognized under Virginia agency law include all of the following EXCEPT a. standard agent. b. limited service agent. c. independent contractor. d. designated agent. in none of these CORRECT ANSWER A triple murder was committed on a property six months ago. Virginia law requires that disclosure of this fact be made a. in the MLS listing. b. prior to writing an offer to purchase. c. three days prior to settlement. d. in none of these. funds may be held privately CORRECT ANSWER All of the following statements regarding the first-time homebuyers savings accounts allowed in Virginia are true EXCEPT a. account holders may contribute up to $50,000. b. principal and interest up to $150,000 may be withdrawn without paying state taxes. c. funds must be used for real estate transaction costs listed on the Settlement Statement (HUD-1). d. funds may be held privately.