CESHOP STATE PRACTICE EXAM
A property is located in Planning District 15. Which facts must be disclosed?
A. That either mining activities took place on the property or that it contains abandoned
mines.
B. That Planning District 15 is a flood-prone area.
C. That Planning District 15 properties usually have special maintenance requirements
because of their historical value.
D. That these properties are affected by the Chesapeake Bay Act. - ANS-A. That either
mining activities took place on the property or that it contains abandoned mines.
A timeshare owner has decided to sell her share, and has found a buyer. What does
she need to provide to the buyer?
A. A Certificate of Resale
B. A Disclosure of Timeshare Resale
C. A Resale Offering Statement
D. Nothing - ANS-A. A Certificate of Resale
A Virginia resident has worked with the Virginia Housing Development Authority on their
first home purchase. The purchase is being secured by a deed of trust. Who are the
parties involved?
A.Trustee and beneficiary
B.Trustee and trustor
C.Trustee, trustor, beneficiary
D.Trustor and beneficiary - ANS-C.Trustee, trustor, beneficiary
According to the disclosure statement, what is a seller's disclosure requirement if their
property is located in a historic district?
A. The seller is required to disclose this information.
B. The seller makes no representations.
C. The seller must provide the buyer with the ordinances for the district.
D. This condition is not material to the property and need not be disclosed. - ANS-B.
The seller makes no representations.
, The buyer should take any actions they feel necessary to perform due diligence with
respect to historic district ordinances the property may be subject to. The seller makes
no representations related to this.
According to the VRLTA, a copy of the written rental agreement must be provided to the
tenant within ______________ of the agreement's effective date.
A. One month
B. One week
C. Three days
D. Two weeks - ANS-A. One month
A copy of the written rental agreement must be provided to the tenant within one month
of the agreement's effective date.
Angela made an offer on a property that was accepted and the purchase contract was
ratified. The seller provided the disclosure statement the day after contract ratification.
The following day, Angela submitted her loan application, which includes a disclosure
about the right to terminate. If she wishes to terminate the purchase contract, when
must she do this?
A. At settlement
B. Her right to terminate the contract ended when she submitted her loan application
C. Within five days if mailing the termination notice
D. Within three days if hand delivering the termination notice - ANS-B. Her right to
terminate the contract ended when she submitted her loan application
If a loan application discloses that the right to terminate a contract ends when the
application is taken, the other timeframes don't matter. Angela relinquished her right to
terminate the transaction when she applied for the loan.
Can a condominium include commercial owners?
A. A condominium may have up to 25% of its units owned by commercial enterprises.
B. No, condominiums in Virginia must be residential only.
C. Yes, as long as four-fifths of the member owners vote to allow this.
D. Yes, as long as some of the condo's units are residential or occupied for recreational
purpose. - ANS-D. Yes, as long as some of the condo's units are residential or occupied
for recreational purpose.
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