Virginia Real Estate Exam Latest Update 2024-
2025 Actual Exam 170 Questions and 100%
Verified Correct Answers Verified by Professor
______ is one in which the broker or salesperson is not affiliated with a supervising
broker, firm, or sole proprietorship. - CORRECT ANSWER: An inactive license.
________ is money placed into a trust by a third party to be turned over to a grantee
upon fulfillment of a contract. - CORRECT ANSWER: Escrow.
Escrow is to be placed inside of an account by a third party to be turned back to the
grantee upon fulfillment of contract.
"Agent" is now clearly defined as a real estate licensee who is acting as any of the
following EXCEPT what? - CORRECT ANSWER: An independent contractor (non-
agency).
Standard agents, limited agents, and agents in commercial RE transactions are all
defined as agents.
A brokerage relationship involves which two parties? - CORRECT ANSWER: A licensed
broker/salesperson and the client.
Brokerage relationships are agreements between the licensee and the
buyer/seller/client.
A creditor on a judgment must enforce the judgement once it is rendered within -
CORRECT ANSWER: 20 years.
A Fair Housing Violation in Virginia could result from denying a person an opportunity to
rent based upon: - CORRECT ANSWER: Being over 60 (or based on age).
,VA Fair Housing does not concern a persons ability to pay, a persons felonies, or
missed payments to previous landlords.
A landlord may do which of the following if the rent remains unpaid five days following
appropriate notification? - CORRECT ANSWER: File suit against the tenant to have him
or her evicted.
A landlord cannot enter the rental property to remove tenant's property, post the rental
as available, or cut off the power to the property.
A landlord may release a tenant's financial records under which of the following
circumstances? - CORRECT ANSWER: Only with the tenant's written permission.
A licensee may be fined, his license suspended or revoked if which of the following
occur? - CORRECT ANSWER: He is a party to any real estate transaction and does not
disclose his license status.
A licensee may be fined or have their license suspended/revoked if they do not disclose
their license status in the contract.
A licensee must disclose the broker/brokerage whom the licensee represents to
landlords and tenants in which of the following manners? - CORRECT ANSWER: As
soon as possible, but definitely before when the lease is signed.
This disclosure of brokerage must be disclosed in WRITING, and presented with the
lease (application) at the earliest time possible.
A limited service agent who is selling a condominium must provide what? - CORRECT
ANSWER: A condominium resale certification.
Limited service agents must provide this document when selling a condominium.
, A limited service agreement need not disclose what? - CORRECT ANSWER: A
statement in bold lettering or all caps of services which are provided.
Limited service agreements must include all of the services being provided, and which
services are *not* provided as well as all the fees for the services.
A lis pendens notice must declare all of the following EXCEPT what? - CORRECT
ANSWER: The name of the prospective buyer.
A lis pendens *will include* the amount of the claim, the description of the property, and
the name of the person whose estate was affected.
A married couple owns real property as tenants by the entirety. One spouse dies owing
money to creditors. I'm this situation, the surviving spouse owns the entire property
and...? - CORRECT ANSWER: And the creditors cannot make any claim to the property.
The surviving spouse is not liable to the creditors.
A Mechanics Lien Must be filed...? - CORRECT ANSWER: No later than 90 days from
last day of the month which labor or materials furnished was completed.
A residential property disclosure could contain which of the following types of
information? - CORRECT ANSWER: If there are defects of the water and sewer
systems (or any other material information).
Any information regarding the last tenant or incidents which did not physically affect the
property are not required to be disclosed.
A salesperson is involved in a transaction where an individual wishes a six-month lease
with an option to buy. What is true about this situation? - CORRECT ANSWER: A
salesperson could use two standard forms, fill in the blanks and request that his or her
broker review the forms before signing.
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