Exam (elaborations)
Virginia Exam (Practise)
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- Virginia Exam
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- Virginia Exam
Virginia Exam (Practise)
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Virginia Exam (Practise)independent contractor - -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 - -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 - -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b. principal and interest up to $150,000 may be withdrawn without paying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.
-two rental properties plus a principal residence - -The 2014 Virginia
General Assembly changed the "trigger number" that determines if a
landlord is subject to the Virginia Residential Landlord Tenant Act (VRLTA) to
a. two owned properties.
b. two rental properties plus a principal residence.
c. four rental properties in an urban area.
d. 10 rental properties in an urban area.
-a request from either client or broker - -Ideally, all brokerage relationships
end with a successful transaction that goes to settlement. Other legal ways
for termination of the relationship include all of the following EXCEPT
a. mutual agreement by all parties.
b. a default by either party.
c. a request from either client or broker.
d. a licensee's withdrawal if a client refuses to consent to disclosed dual
agency.
-promote the best interests of the client - -Virginia agency law lists seven
statutory duties to be performed by all licensees. The only one of these
duties that allows for some variation is in the duty to
, a. perform according to the terms of the brokerage relationship.
b. promote the best interests of the client.
c. maintain confidentiality of all personal and financial information.
d. exercise ordinary care.
-ensure that clients are made aware of the risks involved in dual agency - -
The primary purpose for creating the new Disclosure of Dual Agency or Dual
Representation form was to
a. encourage the use of dual agency.
b. encourage the use of designated agency.
c. ensure that clients are made aware of the risks involved in dual agency.
d. make it easier to withdraw from dual agency.
-the property management agreement be in writing and have a definite
termination date - -The duties required of a licensee engaged to manage
real estate are essentially the same of those required of a licensee
representing a buyer or a seller. The law now requires that
a. all material facts concerning the property are disclosed.
b. licensees maintain confidentiality of information.
c. all monies and properties received are properly account for.
d. the property management agreement be in writing and have a definite
termination date.
-dower and curtesy rights - -The Augmented Estate and Elective Share Act
includes the law of descent and distribution, which is similar to the earlier
law regarding
a. eminent domain.
b. dower and curtesy rights.
c. homestead exemption.
d. adverse possession.
-$150,000 owed on a mortgage loan - -Which of the following debts has
priority over the Virginia homestead exemption?
a. $6,428 owed on a credit card
b. $150,000 owed on a mortgage loan
c. $3,000 owed to check-cashing service (non-secured)
d. $10,000 owed on a promissory note to a relative.
-use of the property occurred with the knowledge and acquiescence of the
landowner - -In order for a Virginia court to determine that an easement by
prescription should be granted, it will have to be proven that
a. use of the property occurred with the knowledge and acquiescence of the
landowner.
b. use of the property occurred without the true owner's permission.
c. use of the property has occurred for at least 15 years.
d. tacking has not been permitted.
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