Exam (elaborations) Practice Test Virginia Principles of Real Estate Law- Exam (elaborations) Principles of Real Estate exam 1 with Correct Answers- A+ Rated Exam (elaborations) Real Estate Principles Chapters 1-15 Exam Prep with Correct Answers Exam (elaborations) Real Estate Salesperson E...
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55 years of age or older - Answer-The Virginia Fair Housing Law is more restrictive than the Federal Law, in that it provides protection for the elderly. In Virginia, "elderly" is defined as any natural person: Does not pay the Transaction Recovery Fund assessment - Answer-A real estate license...
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Add to cart55 years of age or older - Answer-The Virginia Fair Housing Law is more restrictive than the Federal Law, in that it provides protection for the elderly. In Virginia, "elderly" is defined as any natural person: Does not pay the Transaction Recovery Fund assessment - Answer-A real estate license...
Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. ...
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Add to cartBroker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. ...
If, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. - Answer-Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, an...
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Add to cartIf, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. - Answer-Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, an...
A conventional loan could be: A) FHA Insured B) VA guaranteed C) HUD originated D) None of the above - Answer-The answer is D) None of the above Conventional loans are those which are not FHA-Insured or VA guaranteed. HUD Does original loans Surplus funds realized at foreclosure sale gen...
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Add to cartA conventional loan could be: A) FHA Insured B) VA guaranteed C) HUD originated D) None of the above - Answer-The answer is D) None of the above Conventional loans are those which are not FHA-Insured or VA guaranteed. HUD Does original loans Surplus funds realized at foreclosure sale gen...
virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - Answer-7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disc...
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Add to cartvirginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - Answer-7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with disc...
VREB Stands For - Answer-Virginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines - Answer-the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be p...
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Add to cartVREB Stands For - Answer-Virginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines - Answer-the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be p...
Who is not required to have a license to sell RE? - Answer-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...
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Add to cartWho is not required to have a license to sell RE? - Answer-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...
Settlement Agent - Answer-The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. Cannot be a Real estate salesperson Principle Broker - Answer-the one licensee who is responsible for all of the agent activities in the company a...
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Add to cartSettlement Agent - Answer-The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. Cannot be a Real estate salesperson Principle Broker - Answer-the one licensee who is responsible for all of the agent activities in the company a...
a fixture - answer-former personal property that automatically conveys is most likely to be trap "most likely" - answer-is a indicator that there are at least 2 answers best will have the fewest limitations and have the broadest applicability Supply and demand - Answer-Oversupply lower price...
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Add to carta fixture - answer-former personal property that automatically conveys is most likely to be trap "most likely" - answer-is a indicator that there are at least 2 answers best will have the fewest limitations and have the broadest applicability Supply and demand - Answer-Oversupply lower price...
Which statement about encumbrances is correct? Select one: A. An encumbrance must increase real property value B. A lease is an example of an encumbrance C. Encumbrances can only be created by an owner of real property D. Both A and C - Answer-B The most predictable element of severance is: ...
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Add to cartWhich statement about encumbrances is correct? Select one: A. An encumbrance must increase real property value B. A lease is an example of an encumbrance C. Encumbrances can only be created by an owner of real property D. Both A and C - Answer-B The most predictable element of severance is: ...
Which of the following statements is true about real estate advertising? A. It must be supervised by the principal or supervising broker B. It must be in the name of the firm C. The firm's licensed name must be clearly and legibly displayed D. All of the above - Answer-All of the above A p...
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Add to cartWhich of the following statements is true about real estate advertising? A. It must be supervised by the principal or supervising broker B. It must be in the name of the firm C. The firm's licensed name must be clearly and legibly displayed D. All of the above - Answer-All of the above A p...
Active Status - Answer-An associate broker or salesperson under the supervision of a principal or supervising broker. Regulant - Answer-How one is governed/regulated by the board Associate Broker - Answer-A licensed broker, other than the principal broker or broker/owner at a firm. Client -...
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Add to cartActive Status - Answer-An associate broker or salesperson under the supervision of a principal or supervising broker. Regulant - Answer-How one is governed/regulated by the board Associate Broker - Answer-A licensed broker, other than the principal broker or broker/owner at a firm. Client -...
According to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date. - Answer-One month In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? - Answer-Within one m...
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Add to cartAccording to the VRLTA, a copy of the written rental agreement must be provided to the tenant within ______________ of the agreement's effective date. - Answer-One month In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? - Answer-Within one m...
Sole Proprietor: Principal Broker Owner - Answer-An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer-A brokerage firm owned by an unlicensed individual. ...
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Add to cartSole Proprietor: Principal Broker Owner - Answer-An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer-A brokerage firm owned by an unlicensed individual. ...
Transact the client's affairs in a certain business. - Answer-A general agency empowers the agent to: The client (seller), the agent (broker), or by mutual consent. - Answer-A listing agreement may be terminated by: d. The buyer has had previous credit problems which may have an impact on loa...
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Add to cartTransact the client's affairs in a certain business. - Answer-A general agency empowers the agent to: The client (seller), the agent (broker), or by mutual consent. - Answer-A listing agreement may be terminated by: d. The buyer has had previous credit problems which may have an impact on loa...
Each of the following is a test of whether or not something is a fixture, EXCEPT: a. method of attachment b. adaptability c. cost d. relationship of the parties - Answer-c. cost Which of the following would be the best definition of an appurtenance? a. the right to cross the land of another...
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Add to cartEach of the following is a test of whether or not something is a fixture, EXCEPT: a. method of attachment b. adaptability c. cost d. relationship of the parties - Answer-c. cost Which of the following would be the best definition of an appurtenance? a. the right to cross the land of another...
The Virginia Real Estate Board administers which of the following statutes? - Answer-The Virginia Fair Housing Act Virginia License Law defines a broker's place of business as a: - Answer-Physical location where real estate business is regularly transacted The Virginia Real Estate Board is em...
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Add to cartThe Virginia Real Estate Board administers which of the following statutes? - Answer-The Virginia Fair Housing Act Virginia License Law defines a broker's place of business as a: - Answer-Physical location where real estate business is regularly transacted The Virginia Real Estate Board is em...
Abstract of Title - Answer-A condensed history of property An acre contains (sq. ft.) - Answer-43,560 sq. ft. An administrator is - Answer-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - Answer-A means of acquiring title to property Alienat...
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Add to cartAbstract of Title - Answer-A condensed history of property An acre contains (sq. ft.) - Answer-43,560 sq. ft. An administrator is - Answer-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - Answer-A means of acquiring title to property Alienat...
A real estate salesperson is supervised by the buyer or seller. the seller. any licensed broker. the employing broker only - Answer-the employing broker only The employing broker is held accountable for the salesperson's conduct in performing business activities. When a real estate ...
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Add to cartA real estate salesperson is supervised by the buyer or seller. the seller. any licensed broker. the employing broker only - Answer-the employing broker only The employing broker is held accountable for the salesperson's conduct in performing business activities. When a real estate ...
Career Opportunities - Answer-residential brokerage, commercial brokerage, industrial brokerage, farm brokerage, property management, rental listing service, real estate appraising, government service, land development, urban planning, mortgage financing, securities and syndications, consulting, tit...
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Add to cartCareer Opportunities - Answer-residential brokerage, commercial brokerage, industrial brokerage, farm brokerage, property management, rental listing service, real estate appraising, government service, land development, urban planning, mortgage financing, securities and syndications, consulting, tit...
A nonresident who obtains a license as an active salesperson in VA is required to - Answer-Activate with a Virginia licensed broker The purpose of the Virginia real estate license law and Board related rules and regulations is to - Answer-Protect the public interest Two brokers are involved in...
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Add to cartA nonresident who obtains a license as an active salesperson in VA is required to - Answer-Activate with a Virginia licensed broker The purpose of the Virginia real estate license law and Board related rules and regulations is to - Answer-Protect the public interest Two brokers are involved in...
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