Virginia VA Real Estate State Licensing Exam
Latest Update 2024-2025 Actual Exam 260
Questions and 100% Verified Correct Answers
Verified by Professor
- CORRECT ANSWER:
`Condominium _______ set forth the rules and regulations for the condominium owners
associations. They govern how the associations manage and spend cash reserves, for
example. - CORRECT ANSWER: Bylaws
A brokerage agreement must be signed before the licensee performs any - CORRECT
ANSWER: licensed activities for the client
A brokerage relationship is a - CORRECT ANSWER: contractual one
A brokerage relationship is between the - CORRECT ANSWER: brokerage and the
client, even if the salesperson initiated the relationship
A customer becomes a client when his or her - CORRECT ANSWER: intent changes
A designated agent situation is only allowed after all involved parties have signed -
CORRECT ANSWER: disclosure form
A developer constructing a new condominium must submit a ____________ to the
Common Interest Community Board. - CORRECT ANSWER: declaration
A property is located in a military air installation zone. What is the owner's disclosure
obligation? - CORRECT ANSWER: The owner must disclose that the property is located
in a military air installation zone.
,According to the disclosure statement, what is a seller's disclosure requirement if they
know that the parcel of land behind their property is being rezoned for commercial
development? - CORRECT ANSWER: The seller makes no representations.
According to the Virginia Property Owners' Association Act, which of the following is
NOT one of POA members' rights? - CORRECT ANSWER: The right to waive their POA
fees during times of financial duress
According to the Virginia Residential Landlord and Tenant Act, which of these is a
tenant's basic duty? - CORRECT ANSWER: Maintain the property in a good, clean, and
safe condition.
According to the Virginia Residential Landlord and Tenant Act, who's responsible for
ensuring that residential dwellings have locks on the sliding glass doors? - CORRECT
ANSWER: The landlord
According to Virginia law, a brokerage agreement is a contractual relationship between
a licensee and a client, where the licensee has been engaged to - CORRECT
ANSWER: find a seller, buyer, tenant, or landlord who can buy, sell, option, rent, or
exchange real estate with the client.
Actions that count as misrepresentations or omissions in Virginia include the following: -
CORRECT ANSWER: -"Bait and switch" tactics, such as offering a property for sale or
rent at a lower price than that which will actually be accepted (unless the advertising
specifies that the property is limited in quantity, or available only for a certain time
period, and that the licensee had at least the quantity advertised for rent or for sale at
the advertised price and terms when the advertising was displayed)
-When representing a seller or landlord, failing to disclose, in a timely manner, all
material negative facts about a property to a buyer or tenant
-Failing to present to buyers and sellers all written offers, counteroffers, and rejections
to buy, option, or lease a property
-When acting as a dual agent, disclosing confidential information to one client about the
transaction that you received while representing the other client
,-Failing to disclose all terms and conditions for all leases, offers to purchase, and
property management agreements
-Not disclosing the identification of everyone who holds deposits in any application, offer
to purchase, or lease
-Knowingly making false statements or misstatements about the value of any property in
order to influence lenders, in any of these ways:In applications purchase agreements,
loan statements, or other such documents
-Changing terms or extending times in a contract (through renewals or deferments of
action, for example) without prior written consent from all of the transactions'
principalsAccepting, releasing, or substituting anything for the items given as security
without the prior written consent of the transaction principals
-Knowingly making material misrepresentations
-Making false promises via salespersons, other agents, advertising, or in other ways
Advertising materials must include the - CORRECT ANSWER: firm's licensed name on
all signs displayed on each place of business
After settlement, though, the buyer can ______ terminate because disclosure was
received after contract ratification. - CORRECT ANSWER: no longer
Agency disclosure has to be made, in writing, as early as is practical-- but no later than
the time when the licensee first offers - CORRECT ANSWER: specific real estate
assistance
Agency disclosure must also be made to any actual or prospective landlords or tenants,
but it isn't required for - CORRECT ANSWER: lessors or lessees
Aircraft Noise/Crash Disclosure - CORRECT ANSWER: If the property is near a military
air base, sellers do have to disclose if their property is in a "noise zone" or an accident
potential zone (APZ).
This information is located on the relevant official zoning map.
This particular disclosure has its own form on the DPOR website.
, The disclosure, if it applies, has to include the specific noise or APZ in which the
property is located.
Note: if the buyer is in a noise zone of less than 65 average decibels, the aircraft noise
disclosure is NOT required and the buyer can't terminate if this disclosure wasn't
provided.
Alberto is a real estate licensee. Assuming that none of the following are his clients but
are parties to a potential transaction, to whom must he provide an agency disclosure
form? - CORRECT ANSWER: any party
Licensees must provide an agency disclosure to buyers, sellers, tenants, and landlords.
All advertising must disclose if the owner is a - CORRECT ANSWER: real estate
licensee or if the licensee has any ownership interest in the property
All brokerage agreements with real estate clients must be - CORRECT ANSWER: in
writing
All non-main pages of advertising should either include - CORRECT ANSWER: the
mandatory advertising info or link back to the info on the main page
Anna engaged Christopher as her listing agent. During the relationship, Anna shared
information about her motivations for selling and the price she'd be willing to accept.
The termination date listed on her agreement with Christopher has come and gone
without a sale. Anna decides to re-list her property with a new agent. Christopher has a
new buyer client interested in Anna's property. Can he use the information shared by
Anna when he was her agent? - CORRECT ANSWER: No, the duty of confidentiality
survives the relationship.
APZ - CORRECT ANSWER: accident potential zone
Before advertising a property, licensees and firms have to get the - CORRECT
ANSWER: written consent of the seller or landlord
