100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Virginia Real Estate License Exam- Verified Mock Exam Question and Answers [100% Correct] 2025 Latest!! $8.66
Add to cart
Quickly navigate to
Preview
  2.  
  3. Real Estate
  4.  
  5. Real Estate

Exam (elaborations)

Virginia Real Estate License Exam- Verified Mock Exam Question and Answers [100% Correct] 2025 Latest!!

 6 views  0 purchase
  • Course
  • Real Estate
  • Institution
  • Real Estate

Virginia Real Estate License Exam- Verified Mock Exam Question and Answers [100% Correct] 2025 Latest!! What is the primary purpose of the Virginia Real Estate Board? To enforce licensing requirements, oversee real estate professionals, and protect public interest. What must a real esta...

[Show more]

Preview 2 out of 12  pages

Document information

  • December 8, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • virginia real estate license exam verified mock

Written for

  • Real Estate
  • Real Estate

Seller

avatar-seller
StellarGrades

Reviews received

Content preview

Virginia Real Estate License Exam- Verified
Mock Exam Question and Answers [100%
Correct] 2025 Latest!!
What is the primary purpose of the Virginia Real Estate Board?

To enforce licensing requirements, oversee real estate professionals, and protect public interest.



What must a real estate agent do if they receive an offer for a property that is in a multiple-offer
situation?

Disclose the existence of multiple offers to all parties involved without revealing details about
other offers.



Explain what an "agency relationship" in real estate means.

It is the fiduciary relationship between a broker and a client, where the broker represents the
client’s interests in the transaction.



What is the difference between a "buyer’s agent" and a "seller’s agent"?

A buyer's agent represents the buyer's interests, while a seller's agent represents the seller's
interests in a real estate transaction.



What are the disclosure requirements when selling property in Virginia?

Sellers must disclose known material defects or issues that affect the value or safety of the
property.



What is the role of a real estate broker in a transaction?

A broker acts as an intermediary between the buyer and seller, facilitating negotiations and
ensuring legal compliance.



What constitutes "dual agency" in Virginia real estate transactions?



1

, Dual agency occurs when the same agent or broker represents both the buyer and the seller in a
transaction, creating potential conflicts of interest.



Explain the concept of "commingling" in real estate.

Commingling refers to mixing a client’s funds with a broker's personal or business funds, which is
prohibited by law.



What is the minimum amount of continuing education required for Virginia real estate license renewal?

Agents must complete 16 hours of continuing education every two years, including 8 hours in
core topics.



What is a "contingency" clause in a real estate contract?

A contingency clause is a condition that must be met for the contract to be fully executed, such as
a home inspection or financing approval.



How long does a real estate license last in Virginia before it needs to be renewed?

A real estate license in Virginia lasts for two years and must be renewed before the expiration
date.



What is the purpose of a real estate "earnest money deposit"?

The earnest money deposit demonstrates the buyer's commitment to the transaction and is
typically held in escrow until closing.



Describe the Virginia law regarding the "right of rescission" in real estate transactions.

In Virginia, a buyer has the right to cancel a contract within three days if it involves a sale of
property that was conducted away from the seller's usual place of business.



What is the purpose of a "closing disclosure" in a real estate transaction?

The closing disclosure outlines the final costs of the transaction, including fees, taxes, and the
amount the buyer and seller owe at closing.




2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller StellarGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.66. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52510 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$8.66
  • (0)
Add to cart
Added