VA Real Estate

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 loan qualifications - Answer- Which of the following MUST be disclosed by an agent to his client in a Real Estate transaction. a. Minority groups are moving into the area b. The average commission...

In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? - ANSWER-Within one month of the agreement's effective date Which of the following is a task that a licensee could perform for a customer in a transaction? - ANSWER-Providing the opposing party with signed copies of paperwork Erin, a contractor and licensee, is selling one of a group of homes she built this year. Which of the following is true about her disclosure responsibilities? - A...

VA Real Estate Practice Exam Tested Questions With Verified Correct Answers < Already Passed > A broker is NOT required to hold money in an escrow account if: A. The deposit amount is less than $500 B. All parties to the transaction have agreed, in writing C. Closing is scheduled in less than 30 days D. The purchaser is a non-profit organization - ANSWER : All parties to the transaction have agreed, in writing According to the Virginia Landlord-Tenant Act, a landlord's right ...

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. Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, any accrued interest and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant together with any amount due the tenant within ____ days after term...

A developer put two lots together and sold them as one large lot. The increase in value is referred to as: - ANSWER-plottage A 20-unit apartment building rented for $750 per month. The annual gross income multiplier was 9. What is the value of the property? - ANSWER-1,620,000 he Virginia Real Estate Board is composed of _______ members who have been licensed real estate brokers or salespersons for at least ____ consecutive years and ____ citizen members - ANSWER-7 5 2 The terms of VA ...

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 month of the agreement's effective date Which of the following is a task that a licensee could perform for a customer in a transaction? - ANSWER-Providing the opposing party with signed copies of p...

VA REAL ESTATE - Unit 1 Review Questions and Answers

VA Real Estate Exam 2023-2024 with Complete Solutions VA Real Estate Exam 2023-2024 with Complete Solutions VA Real Estate Exam 2023-2024 with Complete Solutions 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 loan qualifications - ANSWER-Which...

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. The firm must get a business entity firm license before transacting RE business. The firm still must have a licensed principal broker Inactive Status - Answer Any broker or salesperson not under su...

What are the classes of Property? Personal Property and Real Property What is personal property? Generally movable and unattached items. What is a trade fixture? Personal property used for a person's business. (even if it attached to the real estate) What is Fructus Industriales? Crops also known as chattle. What general categories does personal property fall under? Intellectual, reputation, leases, partnership interests. Real Property Everything within a specified block includin...