VA Real Estate Exam- Latest Q & A-

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 recommended by local real estate association c. The buyer intends to violate deed restrictions d. The buyer has had previous credit problems which may have an impact on loan qualifications d. A periodic estate. - Answer-On the last day of a valid one year lease, the tenant gave the landlord a check for the next month's rent, which the owner accepted. What is created by the actions of the two parties? a. An estate for years b. An estate at sufferance c. An estate at will d. A periodic estate b. Bilateral. Generally, open listings are considered to be unilateral. Exclusive listings are bilateral. - Answer-What type of contract is an exclusive right-to-sell listing agreement? a. unilateral b. bilateral c. multilateral d. lis pendent b. Termination date A termination date is NOT essential but could be included. - Answer-Which of the following is not essential to a valid sales contract? a. competent parties b. termination date c. consideration d. mutual agreement Exclusive right to sell. - Answer-Which listing is most advantageous to the broker? b. The seller dies prior to closing. The death of the seller has no effect on the status of a contract for sale. - Answer-A buyer and seller have entered into a valid sales contract. Which of the following would have no legal effect on the contract?