VA Real Estate Final Exam Questions with high ratings

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 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? - ANSWER-Erin only needs to disclose any known defects that are considered building code violations. According to the disclosure statement, what is a seller's disclosure obligation if a sex offender lives near their property? - ANSWER-The seller makes no representations. Under which of the following circumstances can a buyer agency agreement be terminated in Virginia? - ANSWER-If the buyer and agent both agree in writing to end the agreement. In Virginia, in what form can a buyer pay earnest money? - ANSWER-Cash, check, bank letter of credit, or promissory note A Virginia resident has worked with the Virginia Housing Development Authority on their first home purchase. The purchase is being secured by a deed of trust. Who are the parties involved? - ANSWER-Trustee, trustor, beneficiary Why does a designated agency relationship require a disclosure signed by both parties? - ANSWER-Because although each party is represented by a different licensee, all