Virginia State Exam Practice
A developer constructing a new condominium must submit a ____________ to the
Common Interest Community Board.
a. Declaration
b. Financial report
c. Position statement
d. Substantiation - ANS-a. Declaration
A home owner is selling her property located in a property owner's association (POA).
What must be provided to buyers?
a. Deed
b. Disclosure packet
c. Proprietary lease
d. Resale certificate - ANS-b. Disclosure packet
A person performing real estate activities under the judgment or order of a Virginia
court, such as a trustee in a bankruptcy, is ______.
a. Not required to have a real estate license
b. Required to have a broker's license
c. Required to have at least a sales agent license
d. Required to have taken all pre-licensing courses, but passing the exam is not
required - ANS-a. Not required to have a real estate license
A property is located in Planning District 15. Which facts must be disclosed?
,a. That either mining activities took place on the property or that it contains abandoned
mines.
b. That Planning District 15 is a flood-prone area.
c. That Planning District 15 properties usually have special maintenance requirements
because of their historical value.
d. That these properties are affected by the Chesapeake Bay Act. - ANS-a. That either
mining activities took place on the property or that it contains abandoned mines.
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?
a. Trustee and beneficiary
b. Trustee and trustor
c. Trustee, trustor, beneficiary
d. Trustor and beneficiary - ANS-c. Trustee, trustor, beneficiary
Abdul just got his salesperson's license. Which of the following is true about his
situation?
a. He can't activate his license until he's taken three hours of post-license education.
b. He has to renew his license in three years.
c. He needs to take 16 hours of continuing education in the next two years.
d. He needs to take 30 hours of post-licensing education in the next year. - ANS-d. He
needs to take 30 hours of post-licensing education in the next year.
According to the disclosure statement, what is a seller's disclosure requirement if their
property is located in a historic district?
a. The seller is required to disclose this information.
,b. The seller makes no representations.
c. The seller must provide the buyer with the ordinances for the district.
d. This condition is not material to the property and need not be disclosed. - ANS-b. The
seller makes no representations.
Broker Adam takes $500 from an escrow account to cover his rent for the month; he'll
pay it back in a week. Which misdeed has he committed?
a. Commingling
b. Conversion
c. Failure to maintain records
d. Overturning - ANS-b. Conversion
Broker Magnus received an earnest money check for $4,000 from his licensee Leslie on
behalf of client Mika. He deposited the check two business days later into an escrow
account. However, the house didn't pass inspection and Mika withdrew her offer. Seller
Howard says that some of the money belongs to him. When two weeks have passed
without Howard and Mika coming to an agreement, Magnus asks the courts to
intercede, and turns the money over to them. Which of the following is true?
a. He did nothing wrong.
b. He should have directed Leslie to manage the escrow money.
c. He should have given the money back to Mika.
d. He should have waited for the courts to take over instead of asking them. - ANS-a.
He did nothing wrong.
Broker Malcolm submits his client's purchase offer, then goes on vacation. When he
returns two weeks later, he learns that a counter-offer was submitted and the response
date had expired. His client's offer was terminated because he failed to respond on
time. This violation is an example of ______.
a. Demonstrating untrustworthiness or incompetency to act as a real estate broker
, b. Failure to disclose an agency relationship
c. Making a substantial and willful misrepresentation
d. Performing services that would qualify as practice of law - ANS-a. Demonstrating
untrustworthiness or incompetency to act as a real estate broker
Business is slow and you've decided to pull in some more clients with a marketing
campaign claiming you're the top-producing real estate agent in town. What type of
violation are you committing?
a. Conflict of interest
b. Improper disclosure
c. Mishandling funds
d. Misrepresentation - ANS-d. Misrepresentation
Buyer Tony is interested Seller Rilla's property. Tony's agent provides him with the
Residential Property Disclosure Statement and Tony makes an offer which Rilla
accepts. 2 weeks later, Tony discovers that there are plans to build a school next door to
the house. He wants to terminate the contract because this wasn't disclosed. Which of
the following is INCORRECT?
a. If Rilla knew about the school and failed to disclose it, Tony may terminate.
b. If this was a concern to Tony, it was up to him to research it prior to entering into the
contract.
c. The law doesn't require Rilla to make any disclosure regarding the planned school.
d. Tony may not terminate on this basis because Virginia is a "caveat emptor state." -
ANS-a. If Rilla know about the school and failed to disclose it, Tony may terminate.
Daniel is a full-time member of the armed services. He is renting a property, but just
received orders to relocate to a new base in another state for no less than two years.
What actions could he take related to his existing lease?
A developer constructing a new condominium must submit a ____________ to the
Common Interest Community Board.
a. Declaration
b. Financial report
c. Position statement
d. Substantiation - ANS-a. Declaration
A home owner is selling her property located in a property owner's association (POA).
What must be provided to buyers?
a. Deed
b. Disclosure packet
c. Proprietary lease
d. Resale certificate - ANS-b. Disclosure packet
A person performing real estate activities under the judgment or order of a Virginia
court, such as a trustee in a bankruptcy, is ______.
a. Not required to have a real estate license
b. Required to have a broker's license
c. Required to have at least a sales agent license
d. Required to have taken all pre-licensing courses, but passing the exam is not
required - ANS-a. Not required to have a real estate license
A property is located in Planning District 15. Which facts must be disclosed?
,a. That either mining activities took place on the property or that it contains abandoned
mines.
b. That Planning District 15 is a flood-prone area.
c. That Planning District 15 properties usually have special maintenance requirements
because of their historical value.
d. That these properties are affected by the Chesapeake Bay Act. - ANS-a. That either
mining activities took place on the property or that it contains abandoned mines.
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?
a. Trustee and beneficiary
b. Trustee and trustor
c. Trustee, trustor, beneficiary
d. Trustor and beneficiary - ANS-c. Trustee, trustor, beneficiary
Abdul just got his salesperson's license. Which of the following is true about his
situation?
a. He can't activate his license until he's taken three hours of post-license education.
b. He has to renew his license in three years.
c. He needs to take 16 hours of continuing education in the next two years.
d. He needs to take 30 hours of post-licensing education in the next year. - ANS-d. He
needs to take 30 hours of post-licensing education in the next year.
According to the disclosure statement, what is a seller's disclosure requirement if their
property is located in a historic district?
a. The seller is required to disclose this information.
,b. The seller makes no representations.
c. The seller must provide the buyer with the ordinances for the district.
d. This condition is not material to the property and need not be disclosed. - ANS-b. The
seller makes no representations.
Broker Adam takes $500 from an escrow account to cover his rent for the month; he'll
pay it back in a week. Which misdeed has he committed?
a. Commingling
b. Conversion
c. Failure to maintain records
d. Overturning - ANS-b. Conversion
Broker Magnus received an earnest money check for $4,000 from his licensee Leslie on
behalf of client Mika. He deposited the check two business days later into an escrow
account. However, the house didn't pass inspection and Mika withdrew her offer. Seller
Howard says that some of the money belongs to him. When two weeks have passed
without Howard and Mika coming to an agreement, Magnus asks the courts to
intercede, and turns the money over to them. Which of the following is true?
a. He did nothing wrong.
b. He should have directed Leslie to manage the escrow money.
c. He should have given the money back to Mika.
d. He should have waited for the courts to take over instead of asking them. - ANS-a.
He did nothing wrong.
Broker Malcolm submits his client's purchase offer, then goes on vacation. When he
returns two weeks later, he learns that a counter-offer was submitted and the response
date had expired. His client's offer was terminated because he failed to respond on
time. This violation is an example of ______.
a. Demonstrating untrustworthiness or incompetency to act as a real estate broker
, b. Failure to disclose an agency relationship
c. Making a substantial and willful misrepresentation
d. Performing services that would qualify as practice of law - ANS-a. Demonstrating
untrustworthiness or incompetency to act as a real estate broker
Business is slow and you've decided to pull in some more clients with a marketing
campaign claiming you're the top-producing real estate agent in town. What type of
violation are you committing?
a. Conflict of interest
b. Improper disclosure
c. Mishandling funds
d. Misrepresentation - ANS-d. Misrepresentation
Buyer Tony is interested Seller Rilla's property. Tony's agent provides him with the
Residential Property Disclosure Statement and Tony makes an offer which Rilla
accepts. 2 weeks later, Tony discovers that there are plans to build a school next door to
the house. He wants to terminate the contract because this wasn't disclosed. Which of
the following is INCORRECT?
a. If Rilla knew about the school and failed to disclose it, Tony may terminate.
b. If this was a concern to Tony, it was up to him to research it prior to entering into the
contract.
c. The law doesn't require Rilla to make any disclosure regarding the planned school.
d. Tony may not terminate on this basis because Virginia is a "caveat emptor state." -
ANS-a. If Rilla know about the school and failed to disclose it, Tony may terminate.
Daniel is a full-time member of the armed services. He is renting a property, but just
received orders to relocate to a new base in another state for no less than two years.
What actions could he take related to his existing lease?
