Real Estate Va Exam Questions With Correct Answers Verified Graded A+

Real Estate Va Exam Questions With Correct Answers Verified Graded A+ "Dominant estate" - Answer Subject to the benifit "serviant estate" - Answer Subject to the burden (CRUCIAL FOR AGENTS TO KNOW WHERE THEY STAND AND THAT ALL INFORMATION IS DISCLOSED BY AGENTS) - Answer • Listings Agreements- (MLS) - Answer listed in a MLS database are usually under an exclusive right-to sale listing 1 point= - Answer 1% of the loan amount 2 Classes of property - Answer Real and personal 2 Do not call laws - Answer Entity- Specific Do not call rule National do not call registry 4 part testing - Answer test the courts use to determine whether something is a fixture -adaption: if the object was made to suit a specific need or feature in the building , it is most likely a fixture -agreement: an agreement between parties may prevent, severence disagreements and litigation -relationship of parties: residential rentors< likely to sever than commercial -rights in real property:ownership rights to land, air above and underground and easements(use of land), and use of appurtenant( adjoining land) Abandonment - Answer The lease terminate if the lessee abandons the premises without formal surrender and acceptance by the landlord Ability to sever trade fixtures - Answer it is limited - if trade fixtures arent removed by the expiration of a lease or by an agreed upon date thereafter , the property may become that of the landlords -tenants are responsible for any damages to property by removing or installing trade fixtures Abstract - Answer condensed history of title Acceleration clause - Answer specifies that the entire loan balance becomes due and payable upon demand if the borrower violates the ccovenants of a mortgage; dot acceptance - Answer Act of declaring the desire to create a contract, consistent wit ha specific offer. acknowledging receipt - Answer listed in the subject contract ad valorem - Answer Property taxes assed to property value Adjustable-rate mortgage - Answer lender adjusts the interest rate at certain intervals and according to certain factors. Advertising restrictions - Answer Statement or promotion related to licensed activity in any medium( internet phone, tv, signs, etc) Supervision- Must be review by broker; must include firms name Affiliated Business Disclosures - Answer Uniform settlement statement( HUD-1)- draft due 1 day before settlement; -Escorw account statement- within 45 days of settlement