VA REAL ESTATE FINAL EXAM
QUESTIONS & ACTUAL CORRECT
ANSWERS PASSED & GRADED A+
According to the VRLTA, a copy of the written rental agreement must be provided to the tenant
within ______________ of the agreement's effective date. - correct answer ✔✔One month
In Virginia, a landlord must provide a copy of the written rental agreement. When must this be
provided? - correct 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? -
correct 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? - correct 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? - correct answer ✔✔The seller makes no representations.
Under which of the following circumstances can a buyer agency agreement be terminated in
Virginia? - correct 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? - correct 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?
- correct answer ✔✔Trustee, trustor, beneficiary
Why does a designated agency relationship require a disclosure signed by both parties? -
correct answer ✔✔Because although each party is represented by a different licensee, all
brokerage agreements are in the broker's name. Consumers must be made aware of this.
In Virginia, landlords may amend a rental agreement if ______. - correct answer ✔✔The
landlord and tenant agree to the changes
The Real Estate Board has issued a charge of discrimination against a real estate licensee in
Virginia. What should the licensee expect to happen next? - correct answer ✔✔The charge will
be referred to the Attorney General's office
What is the general purpose of a POA? - correct answer ✔✔Make and enforce rules for the
properties in its jurisdiction
Which of the following is true about a broker's recordkeeping responsibilities? - correct answer
✔✔Brokers must keep records of signed dual agency consent forms for three years.
You should ______ before you affiliate with a broker. - correct answer ✔✔Ask lots of questions
A timeshare owner has decided to sell her share, and has found a buyer. What does she need to
provide to the buyer? - correct answer ✔✔A Certificate of Resale
Identify which of these actions is a prohibited activity for a real estate licensee in Virginia. -
correct answer ✔✔Increasing the rent and security deposit for a family with seven children.
,Which of these statements about septic systems and disclosure are true? - correct answer
✔✔Septic systems that don't involve additional maintenance requirements and a waiver don't
have to be disclosed.
When does a dual agency disclosure need to be provided? - correct answer ✔✔Prior to a dual
agency situation occurring
What Virginia regulatory authority protects wetlands through the Water Protection Permit
program? - correct answer ✔✔Department of Environmental Quality
What is used to secure a home loan in Virginia? - correct answer ✔✔Deed of trust
What is a seller representation agreement also known as? - correct answer ✔✔A listing
agreement
Shayla has been a principal broker for almost eight years. Does she have to submit proof of
continuing education (CE) the next time she renews her license? - correct answer ✔✔Yes,
because brokers need to take CE as part of their renewal process.
How often should a principal broker conduct an audit (or arrange to have one done)? - correct
answer ✔✔Every two years
Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help
of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker
Simone has provided advice and encouragement, but hasn't been directly involved in the
transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's
responsible for opening this escrow account? - correct answer ✔✔Simone
Clifford is working for a couple of different sellers at the moment. His seller, Jim, only wants
Clifford to help create a listing and get it on the MLS. His seller, Pam, wants Clifford to list the
property, market the property, assist in reviewing offers and preparing counter-offers, and lead
, her through the entire transaction. In which role is Clifford acting for each of these clients? -
correct answer ✔✔Clifford is acting as a limited service agent for Jim and a standard agent for
Pam.
Which of the following examples describes a condominium? - correct answer ✔✔Ownership of
the pool, grassy areas, and walkways is shared, while units are privately owned.
Derek, a real estate licensee, has had a fair housing complaint filed against him with the Virginia
Fair Housing Office. Which group is responsible for either dismissing the complaint or issuing a
charge of discrimination? - correct answer ✔✔The Virginia Real Estate Board
What is one purpose of the Equipment Condition and Inspection section in the Residential
Contract of Purchase? - correct answer ✔✔To give notice to the parties that the seller must
provide the buyer and the buyer's representatives reasonable access to the property.
When some activities are conducted in wetland areas, permits are required. In Virginia, what
regulatory authority issues these permits? - correct answer ✔✔Department of Environmental
Quality
Which of the following situations is the best example of designated agency? - correct answer
✔✔Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying
Angie's condo. Devin and Denise both work for Blue Skies Realty.
Parker represents buyer clients, Mr. and Mrs. Merryweather, who have just made an offer on a
house. Parker presents the offer to the seller's agent and says, "Just so you know, my clients are
happy to come down a bit on that price." Has Parker done anything wrong, and if so, what? -
correct answer ✔✔Parker has violated the duty of confidentiality he owes his clients.
Fran is a seller's agent. In which of these Virginia scenarios is she breaking a federal law? -
correct answer ✔✔A potential buyer asks, "Do you know if anyone who lives here has HIV?"
Fran answers, "Yes. The current owner's son does."
QUESTIONS & ACTUAL CORRECT
ANSWERS PASSED & GRADED A+
According to the VRLTA, a copy of the written rental agreement must be provided to the tenant
within ______________ of the agreement's effective date. - correct answer ✔✔One month
In Virginia, a landlord must provide a copy of the written rental agreement. When must this be
provided? - correct 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? -
correct 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? - correct 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? - correct answer ✔✔The seller makes no representations.
Under which of the following circumstances can a buyer agency agreement be terminated in
Virginia? - correct 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? - correct 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?
- correct answer ✔✔Trustee, trustor, beneficiary
Why does a designated agency relationship require a disclosure signed by both parties? -
correct answer ✔✔Because although each party is represented by a different licensee, all
brokerage agreements are in the broker's name. Consumers must be made aware of this.
In Virginia, landlords may amend a rental agreement if ______. - correct answer ✔✔The
landlord and tenant agree to the changes
The Real Estate Board has issued a charge of discrimination against a real estate licensee in
Virginia. What should the licensee expect to happen next? - correct answer ✔✔The charge will
be referred to the Attorney General's office
What is the general purpose of a POA? - correct answer ✔✔Make and enforce rules for the
properties in its jurisdiction
Which of the following is true about a broker's recordkeeping responsibilities? - correct answer
✔✔Brokers must keep records of signed dual agency consent forms for three years.
You should ______ before you affiliate with a broker. - correct answer ✔✔Ask lots of questions
A timeshare owner has decided to sell her share, and has found a buyer. What does she need to
provide to the buyer? - correct answer ✔✔A Certificate of Resale
Identify which of these actions is a prohibited activity for a real estate licensee in Virginia. -
correct answer ✔✔Increasing the rent and security deposit for a family with seven children.
,Which of these statements about septic systems and disclosure are true? - correct answer
✔✔Septic systems that don't involve additional maintenance requirements and a waiver don't
have to be disclosed.
When does a dual agency disclosure need to be provided? - correct answer ✔✔Prior to a dual
agency situation occurring
What Virginia regulatory authority protects wetlands through the Water Protection Permit
program? - correct answer ✔✔Department of Environmental Quality
What is used to secure a home loan in Virginia? - correct answer ✔✔Deed of trust
What is a seller representation agreement also known as? - correct answer ✔✔A listing
agreement
Shayla has been a principal broker for almost eight years. Does she have to submit proof of
continuing education (CE) the next time she renews her license? - correct answer ✔✔Yes,
because brokers need to take CE as part of their renewal process.
How often should a principal broker conduct an audit (or arrange to have one done)? - correct
answer ✔✔Every two years
Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help
of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker
Simone has provided advice and encouragement, but hasn't been directly involved in the
transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's
responsible for opening this escrow account? - correct answer ✔✔Simone
Clifford is working for a couple of different sellers at the moment. His seller, Jim, only wants
Clifford to help create a listing and get it on the MLS. His seller, Pam, wants Clifford to list the
property, market the property, assist in reviewing offers and preparing counter-offers, and lead
, her through the entire transaction. In which role is Clifford acting for each of these clients? -
correct answer ✔✔Clifford is acting as a limited service agent for Jim and a standard agent for
Pam.
Which of the following examples describes a condominium? - correct answer ✔✔Ownership of
the pool, grassy areas, and walkways is shared, while units are privately owned.
Derek, a real estate licensee, has had a fair housing complaint filed against him with the Virginia
Fair Housing Office. Which group is responsible for either dismissing the complaint or issuing a
charge of discrimination? - correct answer ✔✔The Virginia Real Estate Board
What is one purpose of the Equipment Condition and Inspection section in the Residential
Contract of Purchase? - correct answer ✔✔To give notice to the parties that the seller must
provide the buyer and the buyer's representatives reasonable access to the property.
When some activities are conducted in wetland areas, permits are required. In Virginia, what
regulatory authority issues these permits? - correct answer ✔✔Department of Environmental
Quality
Which of the following situations is the best example of designated agency? - correct answer
✔✔Agent Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying
Angie's condo. Devin and Denise both work for Blue Skies Realty.
Parker represents buyer clients, Mr. and Mrs. Merryweather, who have just made an offer on a
house. Parker presents the offer to the seller's agent and says, "Just so you know, my clients are
happy to come down a bit on that price." Has Parker done anything wrong, and if so, what? -
correct answer ✔✔Parker has violated the duty of confidentiality he owes his clients.
Fran is a seller's agent. In which of these Virginia scenarios is she breaking a federal law? -
correct answer ✔✔A potential buyer asks, "Do you know if anyone who lives here has HIV?"
Fran answers, "Yes. The current owner's son does."
