Practice Test Virginia Principles of Real Estate Law- Virginia Principles of Real Estate Exam with Correct Answers & Explanation Virginia Principles and Practice of Real Estate- Exam- Latest Update Virginia - Principles and Practices of Real Estate- Test- Questions & Correct Answer Virginia Real ...
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A nonresident who obtains a license as an active salesperson in VA is required to - Answer-Activate with a Virginia licensed broker The purpose of the Virginia real estate license law and Board related rules and regulations is to - Answer-Protect the public interest Two brokers are involved in...
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Add to cartA nonresident who obtains a license as an active salesperson in VA is required to - Answer-Activate with a Virginia licensed broker The purpose of the Virginia real estate license law and Board related rules and regulations is to - Answer-Protect the public interest Two brokers are involved in...
Appurtenances - Answer-A right, privilege, or improvement that "runs with the land" Easements - Answer-the right to cross over another's land Chattel - Answer-personal property Trade Fixtures - Answer-items used by a commercial tenant for business. Items must be removed by tenant by the ...
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Add to cartAppurtenances - Answer-A right, privilege, or improvement that "runs with the land" Easements - Answer-the right to cross over another's land Chattel - Answer-personal property Trade Fixtures - Answer-items used by a commercial tenant for business. Items must be removed by tenant by the ...
Supply and demand - Answer-Oversupply lower prices undersupply higher prices Demographics - Answer-Population size population growth family size age and come Unemployment income - Answer-Unemployment rises supply may increase because homeowners are forced to sell their homes due to financial h...
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Add to cartSupply and demand - Answer-Oversupply lower prices undersupply higher prices Demographics - Answer-Population size population growth family size age and come Unemployment income - Answer-Unemployment rises supply may increase because homeowners are forced to sell their homes due to financial h...
Which statement about encumbrances is correct? Select one: A. An encumbrance must increase real property value B. A lease is an example of an encumbrance C. Encumbrances can only be created by an owner of real property D. Both A and C - Answer-B The most predictable element of severance is: ...
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Add to cartWhich statement about encumbrances is correct? Select one: A. An encumbrance must increase real property value B. A lease is an example of an encumbrance C. Encumbrances can only be created by an owner of real property D. Both A and C - Answer-B The most predictable element of severance is: ...
(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - Answer-7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with dis...
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Add to cart(virginia time share act) For an initial purchaser, there is a _________day right of rescission. Meanwhile, a buyer has a 5-day right of rescission in a time share resale. - Answer-7 If VA license applicant has had a license suspended or revoked in any jurisdiction because of association with dis...
Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. ...
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Add to cartBroker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money funds into his personal account. He plans to move the funds to the appropriate account within a week. This violation is an example of ______. a. Commingling b. Contractural Interference c. ...
Does not pay the Transaction Recovery Fund assessment - Answer-A real estate license could be suspended without investigation if the licensee: No one, only brokers can pay referral fees and split commissions with other brokerage/firms - Answer-A salesperson decides to offer a $500 referral bonus ...
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Add to cartDoes not pay the Transaction Recovery Fund assessment - Answer-A real estate license could be suspended without investigation if the licensee: No one, only brokers can pay referral fees and split commissions with other brokerage/firms - Answer-A salesperson decides to offer a $500 referral bonus ...
If the Board receives a written complaint regarding the actions of a regulant, what is the first thing the Board will do? - Answer-Review the complaint for possible violation Which of the following is true regarding a branch office of a VA real estate firm? - Answer-The office must have a separat...
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Add to cartIf the Board receives a written complaint regarding the actions of a regulant, what is the first thing the Board will do? - Answer-Review the complaint for possible violation Which of the following is true regarding a branch office of a VA real estate firm? - Answer-The office must have a separat...
VREB Stands For - Answer-Virginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines - Answer-the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be p...
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Add to cartVREB Stands For - Answer-Virginia Real Estate Board Title 54.1, Chapter 21 of the Code of Virginia Defines - Answer-the composition and authority of the Virginia Real Estate Board; Also sets for the requirements for licensure, defines the duties a licensee must perform, how those duties must be p...
Each of the following is a test of whether or not something is a fixture, EXCEPT: a. method of attachment b. adaptability c. cost d. relationship of the parties - Answer-c. cost Which of the following would be the best definition of an appurtenance? a. the right to cross the land of another...
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Add to cartEach of the following is a test of whether or not something is a fixture, EXCEPT: a. method of attachment b. adaptability c. cost d. relationship of the parties - Answer-c. cost Which of the following would be the best definition of an appurtenance? a. the right to cross the land of another...
Basic Licensing Terms: Active Status - Answer-Any broker salesperson that is legally engaging in regulated acts of real estate brokerage Basic Licensing Terms: Actively Engaged - Answer-One with an active licenses, engaged in at least 40 hours per week in regulated real estate activity. This appl...
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Add to cartBasic Licensing Terms: Active Status - Answer-Any broker salesperson that is legally engaging in regulated acts of real estate brokerage Basic Licensing Terms: Actively Engaged - Answer-One with an active licenses, engaged in at least 40 hours per week in regulated real estate activity. This appl...
Research and education - Answer-- Full time investor - Answer- license requirements - Answer- what is real estate or real property? - Answer--land and the improvements made to land, and the rights to use them. Land - Answer--land starts at the center of the earth, passes through the eart...
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Add to cartResearch and education - Answer-- Full time investor - Answer- license requirements - Answer- what is real estate or real property? - Answer--land and the improvements made to land, and the rights to use them. Land - Answer--land starts at the center of the earth, passes through the eart...
A conventional loan could be: A) FHA Insured B) VA guaranteed C) HUD originated D) None of the above - Answer-The answer is D) None of the above Conventional loans are those which are not FHA-Insured or VA guaranteed. HUD Does original loans Surplus funds realized at foreclosure sale gen...
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Add to cartA conventional loan could be: A) FHA Insured B) VA guaranteed C) HUD originated D) None of the above - Answer-The answer is D) None of the above Conventional loans are those which are not FHA-Insured or VA guaranteed. HUD Does original loans Surplus funds realized at foreclosure sale gen...
The landlord has 45 days to give a written notice of any deductions to the tenant's deposit (and any amount due) after termination of the tenancy and delivery of possession. ________ is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract. - An...
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Add to cartThe landlord has 45 days to give a written notice of any deductions to the tenant's deposit (and any amount due) after termination of the tenancy and delivery of possession. ________ is money placed into a trust by a third party to be turned over to a grantee upon fulfillment of a contract. - An...
The Virginia Real Estate Board administers which of the following statutes? - Answer-The Virginia Fair Housing Act Virginia License Law defines a broker's place of business as a: - Answer-Physical location where real estate business is regularly transacted The Virginia Real Estate Board is em...
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Add to cartThe Virginia Real Estate Board administers which of the following statutes? - Answer-The Virginia Fair Housing Act Virginia License Law defines a broker's place of business as a: - Answer-Physical location where real estate business is regularly transacted The Virginia Real Estate Board is em...
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Who is not required to have a license to sell RE? - Answer-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...
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Add to cartWho is not required to have a license to sell RE? - Answer-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...
Sole Proprietor: Principal Broker Owner - Answer-An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer-A brokerage firm owned by an unlicensed individual. ...
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Add to cartSole Proprietor: Principal Broker Owner - Answer-An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer-A brokerage firm owned by an unlicensed individual. ...
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 m...
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Add to cartAccording 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 m...
A real estate salesperson is supervised by the buyer or seller. the seller. any licensed broker. the employing broker only - Answer-the employing broker only The employing broker is held accountable for the salesperson's conduct in performing business activities. When a real estate ...
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Add to cartA real estate salesperson is supervised by the buyer or seller. the seller. any licensed broker. the employing broker only - Answer-the employing broker only The employing broker is held accountable for the salesperson's conduct in performing business activities. When a real estate ...
Who is not required to have a license to sell RE? - Answer-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...
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Add to cartWho is not required to have a license to sell RE? - Answer-Those: (1) selling their own property, (2) act without compensation under POA, (3) resolve client issues as a licensed attorney, (4) follow a court order, (5) auctioneers, (6) rental agents, (7) sole proprietor-broker owned firms with a sing...
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 loa...
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Add to cartTransact 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 loa...
broker's supervisory requirements - Answer-Each place of business, each branch office, and each real estate team shall be supervised by a supervising broker. The supervising broker shall exercise reasonable and adequate supervision of the provision of real estate brokerage services by associate bro...
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Add to cartbroker's supervisory requirements - Answer-Each place of business, each branch office, and each real estate team shall be supervised by a supervising broker. The supervising broker shall exercise reasonable and adequate supervision of the provision of real estate brokerage services by associate bro...
Firm - Answer-any sole proprieteorship, partnership, assoc, LLC, or Corp that is required to have a separate brokerage firm license. "ABC Realty" must have a firm license, and a licensed principle broker DPOR - Answer-Board of Professional and Occupational Regulation. Consists of 9 members, app...
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Add to cartFirm - Answer-any sole proprieteorship, partnership, assoc, LLC, or Corp that is required to have a separate brokerage firm license. "ABC Realty" must have a firm license, and a licensed principle broker DPOR - Answer-Board of Professional and Occupational Regulation. Consists of 9 members, app...
Active Status - Answer-An associate broker or salesperson under the supervision of a principal or supervising broker. Regulant - Answer-How one is governed/regulated by the board Associate Broker - Answer-A licensed broker, other than the principal broker or broker/owner at a firm. Client -...
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Add to cartActive Status - Answer-An associate broker or salesperson under the supervision of a principal or supervising broker. Regulant - Answer-How one is governed/regulated by the board Associate Broker - Answer-A licensed broker, other than the principal broker or broker/owner at a firm. Client -...
Abstract of Title - Answer-A condensed history of property An acre contains (sq. ft.) - Answer-43,560 sq. ft. An administrator is - Answer-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - Answer-A means of acquiring title to property Alienat...
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Add to cartAbstract of Title - Answer-A condensed history of property An acre contains (sq. ft.) - Answer-43,560 sq. ft. An administrator is - Answer-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - Answer-A means of acquiring title to property Alienat...
Settlement Agent - Answer-The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. Cannot be a Real estate salesperson Principle Broker - Answer-the one licensee who is responsible for all of the agent activities in the company a...
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Add to cartSettlement Agent - Answer-The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. Cannot be a Real estate salesperson Principle Broker - Answer-the one licensee who is responsible for all of the agent activities in the company a...
Which of the following statements is true about real estate advertising? A. It must be supervised by the principal or supervising broker B. It must be in the name of the firm C. The firm's licensed name must be clearly and legibly displayed D. All of the above - Answer-All of the above A p...
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Add to cartWhich of the following statements is true about real estate advertising? A. It must be supervised by the principal or supervising broker B. It must be in the name of the firm C. The firm's licensed name must be clearly and legibly displayed D. All of the above - Answer-All of the above A p...
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