Virginia Real Estate Licensing Final
Exam Part 2 (2023-2024) with Complete
Solutions.
What are the three most common forms of legal descriptions?
Lot and block, rectangular government survey, and monument
Metes and bounds, lot and block, and plat map
Metes and bounds, lot and block, and point of beginning
Metes and bounds, lot and block, and rectangular government survey - ANSWER-
Metes and bounds, lot and block, and rectangular government survey
Janie's got an open house scheduled for Sunday, but lets her friend in on Saturday to
preview it. It's love at first sight! With the owner out of town, Janie decides to cancel the
open house so there won't be any other offers. Her friend makes an offer and it's
accepted on Monday. What fiduciary duty or duties has Janie breached?
Accounting
Accounting and disclosure
Disclosure
Loyalty and disclosure - ANSWER-Loyalty and disclosure
Co-ownership with inheritance rights is what kind of real property ownership?
Joint tenancy
Tenancy by the entirety
Tenancy in common
Tenancy in severalty - ANSWER-Tenancy in common
In Virginia, how long does a buyer have to initiate a court action for a breach of
contract?
The buyer has six years to initiate a court action.
The buyer must initiate action within five years of the date of the contract.
The buyer must take action immediately.
There is no time limit as long as the buyer can prove a breach of contract occurred. -
ANSWER-The buyer must initiate action within five years of the date of the contract.
If Elizabeth is a property manager, she is acting as what of type of agent?
Dual
General
Special/specific
Unlicensed - ANSWER-General
, Mark works at Farm and Country Bank, and has arranged an agricultural loan for Josh,
a local organic farmer. Josh didn't meet the bank's normal underwriting standards, but
Mark made the loan because he was able to arrange for a guarantee from ______.
Farmer Mac
The Farm Credit System
The Farm Service Agency
The Federal Agricultural Housing Authority - ANSWER-The Farm Service Agency
Which of the following is a private agreement that impacts the use of the land?
Assessment
Deed restriction
Encroachment
Encumbrance - ANSWER-Deed restriction
A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly
principal and interest payment is $3,078.59. How many payments will he make over the
course of the loan?
180
240
30
360 - ANSWER-360
What does the Code of Virginia Title 54.1 Chapter 21 establish?
The Board of Governors
The Board of Real Estate Trustees
The Virginia Real Estate Board and regulations governing the practice of real estate
The Virginia School board - ANSWER-The Virginia Real Estate Board and regulations
governing the practice of real estate
Two designated agents, Mitch and Mickey, represent the buyer and seller in a single
transaction, respectively. What else do you know about the agency situation?
Mitch and Mickey are from different brokerages; both of their brokers are dual agents.
Mitch and Mickey are from different brokerages, but both of their brokers are single
agents.
Mitch and Mickey are from the same brokerage; their broker is a designated agent.
Mitch and Mickey are from the same brokerage; their broker is a dual agent. -
ANSWER-Mitch and Mickey are from the same brokerage; their broker is a dual agent.
The ______ makes it illegal to send unsolicited commercial solicitations via fax without
the recipient's permission or an established relationship.
Anti-Telemarketer Act of 2000
CAN-SPAM Act of 2003
Do Not Call Implementation Act of 2003
Junk Fax Prevention Act of 2005 - ANSWER-Junk Fax Prevention Act of 2005
Which of the following is true about title to a property?
Exam Part 2 (2023-2024) with Complete
Solutions.
What are the three most common forms of legal descriptions?
Lot and block, rectangular government survey, and monument
Metes and bounds, lot and block, and plat map
Metes and bounds, lot and block, and point of beginning
Metes and bounds, lot and block, and rectangular government survey - ANSWER-
Metes and bounds, lot and block, and rectangular government survey
Janie's got an open house scheduled for Sunday, but lets her friend in on Saturday to
preview it. It's love at first sight! With the owner out of town, Janie decides to cancel the
open house so there won't be any other offers. Her friend makes an offer and it's
accepted on Monday. What fiduciary duty or duties has Janie breached?
Accounting
Accounting and disclosure
Disclosure
Loyalty and disclosure - ANSWER-Loyalty and disclosure
Co-ownership with inheritance rights is what kind of real property ownership?
Joint tenancy
Tenancy by the entirety
Tenancy in common
Tenancy in severalty - ANSWER-Tenancy in common
In Virginia, how long does a buyer have to initiate a court action for a breach of
contract?
The buyer has six years to initiate a court action.
The buyer must initiate action within five years of the date of the contract.
The buyer must take action immediately.
There is no time limit as long as the buyer can prove a breach of contract occurred. -
ANSWER-The buyer must initiate action within five years of the date of the contract.
If Elizabeth is a property manager, she is acting as what of type of agent?
Dual
General
Special/specific
Unlicensed - ANSWER-General
, Mark works at Farm and Country Bank, and has arranged an agricultural loan for Josh,
a local organic farmer. Josh didn't meet the bank's normal underwriting standards, but
Mark made the loan because he was able to arrange for a guarantee from ______.
Farmer Mac
The Farm Credit System
The Farm Service Agency
The Federal Agricultural Housing Authority - ANSWER-The Farm Service Agency
Which of the following is a private agreement that impacts the use of the land?
Assessment
Deed restriction
Encroachment
Encumbrance - ANSWER-Deed restriction
A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly
principal and interest payment is $3,078.59. How many payments will he make over the
course of the loan?
180
240
30
360 - ANSWER-360
What does the Code of Virginia Title 54.1 Chapter 21 establish?
The Board of Governors
The Board of Real Estate Trustees
The Virginia Real Estate Board and regulations governing the practice of real estate
The Virginia School board - ANSWER-The Virginia Real Estate Board and regulations
governing the practice of real estate
Two designated agents, Mitch and Mickey, represent the buyer and seller in a single
transaction, respectively. What else do you know about the agency situation?
Mitch and Mickey are from different brokerages; both of their brokers are dual agents.
Mitch and Mickey are from different brokerages, but both of their brokers are single
agents.
Mitch and Mickey are from the same brokerage; their broker is a designated agent.
Mitch and Mickey are from the same brokerage; their broker is a dual agent. -
ANSWER-Mitch and Mickey are from the same brokerage; their broker is a dual agent.
The ______ makes it illegal to send unsolicited commercial solicitations via fax without
the recipient's permission or an established relationship.
Anti-Telemarketer Act of 2000
CAN-SPAM Act of 2003
Do Not Call Implementation Act of 2003
Junk Fax Prevention Act of 2005 - ANSWER-Junk Fax Prevention Act of 2005
Which of the following is true about title to a property?
