Virginia State Exam Practice Questions with Correct Answers

Virginia State Exam Practice Questions with Correct Answers Which of the following statements about the Notice of Disclosure Pursuant to Virginia Residential Property Disclosure Act is true? A. As part of the disclosure, the seller is required to provide a list of sex offenders living near the property. b. The buyer is required by law to request a copy of the disclosure. c. The disclosure form is not part of the purchase agreement. d. The disclosure form is part of the purchase agreement. - answerc. The disclosure form is not part of the purchase agreement. Which of the following transactions demonstrates designated agency? a. Benny, a licensee from New Days Realty, represents seller Carmine. Bert, a licensee from Expertise Realty, represents Cassandra, the buyer. b. Benny, a licensee, represents seller Carmine and buyer Cassandra. c. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty. d. The seller, Carmine, is represented by licensee Benny. The buyer, Cassandra, is unrepresented. - answerc. Licensee Benny represents seller Carmine, and licensee Boyd represents buyer Cassandra. They both work for New Days Realty. 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. - answera. That either mining activities took place on the property or that it contains abandoned mines. Which of the following topics are required as part of the CIC manager license? a. Community psychology b. Construction and renovation basics c. History of common interest properties d. Management ethics - answerManagement ethics Rebecca is her own boss. Not only does she manage her own schedule and clients, she doesn't have a supervisor and completely manages her own CE and license renewal. She also doesn't have to share commission with anyone. What type of Virginia real estate license does Rebecca hold? a. Associate broker b. Associate broker with at least five years of experience c. Broker d. Salesperson - answerBroker In Virginia, a landlord must provide a copy of the written rental agreement. When must this be provided? a. Within 30 days of the tenant's occupancy b. Within five days of the tenant's occupancy c. Within one month of the agreement's effective date d. Within seven days - answerWithin one month of the agreement's effective date Seller Dom asks his agent, Chelsea, "I understand that my house is subject to extra regulations ... something about the Chesapeake Bay Preservation Act? What does that mean?" How should Chelsea respond? a. "If potential buyers ask about this act, I have an informative brochure ready to hand out." b. "I will make sure that all potential buyers know about these extra regulations up front, so you don't have to worry about it." c. "You are under no obligation to reveal the fact that your property is affected by this act." d. "You only have to explain these regulations if a potential buyer happens to ask about them, and that's not likely." - answerc. "You are under no obligation to reveal the fact that your property is affected by this act." Per the Well and Septic section of the Residential Contract of Purchase, what can the buyer do if the seller fails to remedy or repair defects to a well or septic system? a. Contact the EPA and report the seller. b. Either terminate the contract or waive the defect. c. Require the seller to take a much lower offer. d. Sue the seller for damages. - answerb. Either terminate the contract or waive the defect. Max is a condominium developer. For his new development, he is gathering documentation that he has to submit to the CIC board. Which of the following pieces of information is NOT likely to be included with this documentation? a. "Marketing rules for real estate personnel are as follows:" b. "Owner's rights include the following:" c. "There are 36 units, numbered 1-36, each between 2,000-2,500 square feet." d. "This is a leasehold timeshare condominium development." - answera. "Marketing rules for real estate personnel are as follows:" 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. - answera. He did nothing wrong.