Virginia Exam
independent contractor - ✔✔ correct answer The types of agency relationship that are recognized
under Virginia agency law include all of the following EXCEPT
a. standard agent.
b. limited service agent.
c. independent contractor.
d. designated agent.
in none of these - ✔✔ correct answer A triple murder was committed on a property six months ago.
Virginia law requires that disclosure of this fact be made
a. in the MLS listing.
b. prior to writing an offer to purchase.
c. three days prior to settlement.
d. in none of these.
funds may be held privately - ✔✔ correct answer All of the following statements regarding the first-
time homebuyers savings accounts allowed in Virginia are true EXCEPT
a. account holders may contribute up to $50,000.
b. principal and interest up to $150,000 may be withdrawn without paying state taxes.
c. funds must be used for real estate transaction costs listed on the Settlement Statement (HUD-1).
d. funds may be held privately.
two rental properties plus a principal residence - ✔✔ correct answer The 2014 Virginia General
Assembly changed the "trigger number" that determines if a landlord is subject to the Virginia
Residential Landlord Tenant Act (VRLTA) to
a. two owned properties.
b. two rental properties plus a principal residence.
c. four rental properties in an urban area.
d. 10 rental properties in an urban area.
a request from either client or broker - ✔✔ correct answer Ideally, all brokerage relationships end
with a successful transaction that goes to settlement. Other legal ways for termination of the
relationship include all of the following EXCEPT
a. mutual agreement by all parties.
, Virginia Exam
b. a default by either party.
c. a request from either client or broker.
d. a licensee's withdrawal if a client refuses to consent to disclosed dual agency.
promote the best interests of the client - ✔✔ correct answer Virginia agency law lists seven statutory
duties to be performed by all licensees. The only one of these duties that allows for some variation is
in the duty to
a. perform according to the terms of the brokerage relationship.
b. promote the best interests of the client.
c. maintain confidentiality of all personal and financial information.
d. exercise ordinary care.
ensure that clients are made aware of the risks involved in dual agency - ✔✔ correct answer The
primary purpose for creating the new Disclosure of Dual Agency or Dual Representation form was to
a. encourage the use of dual agency.
b. encourage the use of designated agency.
c. ensure that clients are made aware of the risks involved in dual agency.
d. make it easier to withdraw from dual agency.
the property management agreement be in writing and have a definite termination date - ✔✔
correct answer The duties required of a licensee engaged to manage real estate are essentially the
same of those required of a licensee representing a buyer or a seller. The law now requires that
a. all material facts concerning the property are disclosed.
b. licensees maintain confidentiality of information.
c. all monies and properties received are properly account for.
d. the property management agreement be in writing and have a definite termination date.
dower and curtesy rights - ✔✔ correct answer The Augmented Estate and Elective Share Act includes
the law of descent and distribution, which is similar to the earlier law regarding
a. eminent domain.
b. dower and curtesy rights.
c. homestead exemption.
d. adverse possession.
independent contractor - ✔✔ correct answer The types of agency relationship that are recognized
under Virginia agency law include all of the following EXCEPT
a. standard agent.
b. limited service agent.
c. independent contractor.
d. designated agent.
in none of these - ✔✔ correct answer A triple murder was committed on a property six months ago.
Virginia law requires that disclosure of this fact be made
a. in the MLS listing.
b. prior to writing an offer to purchase.
c. three days prior to settlement.
d. in none of these.
funds may be held privately - ✔✔ correct answer All of the following statements regarding the first-
time homebuyers savings accounts allowed in Virginia are true EXCEPT
a. account holders may contribute up to $50,000.
b. principal and interest up to $150,000 may be withdrawn without paying state taxes.
c. funds must be used for real estate transaction costs listed on the Settlement Statement (HUD-1).
d. funds may be held privately.
two rental properties plus a principal residence - ✔✔ correct answer The 2014 Virginia General
Assembly changed the "trigger number" that determines if a landlord is subject to the Virginia
Residential Landlord Tenant Act (VRLTA) to
a. two owned properties.
b. two rental properties plus a principal residence.
c. four rental properties in an urban area.
d. 10 rental properties in an urban area.
a request from either client or broker - ✔✔ correct answer Ideally, all brokerage relationships end
with a successful transaction that goes to settlement. Other legal ways for termination of the
relationship include all of the following EXCEPT
a. mutual agreement by all parties.
, Virginia Exam
b. a default by either party.
c. a request from either client or broker.
d. a licensee's withdrawal if a client refuses to consent to disclosed dual agency.
promote the best interests of the client - ✔✔ correct answer Virginia agency law lists seven statutory
duties to be performed by all licensees. The only one of these duties that allows for some variation is
in the duty to
a. perform according to the terms of the brokerage relationship.
b. promote the best interests of the client.
c. maintain confidentiality of all personal and financial information.
d. exercise ordinary care.
ensure that clients are made aware of the risks involved in dual agency - ✔✔ correct answer The
primary purpose for creating the new Disclosure of Dual Agency or Dual Representation form was to
a. encourage the use of dual agency.
b. encourage the use of designated agency.
c. ensure that clients are made aware of the risks involved in dual agency.
d. make it easier to withdraw from dual agency.
the property management agreement be in writing and have a definite termination date - ✔✔
correct answer The duties required of a licensee engaged to manage real estate are essentially the
same of those required of a licensee representing a buyer or a seller. The law now requires that
a. all material facts concerning the property are disclosed.
b. licensees maintain confidentiality of information.
c. all monies and properties received are properly account for.
d. the property management agreement be in writing and have a definite termination date.
dower and curtesy rights - ✔✔ correct answer The Augmented Estate and Elective Share Act includes
the law of descent and distribution, which is similar to the earlier law regarding
a. eminent domain.
b. dower and curtesy rights.
c. homestead exemption.
d. adverse possession.
