Virginia Real Estate Practice Exam Questions & Answers Solved 100%

1. Brokerage definition... - Answer the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - Answer schools and cemetary 3. What is an example of functional obsolescence? - Answer bathroom 4. Principal definition... - Answer a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... - Answer the process of determining the present value of a property from it's future income. 6. What is the salespersons obligation to a buyer under single agency listing? - Answer Inform the buyer 8. All are examples of real estate except... - Answer factories 9. What is homeowners insurance? - Answer Insurance to protect owners from fires and other etc. 10. Special agent definition... - Answer the type of agency in which the principal authorizes the agent to represent the agent in "one specific transaction or business activity" 11. Which is not used to determine cost approach to estimate value? -Quantity Survey Method -Unit-in-Place Method -Square Foot Method -Gross Rent Multiplier Method - Answer Gross Rent Multiplier Method What is steering? - Answer the unlawful act of keeping a buyer away from certain communities or guiding them to purchase in certain communities. 15. Entitlement to commission when transaction is not consummated. - Answer Except when listing broker does not disclose information 16. Can a salesperson give legal advice? - Answer No, not unless they are an attorney. 17. Who determines the commission in a listing contract? - Answer An agreement between the owner and broker 19. All are typical duties of a property manager with the exception of... - Answer Investing profits 20. Transfer tax is typically paid by for by whom? - Answer Buyer and seller 21. Blockbusting definition... - Answer An illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. 23. Special agency listing definition... - Answer n/a 25. Net listing definition... - Answer a type of listing in which a seller desires to sell real property and receive a guaranteed amount of money for the sale, so that the broker's commission is any sale price amount of money over and above the guaranteed price to the seller. 26. The main factor a property manager should use to evaluate a prospective tenant is - Answer can they make monthly rent payments on time. 27. All are examples of single agency disclosures with the exception of - Answer revealing the owner will except less. 30. What is the most reliable method of appraisal for residential real estate? - Answer Sales comparison approach