Virginia Real Estate Testprep Exam
Questions and Answers 100% Correct
An offer is accepted by all parties with a settlement date of September 5. Three days
prior to settlement the purchaser notifies the seller that funds are not available and
settlement cannot take place as scheduled. Which of the following options are
available to the seller? - ANSWER-Any of the above
a. Sue for specific performance
b. Sue for monetary damages
c. Allow rescission of the contract
A broker obtains an open listing on a piece of property. In order to collect a
commission on the sale of this property, the broker must be able to prove which of
the following? - ANSWER-All of the above
a. He was licensed at the time of the sale
b. He was employed at the time of the sale
c. He was the procuring cause of the sale
When a seller and licensed salesperson agree to a listing, on terms acceptable to
the broker, an agency relationship is established between: - ANSWER-The listing
broker and the seller
A broker would be in violation of the Federal Fair Housing Law for all of the following
actions EXCEPT: - ANSWER-Hiring salespeople, on the basis of sex, regardless of
experience or qualifications.
A broker is representing a buyer. When the broker is showing property, he may NOT
disclose to his buyer: - ANSWER-The current owner is infected with the HIV virus.
The Virginia Fair Housing Law prohibits discrimination on the basis of: - ANSWER-
Familial status.
The net income on a property is $350 per month which represents a 9.2% annual
rate of return on the value of the property. What is the approximate value of the
property? - ANSWER-$45,650
$350 X 12 months = $4,200 annual income. $4,200 divided by 9.2% = $45,652.17 or
$45,650
A licensee has refused to pay a special assessment of $20.00 to the Transaction
Recovery Fund even after receiving a second notice. At this point, the licensee: -
ANSWER-Is automatically suspended after 30 days.
Which of the following statements BEST illustrates the difference between puffing
and misrepresentation? - ANSWER-Puffing is an exaggeration, not concealing
, material facts; misrepresentation is unjustly harming a person by concealing material
facts
An owner has entered into a listing agreement with a broker. During the period of the
agreement, the owner sells the property himself. The owner is not legally required to
pay a commission to the broker. What type of listing agreement did the owner have?
- ANSWER-An exclusive agency
After an offer to purchase has been made and accepted, the broker may change the
contract, under which of the following circumstances? - ANSWER-With the approval
of all parties involved in the contract.
Which of the following would cause a deed to be void? - ANSWER-Illegal purpose
A contract cannot be consummated because of a disagreement between buyer and
seller. The broker still has the earnest money deposit in his escrow account. The
seller has demanded that the deposit be given to him and the buyer has demanded
that the deposit be returned to her. What can the broker legally do? - ANSWER-Hold
the funds until ordered by the court to disburse
Under Truth-in-Lending, full disclosure of all financing terms is required. Which of the
following could be omitted and NOT violate the regulation? - ANSWER-Selling price
of the property
A restrictive covenant in a deed could: - ANSWER-Prevent the use of the property as
a dance hall
A brokerage relationship may be terminated prior to completion of the contract in
which of the following circumstances? - ANSWER-Mutually agreed-upon termination.
A person that authorizes another to act for him or her is known as the: - ANSWER-
Client
If a motel clerk furnishes a broker with leads to prospective buyers in exchange for a
percentage of the commission collected, which of the following would be true? -
ANSWER-The clerk must be licensed as a broker
The document that determines what type of improvements you can build in a certain
area is: - ANSWER-Zoning ordinance
A salesperson may work for a broker, licensed in another jurisdiction, other than his
or her employing broker, with the: - ANSWER-Permission of his or her employing
broker.
The Virginia Time-Share Act defines a time-share as a right to occupy a unit or any
of several units during: - ANSWER-Five or more separated time periods over a
period of at least five years coupled with either a freehold estate or an estate for
years in a time-share project
Questions and Answers 100% Correct
An offer is accepted by all parties with a settlement date of September 5. Three days
prior to settlement the purchaser notifies the seller that funds are not available and
settlement cannot take place as scheduled. Which of the following options are
available to the seller? - ANSWER-Any of the above
a. Sue for specific performance
b. Sue for monetary damages
c. Allow rescission of the contract
A broker obtains an open listing on a piece of property. In order to collect a
commission on the sale of this property, the broker must be able to prove which of
the following? - ANSWER-All of the above
a. He was licensed at the time of the sale
b. He was employed at the time of the sale
c. He was the procuring cause of the sale
When a seller and licensed salesperson agree to a listing, on terms acceptable to
the broker, an agency relationship is established between: - ANSWER-The listing
broker and the seller
A broker would be in violation of the Federal Fair Housing Law for all of the following
actions EXCEPT: - ANSWER-Hiring salespeople, on the basis of sex, regardless of
experience or qualifications.
A broker is representing a buyer. When the broker is showing property, he may NOT
disclose to his buyer: - ANSWER-The current owner is infected with the HIV virus.
The Virginia Fair Housing Law prohibits discrimination on the basis of: - ANSWER-
Familial status.
The net income on a property is $350 per month which represents a 9.2% annual
rate of return on the value of the property. What is the approximate value of the
property? - ANSWER-$45,650
$350 X 12 months = $4,200 annual income. $4,200 divided by 9.2% = $45,652.17 or
$45,650
A licensee has refused to pay a special assessment of $20.00 to the Transaction
Recovery Fund even after receiving a second notice. At this point, the licensee: -
ANSWER-Is automatically suspended after 30 days.
Which of the following statements BEST illustrates the difference between puffing
and misrepresentation? - ANSWER-Puffing is an exaggeration, not concealing
, material facts; misrepresentation is unjustly harming a person by concealing material
facts
An owner has entered into a listing agreement with a broker. During the period of the
agreement, the owner sells the property himself. The owner is not legally required to
pay a commission to the broker. What type of listing agreement did the owner have?
- ANSWER-An exclusive agency
After an offer to purchase has been made and accepted, the broker may change the
contract, under which of the following circumstances? - ANSWER-With the approval
of all parties involved in the contract.
Which of the following would cause a deed to be void? - ANSWER-Illegal purpose
A contract cannot be consummated because of a disagreement between buyer and
seller. The broker still has the earnest money deposit in his escrow account. The
seller has demanded that the deposit be given to him and the buyer has demanded
that the deposit be returned to her. What can the broker legally do? - ANSWER-Hold
the funds until ordered by the court to disburse
Under Truth-in-Lending, full disclosure of all financing terms is required. Which of the
following could be omitted and NOT violate the regulation? - ANSWER-Selling price
of the property
A restrictive covenant in a deed could: - ANSWER-Prevent the use of the property as
a dance hall
A brokerage relationship may be terminated prior to completion of the contract in
which of the following circumstances? - ANSWER-Mutually agreed-upon termination.
A person that authorizes another to act for him or her is known as the: - ANSWER-
Client
If a motel clerk furnishes a broker with leads to prospective buyers in exchange for a
percentage of the commission collected, which of the following would be true? -
ANSWER-The clerk must be licensed as a broker
The document that determines what type of improvements you can build in a certain
area is: - ANSWER-Zoning ordinance
A salesperson may work for a broker, licensed in another jurisdiction, other than his
or her employing broker, with the: - ANSWER-Permission of his or her employing
broker.
The Virginia Time-Share Act defines a time-share as a right to occupy a unit or any
of several units during: - ANSWER-Five or more separated time periods over a
period of at least five years coupled with either a freehold estate or an estate for
years in a time-share project
