VA Real Estate Final Exam
According to the VRLTA, a copy of the written rental agreement must be provided to the tenant
within ______________ of the agreement's effective date. - ANS -One month
In Virginia, a landlord must provide a copy of the written rental agreement. When must this be
provided? - ANS -Within one month of the agreement's effective date
Which of the following is a task that a licensee could perform for a customer in a transaction? -
ANS -Providing the opposing party with signed copies of paperwork
Erin, a contractor and licensee, is selling one of a group of homes she built this year. Which of
the following is true about her disclosure responsibilities? - ANS -Erin only needs to disclose
any known defects that are considered building code violations.
According to the disclosure statement, what is a seller's disclosure obligation if a sex offender
lives near their property? - ANS -The seller makes no representations.
Under which of the following circumstances can a buyer agency agreement be terminated in
Virginia? - ANS -If the buyer and agent both agree in writing to end the agreement.
In Virginia, in what form can a buyer pay earnest money? - ANS -Cash, check, bank letter of
credit, or promissory note
A Virginia resident has worked with the Virginia Housing Development Authority on their first
home purchase. The purchase is being secured by a deed of trust. Who are the parties
involved? - ANS -Trustee, trustor, beneficiary
Why does a designated agency relationship require a disclosure signed by both parties? - ANS
-Because although each party is represented by a different licensee, all brokerage agreements
are in the broker's name. Consumers must be made aware of this.
In Virginia, landlords may amend a rental agreement if ______. - ANS -The landlord and tenant
agree to the changes
The Real Estate Board has issued a charge of discrimination against a real estate licensee in
Virginia. What should the licensee expect to happen next? - ANS -The charge will be referred to
the Attorney General's office
What is the general purpose of a POA? - ANS -Make and enforce rules for the properties in its
jurisdiction
,Which of the following is true about a broker's recordkeeping responsibilities? - ANS -Brokers
must keep records of signed dual agency consent forms for three years.
You should ______ before you affiliate with a broker. - ANS -Ask lots of questions
A timeshare owner has decided to sell her share, and has found a buyer. What does she need
to provide to the buyer? - ANS -A Certificate of Resale
Identify which of these actions is a prohibited activity for a real estate licensee in Virginia. - ANS
-Increasing the rent and security deposit for a family with seven children.
Which of these statements about septic systems and disclosure are true? - ANS -Septic
systems that don't involve additional maintenance requirements and a waiver don't have to be
disclosed.
When does a dual agency disclosure need to be provided? - ANS -Prior to a dual agency
situation occurring
What Virginia regulatory authority protects wetlands through the Water Protection Permit
program? - ANS -Department of Environmental Quality
What is a seller representation agreement also known as? - ANS -A listing agreement
What is used to secure a home loan in Virginia? - ANS -Deed of trust
Shayla has been a principal broker for almost eight years. Does she have to submit proof of
continuing education (CE) the next time she renews her license? - ANS -Yes, because brokers
need to take CE as part of their renewal process.
How often should a principal broker conduct an audit (or arrange to have one done)? - ANS
-Every two years
Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help
of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker
Simone has provided advice and encouragement, but hasn't been directly involved in the
transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's
responsible for opening this escrow account? - ANS -Simone
Clifford is working for a couple of different sellers at the moment. His seller, Jim, only wants
Clifford to help create a listing and get it on the MLS. His seller, Pam, wants Clifford to list the
property, market the property, assist in reviewing offers and preparing counter-offers, and lead
her through the entire transaction. In which role is Clifford acting for each of these clients? -
ANS -Clifford is acting as a limited service agent for Jim and a standard agent for Pam.
, Which of the following examples describes a condominium? - ANS -Ownership of the pool,
grassy areas, and walkways is shared, while units are privately owned.
Derek, a real estate licensee, has had a fair housing complaint filed against him with the Virginia
Fair Housing Office. Which group is responsible for either dismissing the complaint or issuing a
charge of discrimination? - ANS -The Virginia Real Estate Board
What is one purpose of the Equipment Condition and Inspection section in the Residential
Contract of Purchase? - ANS -To give notice to the parties that the seller must provide the
buyer and the buyer's representatives reasonable access to the property.
When some activities are conducted in wetland areas, permits are required. In Virginia, what
regulatory authority issues these permits? - ANS -Department of Environmental Quality
Which of the following situations is the best example of designated agency? - ANS -Agent
Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's
condo. Devin and Denise both work for Blue Skies Realty.
Parker represents buyer clients, Mr. and Mrs. Merryweather, who have just made an offer on a
house. Parker presents the offer to the seller's agent and says, "Just so you know, my clients
are happy to come down a bit on that price." Has Parker done anything wrong, and if so, what? -
ANS -Parker has violated the duty of confidentiality he owes his clients.
Fran is a seller's agent. In which of these Virginia scenarios is she breaking a federal law? -
ANS -A potential buyer asks, "Do you know if anyone who lives here has HIV?" Fran answers,
"Yes. The current owner's son does."
According to the Virginia Residential Landlord and Tenant Act, who's responsible for ensuring
that residential dwellings have locks on the sliding glass doors? - ANS -The landlord
The VREB has cause to believe that the escrow accounts at Green Valley Brokerage are being
mismanaged. Which of the following is an action they can take? - ANS -They can petition the
court to appoint a receiver to oversee the escrow accounts.
Which section of the Residential Contract of Purchase requires the seller of a condo that is
subject to the Virginia Condominium Act to give the buyer a copy of the resale certificate from
the unit owners' association? - ANS -The Virginia Condominium Act section
Felicity has been found guilty of practicing real estate without an active license. Which of the
following statements about her situation is true? - ANS -She's subject to a VREB investigation.
Which of the following best explains the difference between misrepresentations and omissions?
- ANS -Misrepresentations can be intentional or unintentional. Omissions are one type of
misrepresentation.
According to the VRLTA, a copy of the written rental agreement must be provided to the tenant
within ______________ of the agreement's effective date. - ANS -One month
In Virginia, a landlord must provide a copy of the written rental agreement. When must this be
provided? - ANS -Within one month of the agreement's effective date
Which of the following is a task that a licensee could perform for a customer in a transaction? -
ANS -Providing the opposing party with signed copies of paperwork
Erin, a contractor and licensee, is selling one of a group of homes she built this year. Which of
the following is true about her disclosure responsibilities? - ANS -Erin only needs to disclose
any known defects that are considered building code violations.
According to the disclosure statement, what is a seller's disclosure obligation if a sex offender
lives near their property? - ANS -The seller makes no representations.
Under which of the following circumstances can a buyer agency agreement be terminated in
Virginia? - ANS -If the buyer and agent both agree in writing to end the agreement.
In Virginia, in what form can a buyer pay earnest money? - ANS -Cash, check, bank letter of
credit, or promissory note
A Virginia resident has worked with the Virginia Housing Development Authority on their first
home purchase. The purchase is being secured by a deed of trust. Who are the parties
involved? - ANS -Trustee, trustor, beneficiary
Why does a designated agency relationship require a disclosure signed by both parties? - ANS
-Because although each party is represented by a different licensee, all brokerage agreements
are in the broker's name. Consumers must be made aware of this.
In Virginia, landlords may amend a rental agreement if ______. - ANS -The landlord and tenant
agree to the changes
The Real Estate Board has issued a charge of discrimination against a real estate licensee in
Virginia. What should the licensee expect to happen next? - ANS -The charge will be referred to
the Attorney General's office
What is the general purpose of a POA? - ANS -Make and enforce rules for the properties in its
jurisdiction
,Which of the following is true about a broker's recordkeeping responsibilities? - ANS -Brokers
must keep records of signed dual agency consent forms for three years.
You should ______ before you affiliate with a broker. - ANS -Ask lots of questions
A timeshare owner has decided to sell her share, and has found a buyer. What does she need
to provide to the buyer? - ANS -A Certificate of Resale
Identify which of these actions is a prohibited activity for a real estate licensee in Virginia. - ANS
-Increasing the rent and security deposit for a family with seven children.
Which of these statements about septic systems and disclosure are true? - ANS -Septic
systems that don't involve additional maintenance requirements and a waiver don't have to be
disclosed.
When does a dual agency disclosure need to be provided? - ANS -Prior to a dual agency
situation occurring
What Virginia regulatory authority protects wetlands through the Water Protection Permit
program? - ANS -Department of Environmental Quality
What is a seller representation agreement also known as? - ANS -A listing agreement
What is used to secure a home loan in Virginia? - ANS -Deed of trust
Shayla has been a principal broker for almost eight years. Does she have to submit proof of
continuing education (CE) the next time she renews her license? - ANS -Yes, because brokers
need to take CE as part of their renewal process.
How often should a principal broker conduct an audit (or arrange to have one done)? - ANS
-Every two years
Henry, a licensee, has worked long and hard to find a buyer for his seller client Maxine. The help
of the brokerage's unlicensed assistant Bart has been invaluable. Henry's principal broker
Simone has provided advice and encouragement, but hasn't been directly involved in the
transaction. Now, the buyer, Celia, has given Henry an earnest money check for $3,000. Who's
responsible for opening this escrow account? - ANS -Simone
Clifford is working for a couple of different sellers at the moment. His seller, Jim, only wants
Clifford to help create a listing and get it on the MLS. His seller, Pam, wants Clifford to list the
property, market the property, assist in reviewing offers and preparing counter-offers, and lead
her through the entire transaction. In which role is Clifford acting for each of these clients? -
ANS -Clifford is acting as a limited service agent for Jim and a standard agent for Pam.
, Which of the following examples describes a condominium? - ANS -Ownership of the pool,
grassy areas, and walkways is shared, while units are privately owned.
Derek, a real estate licensee, has had a fair housing complaint filed against him with the Virginia
Fair Housing Office. Which group is responsible for either dismissing the complaint or issuing a
charge of discrimination? - ANS -The Virginia Real Estate Board
What is one purpose of the Equipment Condition and Inspection section in the Residential
Contract of Purchase? - ANS -To give notice to the parties that the seller must provide the
buyer and the buyer's representatives reasonable access to the property.
When some activities are conducted in wetland areas, permits are required. In Virginia, what
regulatory authority issues these permits? - ANS -Department of Environmental Quality
Which of the following situations is the best example of designated agency? - ANS -Agent
Devin represents seller Angie, and agent Denise represents buyer Alex. Alex is buying Angie's
condo. Devin and Denise both work for Blue Skies Realty.
Parker represents buyer clients, Mr. and Mrs. Merryweather, who have just made an offer on a
house. Parker presents the offer to the seller's agent and says, "Just so you know, my clients
are happy to come down a bit on that price." Has Parker done anything wrong, and if so, what? -
ANS -Parker has violated the duty of confidentiality he owes his clients.
Fran is a seller's agent. In which of these Virginia scenarios is she breaking a federal law? -
ANS -A potential buyer asks, "Do you know if anyone who lives here has HIV?" Fran answers,
"Yes. The current owner's son does."
According to the Virginia Residential Landlord and Tenant Act, who's responsible for ensuring
that residential dwellings have locks on the sliding glass doors? - ANS -The landlord
The VREB has cause to believe that the escrow accounts at Green Valley Brokerage are being
mismanaged. Which of the following is an action they can take? - ANS -They can petition the
court to appoint a receiver to oversee the escrow accounts.
Which section of the Residential Contract of Purchase requires the seller of a condo that is
subject to the Virginia Condominium Act to give the buyer a copy of the resale certificate from
the unit owners' association? - ANS -The Virginia Condominium Act section
Felicity has been found guilty of practicing real estate without an active license. Which of the
following statements about her situation is true? - ANS -She's subject to a VREB investigation.
Which of the following best explains the difference between misrepresentations and omissions?
- ANS -Misrepresentations can be intentional or unintentional. Omissions are one type of
misrepresentation.
