Virginia Real Estate Exam
1,495+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Virginia real estate salesperson exam.
Real Estate Math
169 questions- A Virginia home sells for $425,000. The listing broker receives a 6% commission, split equally between the listing and buyer's brokers. How much does the listing broker receive?
- A Virginia property has an annual net operating income (NOI) of $36,000. If the capitalization rate is 8%, what is the property's estimated value?
- A buyer in Virginia purchases a home for $350,000 with a 10% down payment. The lender charges 2 discount points. What is the cost of the discount points?
- A Virginia rental property generates $2,400 per month in gross rent. The gross rent multiplier (GRM) for comparable properties is 120. What is the estimated value of the property?
- A Virginia home sells for $550,000. The Grantor's Tax is $0.50 per $500. How much does the seller pay in Grantor's Tax?
- A property in Virginia has an assessed value of $320,000. The local tax rate is $0.95 per $100 of assessed value. What is the annual property tax?
- A Virginia investment property has a NOI of $48,000 per year. If an investor requires a 7.5% cap rate, what is the maximum price to pay?
- A buyer purchases a Virginia home for $400,000 with a 5% down payment. What is the loan amount?
- A Virginia agent earns a 6% commission on a $475,000 sale. The agent's broker keeps 30% of the office commission share. How much does the agent receive if they split 50/50 with the buyer's broker?
- A Virginia seller wants to net $300,000 after paying a 6% broker commission. What must the property sell for?
- A Virginia property was purchased for $250,000 and sold 3 years later for $310,000. What was the percentage increase in value?
- A rectangular Virginia lot measures 150 feet by 200 feet. What is the lot size in acres? (1 acre = 43,560 sq ft)
- A Virginia property has monthly expenses of $1,200 and rents for $2,000/month. The effective gross income is $2,000/month. What is the annual net operating income (NOI)?
- A buyer in Virginia pays 2.5 discount points on a $320,000 loan. What is the total cost of the points?
- A Virginia property has a listed price of $385,000. A buyer makes an offer at 96% of list price. What is the offer price?
- A Virginia broker earns $18,000 in commission on a property sale with a 5% commission rate. What was the sale price?
- A Virginia investor buys a rental property for $200,000. After one year, the property appreciates 4%. What is the new value?
- A Virginia seller paid $280,000 for a home three years ago and sells it today for $315,000. The broker's commission is 5.5%. What are the net proceeds before other closing costs?
- A Virginia property tax bill is $4,200 annually. Closing occurs on April 1. Using 365-day proration, how much does the seller owe the buyer as a property tax credit?
- A Virginia home is assessed at 90% of its market value. The market value is $450,000 and the tax rate is $1.10 per $100 of assessed value. What is the annual tax bill?
- A Virginia agent sold 18 homes in a year at an average price of $340,000 with a 3% buyer's agent commission. What was the agent's gross commission income?
- A Virginia commercial property has an effective gross income of $180,000, operating expenses of $72,000, and a cap rate of 7%. What is the estimated value?
- A Virginia property owner wants to install a fence along the back 200 feet of their lot. The fence costs $28 per linear foot. What is the total cost?
- A Virginia salesperson earns a 2.8% co-op commission on a $525,000 sale. The broker takes 35% of the commission. What does the salesperson net?
- A Virginia property sold for $620,000. The buyer paid a 20% down payment and obtained a loan for the balance. What is the loan-to-value (LTV) ratio?
- A buyer in Virginia obtains an FHA loan with a 3.5% down payment on a $290,000 purchase price. What is the down payment?
- A Virginia duplex produces $1,500/month from each unit. Annual operating expenses are $12,000. Using a 9% cap rate, what is the property's value?
- A Virginia listing agent is advertising a property that was listed at $415,000 and sold at $399,000. What was the sales price as a percentage of list price?
- A Virginia commercial property has a net operating income of $95,000. If it sells for $1,187,500, what is the overall capitalization rate?
- A Virginia buyer's total monthly housing payment (PITI) is $2,400. Their gross monthly income is $7,200. What is their front-end DTI ratio?
- A Virginia property was purchased for $195,000 and sold 5 years later for $245,000. What was the total percentage gain?
- A Virginia property's monthly rent is $1,850. The property manager charges 8% of gross collected rent as a management fee. What is the annual management fee?
- A Virginia investor pays $1,200/month in principal and interest on a $200,000 mortgage. How much does the investor pay in mortgage payments in 5 years?
- A Virginia property has a gross income of $60,000, vacancy loss of 6%, and operating expenses of $20,000. What is the net operating income?
- A Virginia property has a potential gross income of $85,000, vacancy loss of 8%, and operating expenses equal to 35% of EGI. What is the NOI?
- A Virginia buyer obtains a $400,000 30-year loan at 6.5% interest. The monthly payment (P&I) is approximately $2,528. How much total interest will the buyer pay over the full 30-year term?
- A Virginia investment property was purchased for $500,000 with 25% down. The annual NOI is $40,000. What is the cash-on-cash return on the equity invested?
- A Virginia property has a listed price of $525,000. The buyer negotiates a 3% discount. What is the purchase price?
- A Virginia apartment complex has 20 units, each renting for $1,100/month. The vacancy rate is 5%. What is the annual effective gross income?
- A Virginia home sells for $375,000. The seller's broker charges 6% commission split equally between buyer's and seller's broker. What does each broker receive?
- A Virginia property was purchased for $280,000 and sold for $322,000. What was the percentage gain?
- A Virginia rental property produces $48,000 in gross annual rent with a 10% vacancy rate and $18,000 in operating expenses. What is the Net Operating Income (NOI)?
- A Virginia buyer puts 20% down on a $450,000 home. What is the loan amount?
- A Virginia property has an assessed value of $320,000 with an assessment ratio of 100% and a tax rate of $0.87 per $100. What are the annual property taxes?
- A Virginia agent earned a 3% commission on a $520,000 sale. Their broker splits 60/40 with the agent keeping 60%. What did the agent net?
- A Virginia property sold for $250,000. The Grantor's Tax is $0.50 per $500. What does the seller pay in Grantor's Tax?
- If a Virginia home is assessed at 90% of market value and the tax bill is $2,700 with a rate of $1.00 per $100, what is the market value?
- A rectangular Virginia lot is 150 feet wide and 200 feet deep. How many acres is this?
- A Virginia investor buys a property for $400,000 using $80,000 down. Annual NOI is $32,000. What is the cash-on-cash return?
- A Virginia buyer is purchasing a $500,000 home with a 5% down payment. If FHA UFMIP is 1.75%, what is the total financed amount (loan + financed UFMIP)?
- A Northern Virginia condo HOA charges $350/month. The buyer's lender includes the HOA fee in the debt-to-income calculation. If the buyer's gross monthly income is $8,000 and maximum DTI is 43%, what is the maximum total monthly debt allowed?
- A Virginia property sells for $650,000. If the buyer pays 3.5% down, what is the down payment amount?
- A Virginia commercial property has an annual NOI of $120,000 and a cap rate of 7.5%. What is the estimated value?
- A Virginia seller owes $180,000 on their mortgage. The home sells for $320,000. Selling costs are 7% of the sale price. What are the seller's net proceeds?
- A Virginia buyer makes an offer that is 5% below the listing price of $410,000. What is the offer price?
- A Northern Virginia property has a lot size of 0.5 acres. How many square feet is this?
- A Richmond investor buys a duplex for $400,000. Each unit rents for $1,400/month. What is the annual gross rent multiplier (GRM)?
- A Virginia agent earns a 2.5% commission on a $560,000 sale. Their brokerage keeps 40%. What does the agent net?
- A Virginia property's loan has a principal balance of $250,000 at 6% annually. What is the daily interest accrual (using 365 days)?
- A Virginia buyer is closing on September 15. The seller has prepaid annual HOA dues of $2,400 (Jan–Dec). Using a 360-day year (30-day months), what credit does the seller receive at closing?
- A Virginia investor purchases a rental property for $300,000. Annual NOI is $24,000. The investor requires a 9% cap rate to invest. Is this property priced appropriately?
- A Virginia rental property's gross scheduled income is $60,000. Vacancy is 5% and operating expenses are $22,000. What is the Net Operating Income?
- A Virginia property is purchased for $500,000 with 25% down. Closing costs are $8,000. What is the total cash needed at closing?
- Using the income approach, a Virginia property with an NOI of $45,000 and a cap rate of 7.5% has a value of approximately:
- A Virginia agent lists a home for $550,000. After 30 days, the seller agrees to a price reduction of 4%. What is the new listing price?
- A Virginia land parcel is one mile by one mile. How many acres does it contain?
- A Virginia salesperson receives a $9,000 gross commission. Their broker charges a 30% desk fee. What does the salesperson net?
- A Virginia property tax bill is $3,600 per year. Closing occurs on October 1. The seller has not yet paid the current year's taxes. Using a 360-day year, what is the seller's tax proration at closing?
- A rectangular Virginia commercial building is 80 feet × 120 feet. What is the gross square footage?
- A Virginia investor buys a 10-unit apartment complex. Each unit rents for $900/month with a 7% vacancy rate and $45,000 annual operating expenses. What is the NOI?
- A Virginia buyer is borrowing $350,000 at 6.5% for 30 years. Approximately what percentage of the first month's payment is interest?
- A Virginia home listed for $425,000 sells at 97% of list price. The 6% commission is split 50/50. How much does each brokerage receive?
- A Virginia agent's team member sells a $700,000 listing. The listing agent receives 3%, and the buyer's agent receives 3%. The listing agent gives 25% to the team lead. What does the listing agent net?
- A Virginia property has 2,500 sq ft of living space. At $185 per sq ft, what is the estimated value?
- A Virginia home sells for $750,000 with a 5.5% total commission. The buyer's broker receives 2.5%. What is the listing broker's commission?
- Using simple interest, a Virginia bridge loan of $100,000 at 8% annual interest for 90 days accrues how much interest?
- A Virginia condo association collects $1,200/month from 24 units. Annual operating expenses are $200,000. What is the monthly surplus or deficit?
- A Virginia investor buys a property for $240,000 and spends $40,000 renovating it. She sells it for $340,000 with $20,000 in selling costs. What is the profit?
- A Virginia listing agreement authorizes a 6% commission on the first $300,000 and 4% on any amount above. The home sells for $450,000. What is the total commission?
- A 30-year Virginia mortgage of $200,000 at 5% has a monthly P&I payment of approximately $1,073. After the first year, approximately how much principal has been paid?
- A Virginia homeowner refinances their $300,000 mortgage and pays 1.5 points as origination. What do the points cost?
- A Virginia commercial tenant leases 2,000 sq ft at $25/sq ft annually on a NNN lease. Monthly base rent is:
- A Virginia investment property produces $72,000 in annual rent. With a 5% vacancy rate and $25,000 in operating expenses, and a purchase price of $600,000, what is the cap rate?
- A Virginia buyer's total monthly housing expense (PITI) is $2,200. Their gross monthly income is $7,500. What is their housing expense ratio?
- A Virginia developer buys land for $500,000. She builds 20 homes at $150,000 each in construction costs. She sells all homes at $220,000 each. What is her gross profit?
- A Virginia property has an asking price of $485,000. The buyer offers $465,000 and the seller counters at $475,000. The buyer accepts the counter. What is the sale price?
- A Virginia seller's closing statement shows proceeds of $310,000. They owe $185,000 on their mortgage and $4,500 in other liens. What do they walk away with?
- A Virginia buyer's monthly mortgage payment is $1,850. Annual property taxes are $3,600 and homeowner's insurance is $1,200/year. What is the total monthly PITI payment (excluding PMI)?
- A Virginia home sold for $620,000. Transfer taxes total 0.25% of the sale price. How much are the transfer taxes?
- A Virginia duplex rents for $1,600/month per unit. What annual gross rent multiplier would a buyer at $350,000 be paying?
- A Virginia lot is sold by the front foot. The lot is 60 feet wide and 150 feet deep. At $800 per front foot, what is the sale price?
- A Virginia rental property mortgage payment is $1,500/month. NOI (after all operating expenses) is $2,200/month. What is the monthly cash flow?
- In a Virginia 1031 exchange, the investor sells a property for $800,000 with a basis of $400,000. To fully defer capital gains, the replacement property must be worth at least:
- A Virginia investor buys a vacant lot for $120,000 and sells it 18 months later for $144,000. What is the annual rate of return (simple interest)?
- A Virginia seller owes $220,000 on their home. Selling costs are $18,000 and they need to net at least $50,000 after all costs. What is the minimum acceptable sale price?
- A Virginia commercial building has 15,000 sq ft with 12,000 sq ft occupied. What is the occupancy rate?
- A Virginia agent needs to sell their listing at a price that gives the seller $350,000 after paying 6% commission. What is the minimum sale price?
- A Virginia property is appraised at $425,000. The assessed value is 80% of appraised value. With a tax rate of $1.10 per $100, what are the annual taxes?
- A Virginia buyer makes a 3% down payment on a $380,000 home. PMI is 0.5% annually of the loan amount. What is the monthly PMI payment?
- A Virginia property's replacement cost new is $350,000. It has accrued 30% depreciation. Land value is $100,000. What is the indicated value using the cost approach?
- A Virginia investor receives $1,500/month in rent and pays $1,100 in mortgage, $200 in taxes, $75 in insurance, and $150 in maintenance monthly. What is the monthly cash flow?
- A Virginia leased property generates $5,000/month in rent. The NNN expenses are $1,500/month. What is the annual NOI?
- A Virginia property is purchased for $600,000 with a 25% down payment. If the property appreciates 5% in year one, what is the return on equity (cash-on-cash appreciation)?
- A Virginia builder sells a new home for $525,000. Construction cost was $350,000 (land included). What is the builder's gross profit margin?
- A Virginia seller's gross proceeds at closing are $475,000. They owe $280,000 on the mortgage, $2,500 in property taxes (prorated), and $28,500 in brokerage commissions. What are the net proceeds?
- A Virginia agent receives a referral fee of $1,500 for sending a client to a lender. This fee is:
- A Virginia apartment complex with 50 units has 48 occupied. The monthly rent per unit is $1,200. What is the annual effective gross income?
- A Northern Virginia buyer is putting 10% down on a $900,000 home. How much is the down payment?
- A Virginia rental property costs $280,000. The monthly rent is $2,100. What is the gross rent multiplier (using monthly rent)?
- A Virginia property tax bill is $4,200 per year. If the assessment rate is $1.05 per $100 of assessed value and the property is assessed at 100% of value, what is the assessed value?
- A Virginia commercial lease has a CAM charge of $8 per sq ft per year for 3,500 sq ft. What is the monthly CAM charge?
- A Virginia buyer finances $320,000 at 5.5% for 30 years. The monthly payment (P&I only) is approximately $1,817. How much total interest is paid over the life of the loan?
- A Virginia seller listed their home for $529,000 and accepted an offer at $510,000. The commission is 5.5%. What is the commission dollar amount?
- A Virginia commercial tenant is in a 5-year lease at $3,500/month with 3% annual escalations. What is the monthly rent in year 3?
- A Virginia buyer takes out a $350,000 loan. Points paid: 1.5 points. PMI: 0.65% annually. What are the upfront points cost?
- A Virginia property has a NOI of $36,000 and is valued at $480,000. What is the cap rate?
- A Virginia rental property generates $2,400/month. Annual expenses are $10,000. If the property sells for 12 times annual NOI, what is the sale price?
- In Virginia, the Grantor's Tax on a $600,000 sale is $0.50 per $500. What does the seller pay?
- A Virginia buyer obtains a $400,000 FHA loan. The UFMIP is 1.75%. How much is the UFMIP?
- A Virginia investor's property has annual gross rent of $42,000, expenses of $16,000, and debt service of $18,000. What is the annual cash flow?
- A Virginia commercial property's NOI is $75,000 and the value is $1,000,000. If the NOI increases to $85,000 with the same cap rate, what is the new value?
- A Virginia buyer's monthly gross income is $9,000. Their lender has a maximum front-end ratio of 28%. What is the maximum monthly PITI allowed?
- A Virginia property's assessed value is $450,000. The property is appealing their assessment claiming it is overvalued by 10%. If successful, what would the new assessed value be?
- A Virginia property sells for $875,000 with closing costs of 3% paid by the buyer. How much are the buyer's closing costs?
- A Virginia agent lists a home for $389,000. Buyers typically offer 96% of list in this market. What offer amount should the agent suggest is typical?
- A Virginia buyer is pre-approved for a loan with a maximum monthly PITI of $2,800. If annual taxes are $3,600 and insurance is $1,200, what is the maximum monthly mortgage payment (P&I only)?
- A Virginia property had assessed value of $300,000 and a tax rate of $0.96 per $100. The county reassesses all properties at 10% higher. What is the new tax bill?
- A Virginia listing contract specifies the agent receives 5% on the first $200,000 and 3% on the balance. The home sells for $350,000. What is the total commission?
- A Virginia property costs $475,000. A buyer makes a 15% down payment. If PMI is required at 0.6% of the loan, what is the annual PMI cost?
- A Virginia transaction has these costs: appraisal $550, title search $400, settlement fee $750, recording fees $150. Total closing costs for these items are:
- A Virginia agent lists 12 homes per year averaging $400,000 each. At a 3% commission (listing side), what is their annual gross commission income?
- A Virginia real estate investor calculates the 'break-even ratio' (BER) for a property. If NOI is $40,000, debt service is $30,000, and gross scheduled income is $55,000, what is the BER?
- A Virginia 4-unit apartment building sold for $650,000. Annual gross rent = $52,800. What is the price per unit?
- A Virginia property has the following income and expenses: Gross rent $96,000, vacancy 8%, maintenance $8,000, management 8% of EGI, taxes $6,000, insurance $2,400. What is the NOI?
- A Virginia buyer is taking a $275,000 loan at 6% for 30 years. The lender charges 2 points. What is the total upfront cost of the points?
- A Virginia property's GRM is 130 based on monthly rent. If the property generates $2,500/month, what is the estimated value?
- A Virginia seller received a net sheet showing $42,000 in net proceeds after paying 6% commission on the sale price of $510,000. What are the net proceeds after subtracting only the commission?
- A Virginia home has been on the market for 120 days with no offers. The seller reduces the price by 8% from $549,000. What is the new price?
- A Virginia property management company manages 150 units averaging $1,100/month rent. At a 9% management fee, what are their monthly management fees?
- A Virginia seller accepts an offer of $429,000. Closing costs they must pay are: $21,450 commission, $858 Grantor's Tax, $500 deed preparation, and $125 recording fee. What are the seller's total closing costs?
- A Virginia investor buys a 6% cap rate property for $800,000. If market cap rates compress to 5%, what is the new value (assuming NOI unchanged)?
- A Virginia agent sold $8.5 million in real estate last year at an average 2.75% commission (their side). What was their gross commission income?
- A Virginia buyer closes on October 15. The seller has paid the full year's property taxes of $3,000. What credit is the buyer entitled to for the seller's tax prepayment? (Use 365 days)
- A Virginia seller's home cost $240,000 ten years ago. They sell for $385,000. After paying $23,100 in commission and $5,000 in other closing costs, what is their taxable capital gain?
- A Virginia commercial tenant rents 4,000 sq ft at a base rent of $20/sq ft annually. CAM is $4/sq ft. What is the total annual occupancy cost?
- A Virginia investment property sold for $420,000. The investor's equity was $105,000. If the property appreciated $42,000, what is the return on equity (leverage effect)?
- A Virginia property has a gross potential rent of $72,000/year. After 6% vacancy and $25,000 operating expenses, what is the NOI?
- A Virginia buyer makes an offer of $375,000 on a home listed at $399,000. The offer is what percentage below listing price?
- A Virginia buyer gets a $320,000 loan at 5.75% for 30 years. The monthly payment is $1,867. After 5 years of payments, approximately what percentage of the original balance has been paid down?
- A Virginia rental property is sold at a 7% cap rate for $700,000. What is the annual NOI?
- A Virginia seller received $392,500 after deducting a 5% total commission. What was the sale price?
- A Virginia property owner has $220,000 in equity and the property generates $18,000 annual net cash flow after debt service. What is the cash-on-cash return?
- A Virginia property closes on June 1. The buyer's lender requires prepaid interest from June 1 to July 1 (30 days). The loan is $400,000 at 6%. How much prepaid interest is collected?
- A Virginia property is appraised at $450,000. The lender requires an LTV of 80%. What is the maximum loan amount?
- A Virginia brokerage has 15 agents. If they need to split $180,000 in total commissions equally (after the brokerage keeps 20%), how much does each agent receive?
- A Virginia property sells for $650,000. Calculate the Grantor's Tax.
- A Virginia rental property has monthly gross rents of $6,000. The gross rent multiplier (GRM) for the area is 120. What is the estimated property value?
- A Virginia property has an annual NOI of $42,000 and the local cap rate is 7%. What is the property's estimated value using the income approach?
- A Virginia agent earns a 3% commission on a $480,000 sale. The agent keeps 55% of the commission and the brokerage keeps 45%. How much does the agent earn?
- A Virginia commercial tenant pays $25 per square foot per year for 4,000 square feet. What is the monthly rent?
- A Virginia property is assessed at 80% of its market value of $500,000. The tax rate is $1.10 per $100 of assessed value. What are the annual property taxes?
- A Virginia property closes on September 15. Annual property taxes are $4,800. The seller is responsible through the day of closing. How much does the seller owe (using a 365-day year)?
- A Virginia investor purchases a 4-unit apartment building for $600,000 with $120,000 down. Annual NOI is $42,000. What is the cash-on-cash return?
- A Virginia listing expires without a sale. During the listing period, the agent spent $2,500 on marketing. The property was listed at $800,000 with a 3% commission. If the property had sold, the listing agent's brokerage would have earned how much in gross commission?
- A Virginia investor uses a DSCR of 1.25 to evaluate a loan. If the annual debt service is $36,000, what minimum NOI must the property generate?
- A Virginia property's assessed value is $380,000. The locality's assessment ratio is 100% of market value. If the tax rate is $0.98 per $100 of assessed value, what are the annual taxes?
- A Virginia property sells for $750,000. The total commission is 5%. The listing brokerage and selling brokerage split the commission 50/50. What does each brokerage receive?
- A Virginia property manager charges 8% of collected rents. The property collects $12,500 per month. What is the annual management fee?
- A Virginia property was purchased for $200,000 five years ago and is now worth $280,000. What is the percentage appreciation?
Finance
145 questions- A Virginia buyer obtains a $300,000 mortgage at a 6% annual interest rate. What is the interest due for the first month?
- Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of a loan application?
- A borrower in Virginia makes a down payment of $40,000 on a $200,000 home. What is the loan-to-value (LTV) ratio?
- A conventional loan with less than 20% down payment typically requires the borrower to pay:
- Under RESPA, which of the following is prohibited?
- In Virginia, a deed of trust is used instead of a mortgage primarily because it:
- Under the Truth in Lending Act (TILA), the Annual Percentage Rate (APR) includes:
- A VA-guaranteed loan in Virginia is available to:
- Private Mortgage Insurance (PMI) is typically required when the loan-to-value (LTV) ratio exceeds:
- A Virginia buyer obtains an FHA loan. Which statement about FHA loans is correct?
- Under the Real Estate Settlement Procedures Act (RESPA), a Closing Disclosure must be provided to the buyer at least how many business days before closing?
- Discount points paid at closing in Virginia are best described as:
- The Grantor's Tax in Virginia is calculated at:
- An adjustable-rate mortgage (ARM) in Virginia has a rate that is tied to:
- Under the Equal Credit Opportunity Act (ECOA), a lender in Virginia may NOT discriminate in lending based on:
- A USDA Rural Development loan in Virginia is intended for:
- A lender's title insurance policy in Virginia protects:
- A balloon mortgage in Virginia is characterized by:
- Under Virginia's anti-predatory lending law, which of the following is prohibited on covered home loans?
- A wraparound mortgage in Virginia involves:
- A conventional loan in Virginia is one that is:
- A home equity line of credit (HELOC) in Virginia is secured by:
- An assumable mortgage in Virginia allows a qualified buyer to:
- Predatory lending in Virginia involves:
- A Virginia lender charges a 1% origination fee on a $275,000 loan. The fee is:
- A fully amortizing 30-year fixed-rate mortgage means:
- Under the Home Mortgage Disclosure Act (HMDA), Virginia lenders must:
- In Virginia, the Loan Estimate required under TILA/RESPA must be provided to a borrower within how many business days of the loan application?
- A Virginia buyer's debt-to-income (DTI) ratio is calculated by dividing:
- In Virginia, the 'due-on-sale' clause in a deed of trust means:
- In Virginia, seller financing (seller carryback) is a method where:
- In Virginia, a reverse mortgage allows qualified homeowners aged 62 or older to:
- A Virginia buyer who obtains a VA loan is required to pay:
- Under Virginia's consumer protection statutes, a mortgage lender who engages in deceptive advertising about interest rates may be liable under:
- In Virginia, a home equity loan differs from a HELOC in that:
- A 'teaser rate' on an adjustable-rate mortgage in Virginia is:
- A Virginia FHA loan requires mortgage insurance premiums (MIP). The upfront MIP is typically:
- Negative amortization on a Virginia mortgage occurs when:
- A Virginia buyer obtains a 'jumbo loan.' This means the loan amount:
- In Virginia, what is the purpose of a HUD-1 Settlement Statement in transactions that do not involve a federally related loan?
- Under the Community Reinvestment Act (CRA), banks in Virginia are encouraged to:
- What is the purpose of a deed of trust in Virginia real estate transactions?
- Virginia uses deeds of trust rather than mortgages for most residential loans. The primary advantage of a deed of trust for lenders is:
- In a Virginia deed of trust, the three parties are:
- A Virginia borrower is 90 days behind on their deed of trust. The lender initiates a non-judicial foreclosure. What is the first formal step?
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a mortgage application?
- Under RESPA, a Virginia settlement agent must provide the Closing Disclosure to the buyer at least how many business days before closing?
- A Virginia buyer obtaining an FHA loan must pay:
- In Virginia, a VA-guaranteed loan benefit is available to:
- A conventional loan with a loan-to-value ratio above 80% typically requires:
- In Virginia, the Grantor's Tax on deed recordation is calculated at:
- What does the Truth in Lending Act (TILA) require lenders to disclose to Virginia borrowers?
- A balloon mortgage in Virginia has payments based on a 30-year amortization, but the entire remaining balance is due in 7 years. The payment due at year 7 is called:
- An adjustable-rate mortgage (ARM) in Virginia has an initial rate of 4%, a lifetime cap of 6%, and a periodic cap of 2%. If rates rise substantially after year 1, the maximum rate after year 1 would be:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- In Virginia, a purchase money mortgage is one where:
- A Virginia mortgage loan originator must be licensed under which law?
- What is the debt-to-income ratio that most conventional lenders use as a maximum 'back-end' ratio for Virginia borrowers?
- A Virginia borrower has a $200,000 loan at 5% annual interest. Their first month's interest payment is:
- Virginia Housing (formerly VHDA) programs are designed primarily to assist:
- Which type of mortgage allows the borrower to draw funds as needed, similar to a credit card, secured by home equity?
- A Virginia borrower is obtaining a USDA Rural Development loan. Which statement is correct?
- In Virginia, a due-on-sale clause in a deed of trust means:
- A Virginia borrower is refinancing their home. The right of rescission under TILA allows them to cancel within:
- Under Regulation Z, an advertisement for a Virginia home loan that mentions a specific interest rate must also:
- Points paid by a Virginia borrower on a new home purchase are:
- A Virginia seller agrees to pay 3% of the buyer's closing costs as a seller concession on a conventional loan. If the purchase price is $400,000, the maximum concession is $12,000. With an LTV of 80%, what is Fannie Mae's limit?
- A Virginia buyer's credit score is 580. Which loan type is most likely available to them with a minimum down payment?
- In a Virginia wrap-around mortgage (all-inclusive trust deed), the seller retains the existing mortgage and the buyer makes payments to:
- Private mortgage insurance (PMI) on a Virginia conventional loan can be cancelled when:
- A Virginia commercial real estate loan with a 'recourse' provision means:
- A Virginia lender who discriminates in lending based on the racial composition of a neighborhood is engaging in:
- Which government-sponsored enterprise (GSE) purchases conforming conventional mortgages in Virginia's secondary market?
- A Virginia borrower's loan-to-value (LTV) ratio is 90%. This means:
- A Virginia home buyer receives a gift letter from a family member for the down payment. For conventional loans, this is:
- What is the primary difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
- A Virginia buyer qualifying for a VA loan is required to pay:
- In Virginia, a hard money loan is typically used for:
- The Community Reinvestment Act (CRA) requires Virginia banks to:
- A Virginia borrower who received a HELOC on their home and later wants to sell must:
- In a Virginia 1031 exchange, an investor can defer capital gains taxes by:
- A Virginia homeowner who has lived in their primary residence for 2 of the last 5 years can exclude from capital gains tax up to how much gain if single?
- The Home Mortgage Disclosure Act (HMDA) requires Virginia lenders to:
- In a Virginia interest-only mortgage, the monthly payment covers:
- The Virginia Housing (formerly VHDA) Mortgage Credit Certificate (MCC) program provides:
- Prepaid items on a Virginia Closing Disclosure typically include:
- A Virginia borrower with a 'no-doc' or stated-income loan applies today. Under modern lending regulations after the 2010 Dodd-Frank Act, lenders must:
- In Virginia, a 'construction-to-permanent' loan converts from:
- In Virginia, a 'conforming loan limit' determines:
- Virginia borrowers taking out jumbo loans (above conforming limits) in Northern Virginia typically face:
- A Virginia borrower's annual mortgage interest is tax deductible up to what loan amount under current IRS rules?
- In Virginia, a construction loan 'draw schedule' refers to:
- A Virginia buyer is offered a 2-1 buydown. This means:
- Which entity insures deposits at Virginia commercial banks up to $250,000 per depositor per institution?
- A Virginia lender who provides a Good Faith Estimate (GFE) for a loan is likely dealing with which loan type?
- Virginia's Hampton Roads region has the highest concentration of active-duty military in Virginia. Which loan type is most commonly used by service members purchasing homes in the area?
- Under Regulation B (ECOA), a lender must notify a Virginia applicant of their credit decision within:
- A Virginia investor uses 'leverage' in real estate. This means they:
- A Virginia mortgage lender who charges interest at a rate above Virginia's usury limit would be:
- A Virginia borrower who cannot pay their mortgage and faces foreclosure may explore a 'deed in lieu of foreclosure.' This means:
- A Virginia senior homeowner aged 65 wants to convert home equity to cash while remaining in the home. Which loan is designed for this?
- Virginia Housing (formerly VHDA) offers which of the following to eligible first-time homebuyers?
- Under Virginia law, a real estate agent who steers buyers toward higher-priced loans for a referral fee from the lender is potentially violating:
- A Virginia borrower who filed bankruptcy 2 years ago is seeking an FHA loan. FHA's standard waiting period after Chapter 7 bankruptcy discharge is:
- In Virginia, lenders are required to provide the HUD-approved home buyer education counseling booklet to applicants for:
- A Virginia investment property is financed with a $500,000 loan at 6% for 25 years. The monthly P&I payment is approximately $3,222. What is the Debt Service Coverage Ratio (DSCR) if annual NOI is $60,000?
- A Virginia seller is offering 'owner financing' at 5% for 5 years with a balloon payment. The federal law that may apply to the seller's financing activity if they do this repeatedly is:
- The 'loan origination fee' charged by a Virginia lender at closing is:
- Under the Homeowners Protection Act, a Virginia lender MUST automatically cancel PMI when the loan balance reaches what percentage of original value?
- A Virginia borrower's lender uses an 'automated underwriting system' (AUS). This system:
- The 'front-end' debt-to-income ratio (housing expense ratio) limits which monthly expenses?
- A Virginia lender's 'appraisal management company' (AMC) is used to:
- A Virginia borrower who requests a reconsideration of value (ROV) after receiving a low appraisal should provide their lender with:
- A Virginia home seller who carries back a purchase money mortgage from the buyer enjoys what advantage?
- A Virginia mortgage loan with a 'negative amortization' feature allows:
- Virginia Housing (VHDA) uses 'targeted' and 'non-targeted' areas. In targeted areas, which of the following is relaxed for first-time homebuyer programs?
- Under TRID, if a significant rate change requires a revised Loan Estimate, the lender must deliver the revised LE to the borrower at least how many business days before consummation?
- A Virginia conventional conforming mortgage loan must meet maximum loan limits established by:
- A Virginia borrower who applies for a conventional mortgage receives a Loan Estimate. If the borrower wants to compare lenders, the most important number to compare is:
- A Virginia borrower is told their loan has a 'prepayment penalty.' This means:
- A Virginia jumbo loan borrower typically must demonstrate higher reserves than conforming loan borrowers. Reserves are typically measured in:
- Under Virginia law, a licensee who refers clients to a specific title company in which they have an ownership interest must:
- What does 'PITI' stand for in mortgage payment calculations?
- A Virginia lender who is 'portfolio lending' means they:
- A Virginia borrower applying for a mortgage must authorize the lender to verify their employment and income. This is called a:
- A Virginia lender who uses 'risk-based pricing' charges higher interest rates to borrowers with:
- A Virginia homebuyer who wants to buy a $700,000 home with only 5% down would need a jumbo loan if the conforming limit in their area is:
- A Virginia lender's underwriter performs 'stress testing' on a borrower's application. This means they are evaluating:
- In Virginia, a 'DSCR loan' for investors means the qualification is based primarily on:
- A Virginia investor who borrows $400,000 at 7% for 20 years for a commercial property pays approximately how much in total interest over the life of the loan?
- Virginia allows non-judicial foreclosure (trustee's sale). What is the minimum notice period the trustee must provide before the sale?
- In Virginia, which instrument is used instead of a mortgage to finance real property?
- Under the federal TRID rule, the Closing Disclosure must be provided to the borrower at least how many business days before closing?
- Which federal law prohibits lenders from discriminating in lending based on race, color, religion, national origin, sex, familial status, or disability?
- A Virginia borrower defaults on a deed of trust. After the trustee's sale, the property sells for less than the outstanding loan balance. The lender may seek:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR). How does the APR differ from the interest rate?
- Under the Dodd-Frank Ability-to-Repay (ATR) rule, a lender must verify a borrower's ability to repay. A 'Qualified Mortgage' (QM) generally has a maximum debt-to-income ratio of:
- A Virginia FHA loan requires a minimum down payment of:
- A VA (Veterans Affairs) home loan benefit available to qualifying Virginia veterans includes:
- A Virginia borrower with a $300,000 mortgage at 5% annual interest makes a monthly payment of $1,610.46. How much interest is paid in the first month?
- A Virginia borrower takes an adjustable-rate mortgage (ARM) with a 2/2/6 cap structure. The initial rate is 4%. What is the maximum rate the ARM can reach over its lifetime?
- RESPA requires lenders to provide borrowers with a Loan Estimate within how many business days of receiving a loan application?
- A Virginia property is sold via a short sale. This means:
- A Virginia lender requires private mortgage insurance (PMI) on a conventional loan. PMI is typically required when the loan-to-value (LTV) ratio exceeds:
- A Virginia homeowner refinances their mortgage. Under federal law (the right of rescission under TILA), they have the right to cancel the transaction within:
Virginia License Law
138 questions- Which state agency regulates real estate licenses in Virginia?
- How many hours of pre-license education are required for a Virginia real estate salesperson applicant?
- What is the passing score required on the Virginia real estate salesperson licensing examination?
- How many questions are on the Virginia salesperson licensing examination?
- Under Virginia law, a newly licensed salesperson must affiliate with:
- Virginia real estate licenses must be renewed every:
- How many hours of continuing education must a Virginia real estate licensee complete per renewal period?
- The Virginia Residential Property Disclosure Act requires sellers of residential property to:
- Which of the following is exempt from Virginia real estate licensing requirements?
- Under Virginia law, an inactive real estate license means the licensee:
- Virginia's mandatory disclosure requirement applies to which type of property?
- Which of the following actions by a Virginia licensee could result in license revocation?
- Under Virginia Code Title 54.1 Chapter 21, which of the following activities requires a real estate license?
- The Virginia Real Estate Transaction Recovery Fund provides a maximum payment of how much per transaction?
- A Virginia real estate salesperson license is valid for how long before renewal is required?
- How many hours of continuing education must a Virginia salesperson complete for each license renewal?
- Which of the following is NOT exempt from Virginia real estate licensing requirements?
- The Virginia Real Estate Board (VREB) operates under which state agency?
- A Virginia broker's license applicant must have been actively licensed as a salesperson for at least:
- Under Virginia license law, a salesperson who leaves their employing broker must:
- Which of the following must be included in every Virginia real estate advertisement by a salesperson?
- The Virginia Real Estate Board may discipline a licensee for which of the following?
- A Virginia real estate license may be placed on inactive status when a licensee:
- Under Virginia license law, a broker must maintain trust account records for at least:
- A real estate team name used in Virginia advertising must:
- The Virginia Real Estate Board requires a principal broker to:
- Commingling in Virginia real estate means:
- A Virginia licensee who receives a referral fee from a home warranty company for each client referred must:
- The Virginia Real Estate Board may deny a license application for which of the following reasons?
- A Virginia licensee may pay a referral fee to:
- A Virginia real estate licensee who engages in property management must ensure their principal broker maintains:
- A Virginia broker who fails to maintain required trust account records may face which VREB sanction?
- A Virginia licensee who wants to operate as an independent broker must:
- Under Virginia law, a real estate licensee must disclose their license status when:
- The Virginia Real Estate Transaction Recovery Fund is funded by:
- Under Virginia's license law, a licensee who wishes to operate a real estate company must obtain which type of license?
- A Virginia licensee must report a change of their business address to VREB within:
- A Virginia licensee who provides false information on a license renewal application may face:
- A Virginia real estate school that provides pre-license education must be:
- A Virginia broker who receives earnest money must deposit it in a trust account within:
- The Virginia DPOR website allows the public to look up the status of any real estate licensee. This is significant because:
- A Virginia licensee who has been convicted of a misdemeanor involving moral turpitude must:
- A Virginia associate broker differs from a salesperson in that the associate broker:
- A Virginia real estate licensee is prohibited from:
- Which of the following actions by a Virginia licensee would violate VREB regulations?
- A Virginia broker's office must display which of the following?
- A Virginia real estate team must ensure that all team advertising:
- Virginia's license law allows a salesperson to receive compensation directly from:
- Under Virginia license law, a licensee who has a financial interest in a property being sold must:
- A Virginia real estate school instructor must be approved by VREB and typically must:
- A Virginia licensee who receives a copy of a ratified contract must provide it to all parties within:
- Under Virginia law, how long does a new salesperson have to complete post-license education after obtaining their first license?
- What is the maximum civil penalty the Virginia Real Estate Board can impose per violation?
- A Virginia real estate license is valid for how long before it must be renewed?
- How many hours of continuing education are required for Virginia license renewal?
- A Virginia licensee who changes their principal broker must notify the VREB within:
- Which of the following activities requires a real estate license in Virginia?
- Under Virginia Code Title 54.1, Chapter 21, which of the following is grounds for license revocation?
- A Virginia broker who wishes to operate under a trade name must:
- The Virginia Real Estate Transaction Recovery Fund pays claims against licensees who have committed:
- What is the maximum amount payable from Virginia's Transaction Recovery Fund per licensee across all claims?
- A Virginia real estate licensee must disclose their license status when purchasing real estate for their own account. This requirement exists to:
- Under Virginia law, a broker's license is required to:
- The Virginia Real Estate Board is composed of how many members?
- A Virginia broker who advertises 'Guaranteed sale in 90 days or I buy your home' must:
- An unlicensed assistant working for a Virginia real estate agent may legally:
- A Virginia licensee who receives a referral fee from a home warranty company for recommending their product must:
- What is the purpose of Virginia's Real Estate Transaction Recovery Fund?
- A Virginia real estate licensee who fails to renew their license on time may apply for reinstatement within one year of expiration by:
- Under Virginia law, a real estate salesperson may receive compensation for brokerage services only from:
- The VREB has the authority to do all of the following EXCEPT:
- A Virginia broker who operates multiple office locations must:
- A Virginia licensee who represents themselves as a 'real estate counselor' when providing investment advice for compensation but without a license is:
- A Virginia licensee must report which of the following to VREB within 30 days?
- A Virginia real estate licensee convicted of embezzlement would most likely face which VREB consequence?
- A Virginia salesperson who moves to another state may place their Virginia license on:
- In Virginia, a broker is required to maintain transaction records for how long after the transaction closes or the listing expires?
- A Virginia licensee who engages in 'commingling' is guilty of:
- An 'associate broker' in Virginia is a licensee who:
- Virginia requires that every real estate advertisement include the:
- Under Virginia law, a license applicant who has a prior criminal conviction:
- A Virginia salesperson licensed under Broker A moves to work for Broker B. The salesperson must:
- Under Virginia law, accepting a commission or compensation from more than one party in a transaction without all parties' knowledge and consent is:
- Virginia requires that the agency disclosure notice be provided in writing. What happens if a consumer refuses to sign the acknowledgment?
- A Virginia broker who charges a transaction fee in addition to their commission must:
- A VREB disciplinary hearing at which a licensee may present their case is called:
- In Virginia, which of the following is a required disclosure in all MLS listings?
- A Virginia broker may NOT engage in which practice with respect to their affiliated salespersons?
- A Virginia broker who discovers that one of their salespersons made a material misrepresentation in a transaction should:
- Under Virginia law, a real estate licensee who receives a referral from an out-of-state broker for a Virginia buyer may pay a referral fee to the out-of-state broker if:
- A Virginia licensee who knowingly assists a buyer in mortgage fraud by inflating the purchase price on a contract would face:
- The Virginia Real Estate Board is part of which cabinet-level agency?
- A Virginia licensee who has their license revoked and applies for reinstatement must demonstrate:
- A Virginia broker who accepts a listing on a property that the broker has an undisclosed financial interest in would be in violation of the duty of:
- Under Virginia law, a licensee may have their license suspended 'summarily' (without a hearing) when:
- A Virginia licensee who has been found guilty of violating the license law at a Board hearing has the right to appeal the decision to:
- When a Virginia broker's license is revoked, what happens to the salespersons affiliated with that broker?
- A Virginia broker who operates a real estate school as a side business must ensure the school is:
- When a Virginia real estate transaction involves a property that the licensee personally owns, they must:
- Under Virginia law, a real estate licensee who uses a team name in advertising must ensure that:
- A Virginia real estate salesperson who fails to complete the required 30-hour post-license education within one year of first licensure will have their license:
- Virginia's VREB has authority to investigate complaints against:
- A Virginia real estate broker who is in a valid independent contractor relationship with their affiliated salespersons still must:
- In Virginia, a broker who wants to relocate their licensed office must:
- A Virginia property management company must have a licensed broker to:
- A Virginia broker may charge a seller a 'marketing fee' separate from commission only if:
- A Virginia salesperson who processes the paperwork for a real estate transaction, prepares offers, and negotiates on behalf of clients while their broker is on vacation is:
- Under Virginia law, a broker's 'policy manual' for their real estate office should include procedures for:
- A Virginia real estate transaction that involves a buyer who is also a licensed agent in another state must:
- In Virginia, the broker supervision rule requires that the principal broker:
- A Virginia real estate team member who also holds an active salesperson license may receive compensation from team transactions:
- A Virginia broker who handles only commercial real estate still must comply with which of the following?
- Which of the following is an example of a VREB-prohibited act?
- When a Virginia licensee acts as a property manager AND a real estate agent for the same client in different transactions, they must:
- A Virginia associate broker who has obtained their broker's license but continues working under a principal broker has which advantage over a salesperson?
- A Virginia licensee who receives money in connection with a real estate transaction must handle it in accordance with:
- A Virginia real estate salesperson who leaves their broker mid-transaction must:
- A Virginia real estate licensee who also provides property management services must ensure their property management activities:
- A Virginia license applicant who provides false information on their license application may face:
- The Virginia statute that governs real estate licensee conduct and discipline is found in:
- A Virginia broker who fails to maintain adequate supervision of their affiliated salespersons may be disciplined by VREB for:
- A Virginia licensee who is convicted of a felony must report the conviction to VREB within:
- A Virginia buyer who is being represented by an agent questions why the agent is recommending a particular lender. The agent should:
- Virginia's real estate license examination is administered by which testing company?
- Under Virginia law, a licensed salesperson who wishes to become a broker must have how many years of active real estate experience?
- The Virginia Real Estate Board (VREB) is governed by how many members?
- A Virginia real estate license that has been on inactive status for more than 3 years requires the licensee to:
- Under VA Code Title 54.1, a real estate licensee convicted of a felony must notify VREB within:
- A Virginia broker who allows an unlicensed person to perform acts requiring a license is subject to:
- A Virginia licensee's principal broker retires and the brokerage closes. The licensee must:
- Under VA Code § 54.1-2131, the Virginia Real Estate Transaction Recovery Fund pays claims against licensees for fraudulent or dishonest conduct. What is the maximum payment per transaction?
- How many hours of continuing education must a Virginia broker complete per 2-year license renewal cycle?
- A Virginia salesperson may receive compensation for real estate activities only from:
- VREB may place a license on probation, which means the licensee:
- A Virginia property manager who manages residential properties and collects rents must hold which type of license?
- A Virginia real estate licensee may legally pay an unlicensed person a referral fee when:
- Under Virginia Code § 54.1-2132, a licensee acting as a 'standard agent' owes which duties to the client?
- The Virginia Real Estate Board (VREB) requires salesperson applicants to complete how many hours of pre-license education?
Property Ownership
134 questions- In Virginia, when two or more persons own real property with equal undivided interests and the right of survivorship, this is called:
- Tenancy by the entirety in Virginia is available only to:
- A fee simple absolute estate in Virginia conveys:
- In Virginia, an easement appurtenant benefits:
- A deed restriction placed by a developer requiring all homes in a subdivision to be single-family residences is an example of:
- In Virginia, joint tenancy requires all of the following EXCEPT:
- Virginia's homestead exemption protects how much of a homeowner's equity from creditors in bankruptcy?
- A Virginia property owner holds title as a tenant in common with two others, each owning an equal share. One owner dies. What happens to that owner's share?
- Which type of deed in Virginia provides the GREATEST protection to the grantee?
- Under the Virginia Condominium Act, common elements are owned by:
- The Virginia Property Owners' Association Act (POA Act) requires that a seller provide a buyer with a POA disclosure packet. The buyer then has how many days to void the contract?
- A fee simple absolute estate in Virginia is best described as:
- In Virginia, a lis pendens is best described as:
- In Virginia, adverse possession requires continuous, open, hostile, and exclusive use for:
- Under Virginia law, a tenancy by the entirety is available only to:
- A life estate in Virginia gives the life tenant the right to:
- In Virginia, title to real property is transferred by delivery and acceptance of a valid deed. The deed is considered delivered when:
- The Virginia POA Act requires a property owners' association to provide a disclosure packet to a buyer within how many days of the request?
- An easement by necessity in Virginia arises when:
- A Virginia owner places a conservation easement on their property. This typically means:
- Riparian rights in Virginia pertain to:
- In Virginia, a deed restriction (restrictive covenant) runs with the land, meaning:
- A Virginia buyer purchases a home subject to an existing deed of trust. 'Subject to' means the buyer:
- A Virginia deed that uses the words 'to John Smith and Mary Smith, as tenants by the entirety' conveys ownership that:
- The Virginia Condominium Act requires the condominium documents to include all of the following EXCEPT:
- In Virginia, the term 'bundle of rights' in property ownership includes all of the following EXCEPT:
- In Virginia, when a person dies without a will (intestate), their real property passes:
- In Virginia, air rights are:
- A Virginia property owner grants an easement to a utility company to run power lines across the back of the property. This is an example of:
- Which statement about condominiums under the Virginia Condominium Act is correct?
- The Virginia Uniform Disposition of Community Property Act applies to:
- In Virginia, the power of eminent domain may be used by:
- In Virginia, a property owner who allows public use of their private land for recreational purposes without charge has limited liability under:
- In Virginia, a property owner who wants to divide their land into two or more lots for sale must typically go through which process?
- In Virginia, police power is the government's authority to:
- In Virginia, an encroachment is when:
- In Virginia, a 'fee simple defeasible' estate is best described as:
- In Virginia, a property owner may prevent prescriptive easements from forming by:
- In Virginia, a survey that describes property using the metes and bounds system starts at:
- A Virginia property held in a trust is owned by:
- In Virginia, a property owner may convey a remainder interest to a third party by deed while retaining a:
- In Virginia, a husband and wife who take title to property as 'tenants by the entirety' have which right that joint tenants do not have?
- Under Virginia law, a fee simple defeasible estate differs from a fee simple absolute in that:
- Which type of deed provides the greatest protection to a Virginia grantee?
- In Virginia, a deed must be signed by whom to be valid?
- In Virginia, which form of co-ownership allows a co-owner to sell or will their share without the other owners' consent?
- Virginia's homestead exemption allows a homeowner to exempt how much equity from unsecured creditors?
- A Virginia condominium owner holds:
- The Virginia Condominium Act requires that a purchaser of a resale condominium unit receive a resale certificate. How many days does the buyer have to void the contract after receipt?
- The Virginia Property Owners' Association (POA) Act governs:
- Under the Virginia POA Act, a resale buyer has how many days after receiving the complete disclosure packet to void the contract?
- In Virginia, a property held in trust for a minor beneficiary is managed by:
- A Virginia property owner's title is best described as 'marketable' when:
- A Virginia easement by prescription is created by use that is:
- Virginia's adverse possession statute requires claimants to use land openly, hostilely, exclusively, and continuously for:
- An encroachment in Virginia real estate refers to:
- In Virginia, a timeshare is regulated under which law?
- A Virginia couple buys a home and takes title as joint tenants with right of survivorship. One spouse dies. Title to the home passes to:
- A deed restriction in Virginia that prohibits a property from being used for commercial purposes is an example of a:
- In Virginia, an easement that is personal and does not run with the land is called:
- Virginia's land patent history means early land ownership was granted by:
- Under the Virginia Condominium Act, what document describes the condominium project, individual units, and common elements?
- Under the Virginia Condominium Act, regular assessments that are unpaid by a unit owner become a lien on the unit that:
- In Virginia, a deed must be recorded in which office to provide constructive notice to the world?
- A Virginia property is described as 'Lot 7, Block C, Section 2 of Westwood Subdivision.' This is an example of what type of legal description?
- In Virginia, a metes and bounds description is commonly used for:
- Under Virginia law, a life tenant may NOT do which of the following without the remainderman's consent?
- In Virginia, after a borrower pays off their deed of trust, the trustee should execute and record:
- Which type of property description would most likely be used for a Virginia waterfront lot on the Chesapeake Bay?
- In Virginia, a lis pendens recorded against a property:
- A Virginia buyer discovers after closing that the property taxes for the current year were $4,000 and the seller was credited at closing for $1,500. After closing, the buyer receives the full year's tax bill. The buyer must pay:
- In Virginia, real property taxes that are unpaid can result in:
- A Virginia property owner's fence is built 2 feet over the property line into the neighbor's yard. The neighbor can seek which legal remedy?
- In Virginia, which type of deed would a personal representative (executor) use to transfer real property from an estate?
- The Virginia mechanic's lien protects contractors and suppliers who provide labor or materials to improve real property. To be valid, a mechanic's lien must be:
- In Virginia, a condominium conversion that results in residents being displaced must comply with:
- A Virginia property owner who wants to donate their home to a charity while retaining the right to live in it for life should use a:
- In Virginia, a property owner who grants a right-of-way easement to a utility company is conveying:
- Under the Virginia Land Records system, if two deeds from the same grantor to different grantees are in conflict, which grantee prevails?
- A Virginia easement for a shared driveway that benefits two neighboring lots is an example of an easement:
- Under Virginia law, a general partnership that acquires real property holds it in which form of ownership?
- A Virginia LLC acquiring real property benefits from limited liability protection, meaning:
- In Virginia, which type of co-ownership requires all owners to hold equal undivided interests?
- The Virginia Land Use Assessment program allows qualifying agricultural, horticultural, forest, and open-space land to be taxed at:
- A Virginia property deed that identifies the parties, contains consideration, has a legal description, and includes operative words of conveyance is considered:
- In Virginia, 'color of title' for adverse possession purposes means:
- A Virginia property burdened by a deed restriction that has become unenforceable due to changed neighborhood conditions may seek relief through a:
- In Virginia, which instrument is used to convey title from a decedent whose estate was probated?
- A Virginia couple who owns property as 'husband and wife' with no other designation is presumed to hold title as:
- In Virginia, a 'power of attorney' that authorizes someone to sell real property on the owner's behalf must be:
- Under Virginia's Condominium Act, who is responsible for maintaining the common elements of a condominium?
- A Virginia property owner who grants an access easement across their property to a neighbor is conveying an easement where their property is the:
- In Virginia, a 'right of first refusal' in a residential lease gives the tenant:
- A Virginia HOA's declaration of covenants typically includes all of the following EXCEPT:
- In Virginia, 'constructive notice' means:
- In Virginia, an owner's personal property inside a home does NOT automatically transfer with the real estate sale unless:
- In Virginia, the test for whether an item is a fixture (real property) or personal property includes:
- A Virginia property owner who wants to protect their farmland from development permanently can donate or sell a conservation easement to:
- A Virginia property owner dies intestate (without a will). Under Virginia's intestacy laws, property passes to:
- Under Virginia law, personal property in a decedent's estate passes:
- A Virginia property owner's right to exclude others from their property is a component of the 'bundle of rights.' Which other rights are included?
- In Virginia, a 'life estate pur autre vie' is a life estate measured by:
- In Virginia, a property owner who has an irrigation system installed may have difficulty removing it when selling because courts may find it is a:
- In Virginia, 'actual possession' in an adverse possession claim requires the claimant to:
- Virginia's 'Torrens system' is:
- In Virginia, a 'right of way' easement granted to a local government for a road is typically:
- A Virginia property owner who wants to limit the property's future use to residential purposes may record a:
- In Virginia, a developer who records a subdivision plat and sells lots is making a representation that the streets shown on the plat are:
- A Virginia property seller who executes a deed without first satisfying a recorded judgment lien is conveying:
- In Virginia, a 'remainder interest' in a property following a life estate will vest possession when:
- A Virginia couple taking title as joint tenants with right of survivorship must have which 'four unities'?
- A Virginia property owner who signed a deed but did not intend for it to be delivered to the grantee and the grantee obtained it anyway faces which legal issue?
- A Virginia landowner who sells the surface rights to their property while retaining the mineral rights is conveying:
- A Virginia property owner wants to leave their home to their children but doesn't want it to go through probate. They could use a:
- In Virginia, a 'land contract' (installment sale contract) allows the buyer to:
- In Virginia, a 'transfer-on-death deed' (TOD deed) allows a property owner to:
- A Virginia property's deed of trust is subordinated to a new deed of trust with the existing lender's consent. The process is called a:
- In Virginia, a license to use another's land (such as a temporary right to park on a neighbor's lot) is:
- A Virginia property title search reveals a 'gap' period of 18 months where no deed is recorded in the chain of title. The appropriate remedy is to:
- A Virginia property is described using a metes and bounds description that starts at a 'point of beginning' (POB). The description must:
- In Virginia, when a property is transferred via a 'deed in lieu of foreclosure,' the lender receives:
- Under Virginia law, when two unrelated persons acquire property with equal undivided shares and neither has right of survivorship, they hold title as:
- Virginia abolished tenancy by the entirety for personal property but retained it for real property. Which couple may hold Virginia real estate as tenants by the entirety?
- A Virginia homeowner has a $5,000 homestead exemption. A creditor obtains a $20,000 judgment. How much equity in the home is protected from the judgment?
- Which type of deed provides the greatest protection to the grantee in Virginia?
- A Virginia condominium unit owner has a right of first refusal in their condo declaration. Another unit is for sale. The owner may:
- Virginia's Condominium Act allows a purchaser of a new condo to rescind the contract within how many days of receiving the required disclosure packet?
- Virginia's Planned Unit Development (PUD) allows for:
- A Virginia property is subject to a deed restriction prohibiting commercial use. A subsequent owner wants to open a store. The deed restriction:
- Under the Virginia POA Act, a buyer of a home in a homeowners association must receive the association's disclosure packet. The buyer's rescission period is:
- A Virginia landowner grants a neighbor the right to cross their property to access a public road. This right is created by a(n):
- Under Virginia law, adverse possession requires continuous, hostile, open, actual use for how many years?
- A Virginia property was conveyed to 'A, B, and C as joint tenants with right of survivorship.' A dies. Who owns the property?
- A Virginia property owner grants an easement by reservation when selling a parcel. This means:
Property Valuation
124 questions- In Virginia, the appraisal approach most commonly used for single-family residential properties is the:
- An appraiser is using the cost approach to value a Virginia home. The land is valued at $50,000, the reproduction cost of the structure is $200,000, and depreciation is estimated at $30,000. What is the indicated value?
- Functional obsolescence in an appraisal refers to a loss in value due to:
- The principle of substitution states that a buyer will pay no more for a property than:
- In Virginia's Northern Virginia market, the most relevant comparables for a sales comparison appraisal should be located:
- Economic obsolescence (external obsolescence) in a Virginia appraisal is caused by:
- In the income approach, the Gross Rent Multiplier (GRM) is calculated as:
- When appraising a special-use property like a church in Virginia, the appraiser would most likely use which approach?
- An appraiser makes a positive adjustment to a comparable sale in Virginia when the comparable is:
- An appraiser in Virginia is determining the value of an income-producing property using the income approach. The property has a potential gross income of $100,000, vacancy and collection loss of 5%, and operating expenses of $30,000. What is the NOI?
- Plottage value in Virginia appraisal refers to:
- The appraisal principle of conformity in Virginia holds that:
- In Virginia, the assessed value of real property for tax purposes is typically:
- The highest and best use of a property in Virginia appraisal is defined as the use that is:
- Depreciation in real property appraisal refers to:
- In Virginia, a broker price opinion (BPO) differs from a formal appraisal in that:
- In Virginia, the effective age of a building differs from its actual age because:
- In Virginia, a property's market value is best defined as:
- When reconciling value indications from multiple appraisal approaches, a Virginia appraiser should:
- The regression principle in Virginia appraisal holds that:
- An appraiser in Virginia adds a positive $5,000 adjustment to a comparable sale for a smaller garage than the subject. This adjustment reflects:
- Virginia's Northern Virginia market is characterized by which of the following that most affects residential property values?
- The income approach is most appropriate for which Virginia property type?
- A Virginia property's 'as-is' value differs from its 'as-completed' value in that:
- When using the sales comparison approach in Virginia, an appraiser finds that a comparable property had a swimming pool but the subject does not. The appraiser should make a:
- Under USPAP (Uniform Standards of Professional Appraisal Practice), a Virginia appraiser must:
- An appraiser in Virginia's Hampton Roads market is appraising a waterfront home with a boat dock. The dock's contributory value to the property is best determined by:
- In Virginia, the 'Band of Investment' technique is used in the income approach to:
- In Virginia, the correlation process in an appraisal report is the appraiser's:
- Under the cost approach in Virginia, if a comparable newly built home costs $350,000 to build (not including land) and the subject property has 15% depreciation, the depreciated cost of improvements is:
- A Virginia appraiser must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Violations of USPAP may result in:
- In Virginia, a property's gross rent multiplier (GRM) of 150 means:
- In Virginia, a 'before and after' appraisal is commonly used when:
- A Virginia neighborhood is transitioning from primarily single-family to mixed-use. The appraisal principle that best describes this is:
- In the sales comparison approach, a comparable sale that is superior to the subject property in a given feature requires what adjustment?
- Which appraisal approach is typically most reliable for appraising a single-family home in Virginia's Richmond market?
- An appraiser in Virginia determines a property's value using the income approach. The property generates $30,000 net operating income and the cap rate is 6%. What is the value?
- Functional obsolescence in Virginia real estate appraisal refers to:
- In the cost approach, the value formula is:
- A Virginia property sold for $400,000. The monthly rent is $2,000. What is the Gross Rent Multiplier?
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- An appraisal in Northern Virginia shows the subject property is in an area where Chesapeake Bay Preservation Act regulations limit impervious surface. This would most likely be reflected in the appraisal's:
- Effective age in appraisal refers to:
- External obsolescence (also called economic obsolescence) is:
- A Virginia property's highest and best use is the use that is:
- When a Virginia appraiser reconciles value indications from multiple approaches, they:
- In a Hampton Roads residential market, a property has 3 bedrooms, 2 baths, and a garage. If paired sales show the market values a garage at $12,000, and the comparable has no garage, the appraiser should make what adjustment to the comparable?
- A Virginia appraiser is required to develop an opinion of value that reflects the:
- In Virginia, a broker completing a Broker Price Opinion (BPO) for a lender is NOT performing an appraisal. BPOs are:
- The principle of progression in appraisal means:
- A Virginia appraiser is appraising a historic property in Roanoke that is subject to historic preservation easements. This restriction would most likely:
- Which depreciation category is typically considered 'curable' because the cost to fix it is less than the value added?
- An appraiser in Richmond applies the cost approach to a 20-year-old warehouse. Total reproduction cost new is $800,000 and land value is $150,000. Depreciation is estimated at 25%. What is the value indication?
- A Virginia appraiser must comply with which set of professional standards?
- In Virginia, which market is known for having the highest real estate prices and the most competitive buyer environment?
- An appraiser in Virginia is required to report any pressure from a client to change a value conclusion. Under USPAP, this is called:
- In Virginia, the assessed value of real property for tax purposes is determined by:
- A Virginia investor calculates the capitalization rate for a potential acquisition. If the cap rate is rising in the market, property values are generally:
- A Virginia appraiser is asked to do a 'desk review' of another appraiser's work. This means:
- The 'principle of substitution' in Virginia appraisal holds that:
- An appraiser in Virginia applies the 'paired sales analysis' technique to determine the market adjustment for a swimming pool. This means:
- The 'principle of anticipation' in Virginia real estate appraisal means value is based on:
- A Virginia appraiser uses a 1.5% monthly rent factor to estimate rent for a subject property. If the property value is $300,000, what is the estimated monthly rent?
- In Virginia, 'market rent' for appraisal purposes differs from 'contract rent' in that:
- A Virginia appraiser is asked to provide a 'retrospective appraisal' for estate tax purposes. This means:
- In the income approach to appraisal, 'potential gross income' (PGI) is defined as:
- A Virginia appraiser determines that a comparable sale occurred under 'atypical motivation' — the seller was under severe financial distress. This sale is considered:
- A Virginia property's economic life is the period during which:
- In Virginia, an appraiser uses the 'income approach' for a shopping center. The most important step is determining the:
- A Virginia property owner challenges their assessment claiming it is too high. They would file an appeal with the:
- An appraiser performing a retrospective appraisal for a Virginia estate must use market data from:
- In Northern Virginia, a property's 'time adjustment' in the sales comparison approach accounts for:
- A Virginia appraiser determines that the subject property has a 'super-adequacy' in the kitchen (a $100,000 professional kitchen in a $300,000 neighborhood). The excess cost represents:
- The 'land residual technique' in Virginia appraisal is used when:
- A Virginia appraiser performing an appraisal for a divorce proceeding must:
- In Virginia's Hampton Roads market, coastal flooding and sea level rise risk is increasingly considered a:
- A Virginia property that is adjacent to a transit station may receive a premium because of enhanced accessibility and walkability. Appraisers call this:
- In Virginia, the appraisal process step that involves defining the problem, identifying the real property, and determining the purpose of the appraisal is called:
- A Virginia appraiser discovers a 'seller concession' was included in a comparable sale that inflated the sale price. The appraiser should:
- A Virginia appraiser calculating the 'gross rent multiplier' (GRM) method uses the property's:
- When a Virginia appraiser adjusts a comparable for a superior or inferior feature, they adjust:
- A Virginia appraiser uses the 'extraction method' to estimate land value. This involves:
- A Virginia appraiser in the Richmond market finds only two comparable sales in the past 12 months. They may also use:
- When a Virginia appraiser states a 'range of value' rather than a single point value, they are acknowledging:
- A Virginia property's value is being diminished by an adjacent property with an abandoned car lot full of junk. This is an example of:
- In Virginia real estate appraisal, the 'scope of work' determination is made by the:
- A Virginia appraiser performing an 'as-improved' appraisal of a proposed new construction is appraising the property:
- A Virginia commercial appraisal using the 'discounted cash flow' (DCF) method is most appropriate for:
- When a Virginia appraiser makes a 'bracketing' adjustment in the sales comparison approach, they use comparables that are:
- An appraiser uses the 'income capitalization approach' and determines the capitalization rate by the 'band of investment method.' This method is based on:
- A Virginia appraiser who finds no truly comparable sales may use properties from outside the immediate neighborhood as comparables if they:
- A Virginia appraiser is asked to appraise a property for 'mortgage lending purposes.' Under FIRREA and USPAP, the appraiser must:
- In Virginia, an appraiser's certification in the appraisal report includes a statement that they have no:
- A Virginia appraiser's 'extraordinary assumption' in an appraisal report means they assume:
- A Virginia appraiser who uses the sales comparison approach and makes adjustments totaling more than 25% of the comparable's adjusted price should:
- In Virginia, a 'limited appraisal' under USPAP may be used when:
- A Virginia appraiser is valuing a waterfront property on the Chesapeake Bay. The appraiser must specifically consider:
- In Virginia, the 'effective date' of an appraisal is:
- A Virginia appraiser determines that a property's highest and best use 'as vacant' differs from its highest and best use 'as improved.' This commonly occurs when:
- Virginia's Hampton Roads market is unique because of sea level rise. An appraiser valuing a Hampton Roads waterfront property must account for:
- In Virginia, the phrase 'arm's length transaction' in real estate means:
- In Virginia, real property market values in Northern Virginia have historically appreciated at higher rates than the state average. An appraiser would account for this with a:
- In Virginia, an appraiser who finds that the subject property's market rent equals the contract rent has determined there is:
- The Virginia real estate market in the Roanoke Valley differs from Northern Virginia primarily in terms of:
- When a Virginia appraiser reconciles the three approaches to value, they are doing which of the following?
- In the cost approach, 'replacement cost new' differs from 'reproduction cost new' in that:
- A Virginia appraiser performing a new construction appraisal uses plans and specifications provided by the builder. This is called an:
- A Virginia appraiser who discovers the property is in an area with high demand for short-term rentals (like Airbnb) should:
- A Virginia appraiser computes an overall rate (OAR) or cap rate using the 'market extraction method.' This involves:
- In Virginia's Richmond market, what type of residential appraisal methodology do Fannie Mae and Freddie Mac require for single-family home purchases?
- An appraiser using the sales comparison approach in Northern Virginia adjusts a comparable sale for a feature the subject property has but the comparable lacks. This adjustment is:
- Which appraisal approach is most commonly used to value a single-family residence in a Virginia suburb?
- A Virginia income-producing property has a NOI of $85,000 and sells for $1,000,000. What is the cap rate?
- The principle that states the value of a property is enhanced when it conforms to the surrounding neighborhood is known as:
- When appraising a Virginia commercial property, an appraiser uses the direct capitalization method. Which formula correctly expresses this?
- An appraiser notes that a neighboring property's swimming pool added $15,000 to its sale price. However, the pool cost $35,000 to build. This illustrates the principle of:
- In the cost approach, the term 'functional obsolescence' refers to:
- A Virginia appraiser uses the cost approach for a historic property in Richmond. Reproduction cost refers to:
- A Hampton Roads investor evaluates two properties: Property A (NOI $50,000, value $625,000) and Property B (NOI $40,000, value $444,444). Which has the higher cap rate?
- The 'principle of substitution' in real estate appraisal states that:
- A Northern Virginia office building has an effective gross income (EGI) of $500,000 and total operating expenses of $200,000. What is the NOI?
- Potential Gross Income (PGI) minus vacancy and collection losses equals:
- A Richmond area appraiser is performing a retrospective appraisal. This means the appraisal:
- An appraiser uses the income approach to value a Virginia apartment complex. 'Economic rent' refers to:
Environmental
117 questions- The Chesapeake Bay Preservation Act in Virginia requires localities to establish:
- The Virginia Department of Environmental Quality (DEQ) is responsible for:
- A Virginia seller must disclose the presence of lead-based paint in homes built before:
- Radon is a concern in Virginia because it:
- Under CERCLA (Superfund), liability for environmental contamination on a Virginia property may attach to:
- Asbestos is a concern in Virginia properties built before approximately:
- A Virginia property near a dry cleaning business is found to have soil contamination from PCE (perchloroethylene). This would be classified as:
- A Virginia coastal property within a Resource Protection Area (RPA) under the Chesapeake Bay Preservation Act typically has a minimum buffer of:
- Underground storage tanks (USTs) on a Virginia property are a concern primarily because:
- Wetlands on a Virginia property are regulated by:
- Mold in a Virginia rental property is primarily the landlord's responsibility to address when:
- A Virginia property near a former gas station is found to have petroleum-contaminated soil. Under the Virginia Petroleum Storage Tank (PST) program, cleanup is administered by:
- A Virginia property owner discovers an abandoned heating oil tank (UST) in their yard. Their first step should be to:
- The presence of Chinese Drywall in a Virginia home built between 2004–2007 is significant because:
- Carbon monoxide (CO) detectors are required in Virginia residential rental properties:
- A Virginia property owner in a FEMA Special Flood Hazard Area (SFHA) with a federally backed mortgage is typically required to:
- A Virginia homeowner installs new flooring and discovers the subfloor contains vinyl floor tiles that may contain asbestos. The correct course of action is to:
- Polychlorinated biphenyls (PCBs) are most likely to be found in Virginia commercial buildings constructed before:
- Electromagnetic fields (EMFs) from high-voltage power lines near a Virginia property are considered:
- Virginia's Voluntary Remediation Program (VRP) allows property owners to:
- A Virginia property owner discovers a neighbor's septic system is leaching onto their property. This could constitute:
- Virginia's Department of Health regulates which environmental concern related to real estate?
- Virginia's Erosion and Sediment Control Law requires:
- Volatile organic compounds (VOCs) in a Virginia property can come from:
- A Virginia property adjacent to a former dry cleaner is being sold. The listing agent should:
- Under the Virginia Lead Disclosure Rule (enforced by EPA), sellers and landlords of pre-1978 homes must:
- Virginia's Stormwater Management regulations require development projects to:
- A Virginia property that was formerly used as a dry cleaning facility is being sold. A Phase I Environmental Site Assessment (ESA) would:
- A 'brownfield' property in Virginia is one that:
- Virginia's Nutrient Management Planning requirements are primarily intended to:
- A Virginia property owner who discovers an old underground oil tank that has leaked must notify:
- The Chesapeake Bay Preservation Act applies to properties in which Virginia localities?
- Under the Chesapeake Bay Preservation Act, a Resource Protection Area (RPA) typically includes a buffer of what width along tidal shorelines?
- The Virginia DEQ (Department of Environmental Quality) is responsible for:
- A Virginia agent discovers that a property's underground storage tank (UST) may have leaked. What is the agent's responsibility?
- Lead-based paint disclosure under federal law is required for residential properties built before:
- Radon gas is a concern in Virginia real estate because it:
- The federal Superfund law (CERCLA) imposes cleanup liability for contaminated sites on:
- Asbestos in Virginia homes is primarily a concern when:
- A Virginia wetland on a property subject to Army Corps of Engineers jurisdiction means the owner:
- Under Virginia's voluntary remediation program, a property owner who voluntarily cleans up a contaminated site may receive:
- A Virginia buyer discovers that a property was formerly used as a dry cleaning business. What environmental concern is most likely?
- Virginia's well and septic system regulations primarily fall under the authority of the:
- Polychlorinated biphenyls (PCBs) found in a Virginia commercial building's electrical transformers are regulated under which federal law?
- In Virginia, a property owner discovers mold in their home caused by a roof leak. The MOST important first step in mold remediation is:
- The National Flood Insurance Program (NFIP) provides flood insurance for properties in communities that:
- Which federal act requires sellers to disclose known lead-based paint hazards for homes built before 1978?
- A Virginia property near a former industrial site is classified as a 'brownfield.' The Virginia program that encourages voluntary cleanup of brownfields is administered by:
- A Virginia listing reveals the presence of Chinese drywall. This is an environmental/defect issue because Chinese drywall:
- Which Virginia coastal area concern requires buyers near tidal waters to investigate flood insurance requirements?
- Carbon monoxide (CO) detectors are required in Virginia residential properties under which circumstance?
- A Virginia seller must disclose the presence of a private well and septic system on the Residential Property Disclosure Statement. Buyers should be advised to:
- Virginia's Stormwater Management regulations under the Virginia Stormwater Management Act require new development to:
- HVAC refrigerants (freon/R-22) in older Virginia homes are regulated under:
- In Virginia, a seller of a home with a septic system must disclose:
- A Virginia property in a Special Flood Hazard Area (SFHA) requires flood insurance if:
- The Virginia Stormwater Management Act's permit requirements for land-disturbing activities are triggered when the disturbed area exceeds:
- A Virginia property owner discovers their property contains wetlands regulated by both the Army Corps of Engineers and the Virginia Marine Resources Commission. The owner must:
- An oil storage tank on a Virginia property that is no longer in service must be:
- Virginia's Department of Forestry oversees which aspect of land development relevant to real estate?
- When testing for radon in a Virginia home, what action level does the EPA recommend for mitigation?
- A Virginia property adjacent to a former gas station may have soil contamination from underground storage tanks. The most common contaminants are:
- The Virginia Chesapeake Bay Preservation Act Resource Protection Area (RPA) buffer applies primarily to:
- A Virginia property that contained a dry cleaning operation now has elevated PCE (tetrachloroethylene) in the soil. The responsible party under CERCLA is:
- The federal Superfund (CERCLA) National Priorities List (NPL) in Virginia includes contaminated sites that:
- Indoor air quality (IAQ) concerns in Virginia homes often include all of the following EXCEPT:
- Virginia's Erosion and Sediment Control (ESC) regulations require land disturbers to implement best management practices (BMPs) to prevent:
- A Virginia homeowner discovers that their 1970s-era home has popcorn ceiling with asbestos. The safest approach is to:
- Which environmental issue is most commonly associated with older homes in Richmond, Virginia's older neighborhoods?
- When a Virginia seller is aware that their property sits adjacent to a former landfill that may be leaching contaminants, they should:
- The Virginia Voluntary Remediation Program (VRP) encourages cleanup of contaminated properties by offering participants:
- Virginia's Chesapeake Bay Preservation Act 'Resource Management Area' (RMA) is less restrictive than the RPA and typically applies to:
- A Virginia property previously used as a gas station undergoes a Phase I Environmental Site Assessment (ESA). A Phase I ESA involves:
- Which type of hazardous waste regulation applies to a Virginia dry cleaner disposing of perchloroethylene (PCE) solvents?
- In Virginia, a buyer who discovers post-closing that the property has underground oil contamination that the seller concealed may:
- Underground heating oil tanks (non-commercial USTs) at older Virginia homes may be exempt from some DEQ regulations but still create environmental liability because:
- A Virginia commercial property transaction should include which document identifying the current condition of environmental regulatory compliance?
- A Virginia buyer of rural property should be aware that the presence of an old cemetery on the property:
- Which Virginia environmental condition is most directly related to the impact of sea level rise and storm surge on coastal properties?
- The federal Clean Water Act Section 401 requires Virginia DEQ to provide a water quality certification for:
- A Virginia waterfront property owner wants to install a dock. They typically need permits from:
- A Virginia homeowner installs a geothermal heat pump system that requires drilling wells. This activity in Virginia may require:
- Virginia's Air Pollution Control Law is enforced by:
- A Virginia homebuyer discovers after purchase that their property has a naturally occurring spring. This spring may be subject to:
- Under Virginia's Environmental Impact Review process for certain large developments, an Environmental Impact Statement (EIS) may be required by:
- A Virginia commercial property near a dry-cleaning shop has elevated levels of trichloroethylene (TCE) in groundwater. TCE is:
- A Virginia buyer who discovers after closing that the seller failed to disclose asbestos-containing floor tiles that were knowingly concealed may have a claim for:
- A Virginia commercial buyer's Phase II ESA reveals petroleum contamination in soil. The buyer's most important next step is to:
- Virginia's Chesapeake Bay Preservation Act establishes two tiers: the Resource Protection Area (RPA) and Resource Management Area (RMA). Development in the RPA is:
- A Virginia residential buyer's water quality test reveals arsenic above EPA standards in their private well. The buyer should:
- In Virginia, a property owner near a major highway should be aware of:
- A Virginia property owner who receives a CERCLA Section 107 demand letter from EPA means:
- A Virginia property with solar panels on the roof would typically be assessed for property tax purposes with the solar panels:
- A Virginia home buyer discovers the previous owners had a dog kennel business on the property and the soil may contain elevated nitrogen. The buyer should:
- Virginia requires disclosure of a known underground oil storage tank (UST) on the Residential Property Disclosure Statement. A buyer concerned about UST contamination should:
- Virginia's participation in the Regional Greenhouse Gas Initiative (RGGI) means the state:
- A Virginia property has a pond that was created by damming a stream. This may require a permit from:
- Virginia's Brownfield Redevelopment Program helps local governments in which way?
- A Virginia buyer of a property with a drilled well should request which test to ensure the water is safe for drinking?
- A Virginia property on a former military base (BRAC closure) being redeveloped should be aware of potential:
- Virginia's Department of Mines, Minerals and Energy (DMME, now Virginia Energy) regulates which activity relevant to real estate?
- In Virginia, the 'naturally occurring asbestos' concern primarily affects areas with:
- Virginia's 'Right to Farm' law protects farmers from nuisance lawsuits brought by:
- The Chesapeake Bay Preservation Act establishes a Resource Protection Area (RPA) buffer of what width adjacent to tidal waters?
- Under CERCLA, who can be held liable for cleanup of a contaminated Virginia property?
- Virginia's voluntary cleanup program for brownfield sites is administered by:
- A Virginia homebuyer discovers the home was built before 1978. Under federal law, what must the seller provide?
- Radon is a known carcinogen found in many Virginia homes. What is the EPA action level for radon that triggers mitigation?
- A Virginia property near a dry cleaner is found to have soil contamination from PCE (perchloroethylene). Which federal law primarily governs the cleanup?
- Virginia's Chesapeake Bay Act applies to localities in the 'Tidewater' region. Which of the following cities is in the Tidewater area?
- Mold disclosure obligations for Virginia sellers and landlords are primarily governed by:
- A Virginia commercial property has underground storage tanks (USTs) that were removed 10 years ago. A Phase I Environmental Site Assessment reveals a recognized environmental condition (REC). The next step is typically:
- Which Virginia agency regulates wetlands and waterways, including issuing permits for activities in state waters?
- A Virginia property has a well and septic system. The buyer's home inspector recommends testing the well water. The most common contaminants tested for in Virginia private wells include:
- Asbestos-containing materials (ACMs) in a Virginia commercial building must be managed under which federal regulation?
- The National Environmental Policy Act (NEPA) requires federal agencies to prepare an Environmental Impact Statement (EIS) for major federal actions. In Virginia, this would apply to:
- Virginia's Water Quality Improvement Fund provides grants for:
Escrow & Title
116 questions- In Virginia, who typically holds the earnest money deposit during the period between contract ratification and closing?
- A title search in Virginia reveals an unsatisfied judgment lien against the seller. This lien:
- An owner's title insurance policy in Virginia protects:
- In Virginia, recording a deed serves primarily to:
- In Virginia, a deed of trust has how many parties?
- In Virginia, a 'wet settlement' means:
- In Virginia, who customarily performs the closing/settlement?
- A chain of title in Virginia refers to:
- A mechanic's lien in Virginia is filed by:
- In Virginia, a judgment lien attaches to real property when:
- The Grantee's Tax in Virginia is:
- A title search in Virginia typically examines public records going back:
- Under Virginia's priority rules, which lien generally has first priority?
- A Virginia deed must be signed by:
- In Virginia, a 'special warranty deed' differs from a general warranty deed in that the grantor:
- In Virginia, a deed is acknowledged before a notary to:
- The ALTA/NSPS Land Title Survey in Virginia provides:
- In Virginia, an abstract of title is:
- Virginia uses a 'race-notice' recording statute, which means:
- A Virginia title company discovers a gap in the chain of title during a search. This most likely means:
- A buyer in Virginia receives title with a 'clouds on title.' This means:
- In Virginia, a deed of trust foreclosure (trustee's sale) is initiated when:
- A Virginia property tax lien differs from a private lien (such as a deed of trust) in that:
- In Virginia, a quitclaim deed conveys:
- A buyer in Virginia purchases a property at a foreclosure (trustee's) sale. The buyer typically receives which type of deed?
- A Virginia title company issues a title insurance commitment (binder). This document represents:
- A title insurance exception for 'matters that would be disclosed by an accurate survey' means:
- In Virginia, a deed of release (deed of reconveyance) is used when:
- In Virginia, a deed is effective when it is:
- In Virginia, a buyer who purchases property and does not record their deed immediately may lose their interest to:
- A Virginia title search reveals a gap in the chain of title that can be cured by recording a corrective (confirmatory) deed. This means:
- In Virginia, a 'marketable title' means:
- In Virginia, a RESPA-required Good Faith Estimate has been replaced by:
- In Virginia, the Torrens system of title registration:
- In Virginia, a buyer who discovers a title defect after closing should first:
- In Virginia, a deed of trust foreclosure notice must be published in a local newspaper for how many consecutive weeks?
- In Virginia, a 'subordination agreement' in real estate lending allows:
- In Virginia, real estate closings are typically conducted by:
- A Virginia title search reveals a mechanic's lien recorded after the sales contract was signed. What should happen?
- Which type of title insurance policy protects the lender against title defects?
- In Virginia, the Grantee's (buyer's) recording tax on a deed is calculated at what rate?
- A Virginia seller paid $3,600 in annual property taxes. The closing occurs on September 1. Using a 360-day year, how much does the seller owe the buyer as a proration credit?
- Which title condition means there are no liens, encumbrances, or other defects that would interfere with the buyer's use and enjoyment of the property?
- A Virginia buyer discovers after closing that the previous owner's heir has a claim to the property. Which protects the buyer?
- In Virginia, earnest money deposited with a broker must be kept in:
- The Torrens system of title registration, used in a few jurisdictions, differs from Virginia's recording system in that:
- RESPA prohibits which of the following at settlement?
- In a Virginia real estate closing, the settlement agent prepares a Closing Disclosure (CD). What does the CD show?
- A deed that has been signed and acknowledged but not delivered to the grantee in Virginia is:
- In Virginia, when a broker holds earnest money in escrow and the transaction falls through, the broker may:
- A Virginia settlement agent (attorney) is acting in which capacity at closing?
- What is the purpose of a title commitment in Virginia?
- Which type of deed is most commonly used by trustees in Virginia foreclosure sales?
- RESPA's Section 9 prohibits sellers in Virginia from requiring buyers to:
- In Virginia, a special warranty deed protects the grantee only against claims arising from:
- When a Virginia lender requires a survey before closing, the purpose is to:
- In Virginia, which instrument transfers personal property from a decedent's estate?
- A Virginia title company discovers a 'gap' in title — a period where there is no recorded deed. The best solution is:
- A Virginia buyer receives title to a property via a quitclaim deed. This means:
- Under the Virginia land records system, recording a deed in the circuit court clerk's office provides:
- In Virginia, the priority of liens on a property is generally determined by:
- A title search in Virginia should examine records how many years back to provide a full chain of title?
- An attorney closing in Virginia typically reviews all of the following EXCEPT:
- In Virginia, a 'judgment lien' against a property owner arises when:
- In Virginia, which statement about abstract of title is correct?
- A Virginia 'quiet title' action is a lawsuit that:
- In Virginia, transfer taxes are collected at closing and are paid by:
- In a Virginia purchase, the mortgage recordation tax applies to:
- Which of the following clouds on title can be resolved with a recorded affidavit in Virginia?
- When a Virginia circuit court clerk records a deed, the primary purpose is to:
- An owner's title insurance policy in Virginia is issued for which amount?
- When a Virginia property is purchased through a short sale, the lender agrees to:
- The Virginia deed of trust 'power of sale' clause allows the trustee to sell the property without court involvement when:
- A Virginia buyer's lender requires title insurance before funding the loan. Which policy does the lender require?
- Virginia's grantor-grantee index system requires searchers to find a deed by looking in the index under:
- A Virginia property has a deed of trust lien and a judgment lien. The deed of trust was recorded first. At foreclosure, how are proceeds distributed?
- A Virginia settlement agent who disburses funds at closing before all conditions are met is:
- A Virginia title insurance company that discovers a pre-existing lien not shown in the title search after closing must:
- A Virginia deed that names a grantee who is deceased at the time of delivery is:
- A Virginia title insurance policy exception for 'matters disclosed by a survey or inspection not shown in the public records' typically means:
- A Virginia property sold at a sheriff's sale for delinquent taxes conveys what type of title to the purchaser?
- Which of the following items on a Virginia Closing Disclosure is a debit to the seller?
- A Virginia title company issues an ALTA (American Land Title Association) policy rather than a state-specific policy. ALTA policies are:
- A Virginia settlement agent's legal duty of 'good funds' means they must:
- At a Virginia closing, 'prorations' are used to ensure that:
- In Virginia, 'actual notice' of a prior claim means:
- A Virginia title insurance policy with an 'endorsement' for 'ALTA 9 – Restrictions, Encroachments, and Minerals' provides additional coverage for:
- Under Virginia's race-notice recording statute, if Smith conveys to Jones who does not record, and then conveys to Brown who records first without notice of the Jones deed, Brown:
- A Virginia deed of trust lien is satisfied when the borrower pays off the loan. To clear the lien from title, the trustee records a:
- In Virginia, which document provides the legal description used in a deed to convey property?
- A Virginia purchase transaction's Closing Disclosure shows a 'cash to close' of $42,000 for the buyer. This amount includes:
- A Virginia purchase contract requires 'evidence of title satisfactory to the buyer.' If the title search reveals an easement the buyer objects to, the buyer may:
- In Virginia, a court-ordered partition sale of a property owned by co-tenants (tenants in common) who disagree results in:
- A Virginia buyer who obtains title insurance and later discovers that an easement was not disclosed in the title commitment may file a claim against:
- In Virginia, a 'simultaneous closing' occurs when:
- A Virginia buyer's title insurance commitment shows Schedule B — the exceptions to coverage. These exceptions include:
- A Virginia homeowner's title insurance policy pays a claim when:
- What is an 'abstract of judgment' in Virginia real estate?
- A Virginia title company 'reissue rate' on title insurance is:
- In Virginia, a 'satisfaction of mortgage' (or deed of release for a deed of trust) must be recorded within how many days of payoff under Virginia Code?
- In Virginia, the standard 'owner's title insurance' form from ALTA provides coverage for which type of defects?
- A Virginia title search discovers a recorded lis pendens against the seller related to a pending divorce proceeding. This creates a cloud on title because:
- A Virginia property's title shows a 'prescriptive easement' held by a neighbor who has used a path across the property for 20 years. This easement:
- In Virginia, the Virginia State Bar regulates the practice of law at closings. Which of the following must be performed by a licensed Virginia attorney?
- A Virginia title insurance policy that protects the lender's interest against title defects is called a(n):
- Virginia's recordation tax on deeds is separate from the Grantor's Tax. What is the standard recordation tax rate on deeds?
- A Virginia buyer's earnest money is held in escrow. The transaction falls through due to a buyer default. Who controls the release of the escrow funds?
- Under RESPA, a lender may not pay or receive a kickback or referral fee for settlement services. This prohibition is found in RESPA Section:
- Virginia follows the 'race-notice' recording statute. A subsequent bona fide purchaser for value is protected against prior unrecorded interests if they:
- Chain of title in Virginia refers to:
- In Virginia, a mechanics lien must be filed by a contractor within how many days after the last day work was performed?
- A Virginia property owner wants to use their property as collateral for a loan. The lender takes a security interest in the real property. This is evidenced by a:
- In Virginia, who typically conducts the real estate closing?
- A Virginia seller has $50,000 equity in their home. At closing, their agent informs them the buyer's lender requires that the seller pay 2 discount points on the buyer's $320,000 loan. How much must the seller pay?
- In Virginia, a judgment lien against a property owner attaches to all real property owned by the debtor in the jurisdiction where the judgment is recorded. To clear the lien, the property owner must:
- A Virginia buyer purchases a property and later discovers there was an unreleased mortgage from a prior owner that was paid off but never released from the records. This creates a:
Land Use & Zoning
115 questions- A Virginia property owner wants to operate a home-based business in a residentially zoned area. They would most likely need to obtain:
- A nonconforming use in Virginia zoning is one that:
- In Virginia, a property owner who believes a zoning ordinance has been improperly applied to their property may appeal to the:
- A 'taking' under the Fifth Amendment requires the government to pay just compensation when:
- Under the Virginia Statewide Fire Prevention Code, a property owner must:
- Eminent domain in Virginia allows the government to take private property for public use, provided:
- A developer in Virginia who wants to develop land in a way not permitted by the existing zoning may seek:
- In Virginia, proffer conditions in a rezoning are:
- The Virginia Uniform Statewide Building Code (USBC) is administered by:
- A variance in Virginia zoning is granted when:
- In Virginia's Hampton Roads region, coastal properties are subject to additional regulations from:
- In Virginia, a mixed-use development that combines residential and commercial uses in a single building or area typically requires:
- Virginia's Agricultural and Forestal Districts Act allows landowners to protect farmland from development pressures by:
- In Virginia, a special exception (special use permit) differs from a variance in that:
- Transit-oriented development (TOD) in Virginia's urban areas (e.g., along Metro lines in Northern Virginia) typically features:
- A planned unit development (PUD) in Virginia is:
- In Virginia, a comprehensive plan is:
- In Virginia, a 'by-right' development is one that:
- In Virginia, an 'exaction' in land development refers to:
- In Virginia, density bonuses may be offered to developers who:
- In Virginia, a 'floating zone' is a zoning category that:
- In Virginia's Richmond metro market, urban infill development refers to:
- In Virginia, adequate public facilities requirements (APF) allow localities to:
- In Virginia, a 'conditional use permit' (CUP) or 'special use permit' (SUP) is required for uses that are:
- Virginia's Urban Development Areas (UDA) provisions require certain localities to designate:
- A Virginia property owner receives a notice of zoning violation from the local zoning administrator. The owner may appeal this decision to:
- In Virginia, impact fees for new development are typically used to:
- In Virginia, what is the primary purpose of a buffer yard requirement in zoning?
- Virginia's Chesapeake Bay Preservation Act's Resource Protection Area (RPA) primarily restricts:
- In Virginia, overlay districts are:
- In Virginia, a 'form-based code' is a zoning approach that:
- In Virginia, a transfer of development rights (TDR) program allows:
- Which type of zoning allows for a mix of residential, retail, and office uses in a single district?
- A Virginia property owner wants to use their residentially zoned home as a hair salon. They would need a:
- In Virginia, which body typically hears appeals from zoning administrator decisions?
- A lawful nonconforming use in Virginia is:
- Virginia's Dillon Rule means that localities:
- Spot zoning in Virginia is generally considered:
- A Virginia developer is required by the locality to dedicate land for a park as a condition of subdivision approval. This is an example of:
- Which federal law requires that zoning regulations accommodate persons with disabilities and religious institutions?
- A proffer in Virginia zoning refers to:
- A Virginia developer seeking to subdivide land must file a subdivision plat with:
- The Virginia Land Use Act requires localities to adopt a Comprehensive Plan that must be reviewed at least every:
- A Virginia locality imposes a development impact fee on new construction to pay for roads and schools. This fee is an example of:
- In Virginia, an easement appurtenant runs with the land, meaning it:
- A Virginia property owner's land is condemned by the state for a highway project. The owner is entitled to:
- A Virginia property owner who is denied a variance by the Board of Zoning Appeals may appeal the decision to:
- In Virginia, a 'cluster development' or 'open space' subdivision allows:
- A Virginia property owner files a petition requesting that the locality reclassify their land from R-1 (single-family) to B-1 (commercial). This is called:
- Transfer of Development Rights (TDR) programs in Virginia allow:
- In Virginia, a 'plat' for a subdivision is:
- A Virginia agricultural conservation easement permanently restricts a property from residential and commercial development. The property owner who grants the easement typically benefits from:
- Virginia's CDBG (Community Development Block Grant) funds are used primarily for:
- Virginia's Adequate Public Facilities Ordinance (APFO) allows localities to:
- In Northern Virginia, the high-density residential and transit-oriented development around Metro stations is an example of which planning concept?
- A Virginia 'form-based code' differs from conventional zoning in that it focuses primarily on:
- The Virginia Wetlands Act (separate from federal law) primarily protects:
- A Virginia real estate developer who violates an approved site plan condition may face:
- The Virginia Department of Transportation (VDOT) controls access to state roads through a process called:
- A Virginia property in a historic district may require approval from a Historic District Review Board (Architectural Review Board) before:
- A Virginia commercial property owner seeks a sign variance because the local zoning ordinance limits sign size and the standard is too small for their business. They would apply to the:
- In Virginia, 'inverse condemnation' occurs when:
- A Virginia landlocked parcel (one with no road access) may have the right to access via neighboring land through a(n):
- A Virginia property owner seeking to build an accessory dwelling unit (ADU) in their backyard must typically:
- Virginia's Agricultural and Forestal District program protects farmland by:
- A Virginia neighborhood's association uses restrictive covenants to limit fence heights. These covenants are:
- The concept of 'smart growth' as adopted by several Virginia localities emphasizes:
- In Virginia, 'downzoning' (reducing permitted density or intensity of use) may constitute a compensable taking if:
- In Virginia, a 'Planned Unit Development' (PUD) zoning designation allows:
- The Virginia Statewide Building Code (USBC) is administered at the local level by:
- A Virginia homeowner who constructs an addition without obtaining a building permit may face:
- A Virginia property owner wants to rezone their land near a major interchange for commercial development. The rezoning application must be consistent with the locality's:
- In Virginia, a 'special exception' differs from a 'variance' in that:
- In Virginia, a 'use value assessment' under the Land Use Assessment program applies to land used for:
- A Virginia locality's comprehensive plan designates an area for mixed-use development. A property owner in the area who wants to build a gas station must:
- In Virginia, a 'fee simple' ownership of land coupled with a conservation easement conveyed to a land trust means the owner:
- The Virginia Urban Development Areas (UDA) law encourages localities to designate areas for:
- A Virginia property developer who builds houses in a floodway is most likely violating:
- In Virginia, a 'Certificate of Occupancy' (CO) is issued by the local building department when:
- Virginia's Chesapeake Bay Act applies in 'Tidewater Virginia,' which includes:
- In Virginia, 'urban agricultural' activities such as community gardens and chickens are:
- A Virginia private property owner claims that a new cell tower placed near their property constitutes a regulatory taking because it lowered their property value. Their legal theory is:
- A Virginia property owner who receives a government order to clean up a nuisance on their property (abandoned cars, debris) has received a(n):
- A Virginia locality adopts an 'inclusionary zoning' ordinance requiring developers of 50+ unit projects to set aside 15% as affordable housing. This is an example of:
- In Virginia, an 'overlay district' in zoning is:
- A Virginia homeowner who has been operating a non-conforming business from their home since the zoning ordinance changed is allowed to continue. If they stop the business for a year, the right to continue may:
- A Virginia property owner who disputes their real property tax assessment may file an appeal with the:
- Virginia's Wetlands Conservation Act provides that:
- A Virginia locality that designates an area as an 'Enterprise Zone' is providing:
- A Virginia 'design-build' development contract is typically used for:
- In Virginia, 'down-zoning' a property from commercial to agricultural may constitute a compensable taking if the owner can show:
- Virginia's Shenandoah Valley and Southwest Virginia regions often use 'agricultural and forestal district' programs primarily to:
- A Virginia utility company that needs to run a gas pipeline across private property will typically acquire rights through:
- In Virginia, a 'by-right use' in a commercial zone is one that:
- A Virginia locality that has adopted 'form-based coding' for its downtown area is trying to achieve:
- In Virginia, a development project in a Special Flood Hazard Area must comply with FEMA and local ordinance requirements including:
- A Virginia homeowner in a historic district wants to demolish a contributing historic structure. They would need approval from the:
- A Virginia Planned Unit Development (PUD) zone allows which flexibility not available in standard zoning?
- When a Virginia property's use is nonconforming because of a zoning change, the owner may typically:
- Virginia's 'by right' solar energy installations on residential properties are protected by state law. This means localities:
- In Virginia, an 'Intensely Developed Area' (IDA) designation under the Chesapeake Bay Preservation Act allows:
- In Virginia, a municipality that is a 'Home Rule' city has which power that counties governed by Dillon's Rule lack?
- A Virginia developer seeking to build a large retail center must typically provide a:
- A Virginia developer who agrees to add affordable housing units in exchange for additional density beyond what zoning normally allows is engaged in:
- A Virginia property is zoned R-1 (single-family residential). A church wants to build on the site. A church is typically a:
- In Virginia, a comprehensive plan serves as:
- A Virginia property owner wants to build a fence 2 feet inside the required setback line. The owner needs a:
- A nonconforming use in Virginia is one that:
- Virginia's Agricultural and Forestal Districts program allows landowners to:
- In Northern Virginia, which entity has regional authority over transportation planning that affects land use?
- Eminent domain in Virginia requires the government to pay 'just compensation' to property owners. This is rooted in:
- A Virginia locality imposes an impact fee on new residential development to fund road improvements. This type of fee is known as a:
- Virginia localities may accept voluntary cash proffers from developers during a rezoning. What is the primary use of proffer funds?
- A Virginia property owner who disagrees with a local zoning board's denial of a variance may appeal to:
- A Virginia locality creates a tax increment financing (TIF) district to fund infrastructure in a blighted area. TIF works by:
Property Management
115 questions- Under the Virginia Landlord and Tenant Act (VRLTA), a landlord must return a security deposit within how many days after the tenancy ends?
- The Virginia Residential Landlord and Tenant Act (VRLTA) applies to:
- Under the VRLTA, a landlord must give how many days' written notice before terminating a month-to-month tenancy?
- In Virginia, a property manager who manages residential rental property for a fee must hold:
- The maximum security deposit a Virginia landlord may charge under the VRLTA is:
- Under the VRLTA, a landlord's failure to make essential repairs after proper notice from the tenant may entitle the tenant to:
- A Virginia property manager who holds tenant security deposits must:
- Under the VRLTA, a landlord must provide a tenant with a written itemization of security deposit deductions within:
- The Virginia Landlord and Tenant Act requires that residential rental units meet which standard?
- A property manager in Virginia who misappropriates tenant security deposits may face:
- Under the VRLTA, a landlord who wrongfully withholds a security deposit may be liable to the tenant for:
- A Virginia property manager enters into a management agreement. This agreement is most similar to which type of agency relationship?
- Under Virginia law, a landlord may enter a tenant's rental unit without prior notice in which situation?
- A Virginia landlord who improperly attempts to evict a tenant (e.g., changing the locks without a court order) may be liable for:
- Under the Virginia Residential Landlord and Tenant Act, a landlord must provide written notice before entering a tenant's unit for non-emergency maintenance. The required notice period is:
- In Virginia, a lease for more than one year must be:
- A Virginia property manager must provide an annual accounting to the property owner. This accounting typically includes:
- Under the VRLTA, when may a landlord apply a security deposit to unpaid rent?
- Under the VRLTA, a landlord may terminate a lease for nonpayment of rent by providing the tenant with a:
- Virginia's VRLTA requires landlords to maintain rental properties with:
- A Virginia commercial lease that requires the tenant to pay a base rent plus a percentage of their gross sales is called:
- A Virginia commercial tenant on a triple net (NNN) lease is responsible for:
- A Virginia commercial property manager who executes leases on behalf of the owner must have:
- A Virginia property manager who also invests in real estate must:
- In Virginia, a property manager who also acts as the listing broker for the sale of a managed property must:
- A Virginia landlord who accepts rent after serving a pay-or-quit notice may have:
- A Virginia commercial lease provision requiring the tenant to maintain the property in good repair is an example of:
- A Virginia property management company that accepts a kickback from a maintenance contractor in exchange for referrals is in violation of:
- A Virginia commercial lease 'holdover clause' typically states that if a tenant remains after the lease expires without a new agreement:
- Under the Virginia Residential Landlord and Tenant Act, a landlord's prohibited actions include all of the following EXCEPT:
- A Virginia commercial tenant who sublets their space to another party without the landlord's consent may be:
- The Virginia Residential Landlord and Tenant Act (VRLTA) primarily applies to:
- Under the VRLTA, a Virginia landlord must return a security deposit within how many days after the tenant moves out?
- The maximum security deposit a Virginia residential landlord may collect is:
- Under the VRLTA, if a Virginia landlord fails to maintain a habitable property, the tenant may:
- A Virginia property manager who collects rents and manages leases on behalf of an owner must hold what credential?
- Under the VRLTA, how many days' written notice must a Virginia landlord give before entering a tenant's unit for non-emergency maintenance?
- If a Virginia tenant on a month-to-month lease wants to terminate, they must give written notice of at least:
- A Virginia tenant who abandons a rental property before the lease ends is liable for:
- Which type of lease provides the tenant with a fixed rent for the entire lease term?
- In Virginia commercial leases, a tenant who pays a base rent plus a share of property taxes, insurance, and maintenance is in what type of lease?
- Under the VRLTA, a landlord who wrongfully withholds a security deposit faces a penalty of:
- A Virginia property management company collects a $1,200 monthly rent. They may charge a management fee of 8% of rents collected. What is the monthly management fee?
- The Virginia Residential Landlord and Tenant Act requires all rental agreements to be in writing if the lease term is:
- In Virginia, a landlord who locks out a tenant without a court order commits:
- Which clause in a commercial Virginia lease allows the landlord to adjust rent periodically based on changes in the Consumer Price Index (CPI)?
- Under the VRLTA, a landlord who enters a tenant's dwelling unit without proper notice (except for emergencies) may be liable for:
- A Virginia tenant gives proper 30-day notice to terminate a month-to-month tenancy on March 15. The tenancy ends on:
- A Virginia commercial property manager is negotiating a lease for office space in Richmond. The tenant wants a 'tenant improvement allowance (TIA).' This means:
- Under Virginia law, the unlawful detainer process is initiated when a landlord wants to:
- A Virginia property management company holds security deposits in a separate escrow account. This is required to:
- A Virginia property manager receives a check from a tenant payable to the property owner. The property manager must:
- Under the VRLTA, which of the following is a landlord's duty regarding habitability?
- A Virginia landlord wants to convert an apartment complex to condominiums. Under the Virginia Condominium Act, tenants must receive:
- A Virginia commercial property lease includes a 'right of first refusal' clause for the tenant. This means:
- Under the VRLTA, if a Virginia landlord fails to make a required repair within 21 days of written notice, a tenant may:
- A Virginia property manager collects a $3,000 security deposit for an apartment renting at $1,500/month. This violates the VRLTA because:
- A Virginia commercial lease 'subordination' clause means:
- In Virginia, a lease with an 'option to purchase' is considered:
- Under Virginia law, a landlord must provide the tenant with written notice before increasing rent in a month-to-month tenancy. The required notice is:
- A Virginia tenant on a fixed-term lease sublets the unit without the landlord's written permission. The landlord may:
- A Virginia property manager who fails to account for client funds and uses them for personal expenses commits:
- The Virginia Landlord and Tenant Act requires landlords to provide tenants with a written rental agreement. If no written agreement exists, the tenancy is governed by:
- A Virginia property manager's duty of care requires them to:
- A Virginia ground lease is a long-term lease where the tenant:
- Under the VRLTA, if a tenant abandons a rental property and the landlord re-rents it at a lower rent, the original tenant owes:
- A Virginia property management agreement should specify which of the following?
- A Virginia landlord who is also a VREB licensee and manages rental properties they personally own:
- In Virginia, a commercial tenant holdover (staying past lease expiration) without a new agreement typically converts the tenancy to:
- A Virginia retail tenant whose lease includes a 'percentage rent clause' pays:
- Under the VRLTA, a Virginia tenant may terminate a lease early without penalty due to:
- A Virginia property manager who collects first month's rent, last month's rent, and a security deposit should:
- A Virginia tenant receives a 5-Day Pay or Quit notice. This means:
- The Americans with Disabilities Act (ADA) applies to which Virginia properties?
- Under the VRLTA, a landlord who uses a tenant's security deposit to cover cleaning costs must provide the tenant with:
- In Virginia, which type of lease automatically renews for another full term unless notice is given?
- In Virginia, a landlord who obtains an unlawful detainer judgment against a tenant must use a writ of possession to actually remove the tenant. This writ is executed by:
- A Virginia condominium association's board of directors has a fiduciary duty to:
- Under the Virginia POA Act, a homeowners association's annual budget must be:
- Under the VRLTA, a landlord who fails to return the security deposit with an itemized deduction statement within 30 days forfeits the right to:
- A Virginia property manager discovers that the rental property has a structural defect that makes it dangerous. The manager should:
- A Virginia tenant signs a lease addendum that waives their right to maintenance under the VRLTA. This addendum is:
- A Virginia property manager's professional liability for errors and omissions (E&O) insurance covers:
- A Virginia residential landlord may evict a tenant for all of the following EXCEPT:
- A Virginia property manager receives a request from a tenant to sublet the apartment. The manager should:
- A Virginia HOA board member who approves a contract with a company they have a financial interest in without disclosing the conflict is:
- Under the Virginia POA Act, a homeowner association that adopts rules restricting the right to display the American flag on private property would:
- A Virginia commercial lease's 'assignment clause' typically requires:
- Under Virginia's VRLTA, the landlord's right to enter the unit in an emergency is:
- A Virginia landlord's failure to provide adequate security measures (broken door locks, non-functioning exterior lights) may expose the landlord to liability for:
- A Virginia property manager who discovers the owner has died mid-lease should:
- In Virginia, a HOA that has the power to impose fines on homeowners must follow:
- A Virginia property manager's management agreement is a form of which type of agreement?
- A Virginia tenant who suffers from a physical disability asks their landlord to allow them to have a service dog despite a no-pets policy. The landlord should:
- A Virginia commercial lease's 'estoppel certificate' is a document where the tenant confirms:
- A Virginia residential property manager must keep escrow accounts for security deposits in a bank that is:
- Under Virginia law, a commercial landlord who wants to retake possession after the lease ends must:
- A Virginia commercial property manager receives a tenant request to install a charging station for an electric vehicle (EV). The manager should:
- A Virginia property management company that manages more than 10 rental properties must maintain a trust account that is:
- A Virginia property manager's annual report to the property owner should include:
- A Virginia HOA's rules and regulations can be enforced through all of the following EXCEPT:
- A Virginia property manager who receives notice that a tenant has been infected with a communicable disease should:
- A Virginia landlord who wants to convert a month-to-month tenancy to a fixed-term lease must:
- Under the Virginia Residential Landlord and Tenant Act (VRLTA), a landlord must return a security deposit within how many days after the tenant vacates?
- Under the VRLTA, a landlord's failure to make essential repairs after proper written notice allows the tenant to:
- A Virginia property manager collects rents in a fiduciary capacity. These funds must be:
- Under the VRLTA, the minimum notice required for a landlord to enter a tenant's unit for non-emergency repairs is:
- A Virginia property manager is negotiating a lease for a commercial tenant. A percentage lease is one where:
- Under a triple net (NNN) lease in Virginia, the tenant pays:
- A Virginia property manager wants to terminate a month-to-month residential tenancy. Under the VRLTA, the landlord must provide written notice of at least:
- A Virginia commercial landlord wants to evict a tenant who has not paid rent. The first legal step is typically to:
- A Virginia landlord wants to raise rent on a month-to-month tenant by $200. Under the VRLTA, the landlord must provide notice of the rent increase at least:
- A Virginia residential property manager signs a lease renewal for a tenant without authorization from the owner. This action by the agent is:
- A Virginia property manager's management agreement is with the property owner. The primary duty of loyalty is owed to:
- A Virginia commercial property manager is responsible for a building with a chiller HVAC system. Routine preventive maintenance of the chiller is best characterized as a:
Contracts
113 questions- Under Virginia law, a real estate sales contract must be in writing to be enforceable due to the:
- A buyer makes an offer on a Virginia home. Before the seller responds, the buyer attempts to withdraw the offer. Which of the following is true?
- A counteroffer by a seller in Virginia legally acts as:
- In Virginia, the standard contingency allowing a buyer to terminate a contract based on the results of a home inspection is typically referred to as:
- If a buyer defaults on a Virginia real estate sales contract, the seller's remedy of keeping the earnest money deposit is known as:
- A Virginia real estate contract requires the seller to provide clear title at closing. Which of the following would constitute a cloud on title?
- Under the Virginia Statute of Frauds, a contract for the sale of real estate must be:
- In Virginia, a real estate sales contract becomes binding when:
- A Virginia real estate contract contains a 'time is of the essence' clause. This means:
- Under a Virginia real estate contract, earnest money is typically held by:
- A Virginia buyer makes an offer with a financing contingency. The buyer's loan is denied. Which statement is most accurate?
- In Virginia, a counteroffer by the seller has what effect on the original offer?
- Which of the following is an essential element of a valid Virginia real estate contract?
- A Virginia seller accepts a buyer's offer but the seller had been declared legally incompetent. The resulting contract is:
- Under Virginia law, a buyer's right to terminate a contract for a new home under the Virginia Condominium Act must be exercised within:
- A Virginia listing agreement is best described as:
- A Virginia buyer submits an offer with a home inspection contingency. After the inspection, the buyer requests repairs. The seller refuses all repairs. The buyer may:
- An 'as-is' clause in a Virginia real estate contract means:
- Under the Virginia Residential Property Disclosure Act, a seller of a residential property must provide a disclosure form that:
- A Virginia real estate contract that contains an illegal provision (e.g., a racially restrictive covenant) is:
- A Virginia seller signs a listing agreement and then receives a purchase offer. Before communicating acceptance to the buyer, the seller dies. What happens to the listing agreement?
- In Virginia, an option contract in real estate gives the optionee (buyer) the right to:
- In Virginia, an addendum to a real estate contract:
- In Virginia, the right of first refusal in a real estate contract gives the holder the right to:
- A Virginia installment land contract (contract for deed) differs from a traditional sale because:
- In Virginia, a real estate contract is voidable (not void) when:
- Under Virginia contract law, 'specific performance' as a remedy means:
- A Virginia real estate broker who is the 'procuring cause' of a sale is entitled to a commission because:
- In Virginia, a buyer who defaults on a real estate contract by refusing to close may be liable for:
- In Virginia, a 'back-up offer' in real estate is one that:
- A Virginia real estate contract includes an 'escape clause' (kick-out clause). This allows the seller to:
- Under the Virginia Residential Property Disclosure Act, a seller who makes no representations about the property's condition must provide a disclosure form stating:
- Under Virginia law, a lease agreement that does not specify a duration is presumed to be:
- A Virginia buyer has a financing contingency that states the contract is contingent on obtaining a 30-year fixed mortgage at no more than 7% interest. If the best rate available is 7.25%, the buyer:
- A Virginia purchase contract requires the buyer to obtain a home inspection within 10 days. The buyer fails to schedule the inspection within that period. The result is:
- A Virginia listing agreement that specifies a particular end date is called:
- In Virginia, a 'merger doctrine' in real estate law means:
- A Virginia purchase contract has a settlement date of June 30. On June 28, the seller discovers the roof needs major repair. The seller must:
- A Virginia real estate contract that has been fully performed by both parties is called:
- In Virginia, a ratified contract refers to a contract that:
- In Virginia, a real estate sales contract is legally enforceable only if it is:
- A Virginia buyer submits an offer with a 48-hour acceptance deadline. The seller makes a counteroffer. What has legally occurred?
- In Virginia, earnest money held by a broker must be placed in an escrow account within:
- Which Virginia contract contingency allows a buyer to have the property inspected and negotiate repairs or void the contract?
- A Virginia contract is said to be 'ratified' when:
- Under the Virginia Residential Property Disclosure Act, what is the seller's primary obligation?
- In Virginia, a buyer who signs a sales contract and then discovers the seller made a material misrepresentation may seek:
- A Virginia listing agreement that does not specify a termination date is:
- Which type of listing gives only one broker the right to sell, but the seller retains the right to sell without owing a commission?
- In Virginia, net listings — where the broker keeps everything above a set price — are:
- Which contingency in a Virginia contract protects the buyer if the property appraises below the purchase price?
- In Virginia, a contract for the sale of real estate signed under duress is:
- An option contract in Virginia real estate gives the optionee the:
- A Virginia buyer defaults on a sales contract. The seller's most common remedy is to:
- A Virginia seller defaults on a sales contract by refusing to close. The buyer's most powerful legal remedy is:
- In Virginia, a purchase contract that the buyer has not yet signed but the seller has signed is legally:
- Under Virginia law, a minor (under age 18) who signs a real estate contract may:
- A Virginia contract includes a 'time is of the essence' clause. This means:
- A Virginia seller provides the Residential Property Disclosure Statement but the buyer later discovers the seller failed to disclose known foundation issues. The buyer's recourse includes:
- A Virginia buyer who waives the home inspection contingency is assuming the risk of:
- In Virginia, an escalation clause in a purchase offer automatically increases the buyer's offer by a set amount above competing offers up to a maximum. This clause is:
- A Virginia real estate contract becomes void if:
- Under Virginia law, an 'as-is' clause in a purchase contract means the buyer:
- A Virginia buyer makes an offer with a home inspection contingency that allows them to void the contract within 10 days. The seller accepts. On day 12, the buyer tries to void the contract citing inspection issues. The buyer is:
- A Virginia real estate listing agreement must include which element to be enforceable by VREB regulation?
- In Virginia, a real estate contract that was obtained through undue influence is:
- Which clause in a Virginia purchase contract protects the seller if the buyer is unable to obtain financing?
- In Virginia, a buyer submits an offer with a 72-hour acceptance deadline. The seller lets the deadline pass without responding. The offer is:
- In Virginia, the seller's obligation in a contract to provide clear title at closing is satisfied when:
- A Virginia buyer who is a minor turns 18 after signing a purchase contract. They must ratify or disaffirm the contract:
- Under Virginia law, a seller who misrepresents the square footage of a home in the MLS may be liable for:
- In Virginia, the party who holds the earnest money during a real estate transaction is called the:
- A Virginia contract includes a 'kick-out clause' (right of first refusal with a kick-out provision). This means:
- In Virginia, a 'bridge loan' is used in which real estate scenario?
- A Virginia residential sales contract has a 'liquidated damages' clause. If the buyer defaults, the seller keeps the earnest money as:
- A Virginia seller signs and delivers an offer to the buyer's agent on Friday at 5 PM. The buyer, who had submitted the offer, receives it Monday. When was the contract formed?
- A Virginia buyer makes an offer contingent on the sale of their current home. The seller accepts with a 48-hour kick-out provision. A second buyer makes an offer. The seller notifies the first buyer. The first buyer has 48 hours to:
- In Virginia, an oral modification of a written real estate contract is generally:
- A Virginia buyer inserts a 'home sale contingency' in their offer. This means:
- When does a Virginia buyer's offer become a binding contract?
- In Virginia, a buyer who has an accepted offer but before closing learns the seller has listed the home as having two fireplaces when it actually has one may:
- A Virginia seller who has received two simultaneous offers may:
- In Virginia, a buyer who properly exercises a financing contingency (loan was denied) and terminates the contract should receive:
- In Virginia, a real estate contract that lacks consideration (no payment, no exchange of value) is:
- A Virginia buyer includes in their offer a request for the seller to provide a $10,000 closing cost credit. This would appear in the contract as a:
- A Virginia real estate contract includes a 'time is of the essence' clause. The closing is set for May 15. On May 15, the seller fails to appear at closing. The buyer may:
- In Virginia, if a party to a real estate contract wants to modify the contract terms after ratification, they should:
- A Virginia real estate contract is said to be 'executory' when:
- A Virginia condominium buyer receives the resale certificate, reviews it, and finds the association has a $50,000 special assessment pending. The buyer may:
- A Virginia buyer must sign a written buyer representation agreement before touring homes. This requirement stems from:
- In Virginia, a real estate contract's 'legal description' must be:
- In Virginia, a 'rent-to-own' agreement is legally a combination of which two agreements?
- A Virginia seller counter offers the buyer's offer, increasing the price by $5,000. Before the buyer responds, the seller calls the buyer's agent and revokes the counter. The counter offer is:
- In Virginia, a contract term that requires the buyer to waive all rights under the Virginia Residential Property Disclosure Act is:
- A Virginia contract contingency for sale of the buyer's home may be released (waived) by the buyer if:
- In a Virginia short sale, who must approve the sale price before the transaction can close?
- A Virginia real estate contract provision that requires disputes to be resolved through binding arbitration is:
- In Virginia, a buyer who discovers during inspection that the home has significant foundation issues not disclosed by the seller should:
- A Virginia seller receives two offers simultaneously: one at full list price with an inspection contingency, and one at $10,000 above list price with no contingencies. The seller should:
- In Virginia, a 'back-up offer' on a property already under contract is:
- A Virginia purchase contract provides that 'time is of the essence' for the financing deadline. The buyer's lender needs 3 more days. The buyer should:
- A Virginia buyer submits an offer with an earnest money of $500 on a $750,000 property. The seller should consider this because:
- A Virginia buyer's lender approves a loan conditional on the buyer's current condo selling first. This type of loan approval is:
- In Virginia, the standard residential purchase contract includes an optional home inspection contingency. If the buyer timely objects to inspection findings, what typically happens?
- A buyer in Virginia makes an offer on a home. The seller crosses out one term and initials it before signing. This creates:
- Under the Virginia Statute of Frauds, real estate contracts must be:
- A Virginia purchase contract contains a 'time is of the essence' clause. What does this mean?
- The Virginia Residential Property Disclosure Act requires sellers to provide buyers with a disclosure statement on what basis?
- A Virginia buyer and seller sign a contract with a closing date of June 30. On June 28, the seller notifies the buyer that they need to extend closing to July 15. If the contract has a 'time is of the essence' clause, the buyer may:
- A Virginia contract for the sale of real estate has an 'as-is' clause. What does this mean for the seller?
- Which party in a Virginia real estate contract typically has the right to specific performance if the other party breaches?
- A Virginia purchase contract requires a 10% earnest money deposit. The buyer backs out after the inspection contingency period has expired without cause. The seller typically may:
- In Virginia, an option contract gives the optionee (buyer) the right to purchase a property for a fixed price within a specified period. The option consideration:
Fair Housing
107 questions- The federal Fair Housing Act prohibits discrimination based on all of the following EXCEPT:
- A Virginia real estate agent tells a prospective buyer that a particular neighborhood 'might not be the right fit' based on the buyer's national origin. This is an example of:
- Under the Fair Housing Act, a landlord is required to allow a tenant with a disability to:
- Which of the following Virginia advertising practices would violate the Fair Housing Act?
- The Virginia Fair Housing Law covers more protected classes than the federal Fair Housing Act. Which class is protected under Virginia law but NOT under the federal act?
- Steering in real estate violates fair housing laws because it:
- Under the federal Fair Housing Act, a landlord may refuse to rent to a person with a disability who:
- Blockbusting is an illegal practice where a real estate professional:
- Under the Fair Housing Act, a person who believes they have been discriminated against must file a complaint with HUD within:
- Under the federal Fair Housing Act, which of the following advertising practices is permissible?
- A Virginia landlord refuses to allow a tenant with a disability to have an emotional support animal despite the building's no-pets policy. This likely violates:
- Redlining in real estate refers to:
- Under Virginia's Fair Housing Law, the Virginia Fair Housing Office enforces complaints. The maximum civil penalty for a first violation is:
- Under the Fair Housing Act's familial status protection, which of the following is NOT protected?
- A Virginia real estate agent who shows minority buyers properties only in certain neighborhoods while showing white buyers a wider range of properties is engaging in:
- Under the Fair Housing Act, which of the following is a permissible reason to deny a rental application?
- Under the Fair Housing Act, a person who has been discriminated against may file a complaint in federal district court within:
- Under the Americans with Disabilities Act (ADA), which Virginia commercial properties must be accessible to persons with disabilities?
- Virginia's Fair Housing Law protects which classes NOT covered by the federal Fair Housing Act?
- Under the Fair Housing Act, 'handicap' (disability) includes all of the following EXCEPT:
- Under Virginia's Fair Housing Law, a complaint must be filed with the Virginia Fair Housing Office within how many days of the alleged discriminatory act?
- Under the Fair Housing Act, which of the following properties is exempt from the prohibition on familial status discrimination?
- A Virginia property management company's blanket policy against renting to anyone with a criminal record may violate fair housing laws because:
- Under Virginia law, a landlord who retaliates against a tenant for reporting a housing code violation may be liable for:
- A Virginia landlord who asks prospective tenants whether they have children is:
- A Virginia real estate developer who builds four or more units and fails to comply with the Fair Housing Act's accessibility requirements for persons with disabilities is subject to:
- A Virginia property owner who rents out one room in their owner-occupied, single-family home is:
- Under the Virginia Fair Housing Law, a landlord may legally advertise a rental unit as:
- Under the Fair Housing Act, an apartment community that has a strict 'no pets' policy must make an exception for:
- Under Virginia's Fair Housing Law, sexual orientation is a protected class. This means a landlord may NOT:
- Under the Fair Housing Act, which of the following is an example of disparate impact discrimination?
- A Virginia property manager who refuses to process a rental application from a person using a housing voucher (Section 8) is:
- A Virginia property owner who occupies one unit in a 4-unit building and rents the other three units is:
- The Virginia Fair Housing Law prohibits discrimination in housing based on which protected class NOT covered by the federal Fair Housing Act?
- Which practice violates the Virginia Fair Housing Law by directing buyers of a particular background to specific neighborhoods?
- Under the federal Fair Housing Act, which exemption allows a private individual who owns no more than three single-family homes to sell without a broker WITHOUT complying with fair housing rules?
- The Virginia Fair Housing Law is enforced by which state agency?
- A Virginia landlord refuses to allow a tenant with a disability to install grab bars in the bathroom. This is most likely:
- A real estate agent in Hampton Roads tells a white buyer that a neighborhood is 'changing' as a tactic to induce a sale. This is an example of:
- Which type of housing is exempt from the familial status provisions of the federal Fair Housing Act?
- A Virginia property manager requires all applicants to prove English proficiency. This policy most likely violates fair housing by discriminating based on:
- Under Virginia's Fair Housing Law, 'source of funds' as a protected class means a landlord cannot:
- The maximum civil penalty for a first violation of the federal Fair Housing Act is:
- A Virginia broker publishes a listing with 'perfect for young professionals' in the marketing. This language may violate fair housing laws by:
- A Virginia landlord who requires a higher security deposit from a tenant because of the tenant's national origin is committing:
- Under Virginia's Fair Housing Law, which of the following is a protected class added beyond the federal Fair Housing Act?
- A Virginia property manager refuses to process a rental application from a person with a service animal because the building has a 'no pets' policy. This is:
- Redlining in Virginia historically referred to:
- The Virginia Fair Housing Law covers which of the following transactions?
- The concept of 'reasonable accommodation' under fair housing law means a housing provider must:
- A Virginia real estate agent who refuses to show listings in certain neighborhoods to a minority buyer is committing:
- A Virginia landlord who sets different application fees for applicants based on their race is engaging in:
- Under the federal Fair Housing Act, which exemption allows Mrs. Murphy (the 'Mrs. Murphy exemption') to rent without complying?
- Disparate impact under fair housing law means a neutral policy that is applied equally to all applicants:
- A Virginia real estate agent who advertises a property with language preferring 'Christian families' is violating which protected class?
- In Virginia, the maximum civil penalty for a second fair housing violation within 5 years under the federal FHA is approximately:
- A Virginia property management company has a policy of rejecting any applicant with a criminal record. This policy may be a fair housing violation if:
- In Virginia, the filing deadline for a fair housing complaint with the Virginia Fair Housing Office is:
- A Virginia landlord who charges higher rent to a tenant with a disability because 'disabled people are harder on property' is:
- In Virginia, an HOA rule that prohibits group homes for persons with disabilities from operating in residential neighborhoods is:
- A Virginia real estate agent who tells a potential buyer 'this neighborhood is not safe for your family' based on the racial or ethnic composition of the area is engaging in:
- Which Virginia property is NOT exempt from the federal Fair Housing Act's prohibition on familial status discrimination?
- Under the Virginia Fair Housing Law, which additional protected class applies to rental transactions compared to sales?
- A Virginia landlord refuses to make a reasonable modification to an apartment for a tenant with a disability, claiming it would be too expensive. The landlord may have a defense if:
- The Virginia Fair Housing Office must investigate a fair housing complaint within how many days of filing?
- The Virginia Fair Housing Law prohibits advertising that indicates a preference or limitation based on protected class. Which of the following ads is most problematic?
- A Virginia housing complex participates in the Low Income Housing Tax Credit (LIHTC) program. Which fair housing protection is most directly relevant?
- In Virginia, which of the following constitutes 'familial status' as a protected class under the Fair Housing Act?
- A Virginia property manager who sets an occupancy standard of 'two people per bedroom plus one' is:
- A Virginia broker who receives a complaint from a buyer alleging the listing agent lied about the condition of a property should:
- A Virginia property management company that advertises apartments showing only images of one demographic group in their marketing materials may be:
- In Virginia, the 'source of funds' fair housing protection means landlords cannot refuse to rent to Section 8 voucher holders. This protection is Virginia-specific because:
- A Virginia property manager who imposes stricter lease terms on tenants who speak accented English is potentially discriminating based on:
- Under the Virginia Fair Housing Law, the term 'handicap' is equivalent to what term used in more modern legislation?
- Which Virginia fair housing violation occurs when a lender requires higher reserves or a larger down payment specifically for minority borrowers?
- In Virginia, a developer who builds 100-unit apartment complexes must comply with the Fair Housing Act's 'accessible design and construction' requirements for units occupied by disabled persons. This applies to buildings:
- A Virginia housing complex that advertises '55 and older community' and meets HUD requirements is exempt from familial status discrimination claims. For this exemption, the complex must have:
- A Virginia housing provider who discovers they violated fair housing law may mitigate penalties by:
- In Virginia, a real estate agent who hears racial slurs made by their clients and does nothing may be:
- A Virginia landlord can require a criminal background check for all applicants, but must:
- A Virginia property manager who uses income qualification standards requiring applicants to earn 3 times the monthly rent is:
- A Virginia real estate broker who belongs to a professional trade association that has racially discriminatory membership rules should:
- The Virginia Fair Housing Law allows a complainant to seek which types of remedies?
- In Virginia, which organization handles HUD fair housing complaints filed by individuals?
- In Virginia, a real estate team that uses the name 'Family Team' in their marketing may be:
- A Virginia landlord who restricts occupancy to 'no more than 2 people per unit' for all units in a 50-unit apartment building may be engaging in:
- Under Virginia's Fair Housing Law, discrimination in the 'terms, conditions, or privileges' of sale or rental based on a protected class includes:
- A Virginia property owner who sells to only one buyer at a time and uses an agent is FULLY subject to the Fair Housing Act because:
- Under the ADA, a Virginia commercial building owner must provide reasonable accommodation for persons with disabilities in places of public accommodation. This includes:
- The Virginia Fair Housing Law was designed to mirror the federal Fair Housing Act but with additional protected classes. Which additional class is unique to Virginia?
- A Virginia landlord who allows a white tenant to have a dog in violation of the no-pets policy but denies the same accommodation to a Black tenant is engaging in:
- A Virginia property manager can legally ask prospective tenants about their:
- In Virginia, an HOA that enforces rules against political signs but allows real estate 'for sale' signs is:
- The Virginia Fair Housing Office can investigate a complaint and make a finding. If a violation is found, the maximum civil penalty for a first offense is:
- A Virginia housing provider refuses to disclose information about available units to a person who calls with an accent suggesting a foreign origin. This is most likely:
- A Virginia real estate agent who creates marketing materials depicting only white models may be:
- A Virginia property management company's website shows photos of the community with people of only one ethnicity. A HUD tester finds this violates the Fair Housing Act because:
- Virginia's Fair Housing Law covers how many protected classes compared to the federal Fair Housing Act?
- A landlord in Virginia refuses to rent to a tenant because the tenant uses a Section 8 housing voucher. This is an example of discrimination based on:
- A real estate agent steers a Black family away from a predominantly white neighborhood and toward a predominantly minority neighborhood. This is an example of:
- A Virginia landlord refuses to install a grab bar in a bathroom for a disabled tenant. The tenant offered to pay for the modification and restore the unit to its original condition. The landlord has violated:
- A Virginia developer advertises new condominiums using images showing only young white couples. This advertising practice may violate:
- A Virginia landlord refuses to rent to a family with three children because 'the apartment is only meant for couples.' Under the Fair Housing Act, this violates the protected class of:
- A Virginia real estate agent who is asked by a seller to 'not show the house to people from certain countries' must:
- Under the ADA, Virginia commercial property owners must provide reasonable accommodations to individuals with disabilities. For existing buildings built before the ADA's effective date, the standard for barrier removal is:
- A Virginia real estate company creates a policy of not advertising listings in certain zip codes where minority populations are concentrated. This is an example of:
- A Virginia property management company's written application policy requires a credit score of 700. A disabled applicant with a score of 680 due to medical bills requests an exception. This is a request for:
Agency
102 questions- In Virginia, a real estate licensee must provide the 'Working With Real Estate Agents' disclosure:
- A Virginia listing agent represents the seller. The agent's fiduciary duties to the seller include all of the following EXCEPT:
- Which agency relationship allows one agent or brokerage to represent both buyer and seller in the same transaction in Virginia?
- In Virginia, designated agency means:
- Under Virginia law, which of the following must a buyer's agent disclose to a seller?
- An agent who works with a buyer without a written agreement and does not represent the buyer is known as a:
- In Virginia, a 'disclosed dual agent' is one who:
- Virginia's agency disclosure requirements state that a licensee must provide an agency disclosure form:
- A Virginia licensee acting as a 'limited service agent' must:
- Under Virginia law, a 'designated agent' is a licensee who:
- Which duty does a Virginia buyer's agent owe exclusively to their buyer-client and NOT to the seller?
- A Virginia listing agent receives an offer on a property they have listed. The agent also represents the buyer. Without written consent from both parties, this would constitute:
- In Virginia, a subagent is a licensee who:
- Virginia's Residential Property Disclosure Act requires sellers to:
- Under Virginia law, when must a buyer-broker agreement be executed?
- A Virginia agent who represents a seller in a transaction must disclose to all parties:
- A Virginia buyer's agent must disclose to their buyer-client that a home has a known defect (e.g., foundation crack) when:
- In Virginia, a 'transaction broker' (non-agent) differs from an agent because the transaction broker:
- A Virginia licensee representing a seller receives an offer that is well below the listing price. The licensee's duty is to:
- In Virginia, a buyer's broker agreement that is exclusive means:
- Under Virginia's brokerage relationship disclosure law, a licensee who has not yet entered an agency relationship with a buyer must treat the buyer as:
- A Virginia seller's agent learns during the listing that the property has a history of flooding not disclosed by the seller. The agent's duty is to:
- A Virginia licensee who acts as a property manager and represents the owner in leasing transactions must have:
- In Virginia, a real estate licensee acting as a 'buyer's agent' owes the seller which of the following duties?
- In Virginia, a listing agreement grants the broker which type of authority?
- A Virginia seller's agent discovers that the buyer has made several offers on other properties. The agent should:
- A Virginia listing agent who is also a member of the MLS shares information about a listed property with cooperating brokers. This is an example of:
- A Virginia buyer's agent is obligated to keep which information confidential from the seller?
- Under Virginia's agency law, the principal broker of a firm is responsible for:
- Under Virginia law, a real estate agent's duty to disclose material facts extends to:
- In Virginia, when a seller asks their listing agent to tell prospective buyers the property has no water intrusion history when the agent knows it does, the agent should:
- Under Virginia law, an 'as-is' addendum does NOT relieve an agent from the duty to:
- A Virginia buyer's agent who receives the seller's counteroffer must:
- A Virginia seller's agent who learns that the seller has committed fraud in a prior transaction involving the property must:
- In Virginia, a listing agent who represents the seller must respond to a buyer's direct inquiry about why the seller is moving by:
- A Virginia licensee who is showing buyer-clients properties while the buyer has not yet signed a buyer-broker agreement is operating as:
- Under Virginia law, a listing agent who receives a net listing agreement (where the broker keeps all proceeds above the seller's net) must be aware that:
- Under Virginia law, a seller's agent may give the buyer general factual information about a property, such as square footage and tax information, without creating a buyer-agency relationship because:
- A Virginia buyer's agent who is also a licensed appraiser may prepare a comparative market analysis (CMA) for the buyer, but the CMA:
- In Virginia, when must an agent provide a written disclosure of the agency relationship to a buyer?
- Which type of agency relationship is created when a Virginia broker represents both buyer and seller in the same transaction with both parties' informed written consent?
- In Virginia designated agency, the broker designates separate agents for buyer and seller. What best describes the broker's role in this arrangement?
- A Virginia buyer's representative owes which fiduciary duties to the buyer?
- Under Virginia law, an agent acting as a disclosed dual agent may NOT:
- A Virginia real estate licensee who provides brokerage services but does not represent either party as a client is acting as a:
- Subagency in Virginia means:
- Which document in Virginia formally establishes a buyer representation relationship?
- In Virginia, termination of a listing agreement by the seller before expiration may result in:
- Under Virginia's agency law, an agent must disclose all material facts that could affect the value or desirability of the property. This duty is called:
- A Virginia listing agent who learns the seller has major plumbing problems not listed on the disclosure form must:
- The Virginia Agency Disclosure form must be provided to a consumer:
- When a Virginia buyer makes an offer on a property listed by a cooperating MLS member, the cooperating agent most likely represents:
- A Virginia buyer's agent discovers their buyer client is being sued for unpaid debts. The agent's duty of confidentiality means they should:
- In Virginia, a seller's agent who receives an offer below list price must:
- The Virginia Agency Disclosure Notice must be provided to a prospective buyer:
- Under Virginia law, a listing broker may share confidential client information with affiliated salespersons in their own office:
- In Virginia, a buyer's agent who discovers the listed property has an unpermitted addition must:
- In Virginia, a principal broker is responsible for the activities of their affiliated salespersons because:
- If a Virginia buyer's agent learns that their client wants to make a low offer to test the seller's flexibility, this is:
- In Virginia, the duty of 'accounting' in a fiduciary relationship means the agent must:
- In Virginia, a seller's refusal to sell to a buyer based on the buyer's race is a:
- A Virginia seller tells their listing agent that they have received water in their basement during heavy rain, but asks the agent not to mention it. The agent should:
- Under Virginia's agency law, an agent's authority to act for a client can be terminated by:
- A Virginia buyer's agent who also represents another buyer interested in the same property should:
- A Virginia real estate licensee who is also a licensed mortgage loan originator may represent a buyer AND provide mortgage services, but must:
- In Virginia, a licensee acting as a 'transaction broker' (non-agent) owes the consumer which of the following?
- A Virginia buyer's agent writes an offer on behalf of their client. The offer is rejected. The buyer's agent's fiduciary duties to their client:
- A Virginia seller's listing agent presents a low offer to their seller client. The seller rejects it. The agent's duty requires them to:
- In Virginia, the 'obedience' component of fiduciary duty means an agent must:
- A Virginia buyer's agent who discovers during due diligence that the listing agent made false statements about property features must:
- In Virginia, 'apparent authority' arises when:
- A Virginia buyer's agent who fails to present a seller's counteroffer to their buyer client within a reasonable time may be liable for:
- In Virginia, the three parties in a typical real estate agency relationship are:
- A Virginia listing agent who receives a buyer's offer containing confidential financial information should:
- In Virginia, when a dual agent represents both buyer and seller, they must treat both parties:
- A Virginia listing agent receives a full-price offer from the seller's adult child. The agent must:
- A Virginia agent who charges a client a fee for referring them to a home inspector without disclosing the fee is:
- A Virginia seller has instructed their listing agent to disclose a structural defect to all buyers. The agent fails to do so with one buyer. The broker may be liable for:
- A Virginia listing agent posts on social media that a property they have listed for sale has been sold, before closing has occurred. This may:
- A Virginia buyer's agent receives a compensation offer from a listing in the MLS. Under NAR's 2024 practice changes, compensation offers in the MLS are:
- In Virginia, when a buyer's agent submits an offer, they are acting as:
- A Virginia buyer's agent who has not secured a signed buyer representation agreement but has been providing services to a buyer is:
- Under Virginia's designated agency model, information barriers ('ethical walls') between designated agents in the same firm are used to:
- Under Virginia law, a real estate agent who has actual knowledge of a material defect but fails to disclose it to a buyer may be held liable for:
- A Virginia seller who has hired a listing agent and then sells the property themselves to a buyer found through their own efforts (not the broker's) in an Exclusive Agency listing:
- A Virginia listing agent who is also the buyer in the transaction must obtain written informed consent from the seller for which representation arrangement?
- Under Virginia's designated agency law, when both a buyer and seller are represented by agents within the same brokerage and the broker becomes a dual agent, the broker must:
- In Virginia, when the parties in a real estate transaction decide on their own to terminate a contract, the agent's role in releasing the earnest money is to:
- A Virginia buyer's agent who markets themselves as an 'Accredited Buyer's Representative' (ABR) holds:
- A Virginia real estate agent who represents a builder as a listing agent for new construction has a duty to:
- In Virginia, a real estate agent who hosts an open house for another agent's listing is:
- A Virginia buyer's agent who is offered a 'bonus' by the listing broker for bringing an offer above a certain price must:
- A Virginia listing agent who is a REALTOR® is also bound by which additional ethical standard beyond Virginia license law?
- In Virginia, a dual agent must obtain written consent from both parties. When must this consent be obtained?
- Which of the following best describes a 'designated agent' in Virginia?
- Under Virginia agency law, a buyer's agent owes which duty to the seller?
- A Virginia listing agent learns that the seller's property has an undisclosed foundation crack. The agent must:
- A Virginia buyer's agent receives a verbal offer from the buyer to submit to the seller. The agent's duty is to:
- A Virginia listing agent receives an offer that is lower than the listing price but that the agent personally believes the seller should accept. The agent must:
- In Virginia, a 'disclosed dual agent' must do which of the following?
- A Virginia buyer's agent discovers that the seller's disclosure statement omitted a known flooding issue in the basement. The agent's obligation is to:
- Under Virginia law, when must a licensee first provide the agency disclosure (Virginia Disclosure of Real Estate Agency Relationships) to a prospective buyer?
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