West Virginia Real Estate Exam
1,493+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the West Virginia real estate salesperson exam.
Property Ownership
151 questions- In West Virginia, tenancy in common differs from joint tenancy in that tenants in common:
- A life estate in West Virginia gives the life tenant the right to:
- West Virginia recognizes mineral rights as:
- An encumbrance on real property in West Virginia includes:
- In West Virginia, property held in severalty means:
- In West Virginia, when two or more people own property with the right of survivorship but unequal shares, they likely hold title as:
- West Virginia is NOT a community property state. Married couples in West Virginia typically hold property as:
- Coal severance in West Virginia means that:
- A West Virginia property is subject to a surface use agreement related to coal mining. This means:
- An easement appurtenant in West Virginia runs with the land, meaning:
- A prescriptive easement in West Virginia is acquired through:
- An adverse possession claim in West Virginia requires continuous possession for a statutory period of:
- In West Virginia, a deed restriction (restrictive covenant) is an example of a:
- In West Virginia, mineral rights — including coal, oil, and gas — can be:
- A West Virginia deed that conveys 'to A and B as joint tenants with right of survivorship' means that upon A's death:
- The West Virginia homestead exemption protects up to how much equity in a primary residence from creditors?
- A fee simple absolute estate in West Virginia is best described as:
- In West Virginia, tenancy by the entirety is a form of ownership available to:
- A West Virginia property owner grants a neighbor the right to cross their land to access a public road. This is most likely:
- Under West Virginia's WV Condominium Act, a condominium unit owner owns:
- Timber rights in West Virginia, like mineral rights, can be:
- A West Virginia buyer purchases a property and records the deed. Recording the deed primarily provides:
- A life estate in West Virginia grants the life tenant the right to use and enjoy the property during their lifetime. Upon the life tenant's death, the property passes to:
- When a West Virginia coal company owns the mineral rights below a surface owner's land, which doctrine governs their relationship?
- An easement by prescription in West Virginia is acquired by:
- An adverse possession claim in West Virginia requires the claimant's use to be:
- In West Virginia, an appurtenant easement is transferred when the dominant tenement is sold because:
- A West Virginia property owner wants to give a neighbor permission to park in their driveway occasionally. To avoid creating an easement by prescription, the owner should:
- Dower rights in traditional common law gave a spouse a life estate in what fraction of the deceased spouse's real property?
- West Virginia's coal industry has led to frequent conflicts between surface owners and mineral rights owners. When a mineral rights owner damages the surface in extracting minerals, the surface owner may seek compensation under:
- A West Virginia property owner who wants to create a condominium project must comply with the:
- A property in West Virginia that is subject to an easement for a utility company's power line is an example of:
- A West Virginia property owner who conveys the surface rights while retaining the mineral rights is creating:
- A West Virginia buyer purchases a property subject to an existing mortgage. 'Subject to' means:
- When two West Virginia business partners each own a 50% undivided interest in a commercial building as tenants in common, either partner may:
- The West Virginia Marketable Title Act is designed to:
- An encumbrance on a West Virginia property is best described as:
- A West Virginia property owner who grants permission for a neighbor to use a path across their land, but intends this to be revocable at will, should document this as:
- West Virginia's recording statutes protect a subsequent purchaser who:
- A West Virginia property owner discovers a neighbor has been using a strip of their land for 15 years openly and continuously without permission. The neighbor may have acquired rights through:
- Which of the following best describes 'bundle of rights' in West Virginia real estate?
- A West Virginia property described as 'the NE ¼ of the NW ¼ of Section 12, Township 3 North, Range 4 East' contains how many acres?
- A condominium association in West Virginia that levies a special assessment on all unit owners is doing so to:
- When a West Virginia property is owned as 'tenancy in common' and one owner dies, their interest:
- When a West Virginia deed states 'to A for life, then to B,' B holds a:
- In West Virginia, a 'fee simple determinable' estate automatically reverts to the grantor if:
- A West Virginia property owner who wants to dedicate a private road as a public road must:
- A West Virginia property subject to a 'right of way' for a gas pipeline company means the gas company has:
- A West Virginia deed that uses the phrase 'to A and B, jointly, with right of survivorship' creates a:
- In West Virginia, a conservation easement grants a land trust or government agency:
- When a West Virginia property owner grants a mortgage lender a security interest in their property, the owner is the:
- Under West Virginia law, when an owner of property that adjoins a stream owns to the center of the stream (riparian ownership), they have:
- A West Virginia property owner who signs a contract to sell their property but then signs another contract with a different buyer has committed:
- West Virginia mineral rights can be passed to heirs through a will or intestate succession, just like surface rights. This means mineral rights are:
- In West Virginia, a 'quiet enjoyment' covenant in a deed means:
- A West Virginia property owner who wants to provide their adult children with access to a family vacation property while retaining control during their lifetime should consider a:
- A West Virginia developer who wants to establish a homeowners association (HOA) must:
- In West Virginia, when two or more people hold title as 'joint tenants with right of survivorship,' the death of one owner results in:
- West Virginia's homestead exemption protects how much of a homeowner's primary residence equity from most creditors?
- In West Virginia, a 'severance deed' is used to:
- Marcellus Shale gas rights in West Virginia are classified as:
- West Virginia timber rights, when severed from the surface estate, are treated as:
- Under the West Virginia Condominium Act, the common elements of a condominium project are owned by:
- In West Virginia, 'tenancy in common' differs from 'joint tenancy' primarily because:
- A West Virginia property owner who wants to give another person the right to use their land for a specific purpose without conveying ownership is granting:
- In West Virginia, adverse possession requires continuous and hostile use of another's property for at least:
- When a West Virginia deed conveys property using the words 'to John and Mary Smith, husband and wife,' the type of co-ownership created is:
- In West Virginia, coal mineral rights severed from the surface estate are recognized as:
- A West Virginia property owner who holds a 'fee simple absolute' estate owns:
- Under West Virginia law, a 'life estate' gives the life tenant the right to:
- In West Virginia, a 'lis pendens' recorded against a property provides notice that:
- The West Virginia Surface Mine Control and Reclamation Act protects surface landowners by:
- In West Virginia, which type of deed provides the greatest protection to the grantee with full covenants of title?
- West Virginia recognizes which of the following forms of co-ownership that includes the right of survivorship?
- In West Virginia, what is the homestead exemption amount that protects a portion of a homeowner's equity from creditors?
- A West Virginia property owner sells the surface rights but retains the mineral rights. The mineral rights owner's interest is:
- West Virginia has historically been a major producer of coal. When a coal company holds severed mineral rights under a farm, the surface owner:
- The Marcellus Shale gas formation underlies much of West Virginia. A landowner who leases their property for natural gas extraction retains:
- Under the West Virginia Condominium Act, which document establishes the condominium regime and is recorded with the county clerk?
- In West Virginia, timber rights can be severed from the surface estate. A buyer purchasing land should verify timber rights ownership by:
- Which form of ownership is available to married couples in West Virginia where each spouse owns the whole property and neither can unilaterally convey it?
- In West Virginia, a fee simple defeasible estate is one that:
- In West Virginia, a life estate owner (life tenant) may NOT:
- Under West Virginia law, an easement appurtenant runs with the land. This means:
- A West Virginia landowner grants a neighbor the right to use a driveway across their property to access a public road. This is called a(n):
- West Virginia recognizes adverse possession. To acquire title through adverse possession, a claimant must use the property in a manner that is:
- In West Virginia, a deed restriction limiting a residential subdivision to single-family homes is an example of a:
- In West Virginia, the term 'escheat' refers to:
- A West Virginia property owner grants a utility company the permanent right to run power lines across the property. This is a(n):
- Under the West Virginia Condominium Act, each unit owner owns their individual unit and an undivided interest in the:
- In West Virginia, a lis pendens recorded against a property gives constructive notice that:
- In West Virginia, property ownership by two or more people where each owner holds an equal undivided interest with right of survivorship and must have acquired the property at the same time with the same deed is:
- In West Virginia, a prescriptive easement is acquired by using another person's land in which manner?
- A West Virginia developer creates a homeowners association (HOA) for a new subdivision. The HOA has the power to enforce deed restrictions. This power comes from:
- Under West Virginia law, real property passes to heirs upon the owner's death without a will (intestate succession) according to:
- A West Virginia landowner discovers that a neighbor has been building a fence 3 feet over the property line for years. To conclusively resolve the boundary dispute, the parties should:
- In West Virginia, the conveyance of mineral rights separate from the surface is called a:
- Under West Virginia law, if a joint tenant conveys their interest to a third party without the other joint tenants' consent, the result is:
- A West Virginia property owner donates their property to a charity but retains the right to live in the property for the rest of their life. They have created:
- In West Virginia, which of the following is an example of personal property that would become a fixture and transfer with the real property?
- In West Virginia, a developer uses a deed to convey a lot in a new subdivision 'to ABC Church, so long as the property is used for religious purposes.' This creates a:
- Under West Virginia's Marketable Title Act, certain old title defects are extinguished after a property has a clear chain of title for how many years?
- In West Virginia, property transferred by will passes through which legal process?
- A West Virginia homeowner has a mortgage. The mortgage lien is a(n):
- In West Virginia, which type of property is classified as real property?
- The right of the West Virginia state government to take private property for public use through eminent domain requires:
- In West Virginia, when a property is owned by spouses as tenants by the entirety, and one spouse incurs a personal debt judgment, the judgment creditor:
- A West Virginia property owner wants to grant a neighboring farmer the right to graze cattle on their land. This is most properly done through a(n):
- A West Virginia property survey reveals that a utility company has been using a strip of land for power lines for 25 years without any documented easement. The utility may have acquired:
- In West Virginia, when a condominium unit is purchased, the unit owner receives a deed to:
- A West Virginia property owner wants to protect their property from development forever by donating a conservation easement to a land trust. A conservation easement:
- Under West Virginia law, which of the following would be classified as a general lien rather than a specific lien?
- In West Virginia, a 'license' to use another's property differs from an easement in that a license is:
- In West Virginia, which doctrine allows a party to acquire title to land through long-term, open, hostile, and continuous use even without the owner's permission?
- A West Virginia property owner dies without a will. Their property passes by:
- In West Virginia, which of the following creates an encumbrance on real property?
- In West Virginia, severed mineral rights that have been dormant for many decades without any production or conveyance may be subject to:
- A West Virginia property owner wants to know the difference between an appurtenant easement and an easement in gross. The key distinction is:
- Under the West Virginia Recording Acts, the purpose of recording a deed with the county clerk is to:
- In West Virginia, which of the following is an example of a voluntary lien on real property?
- A West Virginia buyer purchases a property and receives a deed. The transfer of ownership becomes effective upon:
- In West Virginia, a special assessment is a charge against real property for:
- In West Virginia, which of the following is an example of real property that is exempt from general property taxation?
- A West Virginia developer creates a condominium project with 10 residential units and wants to convert it to a cooperative. Under a cooperative ownership:
- In West Virginia, the West Virginia Surface Mining Reclamation Act requires coal companies to:
- A West Virginia property owner grants a right-of-way easement to the county for a new road. Once granted, the easement:
- Under West Virginia law, the bundle of rights associated with real property ownership includes all of the following EXCEPT:
- In West Virginia, a 'partition action' is a lawsuit that allows:
- A West Virginia landowner discovers their neighbor has erected a building that encroaches 18 inches onto their property. The landowner's options include:
- In West Virginia, a recorded notice of a pending lawsuit (lis pendens) affecting title to property gives what type of notice?
- A West Virginia homeowner fails to pay property taxes. After a specified period, the county may:
- In West Virginia, an easement created by a court because one parcel is landlocked with no other access to a public road is called:
- In West Virginia, which act of a life tenant would constitute 'waste,' harming the rights of the remainderman?
- In West Virginia, a property described as 'Section 12, Township 3 North, Range 2 West' uses which land description system?
- In West Virginia, real estate taxes are a(n):
- A West Virginia property owner who holds the surface rights but not the mineral rights sells the surface. The buyer:
- In West Virginia, which statement best describes the relationship between the dominant and servient estates in an appurtenant easement?
- A West Virginia church mortgages its property to fund building improvements. Under West Virginia law, a mortgage on religious organization property:
- In West Virginia, which of the following is a characteristic of the fee simple absolute estate?
- In West Virginia, a private homeowners association (HOA) has the authority to enforce deed restrictions through:
- A West Virginia property owner conveys their property 'to John and Jane Smith as joint tenants with right of survivorship.' Jane dies. The property now belongs to:
- In West Virginia, a 'deed in lieu of foreclosure' occurs when:
- In West Virginia, the term 'seisin' in a general warranty deed refers to the grantor's covenant that:
- In West Virginia, a 'special warranty deed' warrants title only against defects arising:
- In West Virginia, the doctrine of 'after-acquired title' (estoppel by deed) provides that:
- In West Virginia, a property that is condemned as unsafe by the local building authority is subject to:
- West Virginia's Uniform Disposition of Unclaimed Property Act requires holders of abandoned property to:
- In West Virginia, the ALTA/NSPS Survey standards for land title surveys are important because they:
- In West Virginia, a property owner who loses property through tax sale has how long after the tax sale to redeem the property?
- In West Virginia, the 'police power' limitations on private property ownership allow the government to:
- In West Virginia, a buyer who purchases property at a foreclosure sale and later discovers the foreclosure was defective may:
West Virginia License Law
137 questions- Which agency regulates real estate licenses in West Virginia?
- How many hours of pre-license education are required for a West Virginia real estate salesperson applicant?
- What is the minimum passing score required on the West Virginia real estate licensing examination?
- How many questions are on the West Virginia real estate salesperson licensing examination?
- Under West Virginia law, a real estate salesperson license must be held under:
- West Virginia real estate licenses are renewed every:
- How many hours of continuing education does West Virginia require per renewal period?
- Which of the following requires a real estate license in West Virginia?
- Under West Virginia law, broker trust accounts must be maintained:
- In West Virginia, a licensee who commits which of the following acts may have their license revoked?
- A West Virginia real estate licensee who wishes to conduct real estate activities in another state must:
- The West Virginia Real Estate Commission has the authority to:
- How many hours of pre-license education are required before applying for a West Virginia broker's license?
- In addition to education requirements, a broker applicant in West Virginia must have at least how many years of active salesperson experience?
- A West Virginia real estate licensee who fails to complete continuing education by the renewal deadline will have their license:
- Which of the following activities does NOT require a real estate license in West Virginia?
- A West Virginia licensee wishes to place their license on inactive status. While on inactive status, the licensee:
- The West Virginia Real Estate Commission is composed of how many members?
- Under West Virginia license law, a broker who receives an earnest money deposit must place it in the trust account within:
- A real estate licensee in West Virginia advertises a property without including the broker's name. This is:
- A salesperson in West Virginia may receive compensation for real estate services from:
- Under West Virginia license law, a licensee who is convicted of a felony involving fraud:
- A West Virginia real estate license applicant with a criminal history may:
- Which of the following is a required element for a valid listing agreement in West Virginia?
- West Virginia requires applicants for a real estate license to be:
- The West Virginia Residential Property Disclosure Form is required to be completed by:
- The West Virginia Residential Property Disclosure Form covers all of the following EXCEPT:
- A West Virginia real estate broker who changes business addresses must notify the WVREC within:
- Under WV Code Chapter 30 Article 40, which of the following actions would result in automatic license revocation?
- A West Virginia salesperson licensee who wants to independently operate a real estate business must first:
- The West Virginia Real Estate Commission is authorized to do all of the following EXCEPT:
- A West Virginia broker's license expires and the broker continues to engage in real estate activities without renewing. This constitutes:
- How often must West Virginia real estate licensees renew their licenses?
- A West Virginia real estate salesperson may receive compensation for a transaction directly from:
- A licensee who wishes to place a real estate advertisement in West Virginia must ensure that the advertisement includes:
- The WVREC Real Estate Recovery Fund exists to:
- A West Virginia broker who operates as a sole proprietorship must:
- Under WVREC rules, a salesperson who transfers to a new broker must:
- A licensee in West Virginia who fails to disclose a material fact to a buyer may face which of the following consequences?
- A West Virginia real estate licensee who wants to practice in a neighboring state may be able to do so through:
- A West Virginia licensee who engages in commingling of client funds with personal funds is subject to:
- Which of the following activities requires a real estate license in West Virginia?
- The WVREC may place a West Virginia licensee's license on inactive status if the licensee:
- A West Virginia broker who wants to open a branch office must:
- A WVREC disciplinary hearing must be preceded by:
- A West Virginia licensee who finds themselves personally interested in purchasing a property they have listed must:
- The primary purpose of the West Virginia Real Estate License Law (WV Code Chapter 30, Article 40) is to:
- The 'net listing' arrangement in West Virginia is:
- Which of the following is NOT a requirement to obtain a West Virginia salesperson license?
- A West Virginia licensee who wants to advertise on the internet must ensure that all online advertising:
- A West Virginia broker who represents a buyer in a commercial transaction is entitled to a commission when:
- A real estate licensee in West Virginia who acts as a principal in buying and selling property for their own account:
- A West Virginia licensee may pay a referral fee to an unlicensed person for referring real estate clients if:
- Under WV Code Chapter 30 Article 40, which of the following persons is exempt from the real estate licensing requirement?
- The West Virginia Real Estate Commission consists of members appointed by:
- When a West Virginia licensee is found to have made a material misrepresentation to a buyer, the WVREC may:
- In West Virginia, concurrent with obtaining a salesperson license, the new licensee must also:
- West Virginia continuing education requirements for license renewal include:
- Under WV rules, a real estate team operating within a brokerage must:
- A consumer who wants to file a complaint against a West Virginia real estate licensee should contact the:
- A West Virginia broker is required to maintain transaction records for a minimum of:
- A West Virginia broker who hires a new salesperson as an independent contractor rather than an employee must still ensure the salesperson:
- In West Virginia, the penalty for practicing real estate without a license can include:
- A West Virginia real estate license may be granted without examination to an applicant who:
- A WV real estate broker who wants to become a member of the National Association of REALTORS® must:
- A West Virginia licensee who receives an earnest money deposit must place it in a trust account:
- Which of the following best describes the WVREC's role regarding real estate commission rates?
- A West Virginia licensee who wants to manage their own rental properties without a license may do so if:
- Under WV law, a real estate broker who fails to supervise their salespersons may be subject to:
- A West Virginia broker's trust account must be maintained at:
- A West Virginia real estate salesperson who wishes to become a broker must meet all of the following EXCEPT:
- A West Virginia licensee who is found to have converted client funds to personal use has committed:
- A West Virginia broker's duty to supervise includes ensuring that salespersons in the brokerage:
- Under WV license law, a 'designated broker' or 'broker-in-charge' has ultimate responsibility for:
- The WVREC has the authority to issue a 'cease and desist' order to a person who is:
- A West Virginia broker who advertises on television must ensure the ad includes:
- A WV real estate salesperson license becomes inactive when:
- In West Virginia, a real estate brokerage that operates as a limited liability company (LLC) must:
- A West Virginia real estate licensee who wants to provide mortgage brokerage services in addition to real estate brokerage services must:
- Under WV Code Chapter 30, Article 40, which entity has authority to suspend or revoke a real estate license in West Virginia?
- How many hours of pre-license education are required to obtain a salesperson license in West Virginia?
- A West Virginia real estate salesperson license must be renewed every:
- The WVREC is composed of how many members?
- A West Virginia licensee who wishes to operate as an independent broker must hold which license type?
- Under West Virginia law, a real estate licensee must disclose their licensed status when:
- A West Virginia broker who wants to conduct business under a trade name must:
- What is the minimum age requirement to obtain a real estate salesperson license in West Virginia?
- The West Virginia Real Estate Recovery Fund is designed to:
- In West Virginia, a salesperson may receive compensation for real estate services only from:
- The WVREC may discipline a licensee for which of the following acts?
- A West Virginia licensee transferring from one broker to another must:
- A West Virginia broker is required to maintain trust account records for how long?
- Under WV Code Chapter 30 Article 40, how many hours of pre-license education must an applicant complete before sitting for the West Virginia real estate salesperson examination?
- Which state agency is responsible for licensing and regulating real estate brokers and salespersons in West Virginia?
- A West Virginia real estate license is valid for how long before it must be renewed?
- How many hours of continuing education must a West Virginia licensee complete during each two-year renewal period?
- Under West Virginia law, which of the following activities requires a real estate license?
- Under WV Code Chapter 30 Article 40, what is the minimum age requirement to obtain a West Virginia real estate salesperson license?
- A West Virginia salesperson's license is automatically placed on inactive status when:
- Under West Virginia license law, a broker who wishes to open a branch office must:
- Which document must a West Virginia licensee provide to all parties in a residential transaction to disclose known material defects?
- A West Virginia real estate licensee who wishes to become a broker must have how many years of experience as an active salesperson?
- A West Virginia broker must deposit earnest money received from a buyer into an escrow account within:
- Under WV Code Chapter 30 Article 40, which of the following is NOT a ground for WVREC to deny a license application?
- A WVREC hearing on a disciplinary complaint against a licensee results in a suspension. The licensee may appeal the WVREC's decision to:
- Under West Virginia law, a real estate licensee who engages in property management must:
- Under WVREC rules, a licensee who changes their name must notify the Commission within:
- A West Virginia licensee who provides false information to a prospective buyer about a property's condition may be disciplined by WVREC for:
- In West Virginia, a real estate team operating under a broker's license must:
- WVREC requires that all real estate advertising by West Virginia licensees must include:
- A West Virginia licensed broker who acts as the principal buyer in a transaction must disclose their licensed status to the seller because:
- A West Virginia licensee who wishes to place their license on inactive status must:
- A West Virginia real estate salesperson receives a referral fee from an out-of-state broker. Under WV law, this:
- A West Virginia broker is convicted of a felony unrelated to real estate (e.g., drunk driving). WVREC:
- In West Virginia, a real estate licensee who practices in another state without a license in that state:
- Under WV Code Chapter 30 Article 40, which of the following is a requirement to obtain a West Virginia broker license?
- In West Virginia, a licensee must notify the WVREC within how many days of changing their business address?
- A West Virginia real estate licensee is found guilty of submitting a false comparative market analysis (CMA) to deceive a seller into listing at an inflated price. WVREC may impose which penalty?
- Under West Virginia law, a real estate salesperson may receive compensation directly from:
- A West Virginia broker wishes to conduct real estate activities under a trade name different from their legal name. WVREC requires:
- Under WV Code Chapter 30 Article 40, the WVREC is authorized to promulgate rules and regulations. These rules have the force of:
- A West Virginia broker receives a written complaint from a buyer alleging misrepresentation. The broker must:
- In West Virginia, which of the following is true about commission amounts charged by real estate licensees?
- A West Virginia licensee is also a licensed attorney. When they practice law in a real estate transaction, they must:
- Under West Virginia license law, a 'net listing' is:
- Under WV Code Chapter 30 Article 40, a 'broker's price opinion' (BPO) may be prepared by a West Virginia licensee. A BPO is:
- In West Virginia, WVREC may issue a consent order to resolve a disciplinary matter. A consent order is:
- Under WV Code Chapter 30 Article 40, which of the following is required before a West Virginia licensee may advertise a property?
- A West Virginia licensee who manages property and also sells real estate must ensure that:
- Under WVREC regulations, a licensee convicted of a crime must disclose the conviction to the Commission within:
- In West Virginia, a real estate broker is required to maintain transaction records for a minimum of how many years after the transaction closes?
- A West Virginia salesperson advertises a property on social media using only their personal name without mentioning their broker. This violates WVREC rules because:
- Under WV Code Chapter 30 Article 40, a licensed real estate broker must have their license renewal completed by:
- In West Virginia, the WVREC has the authority to conduct which type of investigation?
- Under WVREC rules, a real estate licensee must present a written agency disclosure at the first substantive contact. This is designed to:
- After completing all requirements, a West Virginia real estate salesperson becomes licensed. The licensee may begin practicing real estate when:
- The West Virginia Real Estate Commission (WVREC) requires salesperson applicants to complete how many hours of pre-license education?
Property Valuation
134 questions- In West Virginia, the income approach to value is MOST appropriate for:
- Highest and best use of a property is defined as the use that is:
- A West Virginia property is assessed at $120,000 with an equalization rate of 60%. What is the assessed value for tax purposes?
- The principle of conformity holds that property value is maximized when:
- In the sales comparison approach, adjustments are made to the comparable properties because:
- Functional obsolescence in a West Virginia property refers to:
- The capitalization rate (cap rate) formula used to value income property in West Virginia is:
- A West Virginia property generates $36,000 in annual net operating income (NOI). If the market cap rate is 8%, what is the property's estimated value?
- The cost approach to value includes which of the following components?
- Economic obsolescence (external obsolescence) affecting a West Virginia property might be caused by:
- In the sales comparison approach, the subject property and comparable properties are analyzed based on:
- The income approach to value is MOST appropriate for valuing:
- A West Virginia appraiser determines a property's value using the sales comparison approach. A comparable property sold for $180,000 but has a garage valued at $10,000 that the subject property lacks. The adjusted sale price of the comparable is:
- A West Virginia appraiser using the cost approach estimates the land value at $40,000 and the depreciated cost of improvements at $120,000. The indicated value is:
- Market value in a real estate appraisal is defined as the most probable price a property will sell for:
- The principle of substitution, which underlies all three approaches to value, states that:
- In a West Virginia appraisal, the principle of contribution states that:
- Regression and progression are real estate valuation principles. Regression means:
- The reproduction cost in the cost approach is defined as the cost to:
- External obsolescence (economic or locational obsolescence) in a West Virginia appraisal is caused by:
- An appraiser's final reconciliation of value in a West Virginia appraisal involves:
- A West Virginia appraiser determines that a property's highest and best use is for commercial development rather than its current residential use. The appraisal should reflect:
- A West Virginia appraiser is asked to estimate the value of a historic Charleston building. The cost approach may be less reliable because:
- An arm's-length transaction for real estate valuation purposes is a sale:
- In West Virginia real estate, assemblage refers to:
- An appraiser in Morgantown, WV notes that home prices near West Virginia University have been rising rapidly due to strong rental demand from students. This is an example of which value principle?
- In the income approach, a West Virginia appraiser uses an overall capitalization rate (OAR). A lower OAR applied to the same NOI results in a:
- In the cost approach, accrued depreciation is estimated from the perspective of the:
- In a West Virginia comparative market analysis (CMA), a real estate agent adjusts comparable sales to account for differences with the subject property. If a comparable sold for $165,000 but lacks a deck valued at $8,000 that the subject has, the adjusted comparable value is:
- Interim use in West Virginia appraisal refers to a property's:
- In West Virginia appraisal practice, 'scope of work' refers to:
- A West Virginia appraiser's effective age differs from actual age because effective age reflects:
- When a West Virginia appraiser identifies the 'as-improved' value and the 'as-vacant' value of a property, the higher value is:
- An appraisal of a West Virginia property that is being donated to a charity requires the appraiser to comply with:
- In West Virginia, the gross rent multiplier (GRM) is calculated as:
- Physical deterioration of a West Virginia building can be classified as either:
- In West Virginia appraisal, 'paired sales analysis' is used to:
- A West Virginia appraiser who finds very few comparable sales must consider using:
- A West Virginia appraiser who omits negative information from an appraisal report to achieve a value requested by the lender is engaging in:
- The 'band of investment' technique in West Virginia real estate is used to:
- A West Virginia appraiser who is asked to update an old appraisal without visiting the property should:
- A West Virginia commercial property's 'net operating income' (NOI) is calculated as:
- The economic life of a West Virginia building is the period over which improvements:
- A Morgantown, WV investor is offered a property with a 6% cap rate compared to similar properties selling at 8% cap rates. The 6% cap rate property is:
- A West Virginia appraiser asked to determine the value of a partial interest in a property (such as a 50% tenancy in common interest) would typically find:
- In West Virginia, an appraiser must be state-licensed or certified because:
- In a West Virginia residential appraisal, the appraiser must give primary weight to which approach to value?
- A West Virginia appraiser who is pressured by a loan officer to hit a specific value that would qualify the borrower for a larger loan should:
- A West Virginia appraiser who fails to make a required disclosure in an appraisal report (such as a prior appraisal of the same property) violates:
- A West Virginia appraiser's 'limiting conditions' in an appraisal report state that the appraiser assumes the property does not have undisclosed environmental contamination. This is an example of a:
- In a West Virginia appraisal, 'market rent' differs from 'contract rent' in that:
- An appraiser valuing a Charleston, WV single-family residence would most likely use which primary appraisal approach?
- In West Virginia real estate appraisal, 'functional obsolescence' refers to:
- A West Virginia income-producing property generates a net operating income (NOI) of $60,000 annually. If the capitalization rate is 8%, the estimated value is:
- When appraising a historic building in Morgantown, WV using the cost approach, the appraiser would:
- In West Virginia, 'external obsolescence' (economic obsolescence) affecting a property's value could be caused by:
- A West Virginia appraiser performing a USPAP-compliant appraisal must:
- In a West Virginia appraisal, the 'principle of substitution' supports which appraisal approach?
- West Virginia's ad valorem property tax is based on:
- A West Virginia appraiser makes 'positive adjustments' to comparable sales when the comparable property:
- Gross Rent Multiplier (GRM) is calculated by:
- In West Virginia, a property's 'highest and best use' is defined as:
- A West Virginia appraiser using the 'cost approach' would account for 'accrued depreciation,' which includes:
- When a West Virginia appraiser 'brackets' a comparable, they:
- An appraiser in Charleston, WV is appraising a single-family home. Which approach to value is typically given the most weight for residential property?
- When appraising a property near a Marcellus Shale gas well in West Virginia, an appraiser must consider which principle?
- Which type of depreciation in real estate appraisal is caused by factors external to the property, such as a new industrial facility nearby?
- A West Virginia rental property has a gross annual rent of $24,000 and sells for $216,000. What is the gross rent multiplier (GRM)?
- In the cost approach to value, the appraiser estimates the value of land separately because:
- What is the principle of substitution as applied in real estate valuation?
- A West Virginia property has a net operating income of $36,000 and is valued at $400,000. What is the overall capitalization rate?
- When appraising a historic property in downtown Huntington, WV, functional obsolescence might be indicated by:
- What does 'highest and best use' mean in real estate appraisal?
- Which West Virginia market condition would cause an appraiser to make a positive adjustment to a comparable sale?
- In the income approach for a West Virginia apartment building, 'potential gross income' minus 'vacancy and credit losses' equals:
- An appraiser in Morgantown, WV uses the sales comparison approach and finds a comparable that sold for $220,000 but has a two-car garage worth $8,000 while the subject has no garage. The appraiser should:
- What is the principle of conformity in real estate valuation?
- A West Virginia appraiser is asked to estimate the value of a 100-year-old historic building in downtown Charleston. Which approach to value would be least appropriate?
- In West Virginia real estate appraisal, 'market value' is defined as:
- A West Virginia property generates the following: PGI = $60,000; Vacancy = 5%; Operating Expenses = $20,000. What is the Net Operating Income?
- Which West Virginia property would most benefit from use of the income approach?
- A West Virginia commercial building has a replacement cost new of $500,000 and an estimated 25% total depreciation. The land is valued at $100,000. What is the total value using the cost approach?
- The principle of progression in real estate valuation means:
- A West Virginia appraiser must comply with which professional standards when performing an appraisal for a federally related transaction?
- An appraiser in West Virginia estimates the remaining economic life of a 20-year-old building is 40 years, with a total economic life of 60 years. The age-life depreciation percentage is:
- What is the purpose of a reconciliation step at the end of a West Virginia real estate appraisal?
- In West Virginia, the income capitalization approach requires the appraiser to estimate the property's:
- A West Virginia property has an effective gross income of $80,000 and operating expenses of $35,000. What is the NOI?
- Which principle explains why a 3-bedroom, 2-bath home in a West Virginia neighborhood of mostly 2-bedroom, 1-bath homes may not achieve full value for its extra features?
- In West Virginia, which appraisal approach is most appropriate for a new school building?
- An appraiser in West Virginia notes that two comparable sales have been adjusted. Comparable A required a $5,000 upward adjustment; Comparable B required no adjustments. Which comparable is most reliable?
- A West Virginia appraiser inspects a property and notes the water heater is 20 years old and near the end of its useful life. This is an example of:
- In West Virginia, the principle of anticipation states that value is created by:
- In West Virginia, a property appraised for a federally related transaction must be appraised by:
- When a West Virginia appraiser adjusts a comparable sale for a difference in square footage, the appraiser applies:
- A West Virginia appraiser is asked to do a 'desk review' appraisal. This means the reviewer:
- What is the difference between reproduction cost and replacement cost in the West Virginia cost approach?
- In a West Virginia neighborhood undergoing revitalization, the principle of change would lead an appraiser to:
- A West Virginia property owner hires an appraiser to estimate value for a potential sale. The 'scope of work' in the appraisal assignment refers to:
- In West Virginia, which type of value is used when a property must be sold quickly in a forced sale?
- In West Virginia appraisal, 'effective age' is defined as:
- A West Virginia appraiser is performing an appraisal for a property tax appeal. The standard of value used is typically:
- A West Virginia appraiser uses three comparable sales in the sales comparison approach: Comp 1 indicates $195,000, Comp 2 indicates $205,000, and Comp 3 indicates $200,000. The final value conclusion should be:
- In West Virginia, a 'drive-by appraisal' (exterior-only inspection) would be appropriate for which situation?
- In West Virginia, which of the following would be considered a 'super-adequacy' (a form of functional obsolescence)?
- In West Virginia, the comparable sales used in the sales comparison approach should be selected based on:
- A West Virginia appraiser estimates accrued depreciation using the age-life method. The building is 15 years old with a total economic life of 50 years. Reproduction cost new is $200,000. What is the accrued depreciation?
- In West Virginia, a 'fee appraisal' is performed for which purpose?
- Which West Virginia property characteristic typically requires the greatest downward adjustment in the sales comparison approach?
- Under USPAP, a West Virginia appraiser must maintain the workfile for an appraisal for a minimum of:
- A West Virginia appraiser is asked by their client to 'hit a number' and provide a value that meets the client's purchase price. Complying with this request would:
- In West Virginia, the 'band of investment' technique is used in the income approach to determine:
- In West Virginia, a property value that is 'bracketed' in the sales comparison approach means:
- A West Virginia appraiser states their value conclusion has a 'range' from $180,000 to $190,000. Under USPAP, this is permitted as:
- In West Virginia, under which condition would an appraiser NOT use the income approach to value?
- A West Virginia appraiser is performing an appraisal for a divorce proceeding to determine the marital estate's real property value. The relevant standard of value is:
- In West Virginia, an appraiser who uses the sales comparison approach and makes adjustments for financing terms is accounting for which factor?
- A West Virginia appraisal report states that the opinion of value is '$230,000 +/- $5,000.' Under USPAP, this is:
- In West Virginia, which property would typically have the highest cap rate in the market?
- Under West Virginia ad valorem property taxation, property is assessed at a percentage of its appraised market value. For residential property, West Virginia's assessment ratio is typically:
- An appraiser in Morgantown, WV notes that all three sales comparison approach comparables require significant upward adjustments. This likely indicates:
- In West Virginia, which type of approach is most commonly relied upon by county assessors for mass appraisal of residential properties?
- A West Virginia appraiser is appraising a rural property with Marcellus Shale mineral rights intact. The appraiser must:
- The principle of contribution in real estate valuation states that:
- In West Virginia, the term 'reproduction cost' in the cost approach refers to:
- In West Virginia, a property appraiser uses 'bracketing' to validate adjustments. The appraiser selects comparable A (superior feature) and comparable B (inferior feature). This technique:
- A West Virginia appraiser is performing an appraisal using the income approach for a small apartment building. The appraiser determines the stabilized occupancy is 93%. This means the appraiser is using:
- In West Virginia, what is the significance of the 'absorption rate' in real estate market analysis?
- In West Virginia, the 'before and after' method of valuation is used in which scenario?
- A West Virginia appraiser's final reconciled value conclusion must be:
- In West Virginia appraisal practice, 'paired sales analysis' is used to:
- In West Virginia, an appraiser reviewing an appraisal performed by another appraiser is conducting a(n):
- In West Virginia, 'market rent' in the income approach refers to:
- A West Virginia appraiser determines a property has $40,000 of functional obsolescence from a floor plan that is poorly designed for modern living. This loss in value is:
Real Estate Math
133 questions- A West Virginia property has an assessed value of $150,000 and a tax rate of $12.50 per $1,000 of assessed value. What is the annual property tax?
- A West Virginia home sells for $185,000. The commission rate is 6%, split 50/50 between the listing and buyer's broker. The listing agent receives 70% of the listing broker's share. How much does the listing agent earn?
- A West Virginia buyer closes on a $210,000 home on April 15. Annual property taxes of $2,520 have not yet been paid. Using a 360-day year, what is the seller's prorated tax credit to the buyer?
- A West Virginia investor purchases a small rental property for $120,000 and receives $950 per month in rent. What is the gross rent multiplier (GRM)?
- A West Virginia property sells for $175,000. The seller agrees to pay a 5.5% commission. What is the total commission paid?
- A West Virginia buyer takes out a $200,000 mortgage at 7% annual interest with a monthly payment of $1,331. How much of the first month's payment goes to principal?
- A West Virginia property is listed at $225,000 and sells for 96% of list price. What is the sale price?
- A West Virginia landlord rents a 1,200 sq ft commercial space at $15 per sq ft per year. What is the monthly rent?
- A West Virginia investor wants an 8% return on a $400,000 investment property. What annual net operating income is required?
- A West Virginia property has an annual NOI of $48,000 and is purchased for $600,000. What is the cap rate?
- A West Virginia seller nets $142,000 after paying a 6% commission. What was the sale price?
- A West Virginia property is purchased for $180,000 with a 10% down payment. What is the loan amount?
- A West Virginia property has a market value of $225,000. The assessment ratio is 60% and the tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
- A West Virginia listing agent charges a 6% commission on a sale price of $175,000. The agent's broker splits the commission 60/40 with the agent. How much does the agent earn?
- A rectangular parcel in West Virginia measures 300 feet × 400 feet. How many acres is this? (1 acre = 43,560 sq ft)
- A West Virginia investor purchases a rental property for $150,000. The annual gross rent is $18,000 and annual expenses total $6,000. What is the capitalization rate (cap rate)?
- A West Virginia property sells for $210,000. The seller's agent charges 3% and the buyer's agent charges 3%. How much does the seller NET after paying both commissions?
- A West Virginia buyer obtains a $150,000 mortgage at 7% annual interest. What is the monthly interest portion for the first payment?
- A West Virginia investor wants a 10% return on an income property. If the annual NOI is $24,000, what is the maximum price the investor should pay?
- A West Virginia property is listed at $250,000. The buyer obtains a loan for 80% of the purchase price. How much is the down payment?
- A West Virginia seller nets $187,500 after paying a 6% commission. What was the sale price?
- A West Virginia homeowner purchased their home for $120,000 and sells it for $155,000. What is the percentage of appreciation?
- A West Virginia property management company charges 8% of gross rents collected. A building produces $3,500 per month in rent. What is the monthly management fee?
- A West Virginia seller paid $185,000 for a home 5 years ago. They sell it for $230,000. What was the total dollar appreciation?
- A West Virginia property sold for $195,000. The seller paid 3% in selling agent commission and 3% in buyer's agent commission. The seller also paid $2,500 in closing costs. What was the seller's total cost of sale?
- A West Virginia income property generates $60,000 annual gross income with a 10% vacancy rate. Effective gross income is:
- A West Virginia investment property has an NOI of $30,000. If the capitalization rate in the market is 7.5%, what is the estimated value?
- A West Virginia property has an assessed value of $90,000 and a tax rate of 80 mills. What is the annual property tax? (1 mill = $0.001 per $1 of assessed value)
- A Charleston, WV duplex rents each unit for $900/month. The owner uses a GRM of 100 to estimate value. The estimated value is:
- A West Virginia buyer puts 5% down on a $220,000 purchase. What is the loan-to-value (LTV) ratio?
- A West Virginia investor purchases a 4-unit apartment building for $320,000 with an 80% loan. The annual NOI is $28,000. What is the annual debt coverage ratio (DCR) if annual debt service is $19,200?
- A West Virginia seller's home was appraised at $180,000 and listed for $189,900. The buyer's offer of $183,000 is accepted. The transfer tax the seller owes is:
- A West Virginia home sold for $215,000. The buyer financed 90% of the purchase price. What was the buyer's down payment?
- A West Virginia office building leases 5,000 square feet at $15 per square foot per year. The annual rent is:
- A West Virginia property has a list price of $185,000 and sold for $179,000. What is the sale-to-list price ratio?
- A West Virginia buyer negotiates the seller down from $280,000 to $265,000. The buyer saved what percentage from the original asking price?
- A Huntington, WV building has 8,000 sq ft of rentable space. Currently 7,200 sq ft is leased. What is the vacancy rate?
- A West Virginia property owner uses an accelerated depreciation schedule for tax purposes, claiming $12,000 in depreciation annually. If the original building value was $240,000, what is the straight-line depreciation period?
- A West Virginia property's assessed value is $112,500 at 75% of market value. What is the estimated market value?
- A West Virginia investor needs a 9% annual return. An industrial building produces $45,000 NOI annually. What is the maximum price the investor should pay?
- A West Virginia commercial lease has a base rent of $2,500/month plus 5% of gross monthly sales above $30,000. In a month where sales are $45,000, what is the total rent?
- A West Virginia home purchased for $145,000 is now worth $210,000. The owner has a remaining mortgage balance of $95,000. What is the owner's current equity?
- A West Virginia buyer's closing costs include 1% origination fee on a $168,000 loan, $750 title insurance, $425 appraisal, and $350 for title search. Total closing costs are:
- A West Virginia retail space leases for $22 per square foot per year. The tenant occupies 3,200 square feet. What is the monthly rent?
- A West Virginia tenant signs a 2-year commercial lease for $1,800/month with a 3% annual rent increase at the end of year 1. What will the monthly rent be in year 2?
- A West Virginia duplex generates $1,400/month from each unit. Using a cap rate of 8%, what is the estimated value?
- A West Virginia seller accepted $248,000 for a property and the total commission paid was 6%. What was the gross commission in dollars?
- A West Virginia homeowner wants to sell their home and net at least $195,000 after paying a 6% commission. What is the minimum sale price they need?
- A West Virginia property management company takes 9% of collected rents. In a year, the managed properties collect $348,000 in rent. What is the management company's annual fee?
- A West Virginia listing sells for $310,000. The seller agreed to a 5.5% total commission split evenly between two brokerages. How much does each brokerage receive?
- A West Virginia property was listed for $289,000 and sold for $278,000. If the agent's commission is 5.5% of the sale price, what is the commission?
- A West Virginia property sells for $185,000. The state excise tax is $1.10 per $500 (or fraction thereof). What is the total excise tax due?
- A Morgantown, WV property is assessed at 60% of its $250,000 market value. The property tax rate is $12 per $1,000 of assessed value. The annual property tax is:
- A licensee earns a 6% commission on a $175,000 sale. If the commission is split 50/50 between listing and buyer's brokers, and each broker pays their agent 60%, how much does each agent earn?
- A West Virginia investor purchases a rental property for $120,000. The property rents for $1,100 per month. The annual Gross Rent Multiplier (GRM) is approximately:
- A West Virginia buyer obtains an 80% LTV loan on a $220,000 property. The lender charges 2 discount points. The dollar cost of the discount points is:
- A Charleston, WV duplex generates potential gross income of $24,000 per year. Vacancy and collection loss is 5%. Operating expenses are $8,000. What is the net operating income (NOI)?
- A West Virginia property is listed for $165,000. The seller accepts a full-price offer and agrees to pay 6% commission. The seller has a remaining mortgage balance of $98,000. The seller's net proceeds (before other closing costs) are:
- A West Virginia property's assessed value is $90,000 (at 60% of market value). What is the estimated market value?
- A buyer in Huntington, WV closes on March 15. Annual property taxes of $2,400 are unpaid for the year. Using a 360-day year, the seller owes the buyer a prorated tax credit for approximately how many days (January 1 through March 14)?
- A West Virginia salesperson sells a property for $195,000 and earns 3% commission on the first $100,000 and 2.5% on the balance. The total commission earned is:
- A West Virginia investment property generates annual NOI of $45,000. An investor wants a 9% capitalization rate. What is the maximum price the investor should pay?
- A West Virginia home sold for $210,000. The buyer obtained a 90% loan. The buyer paid 1.5 discount points on the loan amount. What is the total dollar amount of discount points paid?
- A Charleston, WV property is assessed at $120,000 by the county assessor. The assessment ratio is 60% of market value. What is the estimated market value?
- A West Virginia property has a market value of $250,000. The county millage rate is 35 mills. What is the annual property tax if the assessment ratio is 60%?
- A Morgantown, WV broker charges a 6% commission on a $320,000 sale. The commission is split 50/50 with the cooperating broker. The listing salesperson receives 40% of the listing broker's share. How much does the listing salesperson earn?
- A West Virginia buyer makes a $5,000 earnest money deposit on a $185,000 home. The buyer obtains an 80% conventional loan. How much additional cash must the buyer bring to closing (excluding closing costs)?
- A West Virginia rental property generates monthly gross rent of $1,800. The owner's vacancy and credit loss rate is 5%. What is the effective gross income per year?
- A West Virginia buyer's loan has a principal balance of $160,000 at 5% annual interest. What is the interest portion of the first monthly payment?
- A West Virginia commercial property sells for $480,000. The excise tax is $1.10 per $500. What is the total excise tax due?
- A West Virginia salesperson lists a home that sells for $225,000. The total commission is 5.5%. The listing broker and selling broker each receive 50%. What does the listing broker gross?
- A seller in West Virginia wants to net $200,000 after paying a 6% commission. What must the home sell for?
- A rectangular lot in West Virginia measures 150 feet by 200 feet. What is the lot size in acres? (1 acre = 43,560 sq ft)
- A West Virginia property manager charges 8% of collected rent. A building collects $6,500 per month. What is the annual management fee?
- A West Virginia investor buys a property for $150,000 and sells it three years later for $195,000. What is the percentage gain on the investment?
- A Huntington, WV home has 2,400 square feet of living area. A buyer wants to install new carpet at $3.50 per square foot. What is the total carpet cost?
- A West Virginia home is listed at $180,000. The seller accepts an offer 5% below list price. What is the final sale price?
- A West Virginia property has an annual property tax bill of $2,400. The buyer closes on July 1 (mid-year). How much of the property taxes will the seller owe at closing as a prorated credit to the buyer? (Assume 365-day year and taxes paid in arrears)
- A Charleston, WV broker's office had total sales volume of $8,500,000 last year. The office earned a 5.5% average commission. Total operating expenses were $280,000. What was the net income?
- A West Virginia property owner wants to build a fence along a 300-foot property line and then 150 feet along the back of the lot. Fencing costs $12 per linear foot. What is the total fencing cost?
- A West Virginia buyer obtains a $200,000 loan at 6% annual interest for 30 years. Approximately how much total interest will be paid over the life of the loan, given monthly payments of approximately $1,199?
- A West Virginia property is appraised at $175,000. The buyer obtains an 80% LTV loan. What is the loan amount?
- A West Virginia investor purchases a property for $300,000 with a $60,000 down payment. The property appreciates 8% in one year. What is the return on equity (ROE) based on the appreciation alone?
- A West Virginia investor purchases a rental property for $220,000. Annual NOI is $18,700. What is the capitalization rate?
- A West Virginia closing occurs on March 20. Annual property taxes are $3,650. Using a 365-day year (taxes in arrears), how much does the seller owe in prorated taxes?
- A West Virginia property owner earns $14,400 per year from a rental property. The gross rent multiplier in the area is 8. What is the estimated value using GRM?
- A West Virginia broker lists a property for $275,000. After 60 days, the seller reduces the price by 8%. What is the new listing price?
- A rectangular commercial lot in Charleston, WV measures 80 feet wide by 125 feet deep. At $50 per square foot, what is the lot value?
- A West Virginia homebuyer is told their debt-to-income ratio cannot exceed 43%. Their gross monthly income is $5,000. What is the maximum total monthly debt payment allowed?
- A West Virginia property has a cost basis of $180,000 and has depreciated by $30,000 over the holding period. The adjusted cost basis is:
- A Morgantown, WV property sells for $350,000. The seller pays a 6% commission, $1,500 in other closing costs, and has a remaining mortgage balance of $210,000. What are the seller's net proceeds?
- A West Virginia home has 1,800 square feet on two floors. The lower floor is 900 square feet. The upper floor has a room 30 feet x 15 feet and another room 15 feet x 15 feet. What is the total square footage?
- A West Virginia buyer qualifies for a maximum monthly mortgage payment of $1,200. At an interest rate of 6% for 30 years, the payment factor is $5.99 per $1,000 of loan. What is the maximum loan amount the buyer can qualify for?
- A West Virginia property has an annual NOI of $42,000. A buyer wants a 7% cap rate. What is the maximum price the buyer should pay?
- A West Virginia broker closes 15 transactions in a year with an average sale price of $175,000. At a 5% commission rate split 50/50 with cooperating brokers, what is the broker's gross commission income?
- A West Virginia investment property costs $400,000. The investor finances 75% with a loan. What is the required equity (down payment)?
- A West Virginia home has property taxes of $1,800/year. The tax rate is 1.2% of assessed value. What is the assessed value?
- A West Virginia buyer closes on October 1. Annual property taxes of $2,400 have not been paid. The seller owes the buyer a prorated tax credit for how many months?
- A West Virginia contractor charges $85 per square foot to renovate a 1,200 square foot home. What is the total renovation cost?
- A West Virginia property is listed at $240,000. The buyer offers 95% of list price. What is the offer amount?
- A West Virginia agent earns 3% of the sale price as their commission. The agent's broker takes 30% of the agent's commission as a split. The property sold for $260,000. What does the agent net?
- A West Virginia property has a monthly gross rent of $2,200 and operating expenses totaling $850 per month. What is the annual NOI?
- A West Virginia investor buys a foreclosed property for $85,000, spends $35,000 on repairs, and sells it for $155,000. Ignoring closing costs, what is the gross profit?
- A West Virginia investor seeks a 10% return on investment from a property with an NOI of $25,000. What is the maximum price to pay?
- A West Virginia property sold for $195,000, which was 3% more than its appraised value. What was the appraised value?
- A West Virginia rental property has 5 units each renting at $750/month. At 90% occupancy, what is the annual effective gross income?
- A West Virginia buyer puts 5% down on a $200,000 home. What is the exact down payment?
- A West Virginia home was purchased for $140,000 and sold 5 years later for $175,000. What was the total appreciation percentage?
- A West Virginia transaction has a purchase price of $310,000. The commission is 5%. If the listing brokerage receives 60% of the total commission, what does the listing brokerage receive?
- A West Virginia warehouse has 15,000 sq ft. The monthly rent is $0.75 per sq ft. What is the annual rental income?
- A West Virginia property's tax assessed value is $90,000. The tax rate is $2.50 per $100 of assessed value. What is the annual property tax?
- A West Virginia buyer and seller agree to split the $1.10 per $500 excise tax equally on a $165,000 sale. How much does each party pay?
- A West Virginia salesperson earns a commission at a 70/30 split with their broker (70% to agent). The property sold for $265,000 at a 6% total commission split 50/50 between brokerages. How much does the salesperson net?
- A West Virginia property has 3 acres being sold at $18,500 per acre. What is the total sale price?
- A West Virginia seller nets $178,000 after paying a 5% commission. What was the gross sale price?
- A Morgantown investment property has a GRM of 10 and generates $24,000 in annual gross rent. What is the estimated property value?
- A West Virginia buyer is assuming an existing mortgage with a balance of $125,000. The purchase price is $195,000. How much cash (down payment) must the buyer bring to closing, excluding other closing costs?
- A West Virginia home sells for $285,000. The buyer pays 2 discount points on a 90% loan. What is the total cost of discount points?
- A West Virginia property has an assessed value of $180,000 (at 60% of market value). The millage rate is 28 mills. What is the annual tax?
- A West Virginia broker sells a home for $320,000 on a 6% commission. The listing broker retains 55% and pays the cooperating broker 45%. What does the cooperating broker receive?
- A Charleston, WV homeowner refinances their $200,000 mortgage. The lender charges 1.5 points and a $1,200 origination fee. What are the total upfront costs for these two items?
- A West Virginia property with 0.75 acres sells at a price of $65,000. What is the price per acre?
- A West Virginia property owner pays $480 per year in property taxes. The millage rate is 40 mills ($40 per $1,000). What is the assessed value?
- A West Virginia property earns $2,500 per month in rent. The property expenses (excluding debt service) are $900/month. The investor paid $240,000. What is the cash-on-cash return if they made a $48,000 down payment and the annual debt service is $12,000?
- A West Virginia property sells for $420,000 and the excise tax is $1.10 per $500. What is the excise tax rounded to the nearest dollar?
- A West Virginia investor wants to earn at least a 12% return on equity. They invest $75,000 down. What minimum annual NOI is required to achieve this return (ignoring debt service)?
- A West Virginia commercial property has 5,000 sq ft. Annual rent is $15 per sq ft. Vacancy is 10%. What is the effective gross income?
- A West Virginia buyer closes on April 1. The annual rent paid in advance by a tenant is $18,000 (paid January 1). What rent credit does the buyer receive?
- A West Virginia home has 2,200 sq ft of heated space plus an unfinished basement of 800 sq ft. The home is listed at $55 per sq ft of heated space. What is the list price?
- A West Virginia buyer qualifies for a $180,000 loan. If the maximum LTV is 95%, what is the minimum purchase price the buyer must finance at this loan amount?
- A West Virginia home's assessed value increased from $120,000 to $144,000. What is the percentage increase in assessed value?
- A West Virginia property sold for $225,000. Closing costs were $4,500. The broker's commission was 6%. The original purchase price was $175,000. What was the net gain to the seller (ignoring taxes)?
- A West Virginia property buyer takes out a $160,000 loan at 6.5% annual interest amortized over 30 years. Using a factor of $6.32 per $1,000, what is the approximate monthly payment?
Land Use & Zoning
126 questions- In West Virginia, the legal authority for local governments to enact zoning ordinances derives from:
- A non-conforming use in West Virginia exists when:
- A zoning variance in West Virginia is granted when a property owner can show:
- Eminent domain in West Virginia allows the government to:
- A subdivision plat in West Virginia must be:
- A special use permit (conditional use permit) in West Virginia allows:
- A West Virginia property owner who disagrees with a local zoning board's decision may appeal to:
- A nonconforming use in West Virginia zoning law refers to:
- A West Virginia property owner wants to use residential land in a way not permitted by the current zoning ordinance. The owner can apply for a:
- Eminent domain allows a West Virginia government entity to:
- A West Virginia property owner's land is subject to a deed restriction prohibiting commercial use. A subsequent buyer of the property:
- The purpose of a comprehensive plan (master plan) in West Virginia is to:
- A West Virginia municipality exercises police power to regulate land use primarily through:
- A special exception (special use permit) differs from a variance in that a special exception:
- Spot zoning in West Virginia refers to:
- A West Virginia developer plans a large mixed-use development with different uses in different areas of the parcel. This may be approved as a:
- Restrictive covenants in a West Virginia subdivision are enforced by:
- A West Virginia property owner who receives a notice of zoning violation has the right to:
- When a West Virginia government regulation goes too far in restricting private property use such that it effectively takes the property without compensation, this is called a:
- A buffer zone in West Virginia zoning is typically used to:
- Inclusionary zoning in West Virginia would require developers to:
- A WV historic preservation district designation may affect real estate by:
- Downzoning a West Virginia property means:
- A West Virginia subdivision plat must be approved and recorded before:
- A West Virginia landowner whose land is taken by eminent domain for a highway project is entitled to:
- A West Virginia town adopts an agricultural preservation program offering landowners cash for permanently restricting development on their farmland through a conservation easement. This is called:
- In West Virginia, a developer who wishes to subdivide land must typically submit a plat for review and approval to:
- A cluster development in West Virginia allows:
- A West Virginia Transfer of Development Rights (TDR) program works by:
- In West Virginia, a conditional use permit differs from a variance in that:
- West Virginia's Antiquities Act and historic preservation laws are relevant to real estate because they can:
- A West Virginia municipality that annexes surrounding land thereby extends its:
- A West Virginia municipality that wants to preserve the character of its historic downtown can adopt an:
- A 'moratorium' on development in a West Virginia community means:
- Euclidean zoning (named after a landmark Ohio case) refers to:
- Impact fees in West Virginia are one-time charges imposed on new development to:
- A West Virginia form-based code differs from traditional Euclidean zoning in that it focuses primarily on:
- A West Virginia property classified as a 'brownfield' is eligible for which type of assistance?
- A West Virginia city that adopts an 'urban growth boundary' is attempting to:
- West Virginia's 'right to farm' laws protect agricultural operations from:
- A West Virginia property with a deed restriction that was recorded 50 years ago and has never been enforced may be:
- A Huntington, WV property in a floodplain that is proposed for commercial development must comply with:
- A West Virginia municipality that wants to encourage mixed-income housing may use:
- 'Exclusionary zoning' in West Virginia occurs when a municipality:
- In West Virginia, 'spot zoning' may be challenged in court because it:
- A West Virginia property owner who wants to build a fence that exceeds the maximum height allowed by the local zoning ordinance must apply for a:
- In West Virginia, local zoning ordinances are primarily enacted by:
- A West Virginia property owner whose land is zoned for residential use wants to operate a daycare center. They would most likely need to apply for:
- A 'nonconforming use' in West Virginia zoning law refers to:
- West Virginia's subdivision regulations typically require a developer to submit a plat that must be:
- An 'area variance' in West Virginia allows a property owner to:
- The West Virginia State Building Code establishes:
- Eminent domain allows the government in West Virginia to:
- A 'buffer zone' in West Virginia zoning typically refers to:
- In West Virginia, deed restrictions (restrictive covenants) are different from zoning in that:
- A West Virginia property owner believes the local government's new zoning restriction has so severely reduced their property's value that it amounts to a 'regulatory taking.' They may seek relief by:
- In West Virginia, zoning authority is granted to municipalities and counties under which power?
- A West Virginia property owner is granted the right to use their property in a way not normally permitted by the current zoning, due to unique hardship. This is called a:
- A West Virginia property was legally used as a gas station before zoning changed to residential. The gas station is now a:
- Under West Virginia law, eminent domain allows the government to take private property for public use. The property owner is entitled to:
- A West Virginia county requires a developer to submit a plat map showing lot dimensions and infrastructure before a residential subdivision can be approved. This is called:
- In West Virginia, a buffer zone between a commercial district and a residential district is an example of:
- A West Virginia property owner claims that a new county regulation has so severely restricted their property's use that it amounts to a taking without compensation. This is called:
- In West Virginia, building permits are typically issued by:
- A West Virginia city council changes the zoning on a single parcel to benefit one developer while surrounding parcels retain their original zoning. This is likely invalid as:
- West Virginia's comprehensive plan (master plan) for land use is best described as:
- In West Virginia, a property owner's request for a special use permit differs from a variance in that a special use permit:
- Which of the following is an example of a private land use control (as opposed to a public one) in West Virginia?
- A West Virginia developer wants to build a shopping center on property currently zoned residential. The developer must apply for:
- In West Virginia, the Blight Elimination and Foreclosure Equity Act allows municipalities to:
- Density zoning in West Virginia residential districts typically controls:
- A West Virginia municipality's comprehensive plan includes a future land use map. This map is:
- Under West Virginia law, a property owner's right to challenge a zoning decision as unconstitutional is based on:
- In West Virginia, the West Virginia Infrastructure and Jobs Development Council assists with:
- A West Virginia county adopts a floodplain management ordinance to participate in FEMA's National Flood Insurance Program (NFIP). This ordinance restricts:
- In West Virginia, the police power that underlies zoning authority is justified by which purpose?
- In West Virginia, a property owner whose land is condemned by the state for a new highway has the right to:
- A West Virginia developer proposes a mixed-use development combining retail and residential uses. The developer needs approval for a planned unit development (PUD), which requires:
- Under West Virginia law, a municipality's power to regulate the appearance of buildings in a historic district is an exercise of:
- A West Virginia landowner near the Ohio River wants to build a dock. This may require approval from:
- In West Virginia, which local government body typically hears and decides zoning appeals and variance requests?
- A West Virginia municipality enacts an inclusionary zoning ordinance requiring developers to include affordable housing units in new residential projects. This is an exercise of:
- In West Virginia, deed restrictions in a subdivision may be enforced by:
- In West Virginia, which type of development agreement allows a developer to lock in current zoning and development standards for a long-term project?
- A West Virginia coal company holds a broad form deed from the 1920s allowing extraction of minerals 'in any manner whatsoever.' Courts in neighboring states have limited such deeds. In West Virginia today:
- In West Virginia, the West Virginia Land Use Planning Act establishes the framework for:
- In West Virginia, the role of a county planning commission is primarily to:
- A West Virginia municipality wants to control the number of signs a business can display. This is regulated under:
- Under West Virginia's Residential Planned Community Act, a developer of a planned residential community with homeowners association must provide buyers with:
- A West Virginia property owner installs a fence that encroaches 2 feet into the neighboring property. The neighbor's legal remedy is to:
- In West Virginia, Appalachian Power Company holds easements across private property for transmission lines. When a property with such an easement is sold:
- In West Virginia, after a subdivision plat is approved by the county and recorded, lots within the subdivision are legally identified by:
- A West Virginia commercial property owner wants to convert their building to a mixed residential/commercial use. They need approval for a(n):
- Under West Virginia's abandoned properties law, which process allows municipalities to expedite the removal of blighted, abandoned, and tax-delinquent properties from neglect?
- In West Virginia, which zoning designation typically allows both residential and commercial uses in the same area?
- In West Virginia, the term 'setback' refers to:
- In West Virginia, which of the following is an example of 'transferable development rights' (TDR)?
- A West Virginia county adopts a moratorium on development applications while it updates its comprehensive plan. This moratorium:
- In West Virginia, a 'vested right' in a real estate development context means:
- West Virginia municipalities may adopt 'architectural review' or 'design review' standards for new construction. These standards regulate:
- Under West Virginia law, a city may annex adjacent unincorporated territory. This affects real estate because:
- In West Virginia, a developer building a new subdivision must typically meet subdivision regulations including:
- A West Virginia city issues a Certificate of Occupancy (CO) for a new commercial building. The CO signifies that:
- West Virginia's tourism industry relies on natural amenities in areas like the Monongahela National Forest. Land use regulations in these areas often include:
- In West Virginia, which type of zoning considers the impact of development on the entire municipality rather than individual parcels?
- A West Virginia landowner wants to construct a new building but the proposed building's height exceeds the maximum height allowed by zoning. To build at the desired height, they must obtain:
- In West Virginia, a developer seeking a PUD approval typically must submit which of the following to the local government?
- In West Virginia, agricultural land is commonly given preferential property tax treatment. Land enrolled in West Virginia's Land Stewardship Program or similar programs benefits from:
- A West Virginia city adopts a 'form-based code' for its downtown area. This type of zoning focuses on:
- Under the Americans with Disabilities Act, a West Virginia municipality's newly constructed government building must:
- In West Virginia, a floodway fringe (flood fringe) area differs from the floodway in that:
- In West Virginia, a rezoning application is typically heard by which body in addition to the planning commission?
- A West Virginia landowner whose property is taken through eminent domain for a pipeline right-of-way receives just compensation. If only part of the property is taken, the owner may also be entitled to:
- In West Virginia, a 'covenant running with the land' that restricts a subdivision to residential use only may be enforced by:
- In West Virginia, what document must be filed with the county clerk when a developer creates a new subdivision and divides land into lots?
- West Virginia's New Jobs Tax Credit and other economic development incentives are designed to attract businesses by:
- In West Virginia, 'inclusionary zoning' requires developers to include affordable housing units in new residential projects. The legal basis for this requirement is:
- A West Virginia property owner whose land is in a historic district wants to paint the exterior of their building. They must obtain approval from:
- In West Virginia, a 'use variance' allows a property owner to:
- A West Virginia city has adopted form-based code for its downtown area. This code emphasizes:
- In West Virginia, a developer proposes a 500-unit residential subdivision. The local government requires the developer to dedicate parkland or pay a fee in lieu of dedication. This requirement is known as a:
- In West Virginia, a 'nonconforming structure' differs from a 'nonconforming use' in that:
- In West Virginia, a developer seeks a conditional use permit for a drive-through restaurant in a commercial zone. The 'conditions' placed on the permit are intended to:
- West Virginia's Tourism Development Finance Authority helps finance tourism-related projects. A real estate developer building a tourist attraction near the New River Gorge may benefit from:
- In West Virginia, a property owner challenging a zoning ordinance as an unconstitutional taking must demonstrate:
- In West Virginia, which state agency has authority to review environmental impacts of large-scale development projects that require permits from multiple state agencies?
Property Management
125 questions- A West Virginia property manager who collects rents must:
- Under the West Virginia Landlord-Tenant Act, a landlord must return a tenant's security deposit within how many days after the lease terminates?
- A property management agreement in West Virginia is a contract between the:
- In West Virginia, a tenant's right to quiet enjoyment means:
- A periodic tenancy in West Virginia (such as month-to-month) is terminated by giving notice of:
- Under the Fair Housing Act, a West Virginia property manager may NOT advertise a rental property using language that:
- A West Virginia landlord who wishes to evict a non-paying tenant must follow the legal process, which includes:
- A West Virginia property manager is hired to oversee a commercial building. The manager's primary obligation is to:
- Under the West Virginia Landlord-Tenant Act, a landlord must return a tenant's security deposit within how many days after the tenancy ends?
- The West Virginia Landlord-Tenant Act requires a landlord to maintain a rental unit in a condition that:
- A West Virginia property manager collects rent on behalf of the owner. These funds must be:
- A gross lease used in commercial property management in West Virginia typically means:
- A West Virginia property manager who wishes to terminate a month-to-month tenancy must provide the tenant with at least:
- A West Virginia property manager uses a triple-net (NNN) lease for a commercial tenant. Under this arrangement, the tenant pays:
- A West Virginia property manager who signs a lease on behalf of an owner without authorization is potentially liable for:
- A West Virginia landlord wishes to evict a tenant for non-payment of rent. The landlord must first:
- A West Virginia commercial lease with a percentage rent clause means the tenant pays:
- Under the West Virginia Landlord-Tenant Act, a landlord may deduct from a security deposit for:
- A West Virginia residential landlord who enters a tenant's unit without proper notice except in an emergency is:
- A West Virginia property manager who fails to maintain adequate records of all trust account transactions may face:
- In West Virginia, a property manager should require tenants to carry renter's insurance primarily to:
- A West Virginia commercial tenant on a 'net lease' who pays base rent plus their proportionate share of taxes, insurance, and maintenance is on a:
- Under the West Virginia Landlord-Tenant Act, a tenant who abandons the rental unit before the lease expires:
- A West Virginia property manager receives a maintenance request from a tenant for a broken heating system in January. The manager should:
- A West Virginia residential property manager who discovers that a maintenance contractor has overcharged for repairs should:
- A West Virginia commercial property manager who signs a five-year lease extension on behalf of the owner without authorization has potentially:
- A West Virginia property owner who leases their property through a professional management company retains which of the following rights?
- A West Virginia commercial property manager who collects a large security deposit from a new tenant should:
- A West Virginia property manager dealing with a problem tenant who frequently pays rent late should first:
- A West Virginia property manager handling an eviction must ensure that the eviction is processed through:
- A West Virginia landlord who wants to increase rent on a month-to-month tenant must provide:
- In West Virginia, a property manager who wants to raise a commercial tenant's rent during the lease term may do so only:
- A West Virginia property management company that manages multiple properties for different owners must maintain:
- A West Virginia condominium homeowner's association (HOA) has the power to:
- A West Virginia apartment building owner who discovers a bedbug infestation in multiple units is responsible for:
- A West Virginia real estate investor who hires a property management company should expect the management company to provide, at minimum:
- The West Virginia Landlord-Tenant Act implies a warranty of habitability in residential leases, meaning the landlord must:
- A West Virginia landlord may NOT refuse to rent to a potential tenant based on the tenant's:
- A West Virginia tenant who reports a habitability issue to the landlord and the landlord retaliates by raising rent or threatening eviction is protected by:
- A West Virginia property manager who discovers a structural defect that poses immediate danger to tenants should:
- In West Virginia, a month-to-month tenant who has received proper notice to vacate but refuses to leave becomes a:
- A WV property manager who receives a security deposit from a tenant in a newly constructed building that opened in Morgantown must:
- A West Virginia commercial property manager who wants to renew a tenant's lease should begin renewal negotiations:
- A West Virginia property manager who uses the security deposit to make improvements to the unit that are not caused by tenant damage has:
- In a West Virginia lease, a 'hold harmless' clause typically protects the:
- A West Virginia property manager who collects rent, signs leases, and manages properties on behalf of owners must:
- Under West Virginia landlord-tenant law, a landlord must provide a written notice to quit before evicting a tenant for non-payment of rent. The minimum notice period is typically:
- A West Virginia property management agreement is a contract between the:
- In West Virginia, security deposits for residential rentals:
- A property manager in West Virginia who discovers a habitability issue (broken furnace in winter) in a managed residential unit should:
- Which of the following is a West Virginia property manager's fiduciary duty to the property owner?
- A West Virginia residential lease must contain which of the following to be enforceable?
- A 'gross lease' for a West Virginia commercial property means:
- In West Virginia, a 'triple net lease' (NNN) means:
- When a West Virginia tenant holds over after their lease expires without the landlord's permission, the tenancy becomes:
- A West Virginia property manager collects rent and security deposits on behalf of a property owner. These funds must be:
- Under West Virginia landlord-tenant law, a landlord must provide a residential tenant with a habitable dwelling. Which condition would violate this duty?
- In West Virginia, a landlord must return a tenant's security deposit within how many days after the tenant vacates?
- A property management agreement in West Virginia is a contract between the property owner and the management company. It should specify:
- In West Virginia, a month-to-month residential tenancy can be terminated by either party with:
- A West Virginia property manager is hired to manage a 50-unit apartment complex. The manager's primary fiduciary duty is owed to:
- Under the West Virginia Residential Landlord and Tenant Act, a landlord may enter a tenant's unit without prior notice in the event of:
- A West Virginia property manager negotiates a lease on behalf of the owner. The manager's authority to bind the owner to the lease arises from:
- Which type of lease provides the most stability for a West Virginia commercial property owner seeking predictable long-term income?
- In a West Virginia commercial triple net (NNN) lease, the tenant is responsible for paying:
- A West Virginia property manager discovers major roof damage requiring $15,000 in repairs. Without owner authorization, the manager may:
- Under the West Virginia Residential Landlord and Tenant Act, which of the following would NOT be a valid basis for withholding a tenant's security deposit?
- A West Virginia commercial lease contains a percentage rent clause. In addition to base rent, the tenant pays:
- In West Virginia, the right of a property manager to hire contractors for building maintenance on behalf of the owner is an example of which type of authority?
- A West Virginia landlord wants to evict a tenant for non-payment of rent. The first step in the eviction process is:
- What is the purpose of a property management operating account separate from the trust/escrow account?
- In West Virginia, a tenant who is the victim of domestic violence may have the right to terminate a lease early without penalty under:
- A West Virginia property manager is responsible for annual income and expense reports to the property owner. These reports serve the purpose of:
- The capitalization rate used to value an income-producing property in West Virginia reflects:
- A West Virginia residential property manager must comply with which federal law regarding lead paint disclosure in pre-1978 rental properties?
- Under West Virginia law, a commercial landlord must give a tenant who defaults on rent how much notice before commencing eviction proceedings?
- A West Virginia property manager is offered a referral fee from a maintenance contractor for sending business their way. Accepting this fee without disclosing it to the property owner is:
- In West Virginia, a 'net lease' for commercial property typically means the tenant pays:
- A West Virginia landlord wants to raise rent on a month-to-month tenant. The landlord must provide:
- Under the Americans with Disabilities Act (ADA), which West Virginia commercial property type must provide accessible parking spaces?
- In West Virginia, when a tenant abandons a rental property leaving personal belongings, the landlord must generally:
- A West Virginia property manager negotiates a new lease with a commercial tenant. The manager's authority to sign the lease must come from:
- The gross potential income (GPI) of a West Virginia rental property assumes:
- A West Virginia tenant's lease expires and neither party takes action. The tenant continues to pay rent and the landlord accepts it. The tenancy has converted to a:
- In West Virginia, a property manager who holds a real estate license and manages multiple properties for various owners must maintain:
- A West Virginia property manager discovers the owner has stopped paying the building's mortgage and the lender has begun foreclosure proceedings. The manager should:
- In West Virginia, which of the following lease types is most common for residential rental properties?
- Under West Virginia landlord-tenant law, which of the following is a tenant remedy when a landlord fails to maintain the property in a habitable condition after proper notice?
- A West Virginia property management company manages 200 rental units for various owners. Which entity must hold a real estate broker license to legally conduct this management activity?
- A West Virginia tenant subleases their apartment to another person without the landlord's permission. The landlord may:
- In West Virginia, a property manager negotiating a commercial lease must ensure the lease addresses which key element to protect the owner's investment?
- In West Virginia, a ground lease is a type of lease where:
- A West Virginia property manager conducts annual property inspections to assess the condition of rental units. This practice benefits the owner by:
- In West Virginia, a tenant who receives a WRIT of possession order from the court must vacate the property within:
- A West Virginia condominium association assesses each unit owner monthly fees to cover common area maintenance. These fees are called:
- In West Virginia, a landlord who retaliates against a tenant for filing a housing code complaint by increasing rent or threatening eviction is engaged in:
- When a West Virginia property manager prepares a budget for a residential rental property, fixed expenses that do not vary with occupancy include:
- A West Virginia property manager is hired under a one-year management agreement. The agreement contains a 30-day termination clause. If the owner terminates without cause on day 90:
- In West Virginia, the 'Uniform Residential Landlord and Tenant Act' (URLTA) is intended to:
- A West Virginia property manager must maintain separate accounts for each property type. Which of the following represents proper trust accounting?
- In West Virginia, which document governs the rights and obligations of condominium unit owners within the condominium association?
- A West Virginia apartment complex manager wants to maximize occupancy. The most effective long-term strategy is:
- A West Virginia commercial tenant has a 5-year lease. In year 3, the tenant goes bankrupt. Under federal bankruptcy law, the trustee in bankruptcy may:
- In West Virginia, a landlord may NOT use which lease provision under state law?
- In West Virginia, a property manager who collects a security deposit from a new tenant must:
- A West Virginia commercial property manager is negotiating a build-to-suit lease for a tenant who wants a custom-built facility. The key document used is a:
- In West Virginia, an owner of a rental property located within a homeowners association (HOA) must ensure their tenants:
- A West Virginia property manager manages a 100-unit apartment complex and must comply with the Americans with Disabilities Act regarding:
- In West Virginia, a residential tenant who is called to active military duty for more than 90 days may terminate their lease under:
- A West Virginia property manager's duty of 'obedience' to the property owner (principal) means the manager must:
- In West Virginia, a commercial property with a 'base year' expense stop clause means:
- In West Virginia, a property manager who represents multiple clients in the same real estate market must:
- A West Virginia apartment manager receives a request to add a co-signer to an existing lease because the tenant has lost their job. The manager should:
- Under West Virginia law, a tenant who has been locked out of their rental unit by the landlord (self-help eviction) may:
- In West Virginia, a property management fee structure that charges a percentage of collected rents incentivizes the manager to:
- In West Virginia, a property manager who receives a notice that a tenant intends to withhold rent due to habitability issues should:
- In West Virginia, a landlord who increases rent for all tenants in a building after one tenant files a housing code complaint is engaging in:
- In West Virginia, a commercial property managed by a licensed broker is subject to the Americans with Disabilities Act for:
- In West Virginia, a tenant who damages a rental unit beyond normal wear and tear is responsible for:
- A West Virginia property manager's 'monthly management report' to the owner should typically include:
- In West Virginia, a property manager who enters into a contract for major roof repairs without owner authorization (beyond the management agreement's authority) may have:
- In West Virginia, what is the legal effect of a lease clause that purports to waive the landlord's implied warranty of habitability?
- A West Virginia commercial tenant exercises a lease option to purchase the property. Upon exercise, the parties must:
- In West Virginia, when a property management firm represents multiple competing properties owned by different owners in the same market:
- Under West Virginia law, a commercial landlord seeking to enforce a lease obligation through the courts must first:
Contracts
117 questions- A valid real estate contract in West Virginia requires all of the following EXCEPT:
- In West Virginia, a contract signed by a 17-year-old is:
- A West Virginia real estate purchase contract includes a time-is-of-the-essence clause. This means:
- The integration clause (entire agreement clause) in a West Virginia real estate contract states that:
- In West Virginia, if a seller accepts a buyer's offer and then receives a better offer, the seller:
- A contingency in a West Virginia purchase contract that is not satisfied by the stated deadline:
- In West Virginia, the Statute of Frauds requires real estate contracts to be:
- A West Virginia buyer makes an offer, but before the seller accepts, the buyer withdraws the offer. This is:
- A West Virginia seller counters a buyer's offer at a higher price. The original offer is now:
- In West Virginia, an option contract gives the optionee the:
- A West Virginia purchase contract is said to be executory when:
- Under West Virginia law, liquidated damages in a purchase contract are:
- A West Virginia buyer includes an inspection contingency in a purchase contract. If the inspection reveals a minor crack in the driveway that the buyer uses to exit the contract, a court might find the buyer:
- A West Virginia real estate contract that contains an illegal provision is:
- An 'as-is' clause in a West Virginia purchase contract means the buyer is purchasing the property:
- A West Virginia purchase contract contains a time-is-of-the-essence clause. This means:
- In West Virginia, a contract for the sale of real estate must be in writing to be enforceable under:
- Earnest money deposited with a West Virginia broker in connection with a purchase contract is:
- A West Virginia buyer submits an offer with a financing contingency. If the buyer cannot obtain financing, the buyer:
- In West Virginia, a counteroffer legally:
- In West Virginia, an option contract in real estate gives the optionee:
- Under West Virginia law, a real estate contract signed by a 17-year-old is:
- A West Virginia seller accepts a buyer's offer in writing and delivers the acceptance to the buyer's agent. At what point is the contract formed?
- If a West Virginia seller breaches a purchase contract by refusing to sell, the buyer's potential remedies include:
- A West Virginia real estate purchase contract becomes binding when:
- A liquidated damages clause in a West Virginia purchase contract specifies that:
- An 'as-is' clause in a West Virginia real estate contract means:
- A West Virginia contract contingency that requires the buyer to sell their existing home before closing is a:
- The parol evidence rule in West Virginia contract law provides that:
- An addendum to a West Virginia purchase contract is:
- In West Virginia, a purchase contract states that the buyer must obtain financing approval within 15 days. On day 17, the buyer is still waiting. The seller may:
- A West Virginia real estate contract is said to be executed when:
- In West Virginia, a contract that is void differs from a voidable contract in that a void contract:
- A West Virginia buyer makes an offer specifying that acceptance must be received by 5:00 PM on Friday. If the seller accepts at 6:00 PM on Friday, the acceptance is:
- In West Virginia, an offer to purchase real estate automatically terminates when:
- A West Virginia contract clause that states 'this agreement is contingent upon the buyer's inspection and approval within 10 days' is an example of a:
- A West Virginia inspection contingency typically gives the buyer the right to:
- A West Virginia purchase contract includes a home warranty provision. A seller-provided home warranty typically:
- A merger clause in a West Virginia real estate contract provides that:
- A novation in a West Virginia real estate contract occurs when:
- A West Virginia 'right of first refusal' clause in a lease gives the tenant:
- The 'meeting of the minds' (mutual assent) required for a valid West Virginia real estate contract is evidenced by:
- A West Virginia buyer who discovers a latent defect after closing that was known to the seller but not disclosed may sue the seller for:
- Which of the following is NOT a required element for a valid West Virginia real estate contract?
- Under West Virginia law, an agreement to pay a real estate commission must be in writing to be enforceable because:
- In West Virginia, a lease for more than one year must be in writing to be enforceable under:
- A 'subject to financing' contingency in a West Virginia purchase contract protects the:
- A West Virginia real estate purchase agreement must include a 'legal description' of the property to be enforceable because:
- If a West Virginia real estate contract is signed by someone without mental capacity (due to a court-declared incompetency), the contract is:
- In West Virginia, 'time-is-of-the-essence' language in a real estate contract means that all deadlines are:
- In a West Virginia real estate transaction, an 'escalation clause' in a buyer's offer means:
- A West Virginia real estate contract that includes an arbitration clause means disputes will be resolved through:
- In West Virginia, a 'kick-out clause' (right of first refusal clause) in a purchase contract with a home sale contingency allows the seller to:
- In West Virginia, a real estate contract based on fraud or misrepresentation may be:
- A West Virginia seller who misrepresents a property's square footage to induce the buyer to purchase has committed:
- A West Virginia buyer who backs out of a transaction without a valid contractual reason after removing all contingencies may:
- A West Virginia purchase contract that includes a personal property (chattel) list (e.g., refrigerator, washer/dryer) ensures that:
- Under West Virginia law, a real estate contract may be rescinded by mutual consent of the parties, which means:
- Under West Virginia contract law, 'consideration' in a real estate purchase agreement is most commonly provided by:
- In West Virginia, a purchase contract may be assigned to another party unless:
- Under West Virginia contract law, which element is NOT required for a valid real estate contract?
- A West Virginia buyer submits an offer with a 48-hour acceptance deadline. If the seller does not respond within 48 hours, the offer:
- A West Virginia seller counters a buyer's offer by changing the closing date. The buyer's original offer:
- Under West Virginia law, 'earnest money' deposited with a purchase contract is best described as:
- A West Virginia real estate contract contains a financing contingency. If the buyer cannot obtain financing despite good-faith efforts, the buyer is typically entitled to:
- In West Virginia, which clause in a purchase contract establishes when risk of loss transfers from seller to buyer?
- A West Virginia purchase contract that is 'voidable' means:
- Under West Virginia law, an option contract in real estate gives the optionee:
- A West Virginia real estate contract containing a 'time is of the essence' clause means:
- In West Virginia, a purchase contract may be rescinded (cancelled) by mutual agreement of the parties. When this occurs:
- A West Virginia buyer who defaults on a purchase contract by failing to close may be subject to:
- A 'contingency' in a West Virginia real estate contract means:
- Under West Virginia contract law, which of the following is NOT required for a valid real estate contract?
- In West Virginia, the Statute of Frauds requires that contracts for the sale of real estate must be:
- A buyer in Morgantown, WV makes an offer to purchase a home. The seller makes a counteroffer changing the closing date. The buyer's original offer is now:
- In West Virginia, earnest money deposited by a buyer is best described as:
- A West Virginia purchase contract contains a financing contingency stating the buyer must obtain loan approval within 15 days. If the buyer cannot obtain financing within that period, the buyer may:
- Under West Virginia law, which of the following best describes an option contract in real estate?
- A West Virginia real estate contract is deemed 'executed' when:
- In West Virginia, time is declared 'of the essence' in a real estate contract. This means:
- A seller in Huntington, WV accepts a buyer's offer but the buyer has not yet signed. At this point the contract is:
- Which clause in a West Virginia purchase contract allows the seller to continue marketing the property and accept a better offer if the current buyer's contingencies are not met?
- A West Virginia purchase contract is contingent on the buyer's home selling within 45 days. After 45 days, the buyer's home has not sold. Under the contingency:
- In West Virginia, which of the following would render a real estate contract void?
- The legal remedy of specific performance in a West Virginia real estate contract dispute would require:
- A West Virginia real estate contract contains a liquidated damages clause stating the seller may keep the earnest money if the buyer defaults. This clause is enforceable if:
- A West Virginia addendum modifying a previously signed purchase contract is valid when:
- In West Virginia, an offer becomes a binding contract when:
- A West Virginia buyer includes an escalation clause in their offer. This means the buyer will:
- Under West Virginia contract law, a contract for the purchase of real estate entered into under fraudulent misrepresentation is:
- In West Virginia, a buyer and seller agree to extend the closing date with an addendum. This addendum must be:
- A West Virginia broker receives competing offers on a listing simultaneously. The broker must:
- In West Virginia, which of the following is a valid example of consideration in a real estate contract?
- A West Virginia real estate contract includes an 'as-is' clause. This means the buyer:
- A West Virginia buyer makes an offer with a $3,000 earnest money deposit. The seller accepts. Before closing, the seller defaults. The buyer is entitled to:
- In West Virginia, a 'time is of the essence' clause in a purchase contract means if the buyer fails to close on the specified date:
- A West Virginia listing agreement that requires the seller to pay a commission even if no sale occurs due to the broker's default is:
- In West Virginia, a real estate purchase contract is classified as which type of contract before the closing occurs?
- A West Virginia buyer and seller have a signed purchase contract. The buyer discovers major structural damage during the inspection period. The buyer should:
- In West Virginia, a broker holding earnest money funds for a disputed transaction should:
- A West Virginia real estate listing agreement that lacks a definite expiration date is:
- In West Virginia, a buyer defaults on a purchase contract. The seller keeps the earnest money as specified in the contract's liquidated damages clause. The seller:
- In West Virginia, the mailbox rule provides that acceptance of a contract offer is effective when:
- A West Virginia seller signs a listing agreement, then immediately lists the property with another broker without telling the first broker. This is a breach of:
- In West Virginia, which party in a real estate transaction typically drafts the initial purchase offer?
- Under West Virginia law, rescission of a real estate contract means:
- A West Virginia commercial lease assigns to the tenant the right to extend the lease for an additional 5 years at a predetermined rental rate. This is called a:
- In West Virginia, a contract for deed (installment land contract) differs from a standard purchase with a mortgage in that:
- In West Virginia, an 'as-is' clause in a commercial purchase contract typically means the buyer:
- Under West Virginia law, a real estate listing agreement is a type of which contract?
- In West Virginia, a 'right of first refusal' clause in a lease allows the tenant to:
- In West Virginia, a real estate licensee who drafts a complex custom real estate contract for a client (rather than using standard forms) may be engaged in:
- In West Virginia, a purchase agreement that states the seller will pay the buyer's closing costs is an example of:
- Under West Virginia law, a minor (person under 18) who purchases real estate may:
- In West Virginia, a buyer's purchase offer states 'this offer expires at 5:00 PM on Friday.' The seller signs and returns the acceptance at 7:00 PM Friday. There is:
- In West Virginia, an 'integration clause' in a real estate contract states that:
- In West Virginia, which of the following is NOT a valid method for communicating acceptance of a real estate offer?
Finance
117 questions- A West Virginia buyer obtains a $250,000 FHA loan. What is the minimum down payment required?
- A West Virginia buyer's loan is for $180,000 at 6.5% annual interest. What is the monthly interest for the first payment?
- In West Virginia, a deed of trust differs from a mortgage in that a deed of trust involves:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- A seller in West Virginia 'carries back' a loan to help the buyer purchase the property. This is called:
- Under the Truth in Lending Act (TILA), a lender must disclose the Annual Percentage Rate (APR) to a borrower within:
- A West Virginia borrower has a gross monthly income of $5,000. Lender guidelines set a maximum housing expense ratio of 28%. What is the maximum allowable monthly PITI payment?
- In West Virginia, a mortgage that adjusts its interest rate periodically based on a financial index is called a(n):
- Points paid on a mortgage loan in West Virginia represent:
- Private mortgage insurance (PMI) is typically required in West Virginia when:
- The debt-to-income (DTI) ratio used by West Virginia lenders compares:
- A West Virginia buyer assumes the seller's existing mortgage. The buyer is now:
- A West Virginia borrower obtains an adjustable-rate mortgage (ARM). The interest rate on an ARM is tied to:
- Under the federal Truth in Lending Act (TILA), the Annual Percentage Rate (APR) disclosed to a West Virginia borrower:
- A West Virginia buyer is purchasing a $200,000 home with a conventional loan requiring 20% down. The mortgage amount will be:
- Private Mortgage Insurance (PMI) is typically required on a conventional loan when the borrower's down payment is:
- A West Virginia FHA loan requires the borrower to pay:
- The debt-to-income ratio (DTI) used by lenders to qualify West Virginia mortgage borrowers is calculated as:
- Under RESPA (Real Estate Settlement Procedures Act), a kickback paid to a West Virginia real estate agent for referring a buyer to a title company is:
- A West Virginia borrower who wants to pay fewer points in exchange for a higher interest rate is using:
- A West Virginia property has a gross rent multiplier (GRM) of 120 and monthly rent of $1,500. The estimated value is:
- A West Virginia borrower wishes to use a VA loan. This loan program is available to:
- A West Virginia USDA Rural Development loan is designed for:
- A 'due-on-sale' clause in a West Virginia mortgage or deed of trust means:
- A West Virginia lender charges 2 discount points on a $150,000 mortgage. The dollar amount of the points is:
- A West Virginia buyer is comparing a 15-year mortgage vs. a 30-year mortgage at the same interest rate. The 15-year mortgage will have:
- The loan-to-value ratio (LTV) is calculated as:
- A West Virginia mortgage that requires interest-only payments for the first 5 years is called:
- Under Regulation Z (Truth in Lending), a West Virginia lender must provide a borrower with the Loan Estimate within:
- A West Virginia borrower who is underwater on their mortgage (owes more than the home is worth) wants to sell. If the lender agrees to accept less than the full balance owed, this is called a:
- A West Virginia seller who carries back a purchase money mortgage is acting as:
- West Virginia property owners who are 62 or older and have substantial equity may be eligible for a:
- When a West Virginia lender requires 'escrow impounds' as part of a mortgage payment, the borrower is paying:
- The Federal Housing Administration (FHA) insures loans made by:
- Under the Equal Credit Opportunity Act (ECOA), a West Virginia lender may NOT deny credit based on:
- A West Virginia borrower who is self-employed applying for a mortgage must typically provide:
- The Community Reinvestment Act (CRA) is relevant in West Virginia because it:
- A 'balloon payment' mortgage in West Virginia is characterized by:
- Predatory lending in West Virginia involves:
- An adjustable-rate mortgage (ARM) with a '5/1' structure means:
- The 'note rate' on a West Virginia mortgage refers to:
- A West Virginia buyer using a conventional conforming loan must meet standards set by:
- A West Virginia lender who sells its originated mortgages to Fannie Mae is participating in:
- Under RESPA, a 'kickback' in a real estate transaction refers to:
- A West Virginia first-time homebuyer who wants to use the West Virginia Housing Development Fund's assistance programs should contact:
- An 'origination fee' charged by a West Virginia mortgage lender is best described as:
- The Federal Reserve's actions on the federal funds rate affect West Virginia mortgage rates because:
- A West Virginia homeowner who wants to access equity in their home without selling can use a:
- A West Virginia property owner who refinances their mortgage to obtain a lower interest rate is engaging in:
- A West Virginia homebuyer who pays 'discount points' at closing is paying:
- The secondary mortgage market in West Virginia increases mortgage availability by:
- A West Virginia mortgage that requires the borrower to maintain a specific credit score throughout the loan term and defaults can be triggered by a drop in credit score is called a:
- A West Virginia borrower who had a short sale 3 years ago is seeking a conventional mortgage. Under current Fannie Mae guidelines, they may:
- When a West Virginia lender 'locks' a mortgage interest rate for 30 days, it means:
- A West Virginia property owner who defaults on a USDA rural development loan faces:
- In West Virginia, a 'home equity line of credit' (HELOC) differs from a home equity loan in that a HELOC:
- The 'good faith estimate' under RESPA has been replaced by the Loan Estimate (LE) for most mortgages. The Loan Estimate must be provided to the borrower within:
- In West Virginia, a 'deed of trust' used in mortgage lending differs from a standard mortgage in that:
- West Virginia's non-judicial foreclosure process under a deed of trust is also known as:
- A West Virginia borrower who takes out an adjustable-rate mortgage (ARM) should understand that:
- The West Virginia Housing Development Fund (WVHDF) primarily provides:
- When a West Virginia buyer assumes an existing mortgage, the original borrower is released from liability only if the lender:
- A West Virginia property's loan-to-value (LTV) ratio is 80%. The purchase price is $200,000. The down payment would be:
- In West Virginia, the 'due-on-sale' clause in a mortgage allows the lender to:
- Private mortgage insurance (PMI) is typically required by West Virginia lenders when:
- An FHA loan offered to West Virginia homebuyers is characterized by:
- A West Virginia seller who takes back a purchase money mortgage (seller financing) is acting as:
- A West Virginia VA loan is available to eligible veterans and offers which key benefit?
- In West Virginia, a 'balloon mortgage' requires the borrower to:
- The Truth in Lending Act (TILA) requires West Virginia lenders to disclose the:
- A West Virginia lender who engages in 'redlining' is:
- USDA Rural Development loans are available to West Virginia buyers in eligible rural areas and offer:
- In West Virginia, the primary security instrument used by lenders in mortgage transactions is a:
- In a West Virginia deed of trust, the three parties are:
- What is the West Virginia excise tax rate on real estate transfers?
- A West Virginia property sells for $175,000. What is the total excise tax owed at closing?
- Under the federal Truth in Lending Act (TILA), what document summarizes key loan terms and must be provided to borrowers within three business days of application?
- A West Virginia buyer obtains an FHA loan. The minimum down payment required is:
- In West Virginia, which type of loan is guaranteed by the U.S. Department of Veterans Affairs and requires no down payment for eligible veterans?
- A West Virginia buyer's loan has a prepayment penalty. This means the buyer:
- What federal law prohibits discriminatory lending practices based on race, color, religion, national origin, sex, familial status, or disability in residential mortgage lending?
- In West Virginia, a deed of trust non-judicial foreclosure sale is conducted by:
- A West Virginia adjustable rate mortgage (ARM) has an initial rate of 4% for 5 years, then adjusts annually. The adjustment is tied to the SOFR index plus a 2.5% margin. If SOFR is 3% at the first adjustment, the new rate is:
- In West Virginia, a purchase money mortgage is best defined as:
- A West Virginia lender's appraisal values a home at $200,000 but the buyer has agreed to pay $215,000. The lender will base the loan on:
- Under the federal Community Reinvestment Act (CRA), federally insured banks and savings institutions are required to:
- A West Virginia property buyer obtains a USDA Rural Development loan. This loan is designed to:
- In West Virginia, which type of mortgage requires the borrower to make interest-only payments during the loan term, with the entire principal due at the end?
- A West Virginia homeowner who is 62 or older wants to convert their home equity to cash without making monthly mortgage payments. The appropriate loan product is:
- Under RESPA, a kickback paid by a title company to a real estate broker for referring settlement business is:
- A West Virginia lender charges 2 discount points on a $180,000 loan. Each discount point equals 1% of the loan amount. What is the total cost of the discount points?
- Under the Dodd-Frank Wall Street Reform Act, lenders must verify a borrower's ability to repay a mortgage. This requirement is known as the:
- In West Virginia, a wraparound mortgage is best described as:
- Under the Home Mortgage Disclosure Act (HMDA), lenders in West Virginia must collect and report data on mortgage applications. The purpose is to:
- A West Virginia buyer takes out a $200,000 conventional loan with a 90% LTV. The lender requires private mortgage insurance (PMI). PMI can be cancelled when:
- In West Virginia, the secondary mortgage market includes agencies like Fannie Mae and Freddie Mac. Their primary function is to:
- A West Virginia buyer's loan has an annual interest rate of 7%. The first month's interest on a $150,000 balance is:
- In West Virginia, which entity insures deposits at state-chartered banks and regulates most commercial banks?
- A West Virginia borrower with a VA loan who stops making payments. The VA's guarantee means:
- Under the Equal Credit Opportunity Act (ECOA), a West Virginia lender may NOT use which factor in a credit decision?
- A West Virginia property is purchased with a 20% down payment on a $280,000 home. What is the initial loan-to-value (LTV) ratio?
- In West Virginia, an adjustable rate mortgage (ARM) with a 2/2/6 cap structure means:
- In West Virginia, which type of mortgage allows the loan balance to increase over time because monthly payments do not cover all the interest owed?
- A West Virginia homeowner wants to access their home equity for renovations without refinancing. The most appropriate product is a:
- Under the Dodd-Frank Act, a 'Qualified Mortgage' (QM) in West Virginia may NOT include:
- A West Virginia buyer is pre-approved for a mortgage but has not yet been fully underwritten. Pre-approval means:
- A West Virginia lender requires a borrower to pay two months' property taxes upfront at closing to be held in escrow. This is called:
- In West Virginia, a mortgage that allows the borrower to redraw funds up to the original loan amount as the principal is paid down is called a:
- A West Virginia commercial property investor uses a 'participation mortgage' where the lender receives a portion of the property's income in addition to interest payments. This arrangement is known as:
- Under RESPA, a lender in West Virginia may NOT require the borrower to use a specific title company UNLESS:
- In West Virginia, a property bought at a tax sale is subject to a right of redemption. The original owner can redeem the property by:
- A West Virginia seller agrees to carry back a second mortgage to help the buyer close the transaction. The seller is acting as:
- In West Virginia, a bridge loan is typically used to:
- Under the Home Mortgage Disclosure Act (HMDA), a West Virginia lender must report data including the race, sex, and income of mortgage applicants. The primary purpose is to:
- In West Virginia, a 'due-on-sale' clause in a mortgage or deed of trust means:
- A West Virginia homebuyer is told their monthly PITI payment is $1,450. This stands for:
- Under West Virginia law, what happens to the deed of trust lien when the underlying debt is fully paid?
Environmental
117 questions- Which federal law requires disclosure of known lead-based paint hazards in housing built before 1978?
- In West Virginia, an underground storage tank (UST) that has leaked petroleum products onto a property creates:
- Radon is a concern in West Virginia primarily because:
- CERCLA (Superfund) in West Virginia creates liability for cleanup of hazardous waste sites based on:
- Asbestos-containing materials in a West Virginia commercial building are regulated primarily under:
- The West Virginia Department of Environmental Protection (WVDEP) is responsible for:
- A West Virginia property located in a FEMA-designated Special Flood Hazard Area (SFHA) with a federally backed mortgage must have:
- Mold in a West Virginia property is a material fact because:
- The West Virginia Department of Environmental Protection (DEP) has primary authority over:
- The West Virginia Surface Mine Control and Reclamation Act requires that:
- Marcellus and Utica Shale gas rights in West Virginia are significant because:
- A West Virginia property buyer discovers that the seller's land previously hosted an underground storage tank (UST). The primary concern is:
- Radon is a concern in West Virginia because:
- When a West Virginia surface owner discovers that the severed mineral rights owner intends to mine beneath their land, the surface owner's rights are governed by:
- Asbestos found in a West Virginia home built before 1980 is most likely to be a concern when it is in which condition?
- Lead-based paint disclosure is federally required in West Virginia for the sale of residential properties built before:
- A Phase I Environmental Site Assessment (ESA) in West Virginia:
- Urea-formaldehyde foam insulation (UFFI) was used in some West Virginia homes during the 1970s and is a concern because:
- An injection well used for natural gas production in West Virginia is regulated under:
- Carbon monoxide (CO) in a West Virginia home is dangerous because it is:
- Hydraulic fracturing (fracking) for Marcellus Shale gas in West Virginia has raised concerns about:
- Brownfield sites in West Virginia are most accurately described as:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), also known as Superfund, may affect West Virginia real estate because:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) — also known as Superfund — was created primarily to:
- A West Virginia property located in a FEMA-designated Special Flood Hazard Area (SFHA) has which implication for mortgage borrowers?
- Polychlorinated biphenyls (PCBs) found in older building materials in West Virginia are a concern because they are:
- The West Virginia Department of Environmental Protection has a Voluntary Remediation Program (VRP) designed to:
- A West Virginia property near a former tanning or leather processing facility may have elevated levels of which heavy metal?
- The Clean Water Act, as applied in West Virginia, regulates:
- A West Virginia homeowner who has a private well should be most concerned about contamination from:
- A methane gas migration problem may affect West Virginia properties near:
- The Resource Conservation and Recovery Act (RCRA) is relevant to West Virginia real estate because it regulates:
- The Toxic Substances Control Act (TSCA) is relevant to West Virginia real estate primarily because it:
- Electromagnetic fields (EMFs) from high-voltage power lines near a West Virginia property are a potential concern because:
- A West Virginia buyer of a commercial property should be concerned about prior use as a dry cleaning facility because of potential contamination from:
- A West Virginia property located downhill from a former surface mine may be at risk for:
- A West Virginia home in the Eastern Panhandle near orchards may have elevated soil arsenic levels due to:
- A West Virginia property adjacent to a coal slurry impoundment represents what type of environmental risk?
- A West Virginia property near an abandoned mine land (AML) site may be subject to which environmental hazard?
- Volatile organic compounds (VOCs) in a West Virginia building may come from:
- The West Virginia Department of Environmental Protection (DEP) Underground Storage Tank (UST) Program requires:
- Naturally occurring radioactive materials (NORM) in West Virginia are primarily associated with:
- Abandoned oil and gas wells in West Virginia are a concern because they can:
- West Virginia's coal ash ponds (impoundments) near power plants are regulated under:
- West Virginia's Hazardous Waste Management Act requires facilities that generate hazardous waste to:
- Petroleum hydrocarbon contamination from a leaking underground storage tank (UST) on a West Virginia property is primarily a concern because:
- The Safe Drinking Water Act (SDWA) protects West Virginia residents by:
- The West Virginia Department of Environmental Protection (WV DEP) is the primary state agency responsible for:
- In West Virginia, the Residential Property Disclosure form requires sellers to disclose known:
- A West Virginia property with an abandoned underground storage tank (UST) is of concern because:
- Lead-based paint disclosure requirements under federal law apply to West Virginia homes built:
- Radon is a concern in West Virginia real estate because:
- CERCLA (the 'Superfund' law) affects West Virginia real estate by:
- A West Virginia Phase I Environmental Site Assessment (ESA) is designed to:
- Asbestos-containing materials (ACM) in a West Virginia building are most hazardous when:
- In West Virginia, the presence of active coal mines near a property can affect real estate due to:
- The Clean Water Act affects West Virginia real estate development by:
- Which West Virginia state agency is responsible for environmental regulation and protection, including oversight of hazardous waste and water quality?
- A West Virginia residential property built before 1978 may contain lead-based paint. Under federal law, sellers must:
- Radon is a naturally occurring radioactive gas found in many West Virginia homes. What is the EPA's action level for radon that recommends mitigation?
- CERCLA (the federal Superfund law) imposes liability for hazardous waste cleanup on:
- An underground storage tank (UST) on a West Virginia property is leaking petroleum products. The responsible party must notify:
- Asbestos-containing materials (ACM) in West Virginia commercial buildings are regulated under which federal law?
- A West Virginia property in a coal mining region has subsurface mine voids that could cause subsidence. This would be considered:
- Wetlands on a West Virginia property are regulated under Section 404 of the Clean Water Act. Development that involves filling or dredging wetlands requires:
- A buyer of a West Virginia commercial property hires an environmental consultant to conduct an initial assessment of potential contamination. This is called a:
- Under the federal CERCLA statute, a prospective purchaser of a contaminated West Virginia property can potentially avoid liability by qualifying as an 'innocent landowner.' This requires:
- West Virginia's Freedom Industries chemical spill of 2014 contaminated the Elk River and affected drinking water for 300,000 residents. This event highlighted the importance of which real estate disclosure?
- A West Virginia coal mine operator must reclaim disturbed surface land under which state law?
- In West Virginia, a property owner discovers an abandoned oil and gas well on their property that is leaking methane. The property owner should contact:
- Mold in a West Virginia residential property is considered a material defect that:
- A West Virginia property is located in a FEMA-designated 100-year flood plain. The buyer's lender will require:
- West Virginia property disclosure requirements for underground storage tanks (USTs) are important because:
- Polychlorinated biphenyls (PCBs) found in transformers or electrical equipment on a West Virginia commercial property are regulated under:
- A West Virginia home buyer is concerned about potential arsenic contamination from an old pesticide application on a former orchard site. The buyer should request:
- The WV DEP Voluntary Remediation Program allows:
- In West Virginia, which environmental condition is most commonly associated with the state's historic coal mining regions and must be disclosed in real estate transactions?
- A West Virginia buyer is purchasing a property adjacent to a former gas station. The most appropriate due diligence step is:
- Under West Virginia's Clean Streams Law, discharging pollutants into a stream without a permit is:
- In West Virginia, which federal program provides funds and authority to clean up abandoned hazardous waste sites?
- A West Virginia property has a functioning oil and gas well. A buyer purchasing the property with the oil and gas rights included should verify:
- Which West Virginia law requires environmental review for state-funded projects that may significantly affect the environment?
- A West Virginia homebuyer discovers the property is located over abandoned coal mine workings. Which disclosure document should have revealed this?
- In West Virginia, the primary concern with methane gas from abandoned coal mines on or near residential property is:
- A West Virginia property is in a 500-year floodplain (Zone X-shaded). The lender:
- Under the Resource Conservation and Recovery Act (RCRA), a West Virginia property owner generating hazardous waste must:
- The West Virginia One Call System ('Call Before You Dig') is relevant to real estate because:
- In West Virginia, a buyer considering the purchase of an old industrial property for residential conversion should be concerned about which type of contamination most commonly associated with former industrial uses?
- West Virginia's coal slurry (coal preparation waste) has historically caused environmental issues. A real estate buyer near a slurry impoundment should investigate:
- A West Virginia buyer purchasing rural property served by a private well should obtain which test before closing?
- Under West Virginia law, a property owner who discovers their neighbor's chemical contamination has migrated onto their property may file a claim under which theory?
- The West Virginia Voluntary Remediation Program offers a 'covenant not to sue' to parties who complete an approved cleanup. This covenant provides:
- In West Virginia, the Hazardous Waste Management Act requires businesses that generate, store, or dispose of hazardous waste to:
- In West Virginia, which federal law requires disclosure of known lead-based paint hazards to home buyers for properties built before 1978?
- A West Virginia commercial property owner wants to demolish an old building that may contain asbestos. Before demolition, the owner must:
- In West Virginia, a property located near Appalachian Power Company's coal-fired power plant may have concerns about:
- The WV DEP administers the Brownfields Economic Development Initiative. Brownfields are defined as:
- A West Virginia buyer purchases a property near an old railroad right-of-way. A historical concern with railroad property is contamination from:
- In West Virginia, the discovery of naturally occurring asbestos in rock formations near a proposed building site would require:
- Under West Virginia's Brownfield Program, a 'bona fide prospective purchaser' who buys a contaminated property and meets specific requirements:
- A West Virginia property near a dry-cleaning facility may be contaminated with:
- In West Virginia, a new commercial development in a jurisdiction that is in 'nonattainment' for air quality standards must:
- The West Virginia Rivers Coalition and environmental groups have been concerned about the impact of Marcellus Shale drilling on water resources. Buyers of property near drilling operations should investigate:
- Under West Virginia law, a property owner who causes a release of a regulated substance that threatens water resources must:
- In West Virginia, which of the following would NOT be a recognized environmental condition (REC) found in a Phase I ESA?
- A West Virginia property owner discovers that a neighbor's underground petroleum storage tank has been leaking for years and contaminating shared groundwater. The property owner may:
- In West Virginia, electromagnetic fields (EMF) from high-voltage power lines near residential property are:
- In West Virginia, the state's legacy of chemical manufacturing along the Kanawha River Valley (known as 'Chemical Valley') has created numerous brownfield sites. These sites represent:
- A West Virginia property buyer discovers the property had been used as an illegal drug lab. This condition represents:
- Under West Virginia law, which activity requires a National Pollutant Discharge Elimination System (NPDES) permit from the WV DEP?
- In West Virginia, an appraiser must address environmental contamination in an appraisal report by:
- A West Virginia residential property seller knows of a leaking fuel oil tank in the basement but does not disclose it to the buyer. After closing, the buyer discovers the contamination. The seller:
- The West Virginia Department of Health and Human Resources (DHHR) is involved in real estate-related environmental issues primarily through:
- In West Virginia, properties located near active coal preparation plants (coal tipples) may experience all of the following EXCEPT:
- A West Virginia property has a septic system that has failed and is contaminating a nearby stream. The property owner must:
- In West Virginia, the presence of abandoned mine drainage (AMD) discharges from upstream mines affecting a property's water supply would typically:
- In West Virginia, a seller's disclosure that a property has been tested for radon and the results showed levels above 4 pCi/L but no mitigation was installed gives the buyer the right to:
Agency
115 questions- Under West Virginia law, a real estate licensee's agency relationship with a client is primarily established by:
- A West Virginia buyer's agent discovers a major foundation crack during a property showing. The agent is required to:
- In West Virginia, subagency refers to:
- Which of the following describes a transaction broker in West Virginia?
- Under a dual agency arrangement in West Virginia, the agent may NOT:
- A West Virginia listing agent may disclose which of the following to a buyer without breaching their fiduciary duty to the seller?
- A West Virginia licensee represents a seller under a listing agreement. The listing agent's primary fiduciary duties include all of the following EXCEPT:
- In West Virginia, an agent who represents a buyer in a transaction but is paid by the seller through the MLS cooperative compensation arrangement is:
- Under West Virginia law, a designated agency arrangement means:
- The agency relationship between a broker and client is automatically terminated upon:
- A West Virginia buyer tells their agent confidentially that they can pay up to $250,000 for a house listed at $225,000. The agent is representing both buyer and seller (dual agency). The agent should:
- Procuring cause in a West Virginia real estate transaction refers to:
- A West Virginia listing agent who knows the seller is concealing a leaking basement should:
- Under West Virginia law, an agent's duty to keep client information confidential generally extends:
- A West Virginia agent who represents both the buyer and the seller in the same transaction without informed written consent of both parties is engaging in:
- A West Virginia listing agent who exaggerates the features of a property to entice a buyer may be guilty of:
- In West Virginia, a seller's agent owes which duties to a prospective buyer who is NOT their client?
- An open listing agreement in West Virginia allows the seller to:
- In West Virginia, a written buyer representation agreement that includes an exclusivity clause means:
- A West Virginia licensee acting as a transaction broker (non-agent) owes the parties:
- When a West Virginia buyer signs an agency disclosure form, this means:
- A West Virginia agent receives an offer on a listed property that is below the listing price. The agent should:
- Under West Virginia law, a subagent is an agent of the listing broker who owes fiduciary duties to:
- In West Virginia, the term 'puffing' in real estate refers to:
- A West Virginia buyer's agent who has reason to suspect a property has an undisclosed defect should:
- A West Virginia real estate agent who owns a property management company and refers landlord clients to their property management business must:
- A West Virginia dual agent represents both the buyer and seller in the same transaction. The agent must NOT:
- In West Virginia, an agent's duty of obedience requires them to:
- When a West Virginia seller instructs their listing agent not to disclose that the home is in a flood zone, the agent should:
- A West Virginia listing agent who knows the seller's roof has a 5-year-old repair that occasionally leaks during heavy rain should:
- A West Virginia seller hires a broker to list their property. The listing agreement is an example of which type of agency?
- The West Virginia Residential Property Disclosure form must be delivered to prospective buyers:
- A broker in West Virginia who represents neither the buyer nor the seller, and only facilitates the transaction, is called a:
- A West Virginia salesperson's license is issued in the name of:
- A West Virginia real estate agent who simultaneously represents competing buyers for the same property without the clients' knowledge and consent is:
- A West Virginia buyer's agent who discovers the seller is concealing a known hazardous waste issue on the property should:
- In West Virginia, an implied agency relationship may be created by:
- A West Virginia seller changes their mind about selling after signing a listing agreement. The seller's options include:
- The fiduciary duty of accounting in West Virginia requires a real estate agent to:
- A West Virginia listing agent who wants to present their own buyer's offer on their own listing must disclose to the seller that they represent the buyer. This creates:
- A West Virginia licensee acting as a buyer's agent should NOT tell the buyer:
- A West Virginia licensee who performs a market analysis to help a seller price their property is:
- A West Virginia buyer's agent who negotiates exclusively in the buyer's best interest is fulfilling the duty of:
- A West Virginia listing agent who represents the seller and cooperates with a buyer's agent from another brokerage is participating in:
- A West Virginia real estate agent who has a personal financial stake in a property they are listing or selling for a client must:
- In West Virginia, a 'net listing' is controversial primarily because:
- A West Virginia agent who acts within the scope of their authority and injures a third party may create liability for:
- A West Virginia buyer's agent who learns during a showing that the listing agent is also representing the buyer of record on this same property should:
- The West Virginia Residential Property Disclosure exempts which of the following from the disclosure requirement?
- In West Virginia, a 'seller's market' condition in Charleston or Morgantown might lead a buyer's agent to advise their client to:
- A West Virginia licensee who wants to act as a buyer's agent must first establish the relationship by:
- A West Virginia buyer's agent who discovers after signing the buyer representation agreement that the buyer intends to use the property for an illegal purpose should:
- A West Virginia buyer asks their agent to help draft an offer well below market value in hopes the seller is desperate. The agent should:
- An agent in West Virginia who accepts a gift from a vendor (e.g., a contractor who performs work on a client's property) without the client's knowledge may be:
- A West Virginia buyer makes multiple offers on different properties simultaneously. The buyer's agent should:
- In West Virginia, when must a listing agent provide agency disclosure to a prospective buyer who contacts the agent about a listing?
- A West Virginia buyer's agent who discovers the property the client is interested in was previously used as a meth lab should:
- A West Virginia tenant who is shown a property by a leasing agent working for the landlord should understand that the leasing agent:
- In West Virginia, a 'dual agency' occurs when:
- West Virginia's agency disclosure requirement mandates that a licensee provide the agency disclosure form to a prospective buyer or seller:
- A West Virginia licensee acting as a 'transaction broker' owes which duties to the parties?
- Which of the following is a fiduciary duty owed by a West Virginia buyer's agent to their client?
- Under West Virginia law, a listing agreement creates an agency relationship in which the broker represents:
- A West Virginia real estate agent who learns information that would benefit their buyer client during a listing presentation is obligated to:
- In West Virginia, which type of listing gives the listing broker the right to a commission even if the owner sells the property themselves?
- When a West Virginia licensee represents a buyer under a written buyer's agency agreement, the buyer is considered the licensee's:
- A West Virginia seller's agent is showing their listed property to an unrepresented buyer. The agent's duties to that buyer include:
- Under West Virginia agency law, an agent's authority to act on behalf of a principal can be terminated by:
- A West Virginia seller's agent who discovers a hidden defect in the listed property after signing the listing agreement has a duty to:
- In West Virginia, 'implied agency' can be created when:
- Under West Virginia agency law, a buyer's agent owes which of the following duties to the seller?
- In West Virginia, when a single broker represents both the buyer and seller in the same transaction with both parties' written consent, this is called:
- A West Virginia listing agent discovers that the property has a leaking underground storage tank not disclosed by the seller. The agent must:
- In West Virginia, which form of agency allows a broker to designate separate agents within the same brokerage to exclusively represent the buyer and seller in a transaction?
- A West Virginia buyer's agent enters into a buyer representation agreement. This agreement creates a:
- Under West Virginia law, when must a licensee first present the agency disclosure form to a prospective buyer?
- A listing agent in Charleston, WV learns from the seller that the seller must sell within 30 days due to a job relocation. This information is:
- In West Virginia, a subagent owes fiduciary duties to:
- When a West Virginia real estate licensee acts as a transaction broker, the licensee owes:
- A West Virginia listing agreement is terminated by operation of law when:
- A West Virginia buyer's agent learns their buyer client has a felony conviction. The agent must:
- In West Virginia, which type of listing agreement gives the broker the exclusive right to earn a commission regardless of who sells the property?
- Under an open listing in West Virginia, the seller owes a commission to:
- A West Virginia buyer's agent presents a low offer on behalf of the buyer. The seller's agent is required to:
- In West Virginia, if a buyer's agent also holds the listing on the property the buyer wants to purchase, the most appropriate course of action is:
- In West Virginia, a property manager who enters into leases on behalf of a property owner is acting as a(n):
- Which of the following is NOT one of the fiduciary duties owed by a West Virginia listing agent to the seller?
- A West Virginia buyer's agent is showing homes when the buyer mentions they are getting divorced and need to buy immediately. This information is:
- A West Virginia real estate broker's duty to account includes:
- In West Virginia, after a listing agreement expires, the seller sells the property to a buyer who was introduced by the listing broker during the listing period. The broker may be entitled to a commission under the:
- A West Virginia buyer's agent negotiates a favorable price for their buyer client. The agent's success in negotiation fulfills which fiduciary duty?
- In West Virginia, a listing broker who co-lists a property with another broker creates which type of relationship with the cooperating broker?
- Under West Virginia law, which of the following actions by a listing agent would NOT breach the duty of confidentiality owed to the seller?
- A West Virginia buyer's agent receives a $500 gift certificate from a lender the agent referred the buyer to. The agent must:
- A West Virginia real estate broker's license is revoked. All salesperson licenses sponsored by that broker:
- In West Virginia, the duty of 'reasonable care' owed by a real estate agent to their client requires the agent to:
- A West Virginia seller accepts an offer but asks the listing agent to hold it and not present it to a buyer who expressed interest the prior day. The listing agent must:
- In West Virginia, which of the following best describes apparent authority?
- A West Virginia seller tells the listing agent their home was never flooded, but the agent sees water stains in the basement. The agent should:
- In West Virginia, after the listing agreement expires without a sale, the listing broker's compensation rights are:
- In West Virginia, a principal-agent relationship in real estate is most commonly created through:
- A West Virginia listing agent shows the listed property to an unrepresented buyer (no buyer's agent). The listing agent must:
- In West Virginia, which of the following is NOT a way that an agency relationship can be terminated?
- In West Virginia, a broker who is not a member of an MLS may still cooperate with other brokers through:
- A West Virginia seller cancels the listing agreement before it expires without cause. The broker may be entitled to:
- In West Virginia, a seller's agent who learns a buyer is making a fraudulent offer (the buyer intends to flip the property immediately without intent to occupy) must:
- In West Virginia, a real estate agent's duty of disclosure to their client includes disclosing which of the following?
- In West Virginia, a transaction involving a 'non-agent' or 'facilitator' means the real estate licensee:
- In West Virginia, the NAR Code of Ethics Article 1 requires REALTORS to:
- A West Virginia buyer's agent and listing agent are from the same brokerage. With proper disclosure and written consent from both parties, this transaction may proceed as:
- A West Virginia listing broker who receives an offer that is contingent on the sale of the buyer's home must:
- In West Virginia, a buyer's agent who presents their buyer's offer and simultaneously reveals the buyer's maximum budget to the listing agent has:
- In West Virginia, if a buyer's agent has a personal financial stake in the transaction (such as owning the property being offered for sale), the agent must:
- In West Virginia, the duty of 'loyalty' owed by a real estate agent to their client means the agent must:
- In West Virginia, which of the following scenarios would create an undisclosed dual agency — a violation of license law?
Fair Housing
111 questions- The West Virginia Human Rights Act prohibits housing discrimination based on all of the following EXCEPT:
- Redlining, as prohibited by the Fair Housing Act, refers to:
- Under the Fair Housing Act, a person who files a housing discrimination complaint with HUD must do so within:
- In West Virginia, a property manager who refuses to rent to a person because they use a wheelchair is violating the Fair Housing Act's protection for:
- Steering, as prohibited by the Fair Housing Act, occurs when an agent:
- Under the Fair Housing Act, familial status protects:
- A West Virginia apartment complex markets itself as '55+ housing for older persons.' To qualify for this exemption from familial status requirements, what percentage of units must be occupied by persons 55 or older?
- A landlord refuses to allow a tenant with a mental health disability to have an emotional support animal despite the no-pets policy. Under the Fair Housing Act, the landlord is likely:
- Blockbusting in West Virginia occurs when:
- The Americans with Disabilities Act (ADA) applies to real estate primarily in the context of:
- The West Virginia Fair Housing Act prohibits discrimination in housing based on all of the following EXCEPT:
- Steering in West Virginia real estate occurs when a licensee:
- Blockbusting is an illegal practice in West Virginia where a real estate agent:
- Under the federal Fair Housing Act, a landlord's refusal to allow a tenant with a disability to install grab bars in the bathroom is:
- A West Virginia real estate agent tells a prospective buyer there are 'no available listings in that area' when in fact there are listings, because the buyer belongs to a protected class. This is an example of:
- A West Virginia landlord who requires a higher security deposit from a tenant with a disability than from non-disabled tenants is:
- A West Virginia broker who refuses to accept a listing in a neighborhood because the broker believes it would be unprofitable is:
- Under the Fair Housing Act, disability is defined as:
- The Fair Housing Act exempts which of the following from its anti-discrimination requirements?
- A West Virginia landlord refuses to rent to a family with three children, citing 'we only allow quiet tenants.' This is most likely:
- Redlining in West Virginia historically occurred when:
- A real estate agent in Morgantown, WV who provides different levels of service to customers based on their national origin is guilty of:
- A West Virginia landlord may legally ask a prospective tenant about:
- Disparate impact under the Fair Housing Act occurs when:
- A West Virginia landlord who establishes a blanket policy of refusing to rent to anyone who has ever been convicted of any crime may face:
- Under the Fair Housing Act, the term 'familial status' protects:
- The West Virginia Human Rights Act prohibits discrimination in housing based on all of the following EXCEPT:
- A West Virginia property manager who tells a prospective tenant 'this neighborhood isn't the right fit for your family' without further explanation, and the tenant is a member of a protected class, may be accused of:
- A West Virginia senior housing community that wants to restrict occupancy to persons 55 or older must comply with the Housing for Older Persons Act (HOPA). HOPA requires that:
- A West Virginia lender who imposes stricter loan terms (higher down payment, higher rate) on borrowers in neighborhoods with predominantly minority populations is engaged in:
- In West Virginia, a religious organization that owns housing may discriminate on the basis of religion if:
- A West Virginia real estate agent who uses different and more stringent qualification standards for applicants of one nationality than for others is committing:
- The concept of 'reasonable accommodation' under the Fair Housing Act requires West Virginia landlords to:
- A West Virginia seller who instructs their listing agent to 'find a buyer who fits the neighborhood' is potentially asking the agent to:
- A West Virginia property owner with an owner-occupied building with two units wants to avoid renting to members of a specific religion. Under the Fair Housing Act:
- Under the Fair Housing Act, a landlord must allow a tenant with a visual impairment to keep a guide dog even if the building has a strict no-pets policy. This is an example of:
- A West Virginia housing provider who requires a larger security deposit from tenants with disabilities to cover potential modifications is:
- In West Virginia, the agency that investigates complaints under the WV Human Rights Act is the:
- A West Virginia real estate agent who publishes a listing with the language 'ideal for young professionals, no children' is:
- The Fair Housing Act specifically does NOT prohibit discrimination against which of the following categories when applied consistently to all tenants?
- A West Virginia apartment complex that advertises 'Christians preferred' in its rental listings is:
- A West Virginia condominium association that prohibits wheelchair ramps in front of individual units is most likely:
- A West Virginia lender who offers FHA loans only to borrowers in certain zip codes (excluding minority-majority neighborhoods) is practicing:
- The Americans with Disabilities Act (ADA) differs from the Fair Housing Act in that the ADA primarily addresses:
- A West Virginia agent who shows a minority buyer only properties in minority-majority neighborhoods, even when the buyer requests to see properties in other neighborhoods, is engaging in:
- In West Virginia, the term 'protected class' in housing means a group that:
- A West Virginia rental agent who asks applicants about their country of birth is:
- A West Virginia property owner who provides housing only to members of their private club and screens based on club membership is:
- A West Virginia newspaper that publishes a real estate advertisement with discriminatory content:
- The West Virginia Human Rights Act prohibits housing discrimination based on which protected class not covered by the federal Fair Housing Act?
- Under the federal Fair Housing Act, 'steering' is illegal. In West Virginia, steering occurs when a licensee:
- In West Virginia, a landlord refusing to rent to a family with children under 18 years of age would most likely violate:
- A West Virginia real estate agent who tells a prospective buyer 'You wouldn't be comfortable in that neighborhood' based on the buyer's national origin is engaging in:
- Under the Fair Housing Act, a person with a disability may request a 'reasonable modification' to a rental unit. The cost of the modification is typically paid by:
- A West Virginia real estate licensee is asked by a seller to refuse to show the property to buyers of a specific race. The licensee should:
- What is 'blockbusting' under the Fair Housing Act?
- In West Virginia, a complaint alleging a Fair Housing Act violation must be filed with HUD within:
- The federal Fair Housing Act exempts which of the following from its requirements?
- West Virginia's fair housing requirements for accessibility in newly constructed multifamily housing (four or more units) mandate:
- A West Virginia landlord may legally ask a prospective tenant about their:
- Under the Fair Housing Act, which of the following is an example of 'disparate impact' discrimination?
- The West Virginia Human Rights Act prohibits discrimination in housing based on which protected class NOT covered by the federal Fair Housing Act?
- Under the federal Fair Housing Act, 'steering' is defined as:
- A West Virginia landlord refuses to rent to a family with children, citing an 'adults only' policy. This violates which protected class under the Fair Housing Act?
- Which of the following properties is exempt from the federal Fair Housing Act's prohibitions on discrimination?
- Under the Fair Housing Act, a reasonable accommodation for a person with a disability in West Virginia would include:
- Redlining in West Virginia mortgage lending refers to:
- A West Virginia real estate agent tells a white buyer that a neighborhood is 'changing' and implies the buyer should look elsewhere. This practice is called:
- Under the Fair Housing Act, a disabled tenant requests permission to install a grab bar in the bathroom. The landlord must:
- Which federal agency has primary responsibility for enforcing the Fair Housing Act?
- A West Virginia property manager advertises rentals using phrases like 'ideal for young professionals' and 'perfect for couples.' These phrases may violate the Fair Housing Act by implying discrimination against:
- Under the Fair Housing Act, which of the following is NOT a protected class?
- A West Virginia property owner refuses to allow a prospective buyer to view their home after learning the buyer's national origin. This is:
- The Fair Housing Act's 'housing for older persons' exemption applies to communities where:
- A West Virginia agent places an advertisement for a rental property that says 'No children, no pets.' This advertisement:
- Under the Americans with Disabilities Act (ADA), which West Virginia properties must provide accessibility features?
- A West Virginia landlord requires a higher security deposit from tenants with disabilities. This is:
- A seller instructs their West Virginia listing agent to only show the home to buyers of the same race. The agent must:
- The Fair Housing Act requires that newly constructed multifamily housing with four or more units built after 1991 must include specific design features. These requirements are known as:
- A West Virginia property manager tells a Hispanic applicant that no units are available while showing a unit to a non-Hispanic applicant the same day. This is called:
- Under the Fair Housing Act, familial status protection covers:
- A West Virginia real estate agent publishes a social media ad that shows only white families in a predominantly minority neighborhood. This may violate the Fair Housing Act's prohibition on:
- In West Virginia, a landlord may legally refuse to rent to a prospective tenant who:
- The term 'disparate impact' in Fair Housing law means:
- Under the Fair Housing Act, a reasonable modification request by a disabled tenant must be:
- In West Virginia, which protected class is added by the West Virginia Human Rights Act that is NOT in the federal Fair Housing Act?
- A HUD investigation finds that a West Virginia apartment complex violated the Fair Housing Act. What remedies may HUD order?
- A West Virginia REALTOR who belongs to a multiple listing service (MLS) must follow both the Fair Housing Act and the NAR Code of Ethics. Article 10 of the NAR Code of Ethics prohibits:
- In West Virginia, a fair housing tester who poses as a renter to test whether a landlord discriminates is:
- What is the statute of limitations for filing a fair housing complaint with HUD in West Virginia?
- A West Virginia property owner who refuses to sell their private home to a buyer of a different religion, without using a real estate agent and without advertising publicly, may be:
- A West Virginia community wants to establish an assisted living facility for persons with mental illness. Neighbors petition to block it citing safety concerns. Under the Fair Housing Act:
- Under the Fair Housing Act, a landlord in West Virginia who requires tenants to provide references from prior landlords is:
- A West Virginia property owner wants to sell their home and is concerned about Fair Housing laws. Which of the following actions is permissible?
- In West Virginia, fair housing training is required for real estate licensees as part of their continuing education. This requirement exists because:
- A West Virginia tenant with a disability requests permission to have an emotional support animal (ESA) despite a no-pets lease. The landlord must:
- In West Virginia, which of the following actions by a real estate licensee would be considered discriminatory under the Fair Housing Act?
- Under West Virginia and federal fair housing law, a landlord who provides different lease terms (higher security deposit) to a tenant because of their religion is:
- A West Virginia MLS member refuses to share listing information with a cooperating broker because of the cooperating broker's national origin. This practice violates:
- Under the Civil Rights Act of 1866, which type of discrimination in real estate is prohibited with virtually no exceptions?
- In West Virginia, which of the following is a protected class under the federal Fair Housing Act but NOT specifically listed in the WV Human Rights Act?
- In West Virginia, which type of fair housing violation involves a lender offering inferior loan terms to qualified minorities compared to similarly qualified white applicants?
- A West Virginia apartment complex advertises 'No Section 8' (Housing Choice Vouchers). Under federal law:
- Under the Fair Housing Act, which of the following persons would be covered by the 'disability' (handicap) protected class?
- In West Virginia, the West Virginia Human Rights Commission handles housing discrimination complaints under state law. Complainants may also file with:
- A West Virginia developer builds a 6-unit apartment building with all units on the ground floor. Under the Fair Housing Act's design and construction requirements for post-1991 multifamily housing:
- Under the Fair Housing Act, 'quid pro quo' sexual harassment in housing occurs when:
- In West Virginia, which of the following best describes the 'hostile environment' form of sexual harassment under the Fair Housing Act?
- In West Virginia, a landlord may evict a tenant for:
- The term 'steering' most directly harms the protected class by:
- A West Virginia real estate agent who posts an open house sign with the HUD Equal Housing Opportunity logo is:
Escrow & Title
110 questions- In West Virginia, a general warranty deed provides the grantee with:
- A special warranty deed in West Virginia warrants title only against defects:
- A quitclaim deed in West Virginia transfers:
- For a deed to be valid and convey real property in West Virginia, it must include all of the following EXCEPT:
- West Virginia is an attorney closing state, which means:
- Title insurance in West Virginia protects against:
- A title search in West Virginia examines the:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- At a West Virginia closing, the buyer receives a Closing Disclosure at least how many business days before closing?
- A lis pendens recorded against a West Virginia property provides notice that:
- In West Virginia, the primary instrument used to finance real estate and give the lender a security interest in the property is:
- West Virginia's transfer tax (excise tax) on real estate conveyances is calculated at:
- A West Virginia buyer purchases a home for $300,000. The state transfer (excise) tax owed at closing is:
- An owner's title insurance policy in West Virginia protects:
- In West Virginia, a lis pendens recorded against a property notifies the world that:
- A general warranty deed in West Virginia provides the grantee with:
- A deed of trust in West Virginia differs from a mortgage primarily because:
- A chain of title in West Virginia refers to:
- In a West Virginia real estate closing, proration of real estate taxes means:
- A title search in West Virginia revealed a mechanic's lien filed by a contractor who repaired the roof. This lien must be:
- A special warranty deed in West Virginia provides that the grantor warrants title only against:
- A quitclaim deed in West Virginia conveys:
- In West Virginia, a deed must be delivered and accepted to be effective. Delivery means:
- In West Virginia, the process by which a lender forecloses under a deed of trust without court involvement is called:
- A West Virginia buyer at closing receives a Closing Disclosure (CD). The CD must be provided to the buyer at least how many business days before closing?
- In West Virginia, the term 'abstract of title' refers to:
- The ALTA (American Land Title Association) extended coverage title insurance policy provides greater protection than the standard policy because it covers:
- In West Virginia, when are property taxes prorated in favor of the buyer?
- In West Virginia, a tax lien for unpaid property taxes has what priority relative to other liens?
- A West Virginia deed recorded in the wrong county does NOT provide:
- In West Virginia, a title commitment issued before closing represents:
- A West Virginia seller who signed a deed but dies before it is delivered to the buyer — is title transferred?
- In West Virginia, an escrow agent who fails to follow proper closing instructions from the lender and buyer may be liable for:
- An IRS tax lien filed against a West Virginia property owner affects:
- A West Virginia probate proceeding may be required to transfer real property when:
- A West Virginia seller receives a 'clear title' report from the title company. This means:
- A West Virginia property owner who loses their original deed can:
- A West Virginia seller who agrees to pay the buyer's closing costs is providing the buyer with a:
- In West Virginia, a vendor's lien arises when:
- In West Virginia, a sheriff's deed is typically used to convey property that has been:
- A 'settlement statement' or HUD-1 (now replaced by the Closing Disclosure for TRID loans) in a West Virginia closing itemizes:
- A West Virginia deed that has not been recorded is valid between the parties to the deed but:
- A West Virginia buyer who uses a lender's title insurance policy but no owner's title policy has covered:
- An owner's affidavit provided at a West Virginia closing is used to:
- In West Virginia, a judgment lien is created when a creditor:
- In West Virginia, the process by which a court determines who has valid title to disputed property is called a:
- In West Virginia, a survey conducted before a real estate closing is used primarily to:
- In West Virginia, the 'covenant of seisin' in a deed guarantees that:
- When a West Virginia property is subject to a federal estate tax lien, the lien must be:
- In West Virginia, which instrument is most commonly used to transfer title to real property?
- West Virginia imposes a state excise tax on the transfer of real property. The rate is:
- A West Virginia title search examines public records to:
- In West Virginia, an escrow agent holding a buyer's earnest money deposit has a duty to:
- In West Virginia, a deed must be recorded in the:
- The 'chain of title' for a West Virginia property refers to:
- RESPA (Real Estate Settlement Procedures Act) governs West Virginia residential closings by requiring:
- A West Virginia 'special warranty deed' differs from a general warranty deed in that the grantor:
- In West Virginia, a 'mechanic's lien' can be filed by:
- A West Virginia 'deed of release' (or 'satisfaction of mortgage') is recorded when:
- Under West Virginia's recording acts, a subsequent purchaser who records their deed first generally has priority over a prior purchaser who failed to record, provided the subsequent purchaser:
- In West Virginia, which county official records deeds, mortgages, and other real property documents?
- What is the purpose of title insurance in a West Virginia real estate transaction?
- In West Virginia, a buyer's lender requires a lender's title insurance policy. This policy protects:
- West Virginia follows which recording system for determining priority among competing claimants to property?
- At a West Virginia closing, the settlement agent prepares the Closing Disclosure. This document replaced which earlier form?
- Which type of deed does a trustee use in a West Virginia non-judicial foreclosure sale to convey property to the purchaser?
- In West Virginia, a materialman's lien must be filed within what period after the last date of providing labor or materials?
- A West Virginia title search revealed a gap in the chain of title covering a period of 10 years. This is called:
- In a West Virginia residential closing, who typically pays the deed recordation tax (excise tax)?
- An abstract of title in West Virginia is best described as:
- A West Virginia buyer receives a title insurance commitment before closing. This commitment states:
- Which type of legal description is commonly used in West Virginia to describe rural property using survey coordinates, bearings, and distances?
- A deed recorded in the wrong county in West Virginia provides:
- In West Virginia, a judgment lien attaches to real property when:
- A West Virginia real estate closing is conducted at a title company. The title company's role at closing includes:
- Under West Virginia law, a deed must contain which of the following to be valid for recording?
- A West Virginia title search that reveals an outstanding mortgage from 10 years ago that was paid but never formally released creates:
- In West Virginia, which document releases a deed of trust lien when the loan is paid off?
- A buyer in Morgantown, WV closes on a property but the seller's contractor has an unpaid materialman's lien filed after the deed was recorded. The buyer's title insurance policy will:
- What is a RESPA violation called when a lender requires a borrower to use a specific title company in which the lender has a financial interest without proper disclosure?
- A West Virginia property is sold through an installment land contract (contract for deed). During the installment period, legal title is held by:
- In West Virginia, a quitclaim deed conveys:
- A West Virginia property closing statement shows a $2,000 credit to the buyer. This means the buyer:
- In West Virginia, the purpose of a survey in a real estate transaction is to:
- In West Virginia, a deed must be delivered to and accepted by the grantee during the grantor's lifetime. If the grantor dies before delivery, the deed is:
- A West Virginia title company discovers a forged deed in the chain of title. This affects all subsequent transfers because:
- Under the Foreign Investment in Real Property Tax Act (FIRPTA), a West Virginia buyer who purchases property from a foreign seller must:
- In West Virginia, which type of title insurance policy protects against both standard and extended title risks, including survey matters?
- A West Virginia buyer receives a closing disclosure three business days before closing. If the buyer discovers an error in the loan amount, the buyer should:
- In West Virginia, after a foreclosure sale under a deed of trust, the former property owner has:
- In West Virginia, a deed of trust must be acknowledged before which official to be eligible for recording?
- What is the purpose of a 'chain of title' examination by a West Virginia title attorney?
- In West Virginia, when the buyer and seller have different attorneys at closing, the title company's settlement agent:
- A West Virginia buyer learns there is an IRS federal tax lien against the seller. The buyer's title insurance company will:
- In West Virginia, a buyer who does not purchase title insurance after purchasing property:
- A West Virginia buyer's closing is delayed because the seller's divorce was recently filed and has not yet been concluded. The title company is concerned because:
- In West Virginia, a trustee's deed in a foreclosure sale transfers property:
- Under West Virginia law, a mechanic's lien has priority over a deed of trust recorded AFTER the commencement of the work. This means:
- In West Virginia, a title insurance policy will typically NOT cover losses from:
- A West Virginia attorney issues a 'title opinion' based on their review of the abstract of title. This opinion:
- In West Virginia, a 'constructive notice' created by recording a deed means:
- In West Virginia, after a deed is recorded, the original deed is typically:
- Under West Virginia law, which of the following is NOT required for a deed to transfer title effectively between the parties (without regard to recording)?
- A West Virginia title company discovers a previously unreleased mortgage from 1995. Before issuing a title policy, they will require:
- Under RESPA, which service is exempt from the requirement that buyers be allowed to choose their own settlement service providers?
- In West Virginia, a title plant is maintained by title companies to:
- A West Virginia property has a first deed of trust of $150,000 and a second deed of trust of $50,000. The property forecloses on the first deed of trust and sells for $140,000. The second deed of trust holder receives:
- In West Virginia, a settlement agent must provide the Closing Disclosure to the buyer at least how many business days before consummation of the loan?
- In West Virginia, 'proration' at closing means:
- In West Virginia, a buyer who closes and does not promptly record their deed risks having their interest defeated by:
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