Free Real Estate Licensing Virginia Real Estate Salesperson Exam Virginia-Real-Estate-Salesperson Exam Questions

A leasehold estate grants the tenant the right to occupy/use property for a specified time, while ownership remains with the landlord.

Terrence paying rent for an apartment he does not own is a classic leasehold estate example.

Other options:

(B) Stipulation on deed = fee simple defeasible estate.

(C) Occupancy for life = life estate.

(D) Jung owning and occupying = fee simple ownership.

Virginia Real Estate Principles & Practices -- Types of Estates

A management proposal is created by a property manager for the property owner. It typically includes:

Market analysis.

Property's financial condition.

Operating budget and forecast.

Management strategy for maintaining and improving the property.

Other options:

(B) A budget for variable expenses = too narrow.

(C) A financial report to owner = management report, not proposal.

(D) A subdivision plan = unrelated.

Reference (Virginia Real Estate):

Virginia Real Estate Principles -- Property management section

A490-02REGS.pdf -- Property management curriculum

According to Virginia Real Estate Board advertising regulations (18 VAC 135-20-190):

All advertising must clearly include the licensee's name and the name of the firm with which the licensee is active.

For online advertising, the firm name must be ''conspicuous, legible, and readily identifiable.''

The city/state of business or the licensee's phone number is not required by law in every ad.

Therefore, the minimum requirement for compliance is licensee's name and firm name.

Reference (Virginia Real Estate):

Virginia Administrative Code 18 VAC 135-20-190 (Advertising by licensees)

Code of Virginia Title 54.1, Chapter 21

The primary purpose of state licensing requirements is consumer protection. By requiring education, examination, and adherence to regulations, Virginia ensures that only qualified individuals can practice real estate.

Licensing prevents fraud, incompetence, and unethical behavior.

It also ensures accountability through the Virginia Real Estate Board (REB), which enforces disciplinary actions when necessary.

Other options:

(A) No federal occupational licensing law for real estate exists---licensing is state-based.

(B) While agencies do collaborate, that's not the primary reason for licensing.

(D) States may collect fees, but revenue generation is not the intent.

Reference (Virginia Real Estate):

Virginia Code 54.1-2105 (Powers of the Real Estate Board)

A490-02REGS.pdf -- Licensing purpose & regulations

An appraiser's role is to provide an independent, unbiased opinion of value, not to engage in brokerage activities.

Steps appraisers follow:

Gathering and recording data (property details, comps, market conditions)

Estimating land value (separate from improvements)

Reconciling value estimates (from cost, income, and sales comparison approaches)

They do not set listing prices, which is the job of a real estate agent or seller.

Reference (Virginia Real Estate):

Uniform Standards of Professional Appraisal Practice (USPAP)

Virginia Real Estate Principles -- Appraisal section

A490-02REGS.pdf -- Appraiser's role in real estate transactions

Key facts:

Meg and Jack own unequal shares (60% vs. 40%).

If Meg dies, her share goes to her spouse, not Jack.

This describes tenancy in common, where:

Co-owners can hold unequal interests.

Each holds an undivided interest in the property.

No right of survivorship---each owner's share passes to their heirs or will.

Other options:

(A) Severalty = ownership by one person.

(C) Tenancy by the entirety = for married couples only.

(D) Joint tenancy = includes right of survivorship (not present here).

Reference (Virginia Real Estate):

Virginia Code 55.1-134 (Tenancy in common)

Virginia Real Estate Principles -- Ownership section

A490-02REGS.pdf -- Estates & Co-ownership curriculum

A stigmatized property is one that has a psychological impact on potential buyers, not a physical defect. Examples:

Property where a murder, suicide, or crime occurred.

Homes associated with alleged hauntings.

Properties connected to diseases like HIV/AIDS.

Such events may reduce market value, even though the property is structurally sound.

Other options:

(A) Describes physical defects.

(B) Ad valorem tax exemptions apply to some properties (e.g., nonprofits, veterans), not stigmatized homes.

(C) Overpriced properties are not necessarily stigmatized.

Reference (Virginia Real Estate):

Virginia Code 55.1-713 (no duty to disclose stigmatization, e.g., death or HIV status)

Virginia Real Estate Principles -- Property condition & disclosure section

Loans are classified as conforming or non-conforming:

Conforming loans: Meet Fannie Mae/Freddie Mac guidelines (loan limits, borrower qualifications). These loans are always eligible for sale on the secondary mortgage market.

Non-conforming loans: Do not meet guidelines (e.g., jumbo loans, subprime loans). These may be sold, but not always.

Other options:

(B) Fannie Mae doesn't originate loans; it buys loans.

(C) Non-conforming loans are not always saleable.

(D) Jumbo loans exceed conforming loan limits, so they don't qualify.

Reference (Virginia Real Estate):

Fannie Mae & Freddie Mac loan guidelines

Virginia Real Estate Principles -- Financing section

A490-02REGS.pdf -- Secondary mortgage market

A contract is executory when its terms have not yet been fully performed (here, closing has not yet occurred).

Because Trystan is 17 years old, he is a minor under Virginia law (legal capacity begins at 18). A minor's contract is generally voidable at the option of the minor, but enforceable against the adult party.

Therefore, this contract is executory (not yet performed) and voidable (due to Trystan's age).

Code of Virginia 1-204 (Age of majority = 18)

Virginia Real Estate Board Exam Outline -- Contracts (capacity, validity, executory vs executed)

In Virginia, a real estate broker is the person licensed to represent one of the parties in a real estate transaction in exchange for commission or other valuable consideration.

Salesperson (A): Licensed to perform brokerage activities but only under the supervision of a broker; cannot independently represent a party for commission.

Assistant Broker (B): Not an official license category in Virginia.

Appraiser (D): Licensed to determine property value, not to represent parties in real estate transactions.

Thus, the correct answer is broker.

Code of Virginia 54.1-2100 (Definitions)

Virginia Real Estate Board Regulations (18 VAC 135-20)