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NEW QUESTION # 16
Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?
- A. No, because the phrase "time is of the essence" is included in the contract.
- B. Yes, because the phrase "subject to" is included in the contract.
- C. No, because the phrase "as is" is included in the contract.
- D. Yes, because the phrase "caveat emptor" is included in the contract.
Answer: A
Explanation:
In Virginia real estate contracts, when the phrase "time is of the essence" is included, all deadlines must be met exactly as stated.
Alex's right to terminate expired at 6 p.m. Tuesday.
By waiting until Wednesday 10 a.m., she missed the deadline.
Therefore, she cannot terminate the contract.
Other options:
(A) "Subject to" refers to contingencies, not deadlines.
(B) "As is" refers to property condition, not timing.
(D) "Caveat emptor" means buyer beware, not about contract timing.
Reference (Virginia Real Estate):
Code of Virginia Title 11 - Contracts
Virginia Real Estate Principles - Contract law, contingencies & time requirements A490-02REGS.pdf - Contracts section
NEW QUESTION # 17
Who regulates fair housing advertising?
- A. ECOA
- B. HMDA
- C. CRA
- D. HUD
Answer: D
Explanation:
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).
HUD issues rules on wording, images, and equal housing opportunity statements in ads.
Other agencies:
(A) HMDA (Home Mortgage Disclosure Act) - focuses on lending data, not advertising.
(C) CRA (Community Reinvestment Act) - ensures banks serve all communities fairly.
(D) ECOA (Equal Credit Opportunity Act) - prohibits discrimination in lending, not ads.
Reference:
Fair Housing Act, 42 U.S.C. §3601 et seq.
HUD Fair Housing Advertising Guidelines
Virginia Fair Housing Law (Title 36, Chapter 5.1)
NEW QUESTION # 18
Norah just purchased a warehouse with dimensions of 25 ft. by 15 ft. She wants to carpet the floor. How many square YARDS of carpet does she need?
- A. 41.67 sq. yds.
- B. 80 sq. yds.
- C. 375 sq. yds.
- D. 125 sq. yds.
Answer: A
Explanation:
Reference (Virginia Real Estate):
Virginia Real Estate Math section
A490-02REGS.pdf - Math competency for licensure
NEW QUESTION # 19
Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?
- A. joint tenancy
- B. ownership in severalty
- C. tenancy in common
- D. tenancy by the entirety
Answer: C
Explanation:
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
NEW QUESTION # 20
Who regulates fair housing advertising?
- A. ECOA
- B. HMDA
- C. CRA
- D. HUD
Answer: D
Explanation:
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).
HUD issues rules on wording, images, and equal housing opportunity statements in ads.
Other agencies:
(A) HMDA (Home Mortgage Disclosure Act) - focuses on lending data, not advertising.
(C) CRA (Community Reinvestment Act) - ensures banks serve all communities fairly.
(D) ECOA (Equal Credit Opportunity Act) - prohibits discrimination in lending, not ads.
Reference:
Fair Housing Act, 42 U.S.C. §3601 et seq.
HUD Fair Housing Advertising Guidelines
Virginia Fair Housing Law (Title 36, Chapter 5.1)
NEW QUESTION # 21
What would make claims based on a contract unenforceable?
- A. mutual assent, lawful objective, and reality of consent
- B. the statute of limitations and doctrine of laches
- C. assignment, mediation, and arbitration
- D. specific performance, rescission, and forfeiture
Answer: B
Explanation:
Contract claims may become unenforceable not because they are invalid contracts, but because too much time has passed or a party has delayed action:
Statute of Limitations: Sets a maximum time period within which a lawsuit can be filed. Once expired, the claim is unenforceable.
Doctrine of Laches: An equitable defense where claims are barred if a party unreasonably delays enforcing their rights and that delay prejudices the other party.
Other options:
(A) Specific performance, rescission, and forfeiture are remedies, not reasons for unenforceability.
(C) Assignment, mediation, and arbitration are processes or dispute resolution methods.
(D) Mutual assent, lawful objective, and reality of consent are elements of a valid contract, not reasons for unenforceability.
Reference (Virginia Real Estate):
Code of Virginia § 8.01-243 (Statute of Limitations for contracts)
Virginia Real Estate Principles - Contracts & Enforcement sections
A490-02REGS.pdf - Contract law education content
NEW QUESTION # 22
The VRLTA applies to:
- A. anyone who owns a commercial property
- B. anyone who owns more than two rental properties
- C. anyone who owns more than five rental properties
- D. anyone who owns one property
Answer: B
Explanation:
The Virginia Residential Landlord and Tenant Act (VRLTA) applies to:
All landlords who own more than two rental units or more than 10% interest in more than two rental units.
Landlords with two or fewer units may be exempt unless they choose to opt in.
This ensures tenant protections apply broadly, while small-scale landlords with only one or two rentals may be treated differently.
Reference (Virginia Real Estate):
Virginia Code § 55.1-1201 (Application of VRLTA)
Virginia Real Estate Principles - Landlord-tenant law section
A490-02REGS.pdf - VRLTA curriculum
NEW QUESTION # 23
The purpose of discount points is:
- A. to lower the amount due at closing
- B. to lower the property value for purposes of tax savings
- C. to lock in an interest rate for a specified time prior to closing
- D. to lower the interest rate over the life of the loan
Answer: D
Explanation:
Discount points are prepaid interest paid at closing to the lender.
One point = 1% of the loan amount.
By paying points upfront, borrowers receive a lower interest rate over the life of the loan (commonly referred to as "buying down the rate").
Other options:
(B) Wrong - has nothing to do with property taxes.
(C) Wrong - that describes an interest rate lock, not discount points.
(D) Wrong - points increase closing costs.
Reference:
Virginia Real Estate Finance Principles - Discount Points
Fannie Mae Guidelines - Loan Costs
NEW QUESTION # 24
What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?
- A. variance
- B. escheat
- C. police power
- D. eminent domain
Answer: B
Explanation:
The doctrine of escheat applies when a person dies intestate (without a will) and has no surviving spouse, descendants, or heirs. In such cases, ownership of the property passes to the state.
Other doctrines:
(A) Police power = government authority to regulate land use.
(B) Eminent domain = taking private property for public use with just compensation.
(D) Variance = zoning exception.
Reference (Virginia Real Estate):
Virginia Code § 55.1-2400 et seq. (Escheats)
A490-02REGS.pdf - Government powers in real estate
NEW QUESTION # 25
A form of insurance that protects the policyholder by covering any losses they might incur as a result of theft or fraud by specified individuals is:
- A. a risk management bond
- B. a liability bond
- C. a fidelity bond
- D. a security bond
Answer: C
Explanation:
A fidelity bond is a type of insurance that protects employers or organizations against losses caused by theft, fraud, or dishonesty of employees or other specified individuals.
Other options are distractors:
(A) Risk management bond - not a recognized insurance product.
(B) Liability bond - would cover liability for damages, not theft/fraud.
(C) Security bond - general term, but not the correct insurance product here.
Reference:
Virginia Real Estate Practice Text - Risk management and insurance section Real Estate Board CE Curriculum - Brokerage risk & trust account protections
NEW QUESTION # 26
Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?
- A. chlorofluorocarbons
- B. carbon monoxide
- C. radon
- D. chlordane
Answer: C
Explanation:
U. S. EPA Radon Risk Guidelines
Virginia Real Estate Board CE Curriculum - Environmental Hazards
Explanation:
Radon is a colorless, odorless, naturally occurring radioactive gas that comes from the decay of uranium in rocks, soil, and groundwater.
It can accumulate in homes and buildings and is a leading cause of lung cancer in non-smokers.
Other options:
(A) Chlordane = pesticide.
(B) Chlorofluorocarbons = refrigerants damaging ozone.
(C) Carbon monoxide = toxic gas from combustion, but not radioactive.
NEW QUESTION # 27
What is a deed containing the strongest and broadest form of guarantee of title?
- A. quitclaim deed
- B. bargain and sale deed
- C. general warranty deed
- D. special warranty deed
Answer: C
Explanation:
A general warranty deed provides the strongest and broadest protection to the grantee (buyer). It guarantees that the grantor holds clear title to the property, free of encumbrances, and covers all claims against the property both before and during the grantor's ownership.
Quitclaim deed (A): Conveys only whatever interest the grantor has (if any) with no warranties.
Special warranty deed (B): Protects only against claims during the grantor's ownership.
Bargain and sale deed (D): Implies ownership but provides no warranties against liens or encumbrances.
Therefore, the general warranty deed is the strongest guarantee of title and most commonly used in Virginia residential real estate sales.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-300 et seq. (Deeds)
Virginia Real Estate Board education requirements - Deeds and Transfer of Title A490-02REGS.pdf (Deeds & Title Transfer curriculum)
NEW QUESTION # 28
Any non-natural structure built on or affixed to land is an:
- A. appurtenance
- B. improvement
- C. emblements
- D. encumbrance
Answer: B
Explanation:
An improvement is any man-made addition or structure attached to land, such as houses, fences, or buildings.
Other terms:
(B) Encumbrance = claim, lien, or restriction on property.
(C) Appurtenance = a right or privilege associated with land (e.g., easement).
(D) Emblements = crops grown annually, personal property of the farmer/tenant.
Reference:
Virginia Real Estate Principles & Practices - Land Characteristics & Property Rights Virginia Exam Content Outline - Land, Property, and Ownership
NEW QUESTION # 29
Which of these is an example of a deed restriction?
- A. Demi is required to file an environmental impact statement with the city before building a new subdivision.
- B. The city denies Darren a permit to open a pawn shop in a residential area.
- C. A restriction in one subdivision development specifies that no boats or recreational vehicles may be kept on the street, driveway, or lot.
- D. Donald is required by the municipal government to have a certain number of bathrooms in his business.
Answer: C
Explanation:
Deed restrictions (also called restrictive covenants) are private restrictions placed in deeds or subdivision rules by developers or homeowners associations.
They control how property can be used (e.g., no RVs, no fences over certain height).
Other options:
(A) City denying permit = zoning regulation (public restriction).
(C) Environmental impact statement = government regulation, not a deed restriction.
(D) Bathroom requirement = building code, not private restriction.
Reference:
Virginia Real Estate Principles & Practices - Land Use Controls (public vs private) Code of Virginia Title 55.1, Chapter 19 (Restrictive Covenants)
NEW QUESTION # 30
Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned for commercial use. Ben should go to the city and seek a(n):
- A. use variance
- B. exemption
- C. deferrence
- D. encroachment
Answer: A
Explanation:
A use variance allows a property to be used in a way not normally permitted by zoning.
Since Ben wants to build a restaurant (commercial use) on land not zoned for commercial, he must apply to the local zoning board for a use variance.
Other options:
(A) Exemption = not the correct zoning term.
(B) Deferrence = not a recognized land use concept.
(C) Encroachment = unauthorized intrusion onto another's property (not zoning related).
Reference (Virginia Real Estate):
Code of Virginia Title 15.2 (Zoning laws)
Virginia Real Estate Principles - Land use controls
A490-02REGS.pdf - Zoning & variances curriculum
NEW QUESTION # 31
The creation of express agency is best handled via a(n):
- A. oral agreement or ratified actions
- B. oral agreement or buyer representation agreement
- C. listing agreement or buyer representation agreement
- D. listing agreement or ratified actions
Answer: C
Explanation:
Express agency is created through a clear written or oral agreement.
In real estate, the best practice (and Virginia requirement for enforceability) is through:
Listing agreement (seller representation)
Buyer representation agreement (buyer representation)
Other options:
(A) Oral agreements possible but not best practice in Virginia.
(B) Ratified actions = implied agency, not express.
(C) Listing agreement alone covers only seller side.
Reference:
Code of Virginia §54.1-2137 & §54.1-2138 (Agency agreements in writing) Virginia Real Estate Board Regulations - Agency Disclosure
NEW QUESTION # 32
The four phases of an environmental site assessment are, in order:
- A. remediation, investigation, testing, management
- B. testing, investigation, remediation, management
- C. investigation, testing, remediation, management
- D. management, investigation, testing, remediation
Answer: D
Explanation:
An Environmental Site Assessment (ESA) is typically required in commercial real estate transactions to evaluate environmental risks. The four recognized phases are:
Management (Phase I - Due Diligence): Review of records, site inspection, and interviews to identify potential contamination.
Investigation (Phase II): Collection of soil, groundwater, and other samples if contamination is suspected.
Testing (Phase III): Laboratory analysis and risk assessment of environmental hazards.
Remediation (Phase IV): Cleanup or mitigation of contamination (removal, containment, or corrective measures).
This sequence ensures proper environmental due diligence and liability protection under CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act).
Reference (Virginia Real Estate):
CERCLA & ASTM Environmental Site Assessment Standards
Virginia Department of Environmental Quality (VDEQ) regulations
Virginia Real Estate Principles - Environmental Issues section
NEW QUESTION # 33
An agreement that gives only one broker and the owner the right to sell the property is called a(n):
- A. open listing
- B. net listing
- C. exclusive right-to-sell listing
- D. exclusive agency listing
Answer: C
Explanation:
Exclusive right-to-sell listing = only one broker has the right to sell, and they earn commission regardless of who brings the buyer (broker, owner, or another agent).
Other options:
(A) Exclusive agency listing - owner may sell without paying broker.
(B) Open listing - multiple brokers, only procuring cause earns commission.
(D) Net listing - illegal in Virginia; seller sets net amount, broker keeps excess.
Reference:
Code of Virginia §54.1-2137 (Brokerage agreements)
Virginia Real Estate Principles & Practices - Listing Agreements
NEW QUESTION # 34
Stigmatized properties are properties:
- A. with market prices far exceeding other similar properties within an area
- B. that are exempt from ad valorem taxes
- C. with suppressed market value due to their physical condition or features
- D. with suppressed market value due to something that happened on or to the property, rather than the physical condition or features of the property
Answer: D
Explanation:
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
NEW QUESTION # 35
Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?
- A. $10,500
- B. $36.000
- C. $45,000
- D. $3,500
Answer: B
Explanation:
Reference (Virginia Real Estate Finance):
Real Estate Math section in Virginia Pre-License Education requirements (interest-only loan calculations) A490-02REGS.pdf sections on finance and math competency for licensure
NEW QUESTION # 36
In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:
- A. dual agents
- B. single agents
- C. appraisers
- D. intermediaries
Answer: D
Explanation:
In Virginia, agency law recognizes several forms of representation that real estate licensees may provide. These include standard agency, dual agency, and limited service agency. But Virginia also allows licensees to operate in a capacity where they provide no agency representation to either party.
No Agency (also called "Independent Contractor" or "Facilitator/Transaction Coordinator") When a licensee assists in a real estate transaction without representing either the buyer or the seller, they are said to be practicing "no agency." In this capacity, the licensee does not advocate for either side but may assist with paperwork, communication, and coordination of the transaction.
In Virginia, such licensees are sometimes referred to as intermediaries.
Why not the other options?
Single Agent (A): A single agent represents only one party (buyer or seller) in the transaction with full fiduciary duties. This is the most common agency relationship.
Dual Agent (C): A dual agent represents both buyer and seller in the same transaction with limited duties to each. This is a recognized but restricted practice in Virginia.
Appraiser (D): An appraiser is a licensed professional who provides valuation services and is not acting as an agent or intermediary in the transaction.
Because Mindy's question specifies no agency, the correct Virginia terminology aligns with "intermediary." Reference (without URLs):
Code of Virginia, Title 54.1, Chapter 21 - Real Estate Brokers, Salespersons, and Rental Location Agents (§ 54.1-2130 et seq.) (defining agency and non-agency relationships) Real Estate Board Regulations (18 VAC 135-20-10 Definitions; 18 VAC 135-20-300 Standards of Conduct) Virginia Real Estate Principles & Practices - discussion on transaction coordinators/intermediaries and their duties under no-agency status
NEW QUESTION # 37
The purpose of discount points is:
- A. to lower the amount due at closing
- B. to lower the property value for purposes of tax savings
- C. to lock in an interest rate for a specified time prior to closing
- D. to lower the interest rate over the life of the loan
Answer: D
Explanation:
Discount points are prepaid interest paid at closing to the lender.
One point = 1% of the loan amount.
By paying points upfront, borrowers receive a lower interest rate over the life of the loan (commonly referred to as "buying down the rate").
Other options:
(B) Wrong - has nothing to do with property taxes.
(C) Wrong - that describes an interest rate lock, not discount points.
(D) Wrong - points increase closing costs.
Reference:
Virginia Real Estate Finance Principles - Discount Points
Fannie Mae Guidelines - Loan Costs
NEW QUESTION # 38
Clarence owns three rental homes he doesn't have time to oversee himself. He decides to hire George to take care of his rental units in the hopes of maximizing the return on his investment. What role is George filling?
- A. property manager
- B. sponsoring broker
- C. broker's agent
- D. appraisal manager
Answer: A
Explanation:
A property manager is hired by an owner to manage rental property, maintain operations, and maximize return on investment.
Other options:
(A) Sponsoring broker - oversees real estate salespersons, not rentals.
(B) Appraisal manager - not a real estate role.
(C) Broker's agent - represents broker in brokerage activities, not property management.
Reference:
Code of Virginia §54.1-2100 (definition includes property management as brokerage services) Virginia Real Estate Principles & Practices - Property Management
NEW QUESTION # 39
You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:
- A. a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago
- B. a three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago
- C. a three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago
- D. a three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago
Answer: C
Explanation:
When preparing a Comparative Market Analysis (CMA):
The best comp is most similar in location, age, size, and features.
Timeliness matters (more recent sales are preferred), but similarity in property type/size carries greater weight.
Analysis of options:
(A) Six-bedroom, new build = too dissimilar.
(B) Same size, age, and location - best match, though sold 2 years ago.
(C) Too far (20 miles) and older property.
(D) Closer in time but has fewer bedrooms/baths and is older.
Thus, (B) is the closest comparable.
Reference:
Virginia Real Estate Principles & Practices - CMA and appraisal methods Real Estate Exam Prep - Valuation & Market Analysis
NEW QUESTION # 40
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