Virginia real estate exam 2025
questions and answers8
Which two documents are necessary to establish a legally binding mortgage loan? - ANSWERS-
Promissory note and deed of trust
If a buyer defaults on a sales contract after providing $10,000 as earnest money for a $200,000
property, what can the seller do with the $10,000? - ANSWERS-Keep the entire amount as
compensation
Surface rights, air rights and subsurface rights are all rights that can be sold by a property owner
while still retaining the property itself. These rights are known as: - ANSWERS-Severable Rights
In real estate, what is the closest meaning to the term "quieting a title"? - ANSWERS-Clearing
any liens or encumbrances on a property
Bob Jones, who lacks a real estate license, hires Sally Salesperson to sell his property. During
Sally's absence, Bob shows the property, provides price quotations, and accepts deposits. What
are the implications of Bob's actions? - ANSWERS-Bob's actions are illegal and can lead to legal
consequences
What is a true statement regarding the recording of a deed? - ANSWERS-Recording a deed
establishes ownership rights
When the appraised value of a property is given, it is based on: - ANSWERS-Comparable sales
Agent Brook is preparing for a listing appointment and has gathered information to prepare a
report of recent market data for the seller to review. The report agents reconcile to obtain a
, reasonable list price for a property based on current listings, recent sales, and expireds would
be called: - ANSWERS-Comparative Market Analysis (CMA)
Jon's tire store is being built across the street from big bobs tires. What appraisal principle
describes this situation? - ANSWERS-Competition
Which statement indicates that any verbal discussions made prior to a written contract are
invalidated & cannot be considered? - ANSWERS-parol evidence rule
What formula is used to determine value through the income approach in real estate? -
ANSWERS-Value= gross rent multiplier x monthly rent
Homeowner Paul is selling his home without a real estate agent. He places an advertisement
stating "Owner Financing 3% down payment" is Paul's advertisement in violation of the Truth in
Lending Act? - ANSWERS-No, property owners are not regulated by TRIL advertising
requirements
The civil rights act of 1866 prohibits: - ANSWERS-Racial discrimination in the sale or lease of
residential or commercial property
Tom and Jerry enter into a contract where Tom agrees to build a house and sell it to Jerry in 120
days. Jerry agrees to pay Tom's price within 60 days of completion. What type of contract is this
before the house is completed? - ANSWERS-executory contract
Mr. Brown grants his neighbor, Mr. White, a written servitude to cross his property, which is
properly recorded. Later, Mr. Brown sells the property to Mr. Green without disclosing the
existence of the servitude. What happens to this servitude? - ANSWERS-The servitude remains
valid and continues to be enforceable against Mr. Green.
questions and answers8
Which two documents are necessary to establish a legally binding mortgage loan? - ANSWERS-
Promissory note and deed of trust
If a buyer defaults on a sales contract after providing $10,000 as earnest money for a $200,000
property, what can the seller do with the $10,000? - ANSWERS-Keep the entire amount as
compensation
Surface rights, air rights and subsurface rights are all rights that can be sold by a property owner
while still retaining the property itself. These rights are known as: - ANSWERS-Severable Rights
In real estate, what is the closest meaning to the term "quieting a title"? - ANSWERS-Clearing
any liens or encumbrances on a property
Bob Jones, who lacks a real estate license, hires Sally Salesperson to sell his property. During
Sally's absence, Bob shows the property, provides price quotations, and accepts deposits. What
are the implications of Bob's actions? - ANSWERS-Bob's actions are illegal and can lead to legal
consequences
What is a true statement regarding the recording of a deed? - ANSWERS-Recording a deed
establishes ownership rights
When the appraised value of a property is given, it is based on: - ANSWERS-Comparable sales
Agent Brook is preparing for a listing appointment and has gathered information to prepare a
report of recent market data for the seller to review. The report agents reconcile to obtain a
, reasonable list price for a property based on current listings, recent sales, and expireds would
be called: - ANSWERS-Comparative Market Analysis (CMA)
Jon's tire store is being built across the street from big bobs tires. What appraisal principle
describes this situation? - ANSWERS-Competition
Which statement indicates that any verbal discussions made prior to a written contract are
invalidated & cannot be considered? - ANSWERS-parol evidence rule
What formula is used to determine value through the income approach in real estate? -
ANSWERS-Value= gross rent multiplier x monthly rent
Homeowner Paul is selling his home without a real estate agent. He places an advertisement
stating "Owner Financing 3% down payment" is Paul's advertisement in violation of the Truth in
Lending Act? - ANSWERS-No, property owners are not regulated by TRIL advertising
requirements
The civil rights act of 1866 prohibits: - ANSWERS-Racial discrimination in the sale or lease of
residential or commercial property
Tom and Jerry enter into a contract where Tom agrees to build a house and sell it to Jerry in 120
days. Jerry agrees to pay Tom's price within 60 days of completion. What type of contract is this
before the house is completed? - ANSWERS-executory contract
Mr. Brown grants his neighbor, Mr. White, a written servitude to cross his property, which is
properly recorded. Later, Mr. Brown sells the property to Mr. Green without disclosing the
existence of the servitude. What happens to this servitude? - ANSWERS-The servitude remains
valid and continues to be enforceable against Mr. Green.
