VIRGINIA REAL ESTATE FINAL EXAM QUESTIONS WITH CORRECT ANSWERS

VIRGINIA REAL ESTATE FINAL EXAM
QUESTIONS WITH CORRECT ANSWERS

A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a
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monthly principal and interest payment totaling $2,042.71. If $1, 145.83
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is interest, how much is applied to principal? - CORRECT ANSWER✔✔-
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$896.88


What duties does a buyer agent have to the seller - CORRECT
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ANSWER✔✔-To disclose the agent's relationship with the buyer | | | | | | |




Dan is buying Chuck's property, which is listed with Nevin's brokerage.
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Who are the parties to the exclusive right-to-sell listing agreement? -
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CORRECT ANSWER✔✔-Chuck and Nevin's brokerage
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When does the purchase agreement become a legally binding contract?
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- CORRECT ANSWER✔✔-Once both parties sign it
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Which one of the following statements regarding depreciation
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schedules is true? - CORRECT ANSWER✔✔-Commerical income-
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producing properties are depreciated longer (39 years) than residential
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income-producing properties (27.5 years) are. | | | |

,What responsibility do licensees have regarding household lead
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hazards? - CORRECT ANSWER✔✔-Disclosing that there's lead-based
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paint to a buyer when they know about it
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Why does HUD test for housing discrimination? - CORRECT
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ANSWER✔✔-To uncover hidden discrimination | | |




Which of these may be covered by a builder-backed home warranty? -
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CORRECT ANSWER✔✔-Workmanship |




In order to be enforceable, what does the statute frauds require a real
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estate contract to be? - CORRECT ANSWER✔✔-In writing
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When a developer selling timeshare units recieves earnest money
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deposits or down payments, what is the develop required to do with
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that money? - CORRECT ANSWER✔✔-Hold the money in the
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developer's escrow account through the buyer's recission period
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Which of the following statements is true regarding assignments and
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subleasing? - CORRECT ANSWER✔✔-Neither assignment nor subleasing
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relieve the former tenant of liability.
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, How many approaches to value do appraisers generally use? - CORRECT
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ANSWER✔✔-Three


To prepare for fiancing, buyers should_____. - CORRECT ANSWER✔✔-
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Save the down payment amount
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Which of the following is not possible in a designated or dual agency
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situation? - CORRECT ANSWER✔✔-Undivided loyalty
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Supply and demand determine the competitive environment. Which of
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the following is a true statement? - CORRECT ANSWER✔✔-When there
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are more homes on the market, buyers hold the negotiating power.
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Which of the following is true about condominium ownership? -
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CORRECT ANSWER✔✔-A condo is a single-family dwelling.
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When banks have lots of funds available for lending, what tends to
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happen to interest rates? - CORRECT ANSWER✔✔-Rates decrease.
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Property ownership for an indeterminable length of time is an example
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of what form of estate? - CORRECT ANSWER✔✔-Freehold
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Simon's seller clients, Barb and Harold, have found a buyer and their
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property is under control. Later that same day, Simon recieves another
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