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The creation of express agency is best handled via a(n):
A. listing agreement or buyer representation agreement
B. listing agreement or ratified actions
C. oral agreement or buyer representation agreement
D. oral agreement or ratified actions
Answer: A
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 ¡ì54.1-2137 & ¡ì54.1-2138 (Agency agreements in writing) Virginia Real Estate Board Regulations - Agency Disclosure
NEW QUESTION # 19
What is the perimeter of a rectangular lot with the dimensions of 40 ft. x 50 ft .?
A. 180 ft.
B. 200 ft.
C. 150 ft.
D. 90 ft.
Answer: A
Explanation:
Reference (Virginia Real Estate Math):
Real Estate Math section in Virginia pre-license education
A490-02REGS.pdf - Math requirements for licensure
✅ Corrected: Answer = B. 180 ft
NEW QUESTION # 20
Sellers and license holders are required to disclose lead- based paint hazards on all properties built before:
A. 0
B. 1
C. 2
D. 3
Answer: C
Explanation:
Both federal law (Title X of the 1992 Residential Lead-Based Paint Hazard Reduction Act) and Virginia regulations require disclosure of any known lead-based paint hazards for residential properties built before 1978. This includes:
Providing buyers/renters with a lead disclosure form.
Giving them a lead hazard information pamphlet.
Allowing an optional 10-day inspection period.
Reason: Lead-based paint was widely used in homes until the U.S. banned consumer use in 1978. Thus, 1978 is the cutoff year.
Reference:
42 U.S.C. ¡ì4852d (Residential Lead-Based Paint Hazard Reduction Act)
Code of Virginia Title 55.1, Property & Conveyances (Disclosure requirements)
NEW QUESTION # 21
Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?
A. lease-option agreement
B. cooperative sales contract
C. sales contract with a contingency
D. land trust
Answer: A
Explanation:
A lease-option agreement combines a lease with an option to purchase:
Tenant leases the property for a specified time (in this case, 2 years).
Tenant has the option, but not the obligation, to purchase the property, usually at a pre-agreed price, if financing is secured.
Other options:
(A) Cooperative sales contract = applies to co-ops, not individual houses.
(B) Sales contract with contingency = binding contract, not an option.
(C) Land trust = ownership vehicle, not a lease-purchase structure.
Reference (Virginia Real Estate):
Code of Virginia Title 55.1 - Contracts and leases
Virginia Real Estate Principles - Lease and Option contracts
A490-02REGS.pdf - Contracts curriculum
NEW QUESTION # 22
Arnav is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnav find a property. Which of the following is MOST TRUE about Corey's situation?
A. Corey should mention the light fixtures to his sponsoring broker in case issues come up later.
B. Corey should specify verbally whether the light fixtures are the seller's personal property.
C. Corey should not address the light fixtures, as it is safe to assume light fixtures will convey with the property title.
D. Corey should specify in writing whether the light fixtures are the seller's personal property.
Answer: D
Explanation:
Fixtures are items attached to the property and usually transfer with the real estate. Light fixtures are typically considered fixtures, not personal property.
However, disputes can arise if sellers intend to take them.
To avoid ambiguity, the agent should specify in writing in the contract whether fixtures convey.
Other options:
(A) Verbal agreements are unenforceable under the Statute of Frauds.
(B) While fixtures usually convey, assumptions create disputes.
(C) Mentioning it to a broker is insufficient-needs to be in writing in the purchase agreement.
Reference (Virginia Real Estate):
Code of Virginia ¡ì 11-2 (Statute of Frauds)
Virginia Real Estate Principles - Fixtures vs. Personal Property
A490-02REGS.pdf - Contracts & property section
NEW QUESTION # 23
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