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[General] New Virginia-Real-Estate-Salesperson Test Topics & Virginia-Real-Estate-Sale

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【General】 New Virginia-Real-Estate-Salesperson Test Topics & Virginia-Real-Estate-Sale

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q25-Q30):NEW QUESTION # 25
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. Yes, because the phrase "caveat emptor" is included in the contract.
  • B. No, because the phrase "as is" is included in the contract.
  • C. No, because the phrase "time is of the essence" is included in the contract.
  • D. Yes, because the phrase "subject to" is included in the contract.
Answer: C
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 # 26
A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?
  • A. $4,130,000
  • B. $1,300.000
  • C. $2.450,000
  • D. $3.250,000
Answer: D
Explanation:

Reference (Virginia Real Estate):
Appraisal section in Virginia Principles & Practices
USPAP income capitalization approach standards
A490-02REGS.pdf - Real Estate Math & Valuation curriculum

NEW QUESTION # 27
Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?
  • A. Janay only needs to take and pass the state portion of the licensing exam.
  • B. The REB will require Janay to take a special licensing course for out-of-state residents.
  • C. The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
  • D. The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.
Answer: A
Explanation:
Virginia has reciprocity agreements with several states, including North Carolina.
If Janay is already licensed in NC, she only needs to:
Apply to the Virginia Real Estate Board.
Provide certification of her NC license in good standing.
Pass the Virginia state portion of the licensing exam.
She does not need to retake pre-licensure education, and residency in Virginia is not required.
Reference (Virginia Real Estate):
Virginia Code § 54.1-2105.2 (Reciprocity for out-of-state licensees)
Real Estate Board Reciprocity Rules (DPOR guidance)
A490-02REGS.pdf - Licensing requirements

NEW QUESTION # 28
What rights govern the use of flowing water, such as rivers or streams?
  • A. percolating rights
  • B. littoral rights
  • C. riparian rights
  • D. appropriative rights
Answer: C
Explanation:
Riparian rights apply to landowners whose property borders flowing water such as rivers or streams. Owners have reasonable rights to use the water, provided it doesn't harm upstream/downstream users.
Other options:
(B) Percolating rights - apply to underground water.
(C) Appropriative rights - water rights granted by permit (common in western states, not Virginia).
(D) Littoral rights - apply to non-flowing waters (lakes, oceans, seas).
Reference:
Virginia Real Estate Principles & Practices - Water Rights Section
Code of Virginia, Title 62.1 (Waters of the State, Ports and Harbors)

NEW QUESTION # 29
A licensee could be found liable for all of the following EXCEPT:
  • A. failure to disclose a latent defect that the licensee should have reasonably known
  • B. attempting to conceal a known latent defect
  • C. failure to disclose an unknown latent defect in an inaccessible location
  • D. failure to disclose a known latent defect to the buyer
Answer: C
Explanation:
A latent defect is a hidden defect not readily discoverable by ordinary inspection. Under Virginia law, licensees are responsible for:
Disclosing known latent defects (B, C).
Not concealing or misrepresenting property conditions.
Exercising reasonable care, meaning they may also be liable for defects they should have reasonably known (A).
However, a licensee cannot be held liable for failing to disclose a defect that is:
Unknown to them, and
In an inaccessible location (e.g., behind walls, underground).
Thus, the correct exception is (D).
Reference (Virginia Real Estate):
Code of Virginia § 55.1-703 (Property condition disclosures)
Virginia Real Estate Board Regulations 18 VAC 135-20-300 (Standards of Conduct) A490-02REGS.pdf - Disclosure requirements

NEW QUESTION # 30
......
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