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[General] Virginia-Real-Estate-Salesperson Online Version & Virginia-Real-Estate-Sales

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【General】 Virginia-Real-Estate-Salesperson Online Version & Virginia-Real-Estate-Sales

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q14-Q19):NEW QUESTION # 14
In Virginia, what is the difference between the REB and theFHB?
  • A. They are the same thing.
  • B. The FHB is responsible for the enforcement of the fair housing law for real estate licensees. The REB is responsible for all other violators.
  • C. The REB is responsible for the enforcement of the fair housing law for real estate licensees. The FHB is responsible for all other violators.
  • D. The REB reports to HUD, while the FHB does not.
Answer: C
Explanation:
In Virginia, two separate bodies manage different aspects of housing regulation and enforcement:
Real Estate Board (REB):
The REB, operating under the Virginia Department of Professional and Occupational Regulation (DPOR), is responsible for regulating and enforcing real estate laws and regulations related to licensed real estate professionals. This includes education, licensure, conduct, disciplinary action, and fair housing compliance specifically for licensees (e.g., salespersons and brokers).
Authority Source: Title 54.1, Chapter 21 of the Code of Virginia.
Regulatory oversight: Violations of fair housing law by real estate licensees (salespersons or brokers) are investigated and enforced by the REB.
Fair Housing Board (FHB):
The FHB, also under DPOR but functioning independently from the REB, is tasked with enforcing Virginia's Fair Housing Law (outside of licensee jurisdiction). This includes addressing violations by:
Unlicensed individuals
Property owners
Landlords and property managers who are not licensed real estate professionals Other entities not subject to REB regulation This clear division ensures that real estate licensees are held accountable by the REB, while the FHB addresses violations by those not regulated through licensure.
Reference (without URLs):
Virginia Code § 54.1-2105 (Regulation and enforcement powers of the Real Estate Board) Virginia Fair Housing Law: Title 36, Chapter 5.1 of the Code of Virginia Real Estate Regulations (18 VAC 135-20-10 et seq.) DPOR Guidance and Organizational Structure (as outlined in the A490-02REGS.pdf document)

NEW QUESTION # 15
Randy and Joe were married, then divorced. Joe got the house in the divorce settlement. When he later goes to sell it, a title company tells him there's a cloud on the title due to the divorce. What is most likely to resolve this cloud?
  • A. having Randy sign a quitclaim deed
  • B. putting a mechanic's lien on the property
  • C. requiring Joe to put some earnest money in escrow
  • D. filing the deed with the county
Answer: A
Explanation:
When spouses divorce, property division may leave a cloud on title if both names were originally on the deed but only one gets awarded the property.
The cleanest way to clear this is for the spouse no longer claiming interest (Randy) to sign a quitclaim deed transferring any possible interest to Joe.
Filing the original deed with the county (B) doesn't resolve the cloud.
Earnest money escrow (C) and mechanic's liens (D) are irrelevant.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-300 et seq. (Deeds)
Virginia Real Estate Principles - Title issues & clearing clouds
A490-02REGS.pdf - Title & conveyance curriculum

NEW QUESTION # 16
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. $1,300.000
  • B. $3.250,000
  • C. $2.450,000
  • D. $4,130,000
Answer: B
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 # 17
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. failure to disclose an unknown latent defect in an inaccessible location
  • C. failure to disclose a known latent defect to the buyer
  • D. attempting to conceal a known latent defect
Answer: B
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 # 18
The National Association of Realtors' Code of Ethics says
Realtors should act with:
  • A. fairness
  • B. competence
  • C. integrity
  • D. All choices are correct.
Answer: D
Explanation:
Comprehensive Detailed Explanation:
The NAR Code of Ethics establishes that Realtors must act with:
Integrity - honesty in all dealings.
Fairness - treating all parties honestly and impartially.
Competence - providing services within their level of skill and knowledge.
Since the Code of Ethics covers all these duties, the correct choice is all choices are correct.
Reference:
NAR Code of Ethics, Preamble & Article 1

NEW QUESTION # 19
......
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