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[General] Valid Braindumps Virginia-Real-Estate-Salesperson Free & Virginia-Real-Estat

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【General】 Valid Braindumps Virginia-Real-Estate-Salesperson Free & Virginia-Real-Estat

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q80-Q85):NEW QUESTION # 80
Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?
  • A. exclusive agency agreement
  • B. open listing
  • C. net listing
  • D. exclusive right-to-sell agreement
Answer: B
Explanation:
An open listing is a nonexclusive listing agreement where:
Multiple brokers may attempt to sell the property.
The seller retains the right to sell it themselves.
Only the broker (or seller) who is the procuring cause of the sale earns the commission.
Other agreements:
Net listing (A): Broker keeps anything above a set sale price (illegal in many states, including Virginia).
Exclusive right-to-sell (B): Broker gets commission no matter who sells the property.
Exclusive agency (D): Seller can sell without paying commission, but only one broker is engaged.
Reference (Virginia Real Estate):
Code of Virginia § 54.1-2137 (Agency agreements)
A490-02REGS.pdf - Listing agreements curriculum

NEW QUESTION # 81
Which of these describes a leasehold estate?
  • A. Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
  • B. Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
  • C. Jung owns a building. He lives upstairs and runs the store downstairs.
  • D. Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.
Answer: B
Explanation:
A leasehold estate grants the tenant the right to occupy/use property for a specified time, while ownership remains with the landlord.
Terrence paying rent for an apartment he does not own is a classic leasehold estate example.
Other options:
(B) Stipulation on deed = fee simple defeasible estate.
(C) Occupancy for life = life estate.
(D) Jung owning and occupying = fee simple ownership.
Reference:
Virginia Real Estate Principles & Practices - Types of Estates

NEW QUESTION # 82
Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?
  • A. 21 days
  • B. 5 days
  • C. 10 days
  • D. 14 days
Answer: B
Explanation:
Under the Virginia Cooperative Act:
Purchasers of an initial cooperative interest have the right to rescind the purchase contract within 5 days after ratification of the contract or receipt of the Public Offering Statement (POS), whichever is later.
This rescission is without penalty, and all deposits must be refunded.
Reference (Virginia Real Estate):
Virginia Code § 55.1-2175 (Rescission rights in cooperative interest contracts) A490-02REGS.pdf - Common Interest Communities section

NEW QUESTION # 83
What is a marketable title?
  • A. constructive or actual notice of real property ownership
  • B. an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances
  • C. a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
  • D. the official opinion of an attorney regarding the condition of a property's title
Answer: C
Explanation:
Marketable title means the title is clear enough that a prudent buyer would accept it.
It is free from serious defects, liens, or encumbrances that could jeopardize ownership or resale.
Other options:
(A) Opinion of title = attorney's assessment, not the title itself.
(B) Abbreviated history = abstract of title.
(D) Constructive/actual notice = legal doctrines, not marketability.
Reference:
Virginia Real Estate Principles & Practices - Title Concepts
Code of Virginia §55.1-900 et seq. (Title and conveyances)

NEW QUESTION # 84
In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:
  • A. broker
  • B. tender
  • C. property
  • D. seller
Answer: C
Explanation:
Loan underwriting evaluates two things:
Borrower's creditworthiness (income, debt, credit score).
The property's value and suitability (via appraisal, condition, and title review).
The lender needs to ensure that the property provides sufficient collateral in case of default.
Other options:
(A) Tender - unrelated.
(C) Broker - not evaluated.
(D) Seller - irrelevant to loan approval.
Reference:
Fannie Mae Selling Guide - Loan Underwriting
Virginia Real Estate Finance Principles - Loan Process

NEW QUESTION # 85
......
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