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[General] Virginia-Real-Estate-Salesperson Boot Camp & Virginia-Real-Estate-Salesperso

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【General】 Virginia-Real-Estate-Salesperson Boot Camp & Virginia-Real-Estate-Salesperso

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q111-Q116):NEW QUESTION # 111
In Virginia, how many years do records need to be kept for?
  • A. one year
  • B. three years
  • C. two years
  • D. five years
Answer: B
Explanation:
Virginia requires brokers and firms to retain all financial, transactional, and escrow records for three years.
This includes contracts, disclosures, closing statements, and escrow records.
The three-year period usually begins from the date of closing or termination of the transaction.
Reference:
Virginia Code §54.1-2108 (Broker records retention requirements)

NEW QUESTION # 112
When must a lender provide borrowers with a Closing Disclosure?
  • A. at least five business days after consummation of the loan
  • B. at the end of the closing ceremony
  • C. at least three business days before the consummation of the loan
  • D. on the day of closing
Answer: C
Explanation:
The TILA-RESPA Integrated Disclosure Rule (TRID) requires that the lender provide the Closing Disclosure (CD) at least three business days prior to loan consummation. This ensures that borrowers have adequate time to review the final loan terms, costs, and obligations.
If significant changes occur (such as APR change beyond tolerance, loan product change, or addition of a prepayment penalty), a new three-day waiting period is triggered.
This rule is enforced by the Consumer Financial Protection Bureau (CFPB) but is an important part of Virginia real estate education since agents must be aware of closing timelines.
Reference (Virginia Real Estate & Federal):
TRID Rule under Regulation Z (12 CFR 1026.19(f))

NEW QUESTION # 113
The EGI of a building is $300,000. The operating costs are $30,000.
What is the NOI of the building?
  • A. $215,000
  • B. $264,000
  • C. $332,000
  • D. $270,000
Answer: D
Explanation:

Other options are miscalculations.
Reference (Virginia Real Estate):
Appraisal & Finance curriculum
USPAP standards - income approach
A490-02REGS.pdf - Real Estate Math section

NEW QUESTION # 114
An area has been rezoned as residential, but a neighborhood store has been legacied in and allowed to continue its business.
This is an example of:
  • A. area variance
  • B. amendment
  • C. conditional-use permit
  • D. nonconforming use
Answer: D
Explanation:
When zoning laws change, an existing property use that was legal under the old zoning but is not permitted under the new zoning is considered a nonconforming use.
Example: A neighborhood store that continues operation in an area rezoned as residential.
This use is often "grandfathered in" and allowed to continue, though expansion or major changes may not be permitted.
Other options:
(A) Amendment = change to zoning laws, not the use itself.
(C) Conditional-use permit = allows a use not typically permitted but approved under conditions.
(D) Area variance = exception to zoning requirements, usually related to lot size/setbacks.
Reference (Virginia Real Estate):
Virginia Code Title 15.2 - Local Zoning Authority
Virginia Principles of Real Estate - Zoning & Land Use section
A490-02REGS.pdf - Land use controls

NEW QUESTION # 115
What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?
  • A. police power
  • B. escheat
  • C. eminent domain
  • D. variance
Answer: B
Explanation:
This is the same as Question 100 - likely a duplicate question. Again, the answer is escheat because property without heirs or a will reverts to the state.
Reference (Virginia Real Estate):
Same as Question 100.

NEW QUESTION # 116
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Posted at before yesterday 23:45        Only Author  2#
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