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【General】 Virginia-Real-Estate-Salesperson Exam Quizzes - Virginia-Real-Estate-Salesperson

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q70-Q75):NEW QUESTION # 70
Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?
  • A. No, but it depends solely on her credit score.
  • B. Yes, PMI is required until she reaches 50% equity.
  • C. Yes, her down payment does not meet the requirements to eliminate PMI.
  • D. No, her down payment is large enough to avoid PMI.
Answer: D
Explanation:
Private Mortgage Insurance (PMI) is generally required when a borrower puts down less than 20% on a conventional loan.
Lillian's home price = $355,000
Down payment = $75,000
Loan amount = $280,000
Down payment % = $75,000 ÷ $355,000 ≈ 21.1%
Since Lillian's down payment exceeds 20%, PMI is not required.
Other options:
(A) Wrong - PMI is based on equity, not just credit score.
(B) Wrong - PMI never requires 50% equity.
(C) Wrong - She meets the equity threshold.
Reference:
Fannie Mae/Freddie Mac Conventional Loan Guidelines
Virginia Real Estate Exam Outline - Financing Section

NEW QUESTION # 71
Alexa and Harrison have gone over every term and condition in the contract they have drawn up for the sale of Alexa's racehorse to Harrison. Neither party has any questions or desire to change anything about the agreement. Which essential element of a valid contract appears to have been realized?
  • A. reality of consent
  • B. lawful objective
  • C. mutual assent
  • D. consideration
Answer: C
Explanation:
Mutual assent (also called "meeting of the minds") occurs when both parties fully understand and agree to the terms of a contract.
Alexa and Harrison reviewed all terms, had no objections, and agreed to proceed.
This shows mutual assent was realized.
Other options:
(A) Consideration = something of value exchanged.
(B) Reality of consent = agreement free of fraud, duress, or misrepresentation.
(D) Lawful objective = contract must have a legal purpose.
Reference (Virginia Real Estate):
Virginia Code Title 11 - Contracts
Virginia Real Estate Principles - Contract elements
A490-02REGS.pdf - Contracts curriculum

NEW QUESTION # 72
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 a known latent defect to the buyer
  • C. failure to disclose an unknown latent defect in an inaccessible location
  • D. attempting to conceal a known latent defect
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 # 73
Which of the following provides the BEST explanation for why disclosure of material facts is required?
  • A. If known, they could cause a buyer or seller to take a different course of action.
  • B. All facts related to a real estate transaction must be disclosed.
  • C. Not all material facts are readily discernible.
  • D. The material a property is made of can influence its value.
Answer: A
Explanation:
Material facts are facts that significantly affect the value, desirability, or decision regarding a property.
Disclosure is required because knowing these facts could lead a buyer or seller to act differently (e.g., not purchase, renegotiate price, or take corrective measures).
Other options:
(A) Construction materials may affect value, but this is not the reason for disclosure laws.
(B) Some facts are not easily seen, but disclosure is broader.
(D) Not all facts, only material ones, must be disclosed.
Reference:
Code of Virginia §54.1-2131 (Duties of licensees: disclosure of material facts) Virginia Real Estate Board Regulations - Standards of Conduct

NEW QUESTION # 74
According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?
  • A. two months' rent
  • B. one month's rent
  • C. six months' rent
  • D. $2,000
Answer: A
Explanation:
Under the Virginia Residential Landlord and Tenant Act (VRLTA), a landlord may not demand or receive a security deposit exceeding the equivalent of two months' rent.
Deposit must be returned (with allowable deductions) within 45 days after lease termination.
This protects tenants from excessive deposits while allowing landlords some coverage for damages.
Other options:
(A) One month = incorrect, law allows more.
(C) $2,000 = not specified in law.
(D) Six months = excessive and prohibited.
Reference (Virginia Real Estate):
Virginia Code § 55.1-1226 (Security deposits)
Virginia Residential Landlord Tenant Act (VRLTA)
A490-02REGS.pdf - Landlord-tenant curriculum

NEW QUESTION # 75
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