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[General] Explore PrepAwayExam's Top Three Formats for Real Estate Licensing Virginia-Real

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【General】 Explore PrepAwayExam's Top Three Formats for Real Estate Licensing Virginia-Real

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q101-Q106):NEW QUESTION # 101
Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?
  • A. dirty title
  • B. skinny title
  • C. naked title
  • D. clean title
Answer: C
Explanation:
In Virginia (a deed of trust state), when property is financed, a third-party trustee (like Ernest) holds naked title (also called bare legal title) on behalf of the lender.
The borrower retains equitable title (the right to live in and enjoy the property).
The trustee's limited rights exist only to enforce the terms of the trust deed (e.g., initiating foreclosure if borrower defaults).
This differs from "clean title" or "dirty title," which are not legal terms, and "skinny title," which is not recognized in real estate law.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-3200 et seq. (Deeds of Trust)
Virginia Real Estate Principles - Financing & Title theory vs. lien theory section A490-02REGS.pdf - Mortgage/Trust Deed curriculum

NEW QUESTION # 102
A legally competent party to a contract will:
  • A. be literate and not be mentally incompetent or intoxicated by drugs or alcohol
  • B. have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol
  • C. not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
  • D. have reached the age of majority and be literate
Answer: B
Explanation:
For a contract to be legally enforceable, all parties must be legally competent. This requires:
Age of majority (18 in Virginia).
Mental competency (not declared mentally incompetent).
Not under the influence of drugs or alcohol at the time of signing.
Other options:
(B) & (D) Literacy is not required for legal competency.
(C) Legal representation is not required for a valid contract.
Reference (Virginia Real Estate):
Code of Virginia Title 11 - Contracts
Virginia Real Estate Principles - Elements of valid contracts
A490-02REGS.pdf - Contracts curriculum

NEW QUESTION # 103
Which of these types of loans can always be sold on the secondary mortgage market?
  • A. non-conforming loans
  • B. jumbo loans
  • C. loans originated by Fannie Mae
  • D. conforming loans
Answer: D
Explanation:
Loans are classified as conforming or non-conforming:
Conforming loans: Meet Fannie Mae/Freddie Mac guidelines (loan limits, borrower qualifications). These loans are always eligible for sale on the secondary mortgage market.
Non-conforming loans: Do not meet guidelines (e.g., jumbo loans, subprime loans). These may be sold, but not always.
Other options:
(B) Fannie Mae doesn't originate loans; it buys loans.
(C) Non-conforming loans are not always saleable.
(D) Jumbo loans exceed conforming loan limits, so they don't qualify.
Reference (Virginia Real Estate):
Fannie Mae & Freddie Mac loan guidelines
Virginia Real Estate Principles - Financing section
A490-02REGS.pdf - Secondary mortgage market

NEW QUESTION # 104
In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?
  • A. sales agent, broker, and property manager
  • B. residential and commercial
  • C. broker, salesperson, and firm
  • D. broker and assistant broker
Answer: C
Explanation:
Virginia issues three types of real estate licenses:
Broker - may operate independently, supervise others, and run a firm.
Salesperson - must work under a broker.
Firm - a business entity license allowing a company to operate as a brokerage.
Other options:
(A) Property manager is not a separate license category in Virginia.
(B) Assistant broker not a recognized license.
(C) Residential/commercial are specialties, not license types.
Reference:
Code of Virginia §54.1-2106.1 (Licensing requirements)
Virginia Real Estate Board Regulations (Licensing categories)

NEW QUESTION # 105
Why do lenders need liquidity?
  • A. so they can put their money in long-term assets
  • B. to qualify for FHA insurance
  • C. so loans can be packaged together to create MBSs
  • D. so they have the funds to originate more loans
Answer: D
Explanation:
Liquidity is a lender's ability to quickly convert assets into cash.
When lenders sell loans on the secondary mortgage market or securitize them into mortgage-backed securities (MBSs), they regain capital.
This liquidity allows lenders to issue more loans to new borrowers.
Other options:
(A) MBSs are a method to create liquidity, not the purpose.
(C) Investing in long-term assets would reduce liquidity.
(D) FHA insurance does not require liquidity.
Reference:
Fannie Mae & Freddie Mac guidelines
Virginia Real Estate Finance Principles - Secondary Mortgage Market section

NEW QUESTION # 106
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