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[General] Exam Virginia-Real-Estate-Salesperson Quick Prep, Virginia-Real-Estate-Salespers

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【General】 Exam Virginia-Real-Estate-Salesperson Quick Prep, Virginia-Real-Estate-Salespers

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q19-Q24):NEW QUESTION # 19
What is one way that a contract for deed differs from a standard real estate sales contract?
  • A. A contract for deed includes a section about a flip tax.
  • B. A contract for deed has the purchase price in it.
  • C. A contract for deed includes a financing clause.
  • D. A contract for deed's purchase price section details the buyer's payment plan to the seller.
Answer: D
Explanation:
A contract for deed (also called a land contract or installment sale contract) differs from a standard purchase agreement because:
Buyer makes installment payments directly to the seller.
Seller retains legal title until all payments are made.
Buyer holds equitable title during the payment period.
In contrast, a standard sales contract usually involves financing through a lender, and title transfers at closing.
Thus, the key difference is that a contract for deed spells out the buyer's payment plan to the seller, not just the purchase price.
Reference:
Code of Virginia §55.1 (Property & Conveyances)
Virginia Real Estate Board CE Outline - Contracts Section

NEW QUESTION # 20
In Virginia, a supervising broker is:
  • A. the licensed broker of a firm who takes responsibility for the actions of the firm and licensees; there is only one in the firm
  • B. a broker who has been designated by a principal broker to oversee the provision of real estate brokerage services by associate brokers and salespersons assigned to a branch office or a real estate team
  • C. a broker who opts to work under another broker and has no agents assigned to them
  • D. a broker who is NOT affiliated with the brokerage representing a principal in a real estate transaction
Answer: B
Explanation:
In Virginia, the principal broker is the broker of record, legally responsible for the entire firm.
A supervising broker is one who is designated by the principal broker to manage day-to-day activities of salespersons or associate brokers in:
A branch office, OR
A specific real estate team.
Other options:
(B) = principal broker definition, not supervising broker.
(C) = outside broker, not correct.
(D) = describes an associate broker.
Reference:
Code of Virginia §54.1-2100 (Definitions of principal broker, supervising broker) Real Estate Board Regulations 18 VAC 135-20-50 (Broker supervision requirements)

NEW QUESTION # 21
Which of the following is a unique quality of limited service agents in Virginia?
  • A. Limited service agents can assist in residential transactions ONLY.
  • B. Limited service agents can assist in both residential and commercial transactions.
  • C. Limited service agents can assist in commercial transactions ONLY.
  • D. Limited service agents can assist in neither residential nor commercial transactions.
Answer: B
Explanation:
In Virginia, a limited service agent is a licensee who enters into a brokerage agreement that provides fewer services than a standard brokerage agreement.
The law requires that the agent's limited duties must be disclosed in writing.
These agents can operate in both residential and commercial transactions, not just one type.
Other options:
(A) Wrong - They can assist in both.
(B) Wrong - Not limited to residential.
(C) Wrong - Not limited to commercial.
Reference:
Code of Virginia §54.1-2138.1 (Limited service agent defined)
Real Estate Board Regulations, 18 VAC 135-20-300

NEW QUESTION # 22
What is the difference between assemblage and plottage?
  • A. Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
  • B. Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
  • C. Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
  • D. Assemblage is the first step in creating a new subdivision, and plottage is the second step.
Answer: A
Explanation:
Assemblage: The process of combining two or more adjacent parcels of land into one larger parcel.
Plottage: The increase in value that results from assemblage due to the greater utility or economic use of the combined parcel.
Example: Two small lots may be worth $50,000 each separately, but if assembled into one larger parcel, the combined property may be worth $120,000 due to increased development potential.
Reference (Virginia Real Estate):
Virginia Real Estate Principles - Land and Appraisal section
A490-02REGS.pdf - Valuation curriculum

NEW QUESTION # 23
Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?
  • A. tenants in common
  • B. joint tenancy
  • C. community property
  • D. sole ownership
Answer: B
Explanation:
Joint tenancy is characterized by:
Equal ownership shares.
Right of survivorship - when one owner dies, their share automatically passes to the surviving co-owners.
Other options:
(B) Sole ownership = only one owner, not applicable.
(C) Community property = marital ownership recognized in some states, but not Virginia.
(D) Tenants in common = no right of survivorship; shares pass to heirs instead.
Thus, the investors clearly have joint tenancy.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-134 (Joint tenancy vs. tenancy in common)
Virginia Real Estate Principles - Ownership & Estates section
A490-02REGS.pdf - Co-ownership curriculum

NEW QUESTION # 24
......
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