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NEW QUESTION # 47
Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?
- A. carbon monoxide
- B. chlorofluorocarbons
- C. radon
- D. chlordane
Answer: C
Explanation:
U. S. EPA Radon Risk Guidelines
Virginia Real Estate Board CE Curriculum - Environmental Hazards
Explanation:
Radon is a colorless, odorless, naturally occurring radioactive gas that comes from the decay of uranium in rocks, soil, and groundwater.
It can accumulate in homes and buildings and is a leading cause of lung cancer in non-smokers.
Other options:
(A) Chlordane = pesticide.
(B) Chlorofluorocarbons = refrigerants damaging ozone.
(C) Carbon monoxide = toxic gas from combustion, but not radioactive.
NEW QUESTION # 48
If a condo owner is selling their unit, which of these documents should they present to a buyer?
- A. Closing Disclosure
- B. resale certificate
- C. HUD-1
- D. Loan Estimate
Answer: B
Explanation:
When selling a condominium unit in Virginia, the seller must provide the buyer with a resale certificate (sometimes called a condominium disclosure package). It includes:
HOA/condo association bylaws, rules, and restrictions.
Financial information (dues, assessments, reserves).
Pending litigation or special assessments.
This disclosure ensures the buyer is informed about condo ownership obligations before closing.
Other documents:
(B) Loan Estimate - given by lender to borrower, not seller.
(C) Closing Disclosure - lender provides to borrower before settlement.
(D) HUD-1 - replaced by the Closing Disclosure in most residential transactions (except reverse mortgages).
Reference (Virginia Real Estate):
Virginia Condominium Act, Code of Virginia § 55.1-1991
A490-02REGS.pdf - Common Interest Communities & Disclosure curriculum
NEW QUESTION # 49
Which of these ownership concepts gives each co-owner the right to possession of the whole property?
- A. equitable interest
- B. sole proprietorship
- C. undivided interest
- D. unity of time
Answer: C
Explanation:
In co-ownership, the principle of undivided interest means each co-owner has:
The right to possess and use the entire property, not just a physical portion.
Equal rights of possession regardless of ownership percentage.
Other options:
Sole proprietorship (A): Single owner, not co-ownership.
Unity of time (C): A required element of joint tenancy but not the concept granting rights to the whole property.
Equitable interest (D): Refers to the rights of a buyer under contract before receiving legal title.
Thus, the correct answer is undivided interest.
Reference:
Virginia Real Estate Principles & Practices (Ownership Section)
Code of Virginia §55.1 (Property & Conveyances)
NEW QUESTION # 50
Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:
- A. executory and voidable
- B. executed and voidable
- C. executed and void
- D. executory and void
Answer: A
Explanation:
A contract is executory when its terms have not yet been fully performed (here, closing has not yet occurred).
Because Trystan is 17 years old, he is a minor under Virginia law (legal capacity begins at 18). A minor's contract is generally voidable at the option of the minor, but enforceable against the adult party.
Therefore, this contract is executory (not yet performed) and voidable (due to Trystan's age).
Reference:
Code of Virginia §1-204 (Age of majority = 18)
Virginia Real Estate Board Exam Outline - Contracts (capacity, validity, executory vs executed)
NEW QUESTION # 51
Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?
- A. Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.
- B. No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
- C. Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.
- D. No. It's normal for lenders to have significant last-minute changes to their fees.
Answer: A
Explanation:
Under the TRID Rule (TILA-RESPA Integrated Disclosure), lenders must provide borrowers with a Closing Disclosure (CD) at least 3 business days before closing.
The numbers on the CD and closing documents must match (with very limited tolerance ranges).
Significant last-minute fee increases are a red flag for predatory lending or RESPA/TILA violations.
The client should not sign until discrepancies are resolved.
Reference (Virginia Real Estate & Federal Law):
TRID (12 CFR 1026.19(f))
Virginia Real Estate Principles - Financing and Settlement section
A490-02REGS.pdf - Loan closing requirements
NEW QUESTION # 52
In Virginia, the grantor tax rate is currently $0.50 per $500 of the sales price. How much would the taxes be on a $756,000 home purchase?
- A. $756
- B. $1,512
- C. $15,120
- D. $7,560
Answer: A
Explanation:
Reference (Virginia Real Estate):
Virginia Code § 58.1-802 (Grantor's tax)
Virginia Real Estate Principles - Transfer taxes section
NEW QUESTION # 53
Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?
- A. sales contract with a contingency
- B. cooperative sales contract
- C. land trust
- D. lease-option agreement
Answer: D
Explanation:
A lease-option agreement combines a lease with an option to purchase:
Tenant leases the property for a specified time (in this case, 2 years).
Tenant has the option, but not the obligation, to purchase the property, usually at a pre-agreed price, if financing is secured.
Other options:
(A) Cooperative sales contract = applies to co-ops, not individual houses.
(B) Sales contract with contingency = binding contract, not an option.
(C) Land trust = ownership vehicle, not a lease-purchase structure.
Reference (Virginia Real Estate):
Code of Virginia Title 55.1 - Contracts and leases
Virginia Real Estate Principles - Lease and Option contracts
A490-02REGS.pdf - Contracts curriculum
NEW QUESTION # 54
What is the purpose of the Do Not Call Registry?
- A. It regulates telemarketing activities from commercial organizations.
- B. It bans bait-and-switch ads.
- C. It governs the use of commercial email advertising.
- D. It has three main truth-in-advertising provisions.
Answer: A
Explanation:
The National Do Not Call Registry, enforced by the Federal Trade Commission (FTC), regulates telemarketing practices:
Prohibits commercial telemarketers from calling registered phone numbers.
Exceptions: political calls, charitable organizations, debt collectors, and businesses with an established relationship.
Real estate agents must comply and check the registry before making solicitation calls, unless the call falls under an exemption.
Other options confuse it with advertising regulations (truth-in-advertising, CAN-SPAM Act, etc.), which are separate.
Reference (Virginia Real Estate):
Telephone Consumer Protection Act (TCPA)
FTC Do Not Call Registry Rules
Virginia Real Estate Board continuing education on Advertising & Ethics
NEW QUESTION # 55
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. lawful objective
- B. reality of consent
- 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 # 56
Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?
- A. limited partnership
- B. corporation
- C. sole proprietorship
- D. general partnership
Answer: B
Explanation:
A corporation is a legal entity separate from its owners.
Treated as a single legal "person" (ownership in severalty).
Provides limited liability to owners (shareholders) - they are not personally liable for corporate debts.
Other options:
(B) Limited partnership - only some partners have limited liability.
(C) General partnership - partners share unlimited liability.
(D) Sole proprietorship - single owner, no liability protection.
Reference:
Virginia Stock Corporation Act, Code of Virginia Title 13.1
Real Estate Principles & Practices - Business Ownership Structures
NEW QUESTION # 57
What is the difference between assemblage and plottage?
- A. Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
- B. Assemblage is the first step in creating a new subdivision, and plottage is the second step.
- C. Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
- D. Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
Answer: D
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 # 58
Which of these is likely to be the lien with the highest priority?
- A. mechanic's lien
- B. mortgage
- C. tax lien
- D. attachment lien
Answer: C
Explanation:
Real estate tax liens (property taxes and special assessments) take highest priority over all other liens, regardless of recording date.
Priority order:
Property tax liens
Special assessments
Mortgages (by recording date)
Mechanic's liens (priority may vary but generally after taxes/mortgages) Other options:
(A) Mortgage - common lien but lower than tax lien.
(C) Attachment lien - granted by court, lower priority.
(D) Mechanic's lien - priority can date back to start of work, but still after tax liens.
Reference:
Code of Virginia §58.1-3340 et seq. (Real estate tax liens)
Virginia Real Estate Principles & Practices - Liens and Priority
NEW QUESTION # 59
Which of these ownership concepts gives each co-owner the right to possession of the whole property?
- A. equitable interest
- B. sole proprietorship
- C. undivided interest
- D. unity of time
Answer: C
Explanation:
In co-ownership, the principle of undivided interest means each co-owner has:
The right to possess and use the entire property, not just a physical portion.
Equal rights of possession regardless of ownership percentage.
Other options:
Sole proprietorship (A): Single owner, not co-ownership.
Unity of time (C): A required element of joint tenancy but not the concept granting rights to the whole property.
Equitable interest (D): Refers to the rights of a buyer under contract before receiving legal title.
Thus, the correct answer is undivided interest.
Reference:
Virginia Real Estate Principles & Practices (Ownership Section)
Code of Virginia §55.1 (Property & Conveyances)
NEW QUESTION # 60
The relationship between a property manager and the property owner is most comparable to that of a:
- A. stockholder with the board of directors of a corporation
- B. cashier with the owner of a store
- C. salesperson with their broker
- D. tenant with a landlord
Answer: C
Explanation:
A property manager acts as an agent for the property owner.
The manager owes fiduciary duties to the owner, similar to how a salesperson works under and owes duties to their broker.
Other comparisons:
(A) Tenant/landlord = contractual lease, not fiduciary.
(B) Stockholder/board = ownership vs governance, not agency.
(D) Cashier/store owner = employee/employer, not fiduciary agent.
Reference:
Code of Virginia §54.1-2100 (definitions of brokerage relationships, property management included) Virginia Real Estate Board Regulations (agency and fiduciary duties)
NEW QUESTION # 61
What is a marketable title?
- A. an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances
- B. a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
- C. constructive or actual notice of real property ownership
- D. the official opinion of an attorney regarding the condition of a property's title
Answer: B
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 # 62
Per se violations are:
- A. acts that are in violation of the TCPA
- B. acts that are considered inherently illegal
- C. acts that are NOT considered inherentty illegal
- D. acts that are in violation of CAN-SPAM
Answer: B
Explanation:
In antitrust law, a per se violation is an act that is considered inherently illegal, regardless of intent or outcome.
Examples in real estate:
Price-fixing (brokers agreeing on commission rates).
Market allocation (dividing territories or clients).
Group boycotts (agreeing not to deal with a competitor).
These acts automatically violate the Sherman Antitrust Act without requiring proof of harm.
Other options confuse per se violations with other laws like TCPA (Do Not Call) or CAN-SPAM (email).
Reference (Virginia Real Estate):
Sherman Antitrust Act, 15 U.S.C. §§ 1-7
Virginia Real Estate Principles - Antitrust section
A490-02REGS.pdf - Professional conduct and antitrust
NEW QUESTION # 63
Alana is renting a three-bedroom home for one year. Alana is the:
- A. tenant or lessor
- B. optionor
- C. holdover tenant
- D. tenant or lessee
Answer: D
Explanation:
Tenant/lessee = person renting property under a lease.
Alana rents the home for one year → she is the tenant/lessee.
Other options:
(B) Holdover tenant - stays after lease expires.
(C) Optionor - person giving an option contract, not a renter.
(D) Lessor - landlord/owner, not tenant.
Reference:
Virginia Residential Landlord and Tenant Act (VRLTA), Code of Virginia §55.1-1200 Real Estate Principles - Leasehold Estates
NEW QUESTION # 64
The purpose of discount points is:
- A. to lower the property value for purposes of tax savings
- B. to lower the interest rate over the life of the loan
- C. to lock in an interest rate for a specified time prior to closing
- D. to lower the amount due at closing
Answer: B
Explanation:
Discount points are prepaid interest paid at closing to the lender.
One point = 1% of the loan amount.
By paying points upfront, borrowers receive a lower interest rate over the life of the loan (commonly referred to as "buying down the rate").
Other options:
(B) Wrong - has nothing to do with property taxes.
(C) Wrong - that describes an interest rate lock, not discount points.
(D) Wrong - points increase closing costs.
Reference:
Virginia Real Estate Finance Principles - Discount Points
Fannie Mae Guidelines - Loan Costs
NEW QUESTION # 65
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