VA Virginia Real Estate Exam Latest Update 2024-2025 Actual Exam 100 Questions and 100% Verified Correct Answers Verified by Professor
"Runs with the land" and applies to the current owner and any subsequent owners. -
CORRECT ANSWER: Deed Restriction
$20 within a 2 year period. - CORRECT ANSWER: If transaction recovery fund falls below minimum, what is the maximum licensees may be assessed?
$400,000 - CORRECT ANSWER: The minimum balance for the Transaction Recovery
Fund is set at:
180 days - CORRECT ANSWER: An individual appointed to carry out the conclusion of
a broker's business is only authorized to act in this capacity for a period of:
180 days (6 months) - CORRECT ANSWER: A broker may hold commissions in their
escrow account and NOT be guilty of commingling, provided that such money is
removed from the escrow account at regular intervals, not to exceed:
30 days - CORRECT ANSWER: When a real estate license has expired how long does
the licensee have to reinstate the license without monetary penalty?
75 percent of the units are sold. - CORRECT ANSWER: A declarant remains
responsible for the management and maintenance of the entire condominium project
until:
A construction loan. - CORRECT ANSWER: Which loan carries highest risk to lender?
- / 3
A loan feature that allows the principle balance to increase because payments are
insufficient to pay the interest owed. - CORRECT ANSWER: What is negative
amortization?
- ad valorem - CORRECT ANSWER: Taxing real estate according the the value of the
property is called:
- ad valorem
- assessment
- appraisal
- capitalization
a. Horse ranch - CORRECT ANSWER: Commercial property includes all but which of
the following?
- horse ranch
- office buildings
- restaurants
- vacant land suitable for commercial development
a. market value and replacement cost - CORRECT ANSWER: When appraising new
single family homes, the greatest reliance would be placed on which of the following:
- market value and replacement cost
- replacement cost and income
- highest and best use and market value
- replacement cost and capitalization
- physical deterioration- curable - CORRECT ANSWER: A building badly in need of
cleaning, painting, and minor repairs is an example of: 2 / 3
- physical deterioration-curable
- physical deterioration- incurable
- functional obsolescence-curable
- functional obsolescence- incurable
a. price of the property - CORRECT ANSWER: In the capitalization approach, the
appraiser considers all of the following EXCEPT:
- price of the property
- rate of return on the investment
- rate of return of the investment
- the estimated future income
- the entire lease interest is transferred - CORRECT ANSWER: When a property is
sold with an existing lease:
- the entire lease interest is transferred
- the original lessor remains primarily liable on the lease
- the original lessor has no liability
- the assignee would pay the rent to the assignor
- title to the property - CORRECT ANSWER: When a buyer purchases property under
an installment sales contract, the seller retains:
- title to the property
- a remainder estate
- possession
- a life estate
- / 3