Ace Virginia-Real-Estate-Salesperson Certification with 125 Actual Questions
PASS Real Estate Licensing Virginia-Real-Estate-Salesperson EXAM WITH UPDATED DUMPS
NEW QUESTION # 58
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. lease-option agreement
- B. cooperative sales contract
- C. land trust
- D. sales contract with a contingency
Answer: A
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 # 59
Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?
- A. A judicial foreclosure was necessary because Mindy holds the title.
- B. A nonjudicial foreclosure was necessary because a trustee holds the title.
- C. A judicial foreclosure was necessary because the lender holds the title.
- D. A nonjudicial foreclosure was necessary because Mindy holds the title.
Answer: A
Explanation:
In Virginia, foreclosures can generally fall into two categories: judicial foreclosure and nonjudicial foreclosure.
Judicial Foreclosure
This process occurs when the lender must file a lawsuit in court against the borrower (the homeowner).
The borrower is named as a defendant in the case.
Judicial foreclosure is required when the borrower (Mindy) holds legal title to the property. In this situation, the court oversees the process, and a foreclosure sale is ordered by the judge.
In the scenario given, Mindy was sued by her lender and named as a defendant. That is a hallmark sign of judicial foreclosure.
Nonjudicial Foreclosure
This process does not involve a lawsuit. Instead, it relies on a power of sale clause in the deed of trust.
In Virginia (a deed of trust state), a trustee typically holds legal title until the loan is repaid. If the borrower defaults, the trustee can sell the property without court involvement.
Because Mindy's case specifically involved a lawsuit and court action, this does not match a nonjudicial foreclosure.
Who Holds Title?
In a judicial foreclosure, the borrower (Mindy) holds legal title to the property until the court authorizes a sale.
The fact that the lender had to sue confirms that Mindy held the title, not the trustee.
Reference (without URLs):
Virginia Code § 55.1-3200 et seq. (Foreclosure laws in Virginia)
Real Estate Regulations (A490-02REGS.pdf) - sections on property rights and foreclosure process included under continuing education requirements Virginia Practice: Real Estate Principles and Practices - discussion of judicial vs. nonjudicial foreclosure distinctions in title-holding states versus deed-of-trust states.
NEW QUESTION # 60
Larry's new tenant, who uses a wheelchair, asks Larry to install grab bars in the bathtub, as well as lowered light switches. The tenant is asking for:
- A. modifications, and Larry can require that the tenant pay for their installation
- B. bias, and Larry is not obligated to complete the request
- C. accommodations, and Larry must pay for them, no matter the expense
- D. injunctions, and the Americans with Disabilities Act (ADA) will cover the cost
Answer: A
Explanation:
Under the Fair Housing Act (FHA), landlords must permit reasonable modifications to rental units to allow persons with disabilities full use and enjoyment of the premises.
Examples: installing grab bars, lowering light switches, widening doorways.
Cost responsibility: The tenant typically pays for these modifications unless the housing is federally funded. The landlord may require the tenant to restore the unit to its original condition at the end of tenancy (reasonable wear and tear excluded).
This differs from reasonable accommodations, which are changes to policies/rules (e.g., allowing a service animal) and must be paid for by the housing provider.
Reference (Virginia Real Estate):
Federal Fair Housing Act, 42 U.S.C. §§ 3601-3619
Virginia Fair Housing Law (Code of Virginia Title 36, Ch. 5.1)
A490-02REGS.pdf - Fair Housing curriculum
NEW QUESTION # 61
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. naked title
- B. dirty title
- C. skinny title
- D. clean title
Answer: A
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 # 62
What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?
- A. eminent domain
- B. escheat
- C. police power
- D. variance
Answer: B
Explanation:
This is the same as Question 100 - likely a duplicate question. Again, the answer is escheat because property without heirs or a will reverts to the state.
Reference (Virginia Real Estate):
Same as Question 100.
NEW QUESTION # 63
A legally competent party to a contract will:
- A. be literate and not be mentally incompetent or intoxicated by drugs or alcohol
- B. not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
- C. have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol
- D. have reached the age of majority and be literate
Answer: C
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 # 64
What is a marketable title?
- A. a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
- B. an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances
- C. the official opinion of an attorney regarding the condition of a property's title
- D. constructive or actual notice of real property ownership
Answer: A
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 # 65
A partially amortizing loan will include:
- A. non-refinancing clauses
- B. a balloon payment
- C. equal monthly payments that contribute to both principal and interest until the
- D. multiple lenders
Answer: B
Explanation:
entire loan is paid
Explanation:
A partially amortizing loan requires regular monthly payments covering interest and some principal, but the loan is not fully paid off at the end of the term.
At maturity, a balloon payment (lump sum of the remaining balance) is due.
Other options:
(B) Non-refinancing clause - not a defining feature.
(C) Multiple lenders - irrelevant.
(D) Equal monthly payments until fully paid - that describes a fully amortizing loan, not partial.
Reference:
Virginia Real Estate Finance Principles - Loan types
National exam content outline (Amortization & balloon loans)
NEW QUESTION # 66
Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?
- A. tenancy by the entirety
- B. ownership in severalty
- C. joint tenancy
- D. tenancy in common
Answer: D
Explanation:
Key facts:
Meg and Jack own unequal shares (60% vs. 40%).
If Meg dies, her share goes to her spouse, not Jack.
This describes tenancy in common, where:
Co-owners can hold unequal interests.
Each holds an undivided interest in the property.
No right of survivorship-each owner's share passes to their heirs or will.
Other options:
(A) Severalty = ownership by one person.
(C) Tenancy by the entirety = for married couples only.
(D) Joint tenancy = includes right of survivorship (not present here).
Reference (Virginia Real Estate):
Virginia Code § 55.1-134 (Tenancy in common)
Virginia Real Estate Principles - Ownership section
A490-02REGS.pdf - Estates & Co-ownership curriculum
NEW QUESTION # 67
The VRLTA applies to:
- A. anyone who owns more than two rental properties
- B. anyone who owns one property
- C. anyone who owns more than five rental properties
- D. anyone who owns a commercial property
Answer: A
Explanation:
The Virginia Residential Landlord and Tenant Act (VRLTA) applies to:
All landlords who own more than two rental units or more than 10% interest in more than two rental units.
Landlords with two or fewer units may be exempt unless they choose to opt in.
This ensures tenant protections apply broadly, while small-scale landlords with only one or two rentals may be treated differently.
Reference (Virginia Real Estate):
Virginia Code § 55.1-1201 (Application of VRLTA)
Virginia Real Estate Principles - Landlord-tenant law section
A490-02REGS.pdf - VRLTA curriculum
NEW QUESTION # 68
What is a building permit?
- A. document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law
- B. document that permits changing the zoning of one small area within the existing zoning
- C. written permission from the government to seize private property for public use
- D. legal document from a local authority that authorizes a construction or remodeling project
Answer: D
Explanation:
A building permit is written authorization from a local government (building department) allowing construction, remodeling, or major repair work.
Ensures compliance with zoning, building codes, and safety standards.
Other options:
(A) Refers to eminent domain, not a permit.
(B) Refers to a variance (zoning exception).
(D) Refers to spot zoning (rezoning of a small parcel).
Reference (Virginia Real Estate):
Virginia Uniform Statewide Building Code
Code of Virginia Title 36 (Housing)
A490-02REGS.pdf - Land use & building regulations
NEW QUESTION # 69
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. corporation
- B. sole proprietorship
- C. general partnership
- D. limited partnership
Answer: A
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 # 70
Which of these is a federal law that aims to protect people and the environment from the harmful effects of air pollution?
- A. Safe Drinking Water Act
- B. CERCLA
- C. Clean Air Act
- D. Superfund Amendments and Reauthorization Act
Answer: C
Explanation:
The Clean Air Act (CAA) is the federal law designed to protect human health and the environment from the harmful effects of air pollution.
It authorizes the EPA to set air quality standards, regulate emissions from industries and vehicles, and enforce compliance.
Other options:
(B) Safe Drinking Water Act → protects water quality.
(C) Superfund Amendments and Reauthorization Act (SARA) → expands CERCLA's hazardous waste cleanup responsibilities.
(D) CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) → governs cleanup of hazardous waste sites ("Superfund").
Reference (Virginia Real Estate):
Clean Air Act, 42 U.S.C. § 7401 et seq.
Virginia Real Estate Principles - Environmental issues section
NEW QUESTION # 71
In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:
- A. tender
- B. property
- C. seller
- D. broker
Answer: B
Explanation:
Loan underwriting evaluates two things:
Borrower's creditworthiness (income, debt, credit score).
The property's value and suitability (via appraisal, condition, and title review).
The lender needs to ensure that the property provides sufficient collateral in case of default.
Other options:
(A) Tender - unrelated.
(C) Broker - not evaluated.
(D) Seller - irrelevant to loan approval.
Reference:
Fannie Mae Selling Guide - Loan Underwriting
Virginia Real Estate Finance Principles - Loan Process
NEW QUESTION # 72
Which of these types of loans can always be sold on the secondary mortgage market?
- A. non-conforming loans
- B. loans originated by Fannie Mae
- C. jumbo loans
- 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 # 73
What is the goal of the Sherman Antitrust Act?
- A. to protect consumers against inaccurate and unfair credit billing and credit card practices
- B. to prohibit deceit, misrepresentations, and other fraud in the sale of securities
- C. to ensure the fair treatment of all Americans seeking housing
- D. to promote fair competition on behalf of American consumers
Answer: D
Explanation:
The Sherman Antitrust Act (1890) is federal legislation designed to maintain fair competition in the marketplace. It prohibits business practices that restrain trade or create monopolies. In real estate, this law directly applies to:
Price fixing (e.g., brokers agreeing on commission rates)
Group boycotts (refusing to do business with certain parties)
Market allocation (dividing territories or clients among competitors)
Tie-in agreements (forcing the purchase of one service with another)
Its primary goal is consumer protection through competition-not housing rights, credit billing, or securities fraud.
Reference (Virginia Real Estate):
Sherman Antitrust Act, 15 U.S.C. §§ 1-7
Virginia Real Estate Board continuing education: Ethics & Antitrust Law compliance A490-02REGS.pdf (Professional Standards & Conduct sections)
NEW QUESTION # 74
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Virginia-Real-Estate-Salesperson Questions PDF [2026] Use Valid New dump to Clear Exam: https://guidetorrent.passcollection.com/Virginia-Real-Estate-Salesperson-valid-vce-dumps.html
