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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

SectionWeightObjectives
National Portion (120 questions)80%- Agency and Fiduciary Duties
  • 1. Agent duties to clients and customers
  • 2. Agency relationships
  • 3. Fiduciary responsibilities
- Property Transfer and Title
  • 1. Title insurance
  • 2. Title transfer procedures
  • 3. Deeds and ownership transfer
- Financing and Settlement
  • 1. Mortgage types and financing
  • 2. Loan application process
  • 3. Settlement procedures
  • 4. Closing costs
- Practice and Ethics
  • 1. Trust fund handling
  • 2. License law requirements
  • 3. Fair housing laws
  • 4. Ethics and professional conduct
- Property Ownership and Land Use
  • 1. Land characteristics and types
  • 2. Property ownership forms
  • 3. Encumbrances and liens
  • 4. Zoning and land use regulations
- Contracts and Agreements
  • 1. Purchase and sale agreements
  • 2. Lease agreements
  • 3. Contract formation and requirements
  • 4. Listing agreements
- Property Disclosures and Valuations
  • 1. Material disclosure requirements
  • 2. Property valuation methods
  • 3. Comparative market analysis
Virginia State Portion (30 questions)20%- Virginia Contracts and Practices
  • 1. Common law vs. statutory requirements
  • 2. Virginia-specific contract requirements
- Virginia Real Estate License Law
  • 1. Virginia Real Estate Board regulations
  • 2. License renewal and continuing education
  • 3. Licensing requirements and procedures
- Virginia-Specific Statutes
  • 1. State-specific disclosure requirements
  • 2. Virginia fair housing regulations
  • 3. Virginia Real Estate License Act

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

Question 1

When the CFPB introduced the new TRID rules integrating RESPA and TILA rules, what two disclosure forms did they mandate lenders provide to borrowers?

A. the TILA disclosure and the RESPA disclosure
B. the Good Faith Estimate and the HUD-1
C. the Loan Estimate and the Closing Disclosure
D. the Settlement Statement and the Loan Disclosure


Question 2

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. escheat
B. police power
C. variance
D. eminent domain


Question 3

When must a lender provide borrowers with a Closing Disclosure?

A. at least three business days before the consummation of the loan
B. at least five business days after consummation of the loan
C. at the end of the closing ceremony
D. on the day of closing


Question 4

According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?

A. six months' rent
B. two months' rent
C. one month's rent
D. $2,000


Question 5

What is unique about an exclusive right-to-sell listing agreement?

A. The broker acts as a general agent for the client in all business dealings.
B. There are multiple brokers working to sell the same property.
C. The broker gets compensation regardless of who sells the property.
D. The broker represents both the seller and the buyer.


Solutions:

Question 1
Answer: C
Question 2
Answer: A
Question 3
Answer: A
Question 4
Answer: B
Question 5
Answer: C

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