Virginia-Real-Estate-Salesperson Exam Dumps and Practice Questions

Material facts are facts that significantly affect the value, desirability, or decision regarding a property.

Disclosure is required because knowing these facts could lead a buyer or seller to act differently (e.g., not purchase, renegotiate price, or take corrective measures).

Other options:

(A) Construction materials may affect value, but this is not the reason for disclosure laws.

(B) Some facts are not easily seen, but disclosure is broader.

(D) Not all facts, only material ones, must be disclosed.

Code of Virginia 54.1-2131 (Duties of licensees: disclosure of material facts)

Virginia Real Estate Board Regulations -- Standards of Conduct

A use variance allows a property to be used in a way not normally permitted by zoning.

Since Ben wants to build a restaurant (commercial use) on land not zoned for commercial, he must apply to the local zoning board for a use variance.

Other options:

(A) Exemption = not the correct zoning term.

(B) Deferrence = not a recognized land use concept.

(C) Encroachment = unauthorized intrusion onto another's property (not zoning related).

Reference (Virginia Real Estate):

Code of Virginia Title 15.2 (Zoning laws)

Virginia Real Estate Principles -- Land use controls

A490-02REGS.pdf -- Zoning & variances curriculum

An open listing is a nonexclusive agreement allowing:

Multiple brokers to market the property.

The seller to sell the property themselves.

A commission only being paid to the broker (or seller) who is the procuring cause of the sale.

Other agreements:

(B) Exclusive right-to-sell = listing broker gets commission no matter who sells.

(C) Exclusive agency = one broker represents seller, but seller can sell on their own without paying commission.

(D) Net listing = illegal in many states (broker keeps anything above seller's required price).

Reference (Virginia Real Estate):

Code of Virginia 54.1-2137 (Agency agreements)

Virginia Real Estate Principles -- Listing agreements

A490-02REGS.pdf -- Brokerage & Listing curriculum

In Virginia, agency law recognizes several forms of representation that real estate licensees may provide. These include standard agency, dual agency, and limited service agency. But Virginia also allows licensees to operate in a capacity where they provide no agency representation to either party.

No Agency (also called ''Independent Contractor'' or ''Facilitator/Transaction Coordinator'')

When a licensee assists in a real estate transaction without representing either the buyer or the seller, they are said to be practicing ''no agency.''

In this capacity, the licensee does not advocate for either side but may assist with paperwork, communication, and coordination of the transaction.

In Virginia, such licensees are sometimes referred to as intermediaries.

Why not the other options?

Single Agent (A): A single agent represents only one party (buyer or seller) in the transaction with full fiduciary duties. This is the most common agency relationship.

Dual Agent (C): A dual agent represents both buyer and seller in the same transaction with limited duties to each. This is a recognized but restricted practice in Virginia.

Appraiser (D): An appraiser is a licensed professional who provides valuation services and is not acting as an agent or intermediary in the transaction.

Because Mindy's question specifies no agency, the correct Virginia terminology aligns with ''intermediary.''

Reference (without URLs):

Code of Virginia, Title 54.1, Chapter 21 -- Real Estate Brokers, Salespersons, and Rental Location Agents ( 54.1-2130 et seq.) (defining agency and non-agency relationships)

Real Estate Board Regulations (18 VAC 135-20-10 Definitions; 18 VAC 135-20-300 Standards of Conduct)

Virginia Real Estate Principles & Practices -- discussion on transaction coordinators/intermediaries and their duties under no-agency status

A percentage lease is most commonly used in commercial real estate, especially retail.

The tenant pays a base rent plus a percentage of their business's gross sales/profits to the landlord.

Example: Shopping mall tenants, restaurants, or department stores.

Other options:

(A) Gross lease = tenant pays fixed rent; landlord pays expenses.

(C) Net lease = tenant pays base rent + some or all operating expenses (taxes, insurance, maintenance).

(D) Ground lease = long-term lease of land (tenant builds on leased land).

Reference (Virginia Real Estate):

Virginia Real Estate Principles -- Types of leases

A490-02REGS.pdf -- Leasing curriculum