[Full-Version] 2026 New Preparation Guide of Real Estate Licensing Virginia-Real-Estate-Salesperson Exam
Virginia-Real-Estate-Salesperson Practice Exam - 125 Unique Questions
NEW QUESTION # 57
A partially amortizing loan will include:
- A. a balloon payment
- B. non-refinancing clauses
- C. multiple lenders
- D. equal monthly payments that contribute to both principal and interest until the
Answer: A
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 # 58
Vicarious liability is the common law concept that:
- A. license holders may ONLY be held liable if violations are brought to court
- B. agents cannot be held liable for violating fiduciary duties, while brokers can
- C. a person is liable for the actions of those acting with authority on that individual's behalf
- D. brokers are free from taking responsibility for their agents' actions
Answer: C
Explanation:
Vicarious liability is a common law concept where a person in authority is responsible for the actions of another acting on their behalf:
In real estate, brokers are vicariously liable for the actions of their salespersons/agents when those actions are within the scope of their authority.
This does not absolve agents of their own liability, but it means the broker shares responsibility for ensuring compliance with real estate law and ethical standards.
Other options:
(A) Wrong - liability doesn't depend on whether violations are taken to court.
(C) Wrong - brokers are not free from responsibility.
(D) Wrong - both brokers and agents can be held liable.
Reference (Virginia Real Estate):
Virginia Code § 54.1-2101 et seq. (Broker supervisory responsibilities) Real Estate Board Regulations 18 VAC 135-20-160 A490-02REGS.pdf - Agency law & fiduciary duties
NEW QUESTION # 59
Arnav is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnav find a property. Which of the following is MOST TRUE about Corey's situation?
- A. Corey should specify verbally whether the light fixtures are the seller's personal property.
- B. Corey should not address the light fixtures, as it is safe to assume light fixtures will convey with the property title.
- C. Corey should mention the light fixtures to his sponsoring broker in case issues come up later.
- D. Corey should specify in writing whether the light fixtures are the seller's personal property.
Answer: D
Explanation:
Fixtures are items attached to the property and usually transfer with the real estate. Light fixtures are typically considered fixtures, not personal property.
However, disputes can arise if sellers intend to take them.
To avoid ambiguity, the agent should specify in writing in the contract whether fixtures convey.
Other options:
(A) Verbal agreements are unenforceable under the Statute of Frauds.
(B) While fixtures usually convey, assumptions create disputes.
(C) Mentioning it to a broker is insufficient-needs to be in writing in the purchase agreement.
Reference (Virginia Real Estate):
Code of Virginia § 11-2 (Statute of Frauds)
Virginia Real Estate Principles - Fixtures vs. Personal Property
A490-02REGS.pdf - Contracts & property section
NEW QUESTION # 60
All of the following are examples of legal descriptions of property EXCEPT:
- A. Lot A, Block 2 of Shady Tree Subdivision, Madison County, Wisconsin
- B. 8647 Notting Hill Drive, Berkshire, Colorado 52467
- C. SW 1/4 of NW 1/4 of NE 1/2 of T3N R4E of Meridian 16
- D. Lot E, Block 14 of West Lake Village, Orange County, Texas
Answer: B
Explanation:
Legal descriptions must be precise and unique so land can be located without confusion.
Accepted forms:
Metes and bounds
Rectangular (government) survey (e.g., "SW 1/4 of NW 1/4...")
Lot and block (e.g., subdivision plats)
A street address (Option B) is not a legal description-too general and can change.
Reference:
Virginia Real Estate Principles & Practices - Legal Descriptions
Virginia Exam Outline - Land and Property Descriptions
NEW QUESTION # 61
What is the goal of the Sherman Antitrust Act?
- A. to prohibit deceit, misrepresentations, and other fraud in the sale of securities
- B. to promote fair competition on behalf of American consumers
- C. to ensure the fair treatment of all Americans seeking housing
- D. to protect consumers against inaccurate and unfair credit billing and credit card practices
Answer: B
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 # 62
John is a landlord. He has an applicant for an apartment who uses a cane. John tells her that she should go to the complex across the street, as they have more first-floor units available, and he doesn't want her to have to climb the stairs in his building. She thanks him for the tip. Evaluate.
- A. John steered the applicant, which was a risky move, but it paid off this time.
- B. John did nothing wrong. He simply evaluated the applicant and tried to do what was best for her.
- C. John steered the applicant, but it was okay since she expressed appreciation.
- D. John steered the applicant, which is never okay, even if she expressed appreciation.
Answer: D
Explanation:
Steering is the illegal practice of guiding prospective tenants or buyers to (or away from) certain properties based on protected characteristics (disability, race, religion, etc.).
John assumed the applicant's disability limited her housing choices and discouraged her from renting his unit.
Even if his intention was good and the applicant appreciated it, this constitutes disability discrimination under the Fair Housing Act.
Other options suggesting it was "okay" are incorrect because discrimination does not depend on intent or on whether the applicant objected.
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 compliance
NEW QUESTION # 63
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 the lender holds the title.
- B. A nonjudicial foreclosure was necessary because Mindy holds the title.
- C. A nonjudicial foreclosure was necessary because a trustee holds the title.
- D. A judicial foreclosure was necessary because Mindy holds the title.
Answer: D
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 # 64
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. cooperative sales contract
- B. sales contract with a contingency
- 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 # 65
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. injunctions, and the Americans with Disabilities Act (ADA) will cover the cost
- D. accommodations, and Larry must pay for them, no matter the expense
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 # 66
What does the VRLTA aim to do?
- A. regulate owner-occupied REO properties in Virginia
- B. monitor commercial leasing practices in Virginia
- C. regulate landlord maintenance practices for industrial warehouses across the United States
- D. establish uniform laws to regulate leasehold interests and improve leasing practices in Virginia
Answer: D
Explanation:
The Virginia Residential Landlord and Tenant Act (VRLTA) was enacted to:
Establish uniform standards for rental housing in Virginia.
Govern leasehold interests in residential property.
Clarify landlord and tenant rights/responsibilities.
Improve rental practices, reduce disputes, and ensure fairness.
Other options:
(A) Wrong - VRLTA applies to Virginia residential properties, not industrial warehouses nationwide.
(B) Wrong - It does not apply to commercial leasing.
(D) Wrong - It does not regulate REO or owner-occupied property.
Reference:
Code of Virginia, Title 55.1, Chapter 12 - Virginia Residential Landlord and Tenant Act (VRLTA) Virginia Real Estate Board CE Curriculum - Landlord & Tenant Law
NEW QUESTION # 67
What is the purpose of the Do Not Call Registry?
- A. It governs the use of commercial email advertising.
- B. It has three main truth-in-advertising provisions.
- C. It bans bait-and-switch ads.
- D. It regulates telemarketing activities from commercial organizations.
Answer: D
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 # 68
Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned for commercial use. Ben should go to the city and seek a(n):
- A. use variance
- B. deferrence
- C. exemption
- D. encroachment
Answer: A
Explanation:
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
NEW QUESTION # 69
In Virginia, how many years do records need to be kept for?
- A. two years
- B. five years
- C. one year
- D. three years
Answer: D
Explanation:
Virginia requires brokers and firms to retain all financial, transactional, and escrow records for three years.
This includes contracts, disclosures, closing statements, and escrow records.
The three-year period usually begins from the date of closing or termination of the transaction.
Reference:
Virginia Code §54.1-2108 (Broker records retention requirements)
NEW QUESTION # 70
In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?
- A. broker and assistant broker
- B. broker, salesperson, and firm
- C. sales agent, broker, and property manager
- D. residential and commercial
Answer: B
Explanation:
Virginia issues three types of real estate licenses:
Broker - may operate independently, supervise others, and run a firm.
Salesperson - must work under a broker.
Firm - a business entity license allowing a company to operate as a brokerage.
Other options:
(A) Property manager is not a separate license category in Virginia.
(B) Assistant broker not a recognized license.
(C) Residential/commercial are specialties, not license types.
Reference:
Code of Virginia §54.1-2106.1 (Licensing requirements)
Virginia Real Estate Board Regulations (Licensing categories)
NEW QUESTION # 71
An area has been rezoned as residential, but a neighborhood store has been legacied in and allowed to continue its business.
This is an example of:
- A. area variance
- B. conditional-use permit
- C. nonconforming use
- D. amendment
Answer: C
Explanation:
When zoning laws change, an existing property use that was legal under the old zoning but is not permitted under the new zoning is considered a nonconforming use.
Example: A neighborhood store that continues operation in an area rezoned as residential.
This use is often "grandfathered in" and allowed to continue, though expansion or major changes may not be permitted.
Other options:
(A) Amendment = change to zoning laws, not the use itself.
(C) Conditional-use permit = allows a use not typically permitted but approved under conditions.
(D) Area variance = exception to zoning requirements, usually related to lot size/setbacks.
Reference (Virginia Real Estate):
Virginia Code Title 15.2 - Local Zoning Authority
Virginia Principles of Real Estate - Zoning & Land Use section
A490-02REGS.pdf - Land use controls
NEW QUESTION # 72
The National Association of Realtors' Code of Ethics says
Realtors should act with:
- A. All choices are correct.
- B. competence
- C. fairness
- D. integrity
Answer: A
Explanation:
Comprehensive Detailed Explanation:
The NAR Code of Ethics establishes that Realtors must act with:
Integrity - honesty in all dealings.
Fairness - treating all parties honestly and impartially.
Competence - providing services within their level of skill and knowledge.
Since the Code of Ethics covers all these duties, the correct choice is all choices are correct.
Reference:
NAR Code of Ethics, Preamble & Article 1
NEW QUESTION # 73
Which of these is a federal law that aims to protect people and the environment from the harmful effects of air pollution?
- A. CERCLA
- B. Clean Air Act
- C. Superfund Amendments and Reauthorization Act
- D. Safe Drinking Water Act
Answer: B
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 # 74
According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?
- A. two months' rent
- B. six months' rent
- C. $2,000
- D. one month's rent
Answer: A
Explanation:
Under the Virginia Residential Landlord and Tenant Act (VRLTA), a landlord may not demand or receive a security deposit exceeding the equivalent of two months' rent.
Deposit must be returned (with allowable deductions) within 45 days after lease termination.
This protects tenants from excessive deposits while allowing landlords some coverage for damages.
Other options:
(A) One month = incorrect, law allows more.
(C) $2,000 = not specified in law.
(D) Six months = excessive and prohibited.
Reference (Virginia Real Estate):
Virginia Code § 55.1-1226 (Security deposits)
Virginia Residential Landlord Tenant Act (VRLTA)
A490-02REGS.pdf - Landlord-tenant curriculum
NEW QUESTION # 75
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