Virginia-Real-Estate-Salesperson Guide - Reliable Test Virginia-Real-Estate-Salesperson Test
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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q81-Q86):
NEW QUESTION # 81
What is a deed containing the strongest and broadest form of guarantee of title?
- A. special warranty deed
- B. general warranty deed
- C. bargain and sale deed
- D. quitclaim deed
Answer: B
Explanation:
A general warranty deed provides the strongest and broadest protection to the grantee (buyer). It guarantees that the grantor holds clear title to the property, free of encumbrances, and covers all claims against the property both before and during the grantor's ownership.
Quitclaim deed (A): Conveys only whatever interest the grantor has (if any) with no warranties.
Special warranty deed (B): Protects only against claims during the grantor's ownership.
Bargain and sale deed (D): Implies ownership but provides no warranties against liens or encumbrances.
Therefore, the general warranty deed is the strongest guarantee of title and most commonly used in Virginia residential real estate sales.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-300 et seq. (Deeds)
Virginia Real Estate Board education requirements - Deeds and Transfer of Title A490-02REGS.pdf (Deeds & Title Transfer curriculum)
NEW QUESTION # 82
An appraiser will most likely follow all of these steps in their appraisal, EXCEPT:
- A. gathering and recording data
- B. setting a listing price for the property
- C. estimating the land value
- D. reconciling the value estimates
Answer: B
Explanation:
An appraiser's role is to provide an independent, unbiased opinion of value, not to engage in brokerage activities.
Steps appraisers follow:
Gathering and recording data (property details, comps, market conditions) Estimating land value (separate from improvements) Reconciling value estimates (from cost, income, and sales comparison approaches) They do not set listing prices, which is the job of a real estate agent or seller.
Reference (Virginia Real Estate):
Uniform Standards of Professional Appraisal Practice (USPAP)
Virginia Real Estate Principles - Appraisal section
A490-02REGS.pdf - Appraiser's role in real estate transactions
NEW QUESTION # 83
In Virginia, a supervising broker is:
- A. a broker who has been designated by a principal broker to oversee the provision of real estate brokerage services by associate brokers and salespersons assigned to a branch office or a real estate team
- B. the licensed broker of a firm who takes responsibility for the actions of the firm and licensees; there is only one in the firm
- C. a broker who opts to work under another broker and has no agents assigned to them
- D. a broker who is NOT affiliated with the brokerage representing a principal in a real estate transaction
Answer: A
Explanation:
In Virginia, the principal broker is the broker of record, legally responsible for the entire firm.
A supervising broker is one who is designated by the principal broker to manage day-to-day activities of salespersons or associate brokers in:
A branch office, OR
A specific real estate team.
Other options:
(B) = principal broker definition, not supervising broker.
(C) = outside broker, not correct.
(D) = describes an associate broker.
Reference:
Code of Virginia §54.1-2100 (Definitions of principal broker, supervising broker) Real Estate Board Regulations 18 VAC 135-20-50 (Broker supervision requirements)
NEW QUESTION # 84
What is the difference between assemblage and plottage?
- A. Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
- B. Assemblage is the first step in creating a new subdivision, and plottage is the second step.
- C. Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
- D. Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
Answer: D
Explanation:
Assemblage: The process of combining two or more adjacent parcels of land into one larger parcel.
Plottage: The increase in value that results from assemblage due to the greater utility or economic use of the combined parcel.
Example: Two small lots may be worth $50,000 each separately, but if assembled into one larger parcel, the combined property may be worth $120,000 due to increased development potential.
Reference (Virginia Real Estate):
Virginia Real Estate Principles - Land and Appraisal section
A490-02REGS.pdf - Valuation curriculum
NEW QUESTION # 85
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. general partnership
- C. limited partnership
- D. sole proprietorship
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 # 86
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