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| Section | Weight | Objectives |
|---|---|---|
| National Portion (120 questions) | 80% | - Contracts and Agreements
|
| Virginia State Portion (30 questions) | 20% | - Virginia Real Estate License Law
|
1. Which of the following is correct about implied and express contracts?
A) Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.
B) Implied contracts can be legally binding, while express contracts cannot.
C) Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.
D) Express contracts can be legally binding, while implied contracts cannot.
2. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?
A) net listing
B) open listing
C) exclusive agency agreement
D) exclusive right-to-sell agreement
3. Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?
A) No. It's normal for lenders to have significant last-minute changes to their fees.
B) No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
C) Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.
D) Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.
4. A home is being sold "as is." Evaluate this situation.
A) The seller is indicating that they believe their home to be in pristine condition.
B) The seller is signaling that they do not want to do any repairs, regardless of what is found in the inspection.
C) The seller is planning to tear down the house before closing.
D) The seller does not have to disclose any defects to the buyer.
5. Lola has an easement that allows her to cross her neighbor's back lot to reach her home. It runs with the land. What kind of easement does Lola have?
A) easement for light and air
B) easement in gross
C) easement by prescription
D) easement appurtenant
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: D |
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