VA Real Estate Study guides, Class notes & Summaries

Sole Proprietor: Principal Broker Owner - Answer-An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer-A brokerage firm owned by an unlicensed individual. The firm must get a business entity firm license before transacting RE business. The firm still must have a licensed principal broker Inactive Status - Answer-Any broker or salesperson not under su...

A title was recorded for a parcel of real property vested in the name of Johan Wilson, a property only in the name of Johan Roberts, a married woman. The discrepancy in the grantor's name is: - Answer A defect which may cause a cloud on the title. Which contract would be the most difficult for a buyer to obtain financing? - Answer Land Contract When a broker runs an advertisement, the broker must disclose: - Answer Name of the Broker Following in-house sales are true, except: - Answer ...

Sole Proprietor: Principal Broker Owner - Answer An individual broker, not a firm, trading under his or her bame or a ficticious name registered with the board. NO business entity firm license required Sole Proprietor: Non-Broker Owner - Answer A brokerage firm owned by an unlicensed individual. The firm must get a business entity firm license before transacting RE business. The firm still must have a licensed principal broker Inactive Status - Answer Any broker or salesperson not under su...

When leasing property under a net lease, the tenant could deduct all of the following as business expenses, EXCEPT: A. Maintenance B. Fire insurance C. Depreciation D. Utilities - Answer Depreciation Encouraging a homeowner to sell his or her property because minority group families are moving into the neighborhood is: A. Redlining B. Steering C. Blockbusting D. Puffery - Answer Blockbusting A broker accepts an exclusive right-to-sell listing. However, the property is later sol...

Fannie Mae (FNMA) - ANSWER-Government sponsored private corporation that generates funds for primary lenders by buying and selling FHA, VA and Conventional Loans. Minnie Mae (GNMA) - ANSWER-Federal Agency under HUD that operates the federal subsidy housing loan programs. Freddie Mac (FHLMC) - ANSWER-Organized to borrow money from pension and trust funds to purchase mortgages and pool them together and to sell bonds on the open market with mortgages as security. Primary Mortgage Market -...

In a residential real estate transaction there are disclosures that the seller is required to make to the buyer. The Virginia Real Estate Board produces two forms that, in most cases, must be given to the buyer. One of these forms is a one-page document in which the seller discloses to the buyer which of the following? - ANSWER-Whether there any known building code issues, and the website where a buyer can get additional information. In one of the seller disclosure forms required in most resi...

Abstract of Title - ANSWER-A condensed history of property An acre contains (sq. ft.) - ANSWER-43,560 sq. ft. An administrator is - ANSWER-appointed by the courts to dispose of property when someone dies intestate Adverse Possession - ANSWER-A means of acquiring title to property Alienation Clause - ANSWER-Allows lender to require balance of loan to be paid in full when you allow someone to assume your loan An appurtenance is - ANSWER-something which benefits the property An as...

Transact the client's affairs in a certain business. - ANSWER-A general agency empowers the agent to: The client (seller), the agent (broker), or by mutual consent. - ANSWER-A listing agreement may be terminated by: d. The buyer has had previous credit problems which may have an impact on loan qualifications - ANSWER-Which of the following MUST be disclosed by an agent to his client in a Real Estate transaction. a. Minority groups are moving into the area b. The average commission re...

VA Real Estate Exam 2023-2024 with Complete Solutions VA Real Estate Exam 2023-2024 with Complete Solutions VA Real Estate Exam 2023-2024 with Complete Solutions Transact the client's affairs in a certain business. - ANSWER-A general agency empowers the agent to: The client (seller), the agent (broker), or by mutual consent. - ANSWER-A listing agreement may be terminated by: d. The buyer has had previous credit problems which may have an impact on loan qualifications - ANSWER-Which...