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Virginia-Real-Estate-Salesperson Exam Questions - Virginia Real Estate Salesperson Exam Exam Cram & Virginia-Real-Estate-Salesperson Test Guide
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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q40-Q45):
NEW QUESTION # 40
Who regulates fair housing advertising?
- A. ECOA
- B. HMDA
- C. HUD
- D. CRA
Answer: C
Explanation:
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).
HUD issues rules on wording, images, and equal housing opportunity statements in ads.
Other agencies:
(A) HMDA (Home Mortgage Disclosure Act) - focuses on lending data, not advertising.
(C) CRA (Community Reinvestment Act) - ensures banks serve all communities fairly.
(D) ECOA (Equal Credit Opportunity Act) - prohibits discrimination in lending, not ads.
Reference:
Fair Housing Act, 42 U.S.C. §3601 et seq.
HUD Fair Housing Advertising Guidelines
Virginia Fair Housing Law (Title 36, Chapter 5.1)
NEW QUESTION # 41
Which of the following is correct about implied and express contracts?
- A. Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.
- B. Implied contracts can be legally binding, while express contracts cannot.
- C. Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.
- D. Express contracts can be legally binding, while implied contracts cannot.
Answer: C
Explanation:
Express contract: Terms are explicitly stated in words, either orally or in writing (e.g., a signed listing agreement).
Implied contract: Formed through the conduct or actions of the parties (e.g., ordering food at a restaurant implies a promise to pay).
Both types can be legally binding. The key difference is how the agreement is established.
Reference (Virginia Real Estate):
Code of Virginia Title 11 - Contracts
Virginia Real Estate Board education requirements - Contracts
NEW QUESTION # 42
The relationship between a property manager and the property owner is most comparable to that of a:
- A. cashier with the owner of a store
- B. stockholder with the board of directors of a corporation
- C. salesperson with their broker
- D. tenant with a landlord
Answer: C
Explanation:
A property manager acts as an agent for the property owner.
The manager owes fiduciary duties to the owner, similar to how a salesperson works under and owes duties to their broker.
Other comparisons:
(A) Tenant/landlord = contractual lease, not fiduciary.
(B) Stockholder/board = ownership vs governance, not agency.
(D) Cashier/store owner = employee/employer, not fiduciary agent.
Reference:
Code of Virginia §54.1-2100 (definitions of brokerage relationships, property management included) Virginia Real Estate Board Regulations (agency and fiduciary duties)
NEW QUESTION # 43
Which of these describes a leasehold estate?
- A. Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
- B. Jung owns a building. He lives upstairs and runs the store downstairs.
- C. Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.
- D. Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
Answer: D
Explanation:
A leasehold estate grants the tenant the right to occupy/use property for a specified time, while ownership remains with the landlord.
Terrence paying rent for an apartment he does not own is a classic leasehold estate example.
Other options:
(B) Stipulation on deed = fee simple defeasible estate.
(C) Occupancy for life = life estate.
(D) Jung owning and occupying = fee simple ownership.
Reference:
Virginia Real Estate Principles & Practices - Types of Estates
NEW QUESTION # 44
Who regulates fair housing advertising?
- A. ECOA
- B. HMDA
- C. HUD
- D. CRA
Answer: C
Explanation:
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).
HUD issues rules on wording, images, and equal housing opportunity statements in ads.
Other agencies:
(A) HMDA (Home Mortgage Disclosure Act) - focuses on lending data, not advertising.
(C) CRA (Community Reinvestment Act) - ensures banks serve all communities fairly.
(D) ECOA (Equal Credit Opportunity Act) - prohibits discrimination in lending, not ads.
Reference:
Fair Housing Act, 42 U.S.C. §3601 et seq.
HUD Fair Housing Advertising Guidelines
Virginia Fair Housing Law (Title 36, Chapter 5.1)
NEW QUESTION # 45
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