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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q107-Q112):

NEW QUESTION # 107
The consummation of a real estate sale is known as the:

A. option period
B. offer and acceptance
C. signing of the contract
D. closing

Answer: D

Explanation:
The consummation of a real estate sale is when the property legally transfers from seller to buyer at the closing (settlement).
At closing:
Final documents are signed.
Purchase funds are transferred.
Title is conveyed.
Other options:
(A) Offer & acceptance = creates contract, not completion.
(B) Signing of contract = binding agreement, but not sale consummation.
(D) Option period = period where buyer may opt out, not closing.
Reference:
Virginia Code §55.1-900 et seq. (Conveyances and settlements)
Virginia Real Estate Principles - The Closing Process

NEW QUESTION # 108
A licensee could be found liable for all of the following EXCEPT:

A. failure to disclose an unknown latent defect in an inaccessible location
B. failure to disclose a known latent defect to the buyer
C. attempting to conceal a known latent defect
D. failure to disclose a latent defect that the licensee should have reasonably known

Answer: A

Explanation:
A latent defect is a hidden defect not readily discoverable by ordinary inspection. Under Virginia law, licensees are responsible for:
Disclosing known latent defects (B, C).
Not concealing or misrepresenting property conditions.
Exercising reasonable care, meaning they may also be liable for defects they should have reasonably known (A).
However, a licensee cannot be held liable for failing to disclose a defect that is:
Unknown to them, and
In an inaccessible location (e.g., behind walls, underground).
Thus, the correct exception is (D).
Reference (Virginia Real Estate):
Code of Virginia § 55.1-703 (Property condition disclosures)
Virginia Real Estate Board Regulations 18 VAC 135-20-300 (Standards of Conduct) A490-02REGS.pdf - Disclosure requirements

NEW QUESTION # 109
What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship?

A. severalty
B. tenancy in common
C. tenancy by the entirety
D. joint tenancy

Answer: B

Explanation:
Forms of co-ownership:
Tenancy in Common (TIC): Each owner holds an undivided interest and has inheritance rights (interest passes to heirs, not surviving co-owners).
Joint Tenancy: Includes right of survivorship (interest passes to surviving co-owners).
Tenancy by the Entirety: For married couples, includes right of survivorship.
Severalty: Ownership by a single individual.
Thus, the correct form with inheritance rights (not survivorship) is tenancy in common.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-134 (Tenancy in Common)
Virginia Real Estate Principles - Ownership & Estates section
A490-02REGS.pdf - Ownership types

NEW QUESTION # 110
According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?

A. $2,000
B. one month's rent
C. six months' rent
D. two months' rent

Answer: D

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 # 111
A legally competent party to a contract will:

A. have reached the age of majority and be literate
B. be literate and not be mentally incompetent or intoxicated by drugs or alcohol
C. not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
D. have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol

Answer: D

Explanation:
For a contract to be legally enforceable, all parties must be legally competent. This requires:
Age of majority (18 in Virginia).
Mental competency (not declared mentally incompetent).
Not under the influence of drugs or alcohol at the time of signing.
Other options:
(B) & (D) Literacy is not required for legal competency.
(C) Legal representation is not required for a valid contract.
Reference (Virginia Real Estate):
Code of Virginia Title 11 - Contracts
Virginia Real Estate Principles - Elements of valid contracts
A490-02REGS.pdf - Contracts curriculum

NEW QUESTION # 112
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