Virginia Real Estate Salesperson 시험 - Pennsylvania Real Estate Commission실제시험문제와 답 - 120문항

Question No : 1

The consummation of a real estate sale is known as the:

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

정답:
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 C The Closing Process

Question No : 2

Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?

A.chlordane
B.chlorofluorocarbons
C.carbon monoxide
D.radon

정답:
Explanation:
Radon is a colorless, odorless, naturally occurring radioactive gas that comes from the decay of uranium in rocks, soil, and groundwater.
It can accumulate in homes and buildings and is a leading cause of lung cancer in non-smokers.
Other options:
(A) Chlordane = pesticide.
(B) Chlorofluorocarbons = refrigerants damaging ozone.
(C) Carbon monoxide = toxic gas from combustion, but not radioactive.
Reference: U.S. EPA Radon Risk Guidelines
Virginia Real Estate Board CE Curriculum C Environmental Hazards

Question No : 3

If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:

A.tenant in common
B.general partner
C.tenant in partnership
D.limited partner

정답:
Explanation:
A limited partner contributes capital (investment) but does not participate in day-to-day management.
Their liability is limited to the amount of their investment.
Other options:
(A) Tenant in common C co-ownership, not partnership.
(B) General partner C has unlimited liability and management role.
(C) Tenant in partnership C refers to partnership property rights, not liability protection.
Reference: Virginia Uniform Partnership Act, Code of Virginia Title 50
Real Estate Principles C Forms of Business Ownership

Question No : 4

Alana is renting a three-bedroom home for one year.
Alana is the:

A.tenant or lessee
B.holdover tenant
C.optionor
D.tenant or lessor

정답:
Explanation:
Tenant/lessee = person renting property under a lease.
Alana rents the home for one year → she is the tenant/lessee.
Other options:
(B) Holdover tenant C stays after lease expires.
(C) Optionor C person giving an option contract, not a renter.
(D) Lessor C landlord/owner, not tenant.
Reference: Virginia Residential Landlord and Tenant Act (VRLTA), Code of Virginia §55.1-1200
Real Estate Principles C Leasehold Estates

Question No : 5

What do ostensible agency and agency by estoppel have in common?

A.They are both forms of third-party agency no longer recognized in the
B.They both arise when a third party correctly believes that agency exists between a principal and an agent.
C.They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
D.They both concern a third party's decision to go unrepresented in a transaction.

정답:
Explanation:
Ostensible agency and agency by estoppel both occur when the principal’s actions (or lack of correction) cause a third party to reasonably believe an agency relationship exists, even if no formal agreement does.
If the third party relies on this belief, the principal may be estopped from denying the agency relationship.
Other options:
(A) Wrong C both are still recognized concepts.
(B) Wrong C belief is mistaken, not correct.
(D) Wrong C not about choosing no representation.
Reference: Code of Virginia §54.1-2130 et seq. (Agency Law) Virginia Real Estate Exam Outline C Law of Agency

Question No : 6

A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

A.This alternative to foreclosure is an option only available to friends or family of the lender.
B.This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
C.This alternative to foreclosure is handled by legal representatives known as "friends of the court."
D.This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.

정답:
Explanation:
A deed in lieu of foreclosure is when a borrower voluntarily conveys the property title back to the lender to avoid foreclosure.
It is called a “friendly foreclosure” because it requires mutual consent between borrower and lender, avoiding the formal court-ordered process.
Other options:
(A) Wrong C not limited to friends/family.
(C) Wrong C not related to “friends of the court.”
(D) Wrong C buyer’s relationship irrelevant.
Reference: Virginia Real Estate Principles & Practices C Foreclosure Alternatives

Question No : 7

Which of these is likely to be the lien with the highest priority?

A.mortgage
B.tax lien
C.attachment lien
D.mechanic's lien

정답:
Explanation:
Real estate tax liens (property taxes and special assessments) take highest priority over all other liens, regardless of recording date.
Priority order:
Property tax liens
Special assessments
Mortgages (by recording date)
Mechanic’s liens (priority may vary but generally after taxes/mortgages)
Other options:
(A) Mortgage C common lien but lower than tax lien.
(C) Attachment lien C granted by court, lower priority.
(D) Mechanic’s lien C priority can date back to start of work, but still after tax liens.
Reference: Code of Virginia §58.1-3340 et seq. (Real estate tax liens) Virginia Real Estate Principles & Practices C Liens and Priority

Question No : 8

All of the following are examples of legal descriptions of property EXCEPT:

A.SW 1/4 of NW 1/4 of NE 1/2 of T3N R4E of Meridian 16
B.8647 Notting Hill Drive, Berkshire, Colorado 52467
C.Lot A, Block 2 of Shady Tree Subdivision, Madison County, Wisconsin
D.Lot E, Block 14 of West Lake Village, Orange County, Texas

정답:
Explanation:
Legal descriptions must be precise and unique so land can be located without confusion.
Accepted forms:
Metes and bounds
Rectangular (government) survey (e.g., “SW 1/4 of NW 1/4…”)
Lot and block (e.g., subdivision plats)
A street address (Option B) is not a legal description―too general and can change.
Reference: Virginia Real Estate Principles & Practices C Legal Descriptions
Virginia Exam Outline C Land and Property Descriptions

Question No : 9

Clarence owns three rental homes he doesn't have time to oversee himself. He decides to hire George to take care of his rental units in the hopes of maximizing the return on his investment.
What role is George filling?

A.sponsoring broker
B.appraisal manager
C.broker's agent
D.property manager

정답:
Explanation:
A property manager is hired by an owner to manage rental property, maintain operations, and maximize return on investment.
Other options:
(A) Sponsoring broker C oversees real estate salespersons, not rentals.
(B) Appraisal manager C not a real estate role.
(C) Broker’s agent C represents broker in brokerage activities, not property management.
Reference: Code of Virginia §54.1-2100 (definition includes property management as brokerage services) Virginia Real Estate Principles & Practices C Property Management

Question No : 10

Rosa is trying to get approved for a loan so she can purchase a new home.
What type of value will the lender use to determine whether or not to approve Rosa's loan?

A.market value
B.insurable value
C.appraised value
D.assessed value

정답:
Explanation:
When approving a loan, the lender relies on the appraised value, which is the value determined by a licensed appraiser.
This ensures that the property is sufficient collateral for the loan.
Other options:
(A) Market value C what a buyer is willing to pay, but lenders require a professional appraisal.
(B) Insurable value C amount insurance would cover, not relevant for loan approval.
(D) Assessed value C used by tax authorities for property taxes, not lending.
Reference: Virginia Real Estate Finance Principles C Loan underwriting & appraisal role Fannie Mae Selling Guide (Collateral requirements)

Question No : 11

Which of these describes a leasehold estate?

A.Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
B.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.
C.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.
D.Jung owns a building. He lives upstairs and runs the store downstairs.

정답:
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 C Types of Estates

Question No : 12

Which of these is an example of a deed restriction?

A.The city denies Darren a permit to open a pawn shop in a residential area.
B.A restriction in one subdivision development specifies that no boats or recreational vehicles may be kept on the street, driveway, or lot.
C.Demi is required to file an environmental impact statement with the city before building a new subdivision.
D.Donald is required by the municipal government to have a certain number of bathrooms in his business.

정답:
Explanation:
Deed restrictions (also called restrictive covenants) are private restrictions placed in deeds or subdivision rules by developers or homeowners associations.
They control how property can be used (e.g., no RVs, no fences over certain height).
Other options:
(A) City denying permit = zoning regulation (public restriction).
(C) Environmental impact statement = government regulation, not a deed restriction.
(D) Bathroom requirement = building code, not private restriction.
Reference: Virginia Real Estate Principles & Practices C Land Use Controls (public vs private)
Code of Virginia Title 55.1, Chapter 19 (Restrictive Covenants)

Question No : 13

The National Association of Realtors' Code of Ethics says
Realtors should act with:

A.integrity
B.All choices are correct.
C.fairness
D.competence

정답:
Explanation:
Comprehensive Detailed Explanation
The NAR Code of Ethics establishes that Realtors must act with:
Integrity C honesty in all dealings.
Fairness C treating all parties honestly and impartially.
Competence C providing services within their level of skill and knowledge.
Since the Code of Ethics covers all these duties, the correct choice is all choices are correct.
Reference: NAR Code of Ethics, Preamble & Article 1

Question No : 14

Which of the following provides the BEST explanation for why disclosure of material facts is required?

A.The material a property is made of can influence its value.
B.Not all material facts are readily discernible.
C.If known, they could cause a buyer or seller to take a different course of action.
D.All facts related to a real estate transaction must be disclosed.

정답:
Explanation:
Material facts are facts that significantly affect the value, desirability, or decision regarding a property.
Disclosure is required because knowing these facts could lead a buyer or seller to act differently (e.g., not purchase, renegotiate price, or take corrective measures).
Other options:
(A) Construction materials may affect value, but this is not the reason for disclosure laws.
(B) Some facts are not easily seen, but disclosure is broader.
(D) Not all facts, only material ones, must be disclosed.
Reference: Code of Virginia §54.1-2131 (Duties of licensees: disclosure of material facts) Virginia Real Estate Board Regulations C Standards of Conduct

Question No : 15

Any non-natural structure built on or affixed to land is an:

A.improvement
B.encumbrance
C.appurtenance
D.emblements

정답:
Explanation:
An improvement is any man-made addition or structure attached to land, such as houses, fences, or buildings.
Other terms:
(B) Encumbrance = claim, lien, or restriction on property.
(C) Appurtenance = a right or privilege associated with land (e.g., easement).
(D) Emblements = crops grown annually, personal property of the farmer/tenant.
Reference: Virginia Real Estate Principles & Practices C Land Characteristics & Property Rights Virginia Exam Content Outline C Land, Property, and Ownership

Pennsylvania Real Estate Commission Virginia Real Estate Salesperson 시험