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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

SectionObjectives
Financing- Mortgage concepts
  • 1. Lending regulations basics
    • 2. Loan types and structures
      Virginia Law & Regulations- State-specific rules
      • 1. DPOR licensing rules
        • 2. Virginia real estate statutes
          Contracts- Real estate contracts
          • 1. Listing agreements
            • 2. Purchase agreements
              Agency Relationships- Broker-client relationships
              • 1. Fiduciary duties
                • 2. Disclosure requirements
                  Property Ownership- Types of ownership
                  • 1. Community vs separate property concepts
                    • 2. Joint tenancy / tenancy in common
                      Land Use Controls & Regulations- Government restrictions
                      • 1. Zoning and building codes
                        • 2. Environmental regulations
                          Real Estate Practice & Ethics- Professional conduct
                          • 1. Ethical practices in transactions
                            • 2. Fair housing laws
                              Valuation and Market Analysis- Appraisal concepts
                              • 1. Valuation approaches
                                • 2. Comparative Market Analysis (CMA)
                                  Real Estate Calculations- Math applications
                                  • 1. Commissions and prorations
                                    • 2. Area and valuation calculations

                                      Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

                                      In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?

                                      • A. broker, salesperson, and firm
                                      • B. sales agent, broker, and property manager
                                      • C. broker and assistant broker
                                      • D. residential and commercial
                                      Answer: A

                                      Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

                                      In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

                                      • A. dual agents
                                      • B. appraisers
                                      • C. intermediaries
                                      • D. single agents
                                      Answer: C

                                      Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

                                      Stigmatized properties are properties:

                                      • A. with suppressed market value due to their physical condition or features
                                      • B. with suppressed market value due to something that happened on or to the property, rather than the physical condition or features of the property
                                      • C. with market prices far exceeding other similar properties within an area
                                      • D. that are exempt from ad valorem taxes
                                      Answer: B

                                      Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

                                      Who regulates fair housing advertising?

                                      • A. ECOA
                                      • B. HUD
                                      • C. CRA
                                      • D. HMDA
                                      Answer: B

                                      Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

                                      The four phases of an environmental site assessment are, in order:

                                      • A. testing, investigation, remediation, management
                                      • B. remediation, investigation, testing, management
                                      • C. management, investigation, testing, remediation
                                      • D. investigation, testing, remediation, management
                                      Answer: C

                                      Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

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