Virginia State Real Estate Exam
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Question 1 of 5.
A minor has entered into a written contract for the sale of inherited property. This agreement is:
A. a void contract
B. a binding contract
C. an illegal contract
D. a voidable contract
Explanation: A minor's contract is not automatically void or illegal; instead it is voidable at the minor's election. It is binding unless disaffirmed by the minor before majority or within a statutory period. Hence, voidable is the correct characterization.
Question 2 of 5.
Alicen needs the property's legal description to finish the contract. The best place to obtain the information is from the:
A. lender
B. listing agent
C. deed at closing
D. buyer's title commitment
Explanation: The buyer's title commitment (or binder) contains the exact legal description that will appear on the final policy and is the most authoritative source among the choices given. The deed at closing is not yet prepared, and the listing agent's data may be secondary.
Question 3 of 5.
A seller receives multiple offers and will accept only a cash offer. The broker will present:
A. the highest cash offer to the seller
B. the highest offer to the seller
C. only cash offers to the seller
D. all offers to the seller
Explanation: When the principal has given clear instruction to consider only cash offers, the agent's fiduciary duty is to obey that lawful instruction. Therefore the broker must screen out non-cash offers and present every remaining cash offer, not just the highest one.
Question 4 of 5.
Covenant of quiet enjoyment means:
A. that the owner gives up the right to enter the premises for any reason
B. that no tenant may cause disturbances such as loud music or barking dogs
C. that in multi-floor buildings tenants may not wear high heels or steel-tipped shoes
D. that the tenant can occupy the premises without interference from the owner or anyone else
Explanation: The covenant of quiet enjoyment guarantees the tenant undisturbed possession against the landlord or superior claimants; it is not about tenant behavior or building rules.
Question 5 of 5.
When valuing property using the income approach, the factor that is MOST important is:
A. the date of sale
B. the capitalization rate
C. the size of the lot
D. the square footage of the building
Explanation: In the income approach, value = net operating income ÷ capitalization rate. Cap rate is therefore the driving variable; the other items are secondary or used in other approaches.