Get Real Estate Licensing Virginia Real Estate Salesperson Exam Practice Questions - Real and Updated

Answer : D

In Virginia, a limited service agent is a licensee who enters into a brokerage agreement that provides fewer services than a standard brokerage agreement.

The law requires that the agent's limited duties must be disclosed in writing.

These agents can operate in both residential and commercial transactions, not just one type.

Other options:

(A) Wrong --- They can assist in both.

(B) Wrong --- Not limited to residential.

(C) Wrong --- Not limited to commercial.

Code of Virginia 54.1-2138.1 (Limited service agent defined)

Real Estate Board Regulations, 18 VAC 135-20-300

Answer : D

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

Answer : D

Virginia issues three types of real estate licenses:

Broker -- may operate independently, supervise others, and run a firm.

Salesperson -- must work under a broker.

Firm -- a business entity license allowing a company to operate as a brokerage.

Other options:

(A) Property manager is not a separate license category in Virginia.

(B) Assistant broker not a recognized license.

(C) Residential/commercial are specialties, not license types.

Code of Virginia 54.1-2106.1 (Licensing requirements)

Virginia Real Estate Board Regulations (Licensing categories)

Answer : D

An easement appurtenant:

Attaches to the land and ''runs with the land.''

Involves two parcels: a dominant estate (benefited, here Lola's property) and a servient estate (burdened, neighbor's lot).

Example: Right-of-way across a neighbor's property for access.

Other options:

(A) Easement for light and air = very rare.

(B) Easement in gross = benefits a person/entity, not land (e.g., utility easement).

(C) Easement by prescription = acquired through long-term, open, notorious, hostile use (not the case here).

Reference (Virginia Real Estate):

Code of Virginia Title 55.1 -- Easements

Virginia Real Estate Principles -- Easements and property rights

A490-02REGS.pdf -- Property rights curriculum

Answer : A

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.

Virginia Real Estate Principles & Practices -- Types of Estates