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

Answer : A

Under the Virginia Cooperative Act:

Purchasers of an initial cooperative interest have the right to rescind the purchase contract within 5 days after ratification of the contract or receipt of the Public Offering Statement (POS), whichever is later.

This rescission is without penalty, and all deposits must be refunded.

Reference (Virginia Real Estate):

Virginia Code 55.1-2175 (Rescission rights in cooperative interest contracts)

A490-02REGS.pdf -- Common Interest Communities section

Answer : B

Reference (Virginia Real Estate Finance):

Real Estate Math section in Virginia Pre-License Education requirements (interest-only loan calculations)

A490-02REGS.pdf sections on finance and math competency for licensure

Answer : C

A property manager acts as an agent for the property owner.

The manager owes fiduciary duties to the owner, similar to how a salesperson works under and owes duties to their broker.

Other comparisons:

(A) Tenant/landlord = contractual lease, not fiduciary.

(B) Stockholder/board = ownership vs governance, not agency.

(D) Cashier/store owner = employee/employer, not fiduciary agent.

Code of Virginia 54.1-2100 (definitions of brokerage relationships, property management included)

Virginia Real Estate Board Regulations (agency and fiduciary duties)

Answer : B

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 -- not limited to friends/family.

(C) Wrong -- not related to ''friends of the court.''

(D) Wrong -- buyer's relationship irrelevant.

Virginia Real Estate Principles & Practices -- Foreclosure Alternatives

Answer : D

Virginia law does not allow or enforce rent control anywhere in the state.

Rental prices are governed by market conditions and lease agreements.

The Virginia Residential Landlord and Tenant Act (VRLTA) provides protections for tenants but does not regulate rental pricing.

Other options:

(A), (B), (C) Incorrect, as Virginia law expressly prohibits local rent control ordinances.

Reference (Virginia Real Estate):

Code of Virginia 55.1-1204 (VRLTA -- rent regulation)

Virginia Real Estate Principles -- Landlord-tenant law

A490-02REGS.pdf -- Leasing curriculum