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

Answer : D

Assemblage: The process of combining two or more adjacent parcels of land into one larger parcel.

Plottage: The increase in value that results from assemblage due to the greater utility or economic use of the combined parcel.

Example: Two small lots may be worth $50,000 each separately, but if assembled into one larger parcel, the combined property may be worth $120,000 due to increased development potential.

Reference (Virginia Real Estate):

Virginia Real Estate Principles -- Land and Appraisal section

A490-02REGS.pdf -- Valuation curriculum

Answer : C

The Virginia Residential Landlord and Tenant Act (VRLTA) applies to:

All landlords who own more than two rental units or more than 10% interest in more than two rental units.

Landlords with two or fewer units may be exempt unless they choose to opt in.

This ensures tenant protections apply broadly, while small-scale landlords with only one or two rentals may be treated differently.

Reference (Virginia Real Estate):

Virginia Code 55.1-1201 (Application of VRLTA)

Virginia Real Estate Principles -- Landlord-tenant law section

A490-02REGS.pdf -- VRLTA curriculum

Answer : D

Express agency is created through a clear written or oral agreement.

In real estate, the best practice (and Virginia requirement for enforceability) is through:

Listing agreement (seller representation)

Buyer representation agreement (buyer representation)

Other options:

(A) Oral agreements possible but not best practice in Virginia.

(B) Ratified actions = implied agency, not express.

(C) Listing agreement alone covers only seller side.

Code of Virginia 54.1-2137 & 54.1-2138 (Agency agreements in writing)

Virginia Real Estate Board Regulations -- Agency Disclosure

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 : C

A contract for deed (also called a land contract or installment sale contract) differs from a standard purchase agreement because:

Buyer makes installment payments directly to the seller.

Seller retains legal title until all payments are made.

Buyer holds equitable title during the payment period.

In contrast, a standard sales contract usually involves financing through a lender, and title transfers at closing.

Thus, the key difference is that a contract for deed spells out the buyer's payment plan to the seller, not just the purchase price.

Code of Virginia 55.1 (Property & Conveyances)

Virginia Real Estate Board CE Outline -- Contracts Section