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| Section | Objectives |
|---|---|
| Agency Relationships | - Broker-client relationships
|
| Property Ownership | - Types of ownership
|
| Real Estate Practice & Ethics | - Professional conduct
|
| Contracts | - Real estate contracts
|
| Valuation and Market Analysis | - Appraisal concepts
|
| Virginia Law & Regulations | - State-specific rules
|
| Financing | - Mortgage concepts
|
| Land Use Controls & Regulations | - Government restrictions
|
| Real Estate Calculations | - Math applications
|
Question 1
The government sends Ken a notice stating that his house and neighborhood will be demolished to build a much- needed water treatment plant. What is the government required to offer Ken in exchange for taking his property?
A. nothing, since it is for the public good
B. just compensation
C. whatever they decide is reasonable
D. whatever Ken asks for
Question 2
What is a deed containing the strongest and broadest form of guarantee of title?
A. special warranty deed
B. general warranty deed
C. bargain and sale deed
D. quitclaim deed
Question 3
A partially amortizing loan will include:
A. multiple lenders
B. a balloon payment
C. equal monthly payments that contribute to both principal and interest until the
D. non-refinancing clauses
Question 4
Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?
A. No, because the phrase "as is" is included in the contract.
B. No, because the phrase "time is of the essence" is included in the contract.
C. Yes, because the phrase "caveat emptor" is included in the contract.
D. Yes, because the phrase "subject to" is included in the contract.
Question 5
Norah just purchased a warehouse with dimensions of 25 ft. by 15 ft. She wants to carpet the floor. How many square YARDS of carpet does she need?
A. 375 sq. yds.
B. 41.67 sq. yds.
C. 80 sq. yds.
D. 125 sq. yds.
Solutions:
| Question 1 Answer: B | Question 2 Answer: B | Question 3 Answer: B | Question 4 Answer: B | Question 5 Answer: B |
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