Master Real Estate Licensing Virginia Real Estate Salesperson Exam with Reliable Practice Questions

Correct : C

Material facts are facts that significantly affect the value, desirability, or decision regarding a property.

Disclosure is required because knowing these facts could lead a buyer or seller to act differently (e.g., not purchase, renegotiate price, or take corrective measures).

Other options:

(A) Construction materials may affect value, but this is not the reason for disclosure laws.

(B) Some facts are not easily seen, but disclosure is broader.

(D) Not all facts, only material ones, must be disclosed.

Code of Virginia 54.1-2131 (Duties of licensees: disclosure of material facts)

Virginia Real Estate Board Regulations -- Standards of Conduct

Correct : D

The TILA-RESPA Integrated Disclosure Rule (TRID) requires that the lender provide the Closing Disclosure (CD) at least three business days prior to loan consummation. This ensures that borrowers have adequate time to review the final loan terms, costs, and obligations.

If significant changes occur (such as APR change beyond tolerance, loan product change, or addition of a prepayment penalty), a new three-day waiting period is triggered.

This rule is enforced by the Consumer Financial Protection Bureau (CFPB) but is an important part of Virginia real estate education since agents must be aware of closing timelines.

Reference (Virginia Real Estate & Federal):

TRID Rule under Regulation Z (12 CFR 1026.19(f))

Correct : C

Under the Fair Housing Act (FHA), landlords must permit reasonable modifications to rental units to allow persons with disabilities full use and enjoyment of the premises.

Examples: installing grab bars, lowering light switches, widening doorways.

Cost responsibility: The tenant typically pays for these modifications unless the housing is federally funded. The landlord may require the tenant to restore the unit to its original condition at the end of tenancy (reasonable wear and tear excluded).

This differs from reasonable accommodations, which are changes to policies/rules (e.g., allowing a service animal) and must be paid for by the housing provider.

Reference (Virginia Real Estate):

Federal Fair Housing Act, 42 U.S.C. 3601-3619

Virginia Fair Housing Law (Code of Virginia Title 36, Ch. 5.1)

A490-02REGS.pdf -- Fair Housing curriculum

Correct : C

In Virginia (a deed of trust state), when property is financed, a third-party trustee (like Ernest) holds naked title (also called bare legal title) on behalf of the lender.

The borrower retains equitable title (the right to live in and enjoy the property).

The trustee's limited rights exist only to enforce the terms of the trust deed (e.g., initiating foreclosure if borrower defaults).

This differs from ''clean title'' or ''dirty title,'' which are not legal terms, and ''skinny title,'' which is not recognized in real estate law.

Reference (Virginia Real Estate):

Code of Virginia 55.1-3200 et seq. (Deeds of Trust)

Virginia Real Estate Principles -- Financing & Title theory vs. lien theory section

A490-02REGS.pdf -- Mortgage/Trust Deed curriculum

Correct : C

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

Establish uniform standards for rental housing in Virginia.

Govern leasehold interests in residential property.

Clarify landlord and tenant rights/responsibilities.

Improve rental practices, reduce disputes, and ensure fairness.

Other options:

(A) Wrong --- VRLTA applies to Virginia residential properties, not industrial warehouses nationwide.

(B) Wrong --- It does not apply to commercial leasing.

(D) Wrong --- It does not regulate REO or owner-occupied property.

Code of Virginia, Title 55.1, Chapter 12 -- Virginia Residential Landlord and Tenant Act (VRLTA)

Virginia Real Estate Board CE Curriculum -- Landlord & Tenant Law