Free Virginia Real Estate Practice Exam

Q1.Under federal fair housing laws, which of the following fiduciary duties could potentially conflict with an agent's obligation to avoid discriminatory practices?

• A.Confidentiality of client information
• B.Loyalty to the client's interests
• C.Reasonable care and skill
• D.Accounting for funds received

Q2.Which federal law prohibits lenders from discriminating against loan applicants based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance?

• A.Equal Credit Opportunity Act (ECOA)
• B.Fair Housing Act
• C.Truth-in-Lending Act
• D.Real Estate Settlement Procedures Act (RESPA)

Q3.Under the Truth-in-Lending Act (TILA), which of the following must be disclosed to a borrower within three business days of receiving a loan application?

• A.Good Faith Estimate of closing costs
• B.HUD-1 Settlement Statement
• C.Mortgage Insurance Premium disclosure
• D.Loan Estimate form

Q4.Under Virginia law, which of the following actions by a salesperson would constitute a prohibited act and grounds for disciplinary action by the Virginia Real Estate Board?

• A.Referring a buyer client to a home inspector the salesperson personally trusts
• B.Placing a 'For Sale' sign on a property without the written consent of the owner
• C.Advertising a listed property on a personal social media account with the broker's permission
• D.Presenting all offers to the seller, including low offers, in a timely manner

Q5.Which federal law requires lenders to provide borrowers with a Closing Disclosure form at least three business days before consummation of a mortgage loan?

• A.Truth in Lending Act (TILA)
• B.Fair Housing Act
• C.Equal Credit Opportunity Act
• D.Real Estate Settlement Procedures Act (RESPA)

Q6.A salesperson's affiliation with her Virginia broker is terminated. Under Virginia Real Estate Board regulations, what is the broker's obligation regarding the salesperson's license?

• A.The broker must mail the license to the salesperson within 30 days so she can immediately affiliate with a new broker.
• B.The broker must return the salesperson's license to the Virginia Real Estate Board promptly upon termination of the affiliation.
• C.The broker may retain the license for up to 90 days in case the salesperson wishes to return to the firm.
• D.The broker must place the license in escrow with the local association of REALTORS® until the salesperson finds a new broker.

Q7.Under the Fair Housing Act, which of the following lease provisions would be considered discriminatory and therefore illegal?

• A.A clause requiring all tenants to maintain renter's insurance
• B.A clause requiring a security deposit equal to one month's rent
• C.A provision requiring 30 days written notice before lease termination
• D.A provision stating 'no children under 12 allowed in this adult community'

Q8.Under the Residential Lead-Based Paint Hazard Reduction Act (EPA/HUD Rule), a broker supervising a salesperson who is listing a 1960-built single-family home must ensure which of the following disclosure requirements is met BEFORE the buyer's obligation to purchase becomes binding?

• A.The seller must provide the EPA-approved lead hazard information pamphlet, disclose known lead-based paint and hazards, and the buyer must be given a 10-day opportunity to conduct a risk assessment.
• B.The seller must remediate all lead-based paint identified during inspection before the purchase contract can be executed.
• C.The listing broker must conduct an independent lead inspection and attach the results to the disclosure form.
• D.The buyer must waive the 10-day inspection period in writing before the listing broker can present the disclosure documents.

Q9.Under Virginia Real Estate Board regulations, how long must a licensed broker retain transaction records, including contracts, correspondence, and closing statements?

• A.One year from the date of the transaction
• B.Three years from the date of the transaction
• C.Five years from the date of the transaction
• D.Seven years from the date of the transaction

Q10.A Virginia broker deposits her firm's monthly office rent payment into the same bank account where client earnest money deposits are held. Which violation does this action constitute under 18 VAC 135-20-180?

• A.Conversion, because broker funds were used for an unauthorized purpose
• B.Commingling, because personal or business operating funds were mixed with client escrow funds
• C.Misrepresentation, because the parties were not informed of the deposit
• D.No violation, provided the broker's own funds do not exceed the client funds in the account

Q11.A Virginia-licensed salesperson's affiliation with their principal broker is terminated. The principal broker retains the salesperson's wall certificate and pocket card. Under Virginia Real Estate Board regulations, what is the broker's obligation regarding these license documents?

• A.The broker may retain the documents indefinitely as proof of the prior affiliation for their records.
• B.The broker must return the license documents to the salesperson immediately upon termination so the salesperson can affiliate with a new broker.
• C.The broker must return the license documents to the Virginia Real Estate Board and notify the Board of the termination.
• D.The broker must hold the documents for 30 days in case the salesperson wishes to return, and then mail them to the Board.

Q12.Under the Virginia Residential Property Disclosure Act (Code of Va. § 55.1-700 et seq.), when must a seller of residential property deliver the required Residential Property Disclosure Statement to a prospective buyer?

• A.At or before the time the buyer makes a written offer to purchase the property
• B.Within three business days after the ratification of a purchase contract
• C.At or before the time of settlement
• D.Only if the buyer submits a written request for the disclosure

Q13.A Virginia real estate salesperson meets a prospective buyer for the first time at an open house. According to the Virginia Real Estate Board regulations, when must the salesperson provide the required agency disclosure?

• A.At the time of the first substantive discussion about a specific property.
• B.Only after the buyer signs a buyer representation agreement.
• C.Before the buyer makes any offer to purchase a property.
• D.At or before the time the purchase contract is executed.

Q14.Under the Fair Housing Act, which of the following is NOT a protected class at the federal level?

• A.Race
• B.Religion
• C.Sexual orientation
• D.National origin

Q15.Under the Equal Credit Opportunity Act (ECOA), a mortgage lender must notify a credit applicant of an adverse action within how many days of receiving a completed application, and what must the notice include for a broker advising a buyer to be acting in the buyer's best interest?

• A.30 days; the notice must state the specific reasons for the adverse action or disclose the applicant's right to request those reasons within 60 days.
• B.15 days; the notice must include a copy of the applicant's credit report and a toll-free number to dispute errors.
• C.45 days; the notice must state only that credit was denied without requiring disclosure of specific reasons unless the applicant requests them within 30 days.
• D.60 days; the lender has discretion to provide either specific reasons or a general statement that the application did not meet underwriting standards.