Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?
Answer(s): D
Private Mortgage Insurance (PMI) is generally required when a borrower puts down less than 20% on a conventional loan.Lillian's home price = $355,000Down payment = $75,000Loan amount = $280,000Down payment % = $75,000 ÷ $355,000 21.1%Since Lillian's down payment exceeds 20%, PMI is not required.Other options:(A) Wrong -- PMI is based on equity, not just credit score.(B) Wrong -- PMI never requires 50% equity.(C) Wrong -- She meets the equity threshold.
Fannie Mae/Freddie Mac Conventional Loan GuidelinesVirginia Real Estate Exam Outline Financing Section
Which of these ownership concepts gives each co-owner the right to possession of the whole property?
Answer(s): B
In co-ownership, the principle of undivided interest means each co-owner has:The right to possess and use the entire property, not just a physical portion.Equal rights of possession regardless of ownership percentage.Other options:Sole proprietorship (A): Single owner, not co-ownership.Unity of time (C): A required element of joint tenancy but not the concept granting rights to the whole property.Equitable interest (D): Refers to the rights of a buyer under contract before receiving legal title.Thus, the correct answer is undivided interest.
Virginia Real Estate Principles & Practices (Ownership Section)Code of Virginia §55.1 (Property & Conveyances)
What does the VRLTA aim to do?
Answer(s): 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
Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:
A contract is executory when its terms have not yet been fully performed (here, closing has not yet occurred).Because Trystan is 17 years old, he is a minor under Virginia law (legal capacity begins at 18). A minor's contract is generally voidable at the option of the minor, but enforceable against the adult party.Therefore, this contract is executory (not yet performed) and voidable (due to Trystan's age).
Code of Virginia §1-204 (Age of majority = 18)Virginia Real Estate Board Exam Outline Contracts (capacity, validity, executory vs executed)
Which of the following discussions is a violation of antitrust laws and is also an anti-competitive practice?
Antitrust laws (Sherman Act, Clayton Act, and Virginia state law) prohibit anti-competitive practices in real estate. The most common violations are:Price fixing (agreeing on commission rates)Group boycotting (refusing to deal with a broker or vendor)Market allocation (dividing territories/clients)Tie-in arrangementsHere, brokers agreeing not to show another broker's listings is a group boycott, which is a violation of antitrust law.Other options:(A) Cooperation in a transaction = legal.(B) Comments on siding color = legal, not antitrust.(D) Discussing new laws = legal.
Sherman Antitrust Act, 15 U.S.C. §§ 17Virginia Real Estate Board CE Outline Antitrust in Brokerage
Which of the following is a unique quality of limited service agents in Virginia?
In Virginia, a limited service agent is a licensee who enters into a brokerage agreement that provides fewer services than a standard brokerage agreement.The law requires that the agent's limited duties must be disclosed in writing.These agents can operate in both residential and commercial transactions, not just one type.Other options:(A) Wrong -- They can assist in both.(B) Wrong -- Not limited to residential.(C) Wrong -- Not limited to commercial.
Code of Virginia §54.1-2138.1 (Limited service agent defined)Real Estate Board Regulations, 18 VAC 135-20-300
What deed provides the grantee with the least protection of any deed, while putting the least liability on the grantor?
Deed types vary by the level of protection given to the grantee and liability for the grantor:General Warranty Deed (A): Highest protection; grantor warrants title against all defects, even before their ownership.Special Warranty Deed (B): Warrants only against defects during the grantor's ownership.Quitclaim Deed (C): Provides no warranties at all -- it only conveys whatever interest (if any) the grantor may have. Offers the least protection for the grantee and least liability for the grantor.Bargain and Sale Deed (D): Conveys ownership but with limited or no warranties; still greater than quitclaim in most contexts.Thus, the quitclaim deed gives the grantee the least protection.
Code of Virginia §55.1-300 et seq. (Conveyances and deeds)Virginia Real Estate Principles & Practices Deeds section
Harry, an agent, transfers some money from an escrow account into his personal savings accounts.What is he doing and is it legal or illegal?
Commingling occurs when a licensee mixes clients' escrow funds with their own funds in the same account. This is prohibited but usually involves "mixing," not directly taking the money.Conversion occurs when a licensee uses or transfers client funds for personal use, such as Harry moving money from an escrow account to his personal account.Conversion is considered a serious violation of Virginia license law and is illegal.
Virginia Code §54.1-2108.1 (Maintenance and management of escrow accounts)
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