Virginia Real Estate Level 1 Pre-License (PL) Foundations Practice Test

These questions are part of the practice quiz. Start practicing

• In real estate, which of the following is referred to as the rights associated with water bodies adjacent to a property?
• Which of the following is not classified as real property?
• What is considered an unfair trade practice in real estate?
• Which entity typically employs property management companies?
• In general, water rights can be classified into which two categories?
• What does the term "zoning" refer to?
• Which term refers to the relative difficulty of converting an asset to cash without losing value?
• What does the term “cost approach” refer to in property valuation?
• What is the meaning of "escrow"?
• In real estate terms, what does the concept of easements refer to?
• Which legal concept arises from judgements and decisions made in courts?
• Which economic principle is informed by the concept of scarcity in real estate?
• What does the term "timber rights" refer to in real estate?
• In Virginia, how is property typically transferred during a sale?
• What are the continuing education requirements for maintaining a real estate license in Virginia?
• What is a real estate "broker price opinion" (BPO)?
• What should be disclosed if a property has experienced flooding?
• Which right allows an owner to possess a property without interference?
• In Virginia, what is the minimum age requirement to obtain a real estate license?
• Which of the following is an obligation of a real estate agent under fiduciary duty?
• What disclosure is required for properties built before 1978?
• Which term is used for plants or crops intended for harvest that are treated as personal property?
• What is a "right of first refusal" in real estate?
• Which of the following refers to the doctrine granting a state power over water resources?
• Describe the term "fair market value."
• In real estate, what does the term "listing agent" refer to?
• Which term describes the combination of land and all legal rights of ownership?
• What type of estate is limited to the duration of a measuring life?
• What is the main purpose of title insurance?
• What is the term for the process of transferring property ownership?
• Which term best defines the rights associated with owning land?
• What rights allow property owners access to non-maritime water bodies?
• An object that was once personal property but is now firmly attached to the land is known as what?
• What type of fee simple defeasible estate results in automatic reversion of title if conditions are violated?
• What encompasses the surface of the earth and all permanently attached natural features?
• Which of the following describes the rights to exclude others from the property?
• Which term denotes complete legal ownership of real property?
• Which of the following practices is prohibited under the Virginia Fair Housing Law?
• Who is responsible for maintaining compliance with the Virginia Real Estate License Law?
• Define "fiduciary duty" in a real estate context.
• What is the term for a statutory right allowing a surviving spouse to claim an interest in the decedent's property, regardless of a will's provisions?
• What distinguishes a fee simple absolute from other estate types?
• What is typically addressed in a property management agreement?
• What economic characteristic describes the permanence of real estate in a fixed location?
• What does the term "dual agency" refer to in real estate?
• What is the role of an appraiser?
• What can impact the fair market value of a property?
• What term includes land plus improvements?
• What is the purpose of a home warranty?
• What is necessary for a broker to legally represent a buyer or seller?
• What does the term "property tax" refer to?
• What type of life estate is created by a function of law instead of the desires of a property owner?
• Which of the following is NOT a protected class under the Fair Housing Act?
• What process results in the gradual increase in land area through deposits of soil?
• Which of the following is NOT a type of listing agreement in Virginia?
• What does the term "leasehold estate" signify?
• What does the term "closing" typically refer to in a real estate transaction?
• Who is the owner of a freehold estate referred to as?
• What must be included in a Virginia residential lease agreement?
• What is the role of a settlement agent in a real estate transaction?
• Which of the following conveys the responsibilities of a real estate agent?
• What is a contingent offer in real estate?
• What is the difference between a "quitclaim deed" and a "warranty deed"?
• What is typically required during the real estate closing process?
• What is required for a real estate transaction in Virginia to be legally binding?
• What is the “good faith estimate”?
• What typically differentiates a lease from a purchase agreement in real estate?
• What is the primary difference between real property and personal property?
• What does property management primarily entail?
• What interest in an estate passes to another party at the death of the person upon whom the life estate is based?
• Emblements are usually associated with which type of property?
• What is the primary difference between real property and personal property?
• What do you call the rights that pertain specifically to the land's surface area and all improvements on it?
• What is a homeowners' association (HOA)?
• What is the purpose of a lease?
• Which interest in an estate reverts back to the original fee simple owner upon the death of the life estate owner?
• Who typically possesses water rights for a parcel of real estate located next to a river?
• What is the purpose of a comparative market analysis (CMA)?
• What is the purpose of a Comparative Market Analysis (CMA)?
• In Virginia, what is the recommended ratio of trust funds to the number of real estate clients?
• In the context of Virginia real estate, what is "Fair Housing"?
• What is a "marketable title"?
• Which statement best reflects the concept of dual agency?
• Which mortgage type is often used for short-term financing?
• In Virginia, what is the statute of limitations for filing a complaint against a real estate licensee?
• Which estate lasts for the duration of the tenant's life?
• What does the term "life tenant" refer to in a conventional life estate?
• What does a "short sale" in real estate signify?
• What is the key element of a legally binding contract in real estate?
• What must happen for a contract to be legally binding?
• What is the standard duration for a real estate license in Virginia before renewal?
• What is an easement?
• What is the significance of the Fair Housing Act?
• What must a real estate broker provide to clients about property conditions?
• Which document is used to secure a loan for real estate purposes?
• Which interest refers to a remainder or future interest in a property?
• Personal property that is owned by and needed for a tenant's business is referred to as what?
• What is the "MLS" in real estate?
• What is referred to as "mortgagor" in a mortgage agreement?
• What is the difference between a seller's agent and a buyer's agent?
• What term refers to the legal rights associated with ownership of land?
• In Virginia, when must a broker deposit earnest money?
• What is one of the main purposes of a home inspection?
• What type of license is required to perform real estate transactions in Virginia?
• Which rights are associated with the ownership of water bordering a property?
• Which document outlines the terms and conditions of a mortgage?
• What does the term “negotiation” entail in real estate?
• In Virginia, what document transfers ownership of real property?
• In property law, what is a common characteristic of curtesy?
• What does air space refer to in real estate context?
• What term refers to the gradual loss of land over time?
• Which of the following describes any unattached, movable asset on the property that is not considered real estate?
• What term refers to property that includes land from the surface to the center of the earth and upward into space?
• What is the purpose of a property disclosure statement?
• What does "equity" refer to in real estate?
• What is meant by "listing expiration"?
• Which of the following actions may be considered a breach of fiduciary duty?
• What is a life estate characterized by ownership lasting only for the duration of a designated party's lifetime called?
• What is typically required for a real estate agent to renew their license?
• In real estate, what does "listing" mean?
• What must a real estate agent do when receiving an offer on a property?
• Which type of estate represents the maximum ownership of real property?
• The term used for converting a fixture back into personal property is what?
• What is "property management" in real estate?
• What is the name of the form used to disclose agency relationships?
• What is the primary purpose of the Virginia Uniformed Statewide Building Code?
• What happens to a real estate license if a licensee is convicted of a felony?
• Which rights are associated with ownership of lakefront or oceanfront property?
• What must a candidate achieve to pass the Virginia Real Estate exam?
• What is a "foreclosure"?
• Which of the following is a requirement to obtain a Virginia real estate license?
• How many hours of pre-licensing education must applicants complete in Virginia?
• What term describes the right of a spouse to inherit property after the other spouse dies?
• What is the ownership interest called that has a future interest after a life estate?
• What does "marketable title" mean?
• What is an "arm's length transaction"?
• Which fee simple type automatically returns the property to the original owner if a specific condition is violated?
• What are the legal entitlements that a property owner possesses over the land they own called?
• What does 'equity' refer to in real estate?
• What does R.E.I.T stand for in real estate terms?
• What is the maximum allowable security deposit for residential leases in Virginia?
• Which of the following is a primary responsibility of a real estate agent?
• What type of fee estate comes with specific conditions that can lead to its termination?
• What is the statute of limitations for filing a suit for a real estate commission in Virginia?
• Which rights allow a property owner to use the airspace above their land?
• What is a "listing agreement"?
• What does the term "short sale" mean in real estate?
• What is a defining characteristic of a freehold estate?
• What type of agency relationship exists when a real estate agent represents both the buyer and the seller?
• What is the term for the right to all that one's own property produces, including additions from natural or human action?
• What constitutes a material fact in real estate?
• Which term describes a possessory interest in real property?
• Which of the following best describes personal property?
• Which principle indicates that the availability of land impacts its value?
• In Virginia, who can bestow a real estate license?
• What is referred to as any non-natural structure built on or affixed to land?
• What is the term for laws that govern the use and ownership of underground water?
• Which of the following would NOT be considered surface rights?
• Which of the following refers to the legal authority over property sales and real estate transactions?
• Which of the following is a requirement for real estate license applicants in Virginia?
• What is the main function of a real estate broker?
• What type of property ownership involves holding title jointly with the right of survivorship?
• How long must a real estate broker retain records of transactions in Virginia?
• What is the significance of a real estate "license law"?
• What do you call a lease for more than one year in Virginia?
• What is one of the main components of the sale process in real estate?
• What does "eminent domain" refer to?
• What does the law generally require regarding property disclosures in real estate transactions?
• Which of the following is typically included in a property disclosure statement?
• When can a broker legally receive a commission?
• What should be included in a written property management contract?
• What is the term for the act of converting real property into personal property?
• What is the "due diligence" period in a real estate transaction?
• Which form of property ownership allows for the right of survivorship?
• What type of property ownership allows for the right of survivorship?
• What term describes the rights to access the surface area of a parcel of real property?
• What does the term "appraisal" refer to in real estate?
• What does curtesy refer to in property law?
• Which of the following best describes a chattel?
• Why is zoning important in real estate?
• Who is responsible for ensuring compliance with local zoning regulations?
• How often should a listing agreement be reviewed?
• What does the acronym “RESPA” stand for?
• In real estate, what does “probate” refer to?
• Which right grants a property owner the ability to use a natural flowing water source that borders their property?
• Which term describes the sudden loss of land, such as by flood?
• What is the type of estate characterized by being freely given to heirs without restrictions?
• What is the term for the process of transferring property ownership?
• What type of water rights includes rights to underground streams and water flow?
• What is the primary purpose of water rights in real estate?
• What is the area of law that involves disputes and interpretations arising from private rights?
• Which of the following elements is NOT part of the bundle of rights?
• Which laws protect homeowners from losing their primary residence due to creditor claims?
• What ownership rights extend downward to the center of the Earth beneath a tract of land?
• What is the primary purpose of the Virginia Real Estate Board?
• Which type of rights may restrict a landowner's use of their property due to the presence of water bodies?
• Which entity oversees appraisals in Virginia?
• Which document outlines the legal process to manage a deceased person's estate in real estate?
• Which term refers to a property interest that reverts to the original owner if specific conditions are violated?
• What is the significance of air rights in real estate transactions?
• What must agents disclose regarding dual agency?
• What does the term "contingent offer" mean?
• Which term refers to ownership of land and all legal rights associated with it?
• What is the role of a title insurance company?
• What is the purpose of a buyer's representation agreement?
• What is the term for the legal right to possess and use land?
• What is the significance of the "closing disclosure" in real estate transactions?
• What type of water rights pertain to landowners who divert water from a source for beneficial use?
• What is a common consequence of failing to disclose known property defects?
• What term describes any item that may be owned, including rights associated with ownership?
• What is the main purpose of a title search?
• Which type of rights allows a property owner on a waterfront to access and use that water?
• Under property law, what is the term for rights involving the use of the surface of land?
• What is a "property disclosure statement"?
• What is a continuous, legally recognized claim to property that cannot be disputed?
• What must a real estate agent disclose to a prospective buyer?
• What are the rights that govern the use of flowing water, such as rivers and streams?
• What term describes the economic significance of a property's location?
• What is the significance of mutual consent in a real estate contract?
• Which water rights are exclusive to properties adjacent to a body of water, allowing the owner to use that water?
• What is the term for the gradual increase in land area when water withdraws?
• How frequently must real estate professionals complete continuing education in Virginia?
• What is the primary benefit of homestead laws?
• What term is used for the ownership that can last indefinitely and includes rights of transfer and inheritance?
• What defines “material fact” in a real estate transaction?
• Which of the following represents an estate with specific conditions allowing for reversion?
• How can a property be owned in severalty?
• In Virginia, what is the term for a listing agreement that ensures the agent is paid regardless of who sells the property?
• What is one benefit of having title insurance?
• What must licensees do to avoid unfair trade practices in Virginia?
• What does the term "walkthrough" refer to in real estate transactions?
• What is the primary source of funding for real estate purchases?
• What is the difference between a "mortgage" and a "deed of trust"?
• Under the Virginia Fair Housing Law, which of the following is a protected class?
• What is the term for the gradual decrease in property value over time due to wear and tear?