Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Dumps

A deed in lieu of foreclosure is when a borrower voluntarily conveys the property title back to the lender to avoid foreclosure.

It is called a ''friendly foreclosure'' because it requires mutual consent between borrower and lender, avoiding the formal court-ordered process.

Other options:

(A) Wrong -- not limited to friends/family.

(C) Wrong -- not related to ''friends of the court.''

(D) Wrong -- buyer's relationship irrelevant.

Virginia Real Estate Principles & Practices -- Foreclosure Alternatives

In antitrust law, a per se violation is an act that is considered inherently illegal, regardless of intent or outcome.

Examples in real estate:

Price-fixing (brokers agreeing on commission rates).

Market allocation (dividing territories or clients).

Group boycotts (agreeing not to deal with a competitor).

These acts automatically violate the Sherman Antitrust Act without requiring proof of harm.

Other options confuse per se violations with other laws like TCPA (Do Not Call) or CAN-SPAM (email).

Reference (Virginia Real Estate):

Sherman Antitrust Act, 15 U.S.C. 1--7

Virginia Real Estate Principles -- Antitrust section

A490-02REGS.pdf -- Professional conduct and antitrust

When selling a condominium unit in Virginia, the seller must provide the buyer with a resale certificate (sometimes called a condominium disclosure package). It includes:

HOA/condo association bylaws, rules, and restrictions.

Financial information (dues, assessments, reserves).

Pending litigation or special assessments.

This disclosure ensures the buyer is informed about condo ownership obligations before closing.

Other documents:

(B) Loan Estimate -- given by lender to borrower, not seller.

(C) Closing Disclosure -- lender provides to borrower before settlement.

(D) HUD-1 -- replaced by the Closing Disclosure in most residential transactions (except reverse mortgages).

Reference (Virginia Real Estate):

Virginia Condominium Act, Code of Virginia 55.1-1991

A490-02REGS.pdf -- Common Interest Communities & Disclosure curriculum

In Virginia, a real estate broker is the person licensed to represent one of the parties in a real estate transaction in exchange for commission or other valuable consideration.

Salesperson (A): Licensed to perform brokerage activities but only under the supervision of a broker; cannot independently represent a party for commission.

Assistant Broker (B): Not an official license category in Virginia.

Appraiser (D): Licensed to determine property value, not to represent parties in real estate transactions.

Thus, the correct answer is broker.

Code of Virginia 54.1-2100 (Definitions)

Virginia Real Estate Board Regulations (18 VAC 135-20)

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