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

Under the Virginia Cooperative Act:

Purchasers of an initial cooperative interest have the right to rescind the purchase contract within 5 days after ratification of the contract or receipt of the Public Offering Statement (POS), whichever is later.

This rescission is without penalty, and all deposits must be refunded.

Reference (Virginia Real Estate):

Virginia Code 55.1-2175 (Rescission rights in cooperative interest contracts)

A490-02REGS.pdf -- Common Interest Communities section

Real estate tax liens (property taxes and special assessments) take highest priority over all other liens, regardless of recording date.

Priority order:

Property tax liens

Special assessments

Mortgages (by recording date)

Mechanic's liens (priority may vary but generally after taxes/mortgages)

Other options:

(A) Mortgage -- common lien but lower than tax lien.

(C) Attachment lien -- granted by court, lower priority.

(D) Mechanic's lien -- priority can date back to start of work, but still after tax liens.

Code of Virginia 58.1-3340 et seq. (Real estate tax liens)

Virginia Real Estate Principles & Practices -- Liens and Priority

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

Reference (Virginia Real Estate):

Virginia Code 58.1-802 (Grantor's tax)

Virginia Real Estate Principles -- Transfer taxes section

The fiduciary duty of obedience requires an agent to follow all lawful instructions from their client.

However, the duty does not include following illegal or unethical requests.

Example: A client instructing a licensee to discriminate against buyers or falsify contract terms --- the licensee must refuse.

Other options:

(A) Instructions don't always need to be in writing to be valid.

(B) Ethical but unwise requests still require obedience.

(C) ''Unnecessary'' instructions are subjective and not an exception.

Reference (Virginia Real Estate):

Code of Virginia 54.1-2131 (Duties of licensees)

Virginia Real Estate Principles -- Fiduciary duties section

A490-02REGS.pdf -- Agency & fiduciary responsibilities