VRES - Virginia Real Estate Salesperson Exam

Question 1: A seller in Chesterfield County asks her listing agent which defects in her thirty-year-old house she is legally required to write down for buyers under the Virginia Residential Property Disclosure Act. Which of the following correctly describes the seller's obligation?

List every defect she has repaired

Deliver a statement telling buyers to investigate

Certify the roof and systems are sound

Disclose only defects a buyer cannot see

Question 2: The section of the Virginia Code that carries the residential property disclosure statement is titled in a way that announces the state's whole approach to residential condition. Which of the following phrases captures that statutory title and design?

Full disclosure of known material defects

Seller warranty of habitable condition

Mandatory inspection before contract

Buyer to beware; buyer exercises due diligence

Question 3: An owner in Norfolk is selling a five-unit apartment building and wonders whether she must deliver a residential property disclosure statement to her purchaser. Which of the following describes the range of residential properties the Act actually reaches?

One to four dwelling units

One to six dwelling units

Any property zoned residential

Single-family detached houses only

Question 4: A property owner in Roanoke is weighing four different arrangements for her rental house on Grandin Road and wants to know which of them triggers the Virginia Residential Property Disclosure Act. Which of the following falls within the Act?

A one-year lease with no purchase rights

A month-to-month tenancy

A lease with an option to buy

A gift of the property

Question 5: Several Virginia clocks in a residential transaction begin running at ratification, including the earnest money deposit deadline and the window for delivering the disclosure statement. Which of the following states what the Code means by that particular term?

The buyer's delivery of a signed offer

Full execution by all parties

The seller's acceptance communicated orally

Recordation of the contract with the clerk

Question 6: A listing agent in Virginia Beach emails the residential property disclosure statement to a purchaser and later has to establish that the delivery actually occurred. Which of the following does the Code require for electronic delivery to count?

A notarized acknowledgment from the purchaser

Transmission through a secure state portal

A follow-up copy sent by certified mail

Sufficient proof of the electronic delivery retained

Question 7: A seller in Fredericksburg wants to keep her transaction free of any post-contract termination right arising out of the disclosure statement she owes her purchaser. Which of the following describes the timing the statute sets for delivering those disclosures?

Within three days after the contract ratifies

At the first showing of the property

Prior to ratification of the purchase contract

At settlement with the closing documents

Question 8: A Virginia seller delivers the residential property disclosure statement directly into the purchaser's hands two days after the contract ratified, having missed the earlier deadline. Which of the following states how long the purchaser then has to terminate?

Three days after delivery

Five days after delivery

Seven days after delivery

Until the loan commitment issues

Question 9: A Virginia seller deposits the residential property disclosure statement in the United States mail, postage prepaid and properly addressed to the purchaser, several days after the contract had already ratified. Which of the following states the purchaser's termination window?

Three days after receipt

Ten days after mailing

Three days after the postmark

Five days after the postmark

Question 10: A purchaser in Henrico County received the disclosure statement after ratification and has not yet reached the end of the statutory review period the Act gives her. Which of the following events would nonetheless end her right to terminate?

The seller ordering a home inspection

Her occupancy of the property

Expiration of the financing contingency

The listing agreement expiring

Question 11: A purchaser in Winchester properly terminates her contract under the Virginia Residential Property Disclosure Act after receiving the statement late. The seller now argues she should forfeit her deposit for backing out. Which of the following correctly applies here?

The deposit is split between the parties

The seller may deduct marketing costs

Termination is penalty free, deposit returned

The deposit is held pending an interpleader

Question 12: A buyer's agent in Alexandria wants to know what the Residential Property Disclosure Act asks of her when her client is purchasing a house from a represented seller. Which of the following states her duty under that chapter?

Inform the purchaser of his rights

Prepare the disclosure statement for the seller

Obtain an inspection before the contract ratifies

Verify the accuracy of the seller's statement

Question 13: A candidate wants to know which body actually produces the residential property disclosure statement form used across Virginia, together with the one-page form the parties sign acknowledging the disclosures. Which of the following develops and maintains both documents?

The Virginia Association of Realtors

The Common Interest Community Board

The circuit court clerk of each locality

The Virginia Real Estate Board

Question 14: Four different Virginia transfers are sitting on a broker's desk this week and she is trying to sort out which of them need disclosure statements. Which of the following is exempt under the Act's own list of excluded transfers?

A sale by a retiring couple downsizing

A transfer by an estate fiduciary

An investor's sale of a duplex

A sale by an absentee owner

Question 15: A builder in Suffolk is closing the first sale of a newly constructed house and believes the new construction exemption relieves him of every disclosure duty. Which of the following correctly describes what he still owes the purchaser?

Nothing beyond the standard purchase contract

The full residential property disclosure statement

Disclosure of all known material defects

A written warranty covering structural systems

Question 16: A purchaser who bought a house in Danville believes the seller failed to provide the required disclosures and wants to sue. Which of the following states the period within which an action under this chapter must be commenced?

One year from receipt or settlement

Two years from the date of recordation

Three years from discovery of the defect

Five years for written contracts

Question 17: A house in Petersburg was the scene of a homicide several years ago, and the current owner says nothing about it when listing the property. Which of the following describes the exposure of the owner and the listing licensee?

Both may be sued for concealment

Only the licensee faces exposure

Exposure arises after the buyer moves in

No cause of action arises

Question 18: A buyer in Lynchburg asks a listing licensee directly whether anyone died in the house. The licensee knows a suicide occurred there and states that nothing of the kind ever happened. Which of the following describes her position?

The stigma immunity protects her

She should have cited police records

The immunity does not cover intentional misrepresentation

Confidentiality to the seller controls

Question 19: A Virginia licensee trained several years ago recalls that condominiums used a resale certificate while property owners' associations used an association disclosure packet with a different day count. Which of the following describes the current state of Virginia law?

One resale certificate covers all associations

Two documents with different day counts

Disclosure packets apply only outside incorporated towns

Associations may choose which document to issue

Question 20: A seller's agent in Loudoun County submits a written request to a homeowners association for the resale certificate and hears nothing back for more than two weeks. Which of the following describes the statutory consequence of that silence?

The association may charge an expedited fee

The certificate is deemed unavailable

The seller must make the disclosures personally

The contract becomes voidable by the seller

VRES Virginia Real Estate Salesperson Exam - Set 3 - Part 1