VRES Virginia Real Estate Salesperson Exam - Set 5 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A buyer near Quantico who served for years in the armed forces seeks financing that requires no down payment at all and carries no monthly mortgage insurance. Which of the following program is she describing for that purchase?

A Federal Housing Administration insured loan

A conventional loan sold to investors

A rural development loan

A loan guaranteed by Veterans Affairs

Question 42: A Virginia licensee accepts a monthly cash payment from a local title company in exchange for steering every one of her closings that year to that company. Which of the following describes that arrangement under federal settlement law?

Permitted if the payment is disclosed

A prohibited kickback for referrals

Permitted as an affiliated business arrangement

Governed only by state licensing rules

Question 43: A brokerage advertisement for a financed home in the Fredericksburg market states the monthly payment amount a buyer would owe on the loan. Which of the following describes the consequence under the Truth in Lending Act advertising rules for that message?

Full credit terms must also be disclosed

Only the annual percentage rate must appear

No further disclosure is needed for payments

The advertisement must name the lender

Question 44: A lender declines a residential loan application from a married Virginia couple and mentions in passing during the call that one applicant's income from public assistance was not counted. Which of the following federal statute does that reasoning implicate?

The Real Estate Settlement Procedures Act

The Equal Credit Opportunity Act

The Home Mortgage Disclosure Act

The Truth in Lending Act

Question 45: An appraiser valuing a suburban brick house in Chesterfield County selects several recent sales of similar homes nearby and adjusts each of them for differences from the subject property. Which of the following approach to value is she using?

The cost approach

The income capitalization approach

The sales comparison approach

The gross rent multiplier method

Question 46: An appraiser is valuing a newly completed public elementary school building in Hampton and finds neither comparable sales nor any rental income anywhere in the local market to analyze. Which of the following approach best fits that particular assignment?

The sales comparison approach

The cost approach

The income capitalization approach

An automated valuation model

Question 47: An investor evaluating a mid-sized apartment building in the Ghent area of Norfolk divides the property's net operating income by the rate of return that investors currently expect from similar buildings. Which of the following figure does that particular calculation produce?

The gross rent multiplier

The equity buildup

An indicated value for the property

The debt coverage ratio

Question 48: A Virginia licensee prepares a written pricing opinion for a seller in Roanoke County using recent sales, current listings, and expired listings drawn from the same neighborhood. Which of the following describes what she has produced for that seller?

A comparative market analysis, not an appraisal

An appraisal that satisfies lender requirements

An automated valuation model output

A broker price opinion prohibited in Virginia

Question 49: An appraiser in Petersburg notes that a house has lost a good deal of its value because a highway alongside the rear property line was widened and resurfaced last year. Which of the following category of depreciation does that loss represent?

Physical deterioration

Functional obsolescence

External obsolescence

Curable deterioration

Question 50: A Virginia salesperson is asked by a mortgage lender to provide a value opinion that the lender will use to underwrite a mortgage on a house in Suffolk. Which of the following describes her position on that particular assignment?

She may proceed if she discloses status

She may proceed under a small threshold

She may proceed with broker review

A licensed or certified appraiser is required

Congratulations!

You have completed all 5 question sets. Good job!

Go Back to Home

Struggling With Exams?

Less Time Studying, More Time Living – Finish Your Degree Faster! Pay-After-you-Pass!

Get Exam Support