Last Updated: Jun 01, 2026
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1. Which of the following provides the BEST explanation for why disclosure of material facts is required?
A) The material a property is made of can influence its value.
B) Not all material facts are readily discernible.
C) If known, they could cause a buyer or seller to take a different course of action.
D) All facts related to a real estate transaction must be disclosed.
2. Alexa and Harrison have gone over every term and condition in the contract they have drawn up for the sale of Alexa's racehorse to Harrison. Neither party has any questions or desire to change anything about the agreement. Which essential element of a valid contract appears to have been realized?
A) reality of consent
B) consideration
C) mutual assent
D) lawful objective
3. Which of the following is a unique quality of limited service agents in Virginia?
A) Limited service agents can assist in neither residential nor commercial transactions.
B) Limited service agents can assist in commercial transactions ONLY.
C) Limited service agents can assist in both residential and commercial transactions.
D) Limited service agents can assist in residential transactions ONLY.
4. Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?
A) radon
B) chlorofluorocarbons
C) chlordane
D) carbon monoxide
5. The VRLTA applies to:
A) anyone who owns more than two rental properties
B) anyone who owns a commercial property
C) anyone who owns one property
D) anyone who owns more than five rental properties
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: A |
Otto
Sean
Warner
Astrid
Dana
Frances
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