Real Estate Licensing Virginia Real Estate Salesperson Exam Topics
Real Estate Licensing Virginia Real Estate Salesperson Exam Overview :
| Exam Name: | Virginia Real Estate Salesperson Exam |
| Exam Code: | Virginia Real Estate Salesperson |
| Certifications: | Real Estate Licensing Exams Certification |
| Actual Exam Duration: | 120 minutes |
| Expected no. of Questions in Actual Exam: | 80 |
| Exam Registration Price: | 60 |
| See Expected Questions: | Real Estate Licensing Virginia Real Estate Salesperson Expected Questions in Actual Exam |
Real Estate Licensing Virginia Real Estate Salesperson Exam Objectives :
| Section | Weight | Objectives |
|---|---|---|
| Property Ownership | A. Real and personal property; conveyances B. Land characteristics and legal descriptions 1. Metes and bounds method of legal property description 2. Lot and block (recorded plat) method of legal property description 3. Government survey (rectangular survey) method of legal property description 4. Measuring structures (linear and square footage) 5. Land measurement C. Encumbrances and effects on property ownership 1. Types of liens and their effect on the title and value of real property 2. Easements, rights of way and licenses, including their effect on the title, value and use of real property 3. Encroachments and their effect on the title, value and use of real property 4. Potential encumbrances on title, such as probate, leases, or adverse possession 5. Property rights that may be conveyed separately from use of the land surface, such as mineral and other subsurface rights, air rights, or water rights D. Types of ownership 1. Ownership in severalty/sole ownership 2. Implications of ownership as tenants in common 3. Implications of ownership in joint tenancy 4. Forms of common-interest ownership, such as Timeshares, Condominiums and Co-ops 5. Property ownership held in a trust or by an estate 6. Ownership by business entities 7. Life Estate ownership |
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| Property Ownership | A. Real and personal property; conveyances B. Land characteristics and legal descriptions 1. Metes and bounds method of legal property description 2. Lot and block (recorded plat) method of legal property description 3. Government survey (rectangular survey) method of legal property description 4. Measuring structures (linear and square footage) 5. Land measurement C. Encumbrances and effects on property ownership 1. Types of liens and their effect on the title and value of real property 2. Easements, rights of way and licenses, including their effect on the title, value and use of real property 3. Encroachments and their effect on the title, value and use of real property 4. Potential encumbrances on title, such as probate, leases, or adverse possession 5. Property rights that may be conveyed separately from use of the land surface, such as mineral and other subsurface rights, air rights, or water rights D. Types of ownership 1. Ownership in severalty/sole ownership 2. Implications of ownership as tenants in common 3. Implications of ownership in joint tenancy 4. Forms of common-interest ownership, such as Timeshares, Condominiums and Co-ops 5. Property ownership held in a trust or by an estate 6. Ownership by business entities 7. Life Estate ownership |
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| Land use Controls | A. Government rights in land 1. Government rights to impose property taxes and special assessments 2. Government rights to acquire land through eminent domain, condemnation and escheat B. Government controls on land use C. Private controls 1. Deed conditions or restrictions on property use 2. Subdivision covenants, conditions and restrictions (CC&Rs) on property use 3. Condominium and owners’ associations regulations or bylaws on property use |
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| Valuation | A. Appraisals 1. Appraisals for valuation of real property 2. Situations that require appraisal by a licensed or certified appraiser and brokerage-related actions that constitute unauthorized appraisal practice 3. General steps in appraisal process B. Estimating Value 1. Economic principles and property characteristics that affect value of real property 2. Sales or market comparison approach to property valuation and appropriate uses 3. Cost approach to property valuation and appropriate uses 4. Income analysis approach to property valuation and appropriate uses C. Comparative Market Analysis (CMA) 1. Competitive/Comparative Market Analysis (CMA), BPO or equivalent 2. Automated Valuation Method (AVM), appraisal valuation and Comparative Market Analysis (CMA) |
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| Financing | A. Basic Concepts and Terminology 1. Loan financing (for example, points, LTV, PMI, interest, PITI) 2. General underwriting process (e.g., debt ratios, credit scoring and history) 3. Standard mortgage/deed of trust clauses and conditions 4. Essential elements of a promissory note B. Types of Loans 1. Conventional loans 2. Amortized loans, partially amortized (balloon) loans, interest-only loans 3. Adjustable-rate mortgage (ARM) loans 4. Government Loans a. FHA insured loans b. VA guaranteed loans c. USDA/Rural Development loan programs 5. Owner financing (for example, installment or land contract/contract for deed) 6. Reverse-mortgage loans 7. Home equity loans and lines of credit 8. Construction loans 9. Rehab loans 10. Bridge loans C. Financing and Lending 1. Real Estate Settlement Procedures Act (RESPA), including kickbacks 2. Truth-in-Lending Act (Regulation Z), including advertising 3. Requirements and time frames of TRID (TILA-RESPA Integrated Disclosures) 4. Equal Credit Opportunity Act 5. Lending Process (application through loan closing) 6. Risky loan features, such as prepayment penalties and balloon payments |
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| Contracts | V. (Sales 19%, Broker 19%) A. General Contract Law 1. General principles of contract law 2. Elements necessary for a contract to be valid 3. Effect of the Statute of Frauds 4. Offer and a contract 5. Enforceability of contracts 6. Void, voidable and unenforceable contracts 7. Bilateral and unilateral contracts 8. Nature and use of option agreements 9. Notice, delivery, acceptance and execution of contracts 10. Appropriate use, risks, and advantages of electronic signatures and paperless transactions 11. Rights and obligations of the parties to a contract 12. Possible remedies for breach or non-performance of contract 13. Termination, rescission and cancellation of contracts B. Purchase and Lease Contracts 1. Addenda and amendments to contracts 2. Purchase agreements 3. Contract contingencies and methods for satisfying them 4. Leases and rental agreements 5. Lease-purchase agreements 6. Types of leases C. Proper handling of multiple offers and counteroffers |
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| Sales 13%, Broker 13% | Agency and non-agency relationships 1. Agency relationships and how they are established 2. Types of listing contracts 3. Buyer brokerage/tenant representation contracts 4. Other brokerage relationships, including transaction brokers and facilitators 5. Powers of attorney and other assignments of authority 6. Conditions for termination of agency or brokerage service agreements B. Agent Duties 1. Fiduciary duties of agents 2. Agent's duties to customers/non-clients, including honesty and good faith C. Agency Disclosures 1. Disclosure of agency/representation 2. Disclosure of possible conflict of interest or self-interest |
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| Property Disclosures | A. Property Condition 1. Seller's property condition disclosure requirements 2. Property conditions that may warrant inspections or a survey 3. Red flags that warrant investigation of public or private land use controls B. Environmental and Government Disclosures 1. Environmental issues requiring disclosure 2. Federal, state, or local disclosure requirements regarding the property |
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| Property Management | A. Duties and Responsibilities 1. Procurement and qualification of prospective tenants 2. Fair housing and ADA compliance specific to property management 3. How to complete a market analysis to identify factors in setting rents or lease rates 4. Property manager responsibility for maintenance, improvements, reporting and risk management (BROKER ONLY) 5. Handling landlord and tenant funds; trust accounts, reports and disbursements (BROKER ONLY) 6. Provisions of property management contracts (BROKER ONLY |
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| Transfer of Title | A. Types of deeds B. Title Insurance and Searches 1. Title insurance policies and title searches 2. Potential title problems and resolutions 3. Marketable and insurable title C. Closing Process 1. When transfer of ownership becomes effective 2. Process and importance of recordation 3. Settlement procedures (closing) and parties involved 4. Home and new construction warranties D. Special Processes 1. Special issues in transferring foreclosed properties 2. Special issues in short sale transactions 3. Special issues in probate transactions |
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| Practice of Real Estate | A. Antidiscrimination 1. Federal Fair Housing Act general principles and exemptions 2. Protected classes under the Federal Fair Housing Act 3. Protections against discrimination based on gender identity and sexual orientation 4. Prohibited conduct under the Federal Fair Housing Act (Redlining, Blockbusting, Steering, Disparate Treatment) 5. Fair housing advertising rules 6. Americans with Disabilities Act (ADA) obligations pertaining to accessibility and reasonable accommodations B. Legislation and Regulations 1. Licensees’ status as employees or independent contractors 2. Antitrust laws and types of violations, fines and penalties 3. Do -Not -Call List rule compliance 4. Proper use of Social Media and Internet communication and advertising C. Duties and Responsibilities 1. Protection of confidential personal information (written, verbal or electronic) 2. Duties when handling funds of others in transactions 3. Licensee responsibility for due diligence in real estate transactions D. Supervisory Responsibilities (BROKER ONLY) 1. Broker's supervisory responsibilities (licensees, teams and unlicensed assistants and employees) (BROKER ONLY) 2. Broker relationship with licensees (employees or independent contractors and governing rules) (BROKER ONLY) |
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| Real Estate Calculations | XI. Real Estate Calculations () A. Calculations for Transactions 1. Seller’s net proceeds 2. Buyer funds needed at closing 3. Real property tax and other prorations 4. Real property transfer fees 5. PITI (Principal, Interest, Taxes and Insurance) payments estimate given loan rate and term B. General Concepts 1. Equity 2. Rate of return/Capitalization rate 3. Loan -to -Value ratio |
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| Real Estate Calculations | XI. Real Estate Calculations () A. Calculations for Transactions 1. Seller’s net proceeds 2. Buyer funds needed at closing 3. Real property tax and other prorations 4. Real property transfer fees 5. PITI (Principal, Interest, Taxes and Insurance) payments estimate given loan rate and term B. General Concepts 1. Equity 2. Rate of return/Capitalization rate 3. Loan -to -Value ratio |
Updates in the Real Estate Licensing Virginia Real Estate Salesperson Exam Topics:
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