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| Section | Weight | Objectives |
|---|---|---|
| Virginia State Portion (30 questions) | 20% | - Virginia-Specific Statutes
|
| National Portion (120 questions) | 80% | - Practice and Ethics
|
1. Who regulates fair housing advertising?
A) CRA
B) HUD
C) HMDA
D) ECOA
2. A leasehold agreement where the base rent changes is called a:
A) lease-purchase agreement
B) percentage lease
C) variable lease
D) net lease
3. What does the VRLTA aim to do?
A) regulate owner-occupied REO properties in Virginia
B) regulate landlord maintenance practices for industrial warehouses across the United States
C) monitor commercial leasing practices in Virginia
D) establish uniform laws to regulate leasehold interests and improve leasing practices in Virginia
4. The consummation of a real estate sale is known as the:
A) option period
B) offer and acceptance
C) signing of the contract
D) closing
5. Which of these is a reason a borrower might be offered a subprime loan by a lender?
A) The home is in a low-income neighborhood.
B) A borrower's credit score is too high.
C) The borrower's credit report includes numerous delinquencies.
D) Federal funds rates are high.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: C |
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