What do ostensible agency and agency by estoppel have in common?
Answer(s): C
Ostensible agency and agency by estoppel both occur when the principal's actions (or lack of correction) cause a third party to reasonably believe an agency relationship exists, even if no formal agreement does.If the third party relies on this belief, the principal may be estopped from denying the agency relationship.Other options:(A) Wrong both are still recognized concepts.(B) Wrong belief is mistaken, not correct.(D) Wrong not about choosing no representation.
Code of Virginia §54.1-2130 et seq. (Agency Law)Virginia Real Estate Exam Outline Law of Agency
Alana is renting a three-bedroom home for one year. Alana is the:
Answer(s): A
Tenant/lessee = person renting property under a lease.Alana rents the home for one year she is the tenant/lessee.Other options:(B) Holdover tenant stays after lease expires.(C) Optionor person giving an option contract, not a renter.(D) Lessor landlord/owner, not tenant.
Virginia Residential Landlord and Tenant Act (VRLTA), Code of Virginia §55.1-1200Real Estate Principles Leasehold Estates
If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:
Answer(s): D
A limited partner contributes capital (investment) but does not participate in day-to-day management.Their liability is limited to the amount of their investment.Other options:(A) Tenant in common co-ownership, not partnership.(B) General partner has unlimited liability and management role.(C) Tenant in partnership refers to partnership property rights, not liability protection.
Virginia Uniform Partnership Act, Code of Virginia Title 50Real Estate Principles Forms of Business Ownership
Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?
Radon is a colorless, odorless, naturally occurring radioactive gas that comes from the decay of uranium in rocks, soil, and groundwater.It can accumulate in homes and buildings and is a leading cause of lung cancer in non-smokers.Other options:(A) Chlordane = pesticide.(B) Chlorofluorocarbons = refrigerants damaging ozone.(C) Carbon monoxide = toxic gas from combustion, but not radioactive.
U.S. EPA Radon Risk GuidelinesVirginia Real Estate Board CE Curriculum Environmental Hazards
The consummation of a real estate sale is known as the:
The consummation of a real estate sale is when the property legally transfers from seller to buyer at the closing (settlement).At closing:Final documents are signed.Purchase funds are transferred.Title is conveyed.Other options:(A) Offer & acceptance = creates contract, not completion.(B) Signing of contract = binding agreement, but not sale consummation.(D) Option period = period where buyer may opt out, not closing.
Virginia Code §55.1-900 et seq. (Conveyances and settlements)Virginia Real Estate Principles The Closing Process
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