The creation of express agency is best handled via a(n):
Answer(s): D
Express agency is created through a clear written or oral agreement.In real estate, the best practice (and Virginia requirement for enforceability) is through:Listing agreement (seller representation)Buyer representation agreement (buyer representation)Other options:(A) Oral agreements possible but not best practice in Virginia.(B) Ratified actions = implied agency, not express.(C) Listing agreement alone covers only seller side.
Code of Virginia §54.1-2137 & §54.1-2138 (Agency agreements in writing)Virginia Real Estate Board Regulations Agency Disclosure
An agreement that gives only one broker and the owner the right to sell the property is called a(n):
Answer(s): C
Exclusive right-to-sell listing = only one broker has the right to sell, and they earn commission regardless of who brings the buyer (broker, owner, or another agent).Other options:(A) Exclusive agency listing owner may sell without paying broker.(B) Open listing multiple brokers, only procuring cause earns commission.(D) Net listing illegal in Virginia; seller sets net amount, broker keeps excess.
Code of Virginia §54.1-2137 (Brokerage agreements)Virginia Real Estate Principles & Practices Listing Agreements
Marty, who is not a real estate agent, owns a duplex. He lives in one unit and rents out the other. He turns down a\family with small children as tenants because he doesn't want to deal with noise.Evaluate the situation.
The Fair Housing Act protects against housing discrimination based on:Race, color, religion, sex, national origin, familial status, and disability.Familial status = protection for households with children under 18, pregnant women, or legal guardians of children.Marty's refusal to rent to a family with small children violates familial status protections.Exemption note (owner-occupied duplex rule): While the Fair Housing Act has a limited exemption for small owner-occupied dwellings ("Mrs. Murphy exemption"), Virginia Fair Housing Law does not allow discrimination based on familial status even in this situation.Thus, the correct answer is familial status discrimination.
Federal Fair Housing Act, 42 U.S.C. §3601 et seq.Virginia Fair Housing Law, Code of Virginia Title 36, Chapter 5.1
Which environmental law requires federal agencies to prepare environmental impact assessments and statements before undertaking a potentially impactful act?
The National Environmental Policy Act (NEPA) (1970) requires federal agencies to:Assess environmental impacts of major federal actions.Prepare Environmental Assessments (EAs) and Environmental Impact Statements (EISs).Other laws:(A) Clean Air Act regulates air pollution.(B) Clean Water Act regulates water pollution.(C) Resource Conservation and Recovery Act governs hazardous waste disposal.
NEPA, 42 U.S.C. §4321 et seq.Virginia Real Estate CE Curriculum Environmental Laws
Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?
Answer(s): A
A corporation is a legal entity separate from its owners.Treated as a single legal "person" (ownership in severalty).Provides limited liability to owners (shareholders) they are not personally liable for corporate debts.Other options:(B) Limited partnership only some partners have limited liability.(C) General partnership partners share unlimited liability.(D) Sole proprietorship single owner, no liability protection.
Virginia Stock Corporation Act, Code of Virginia Title 13.1Real Estate Principles & Practices Business Ownership Structures
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