You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:
Answer(s): B
When preparing a Comparative Market Analysis (CMA):The best comp is most similar in location, age, size, and features.Timeliness matters (more recent sales are preferred), but similarity in property type/size carries greater weight.Analysis of options:(A) Six-bedroom, new build = too dissimilar.(B) Same size, age, and location -- best match, though sold 2 years ago.(C) Too far (20 miles) and older property.(D) Closer in time but has fewer bedrooms/baths and is older.Thus, (B) is the closest comparable.
Virginia Real Estate Principles & Practices CMA and appraisal methodsReal Estate Exam Prep Valuation & Market Analysis
In Virginia, a supervising broker is:
Answer(s): A
In Virginia, the principal broker is the broker of record, legally responsible for the entire firm.A supervising broker is one who is designated by the principal broker to manage day-to-day activities of salespersons or associate brokers in:A branch office, ORA specific real estate team.Other options:(B) = principal broker definition, not supervising broker.(C) = outside broker, not correct.(D) = describes an associate broker.
Code of Virginia §54.1-2100 (Definitions of principal broker, supervising broker)Real Estate Board Regulations 18 VAC 135-20-50 (Broker supervision requirements)
The purpose of discount points is:
Discount points are prepaid interest paid at closing to the lender.One point = 1% of the loan amount.By paying points upfront, borrowers receive a lower interest rate over the life of the loan (commonly referred to as "buying down the rate").Other options:(B) Wrong has nothing to do with property taxes.(C) Wrong that describes an interest rate lock, not discount points.(D) Wrong points increase closing costs.
Virginia Real Estate Finance Principles Discount PointsFannie Mae Guidelines Loan Costs
In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?
Answer(s): D
Virginia issues three types of real estate licenses:Broker may operate independently, supervise others, and run a firm.Salesperson must work under a broker.Firm a business entity license allowing a company to operate as a brokerage.Other options:(A) Property manager is not a separate license category in Virginia.(B) Assistant broker not a recognized license.(C) Residential/commercial are specialties, not license types.
Code of Virginia §54.1-2106.1 (Licensing requirements)Virginia Real Estate Board Regulations (Licensing categories)
What is a marketable title?
Answer(s): C
Marketable title means the title is clear enough that a prudent buyer would accept it.It is free from serious defects, liens, or encumbrances that could jeopardize ownership or resale.Other options:(A) Opinion of title = attorney's assessment, not the title itself.(B) Abbreviated history = abstract of title.(D) Constructive/actual notice = legal doctrines, not marketability.
Virginia Real Estate Principles & Practices Title ConceptsCode of Virginia §55.1-900 et seq. (Title and conveyances)
Post your Comments and Discuss Real Estate Licensing Virginia-Real-Estate-Salesperson exam prep with other Community members:
Our website is free, but we have to fight against AI bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the Virginia-Real-Estate-Salesperson content, but please register or login to continue.