Any non-natural structure built on or affixed to land is an:
Answer(s): A
An improvement is any man-made addition or structure attached to land, such as houses, fences, or buildings.Other terms:(B) Encumbrance = claim, lien, or restriction on property.(C) Appurtenance = a right or privilege associated with land (e.g., easement).(D) Emblements = crops grown annually, personal property of the farmer/tenant.
Virginia Real Estate Principles & Practices Land Characteristics & Property RightsVirginia Exam Content Outline Land, Property, and Ownership
Which of the following provides the BEST explanation for why disclosure of material facts is required?
Answer(s): C
Material facts are facts that significantly affect the value, desirability, or decision regarding a property.Disclosure is required because knowing these facts could lead a buyer or seller to act differently (e.g., not purchase, renegotiate price, or take corrective measures).Other options:(A) Construction materials may affect value, but this is not the reason for disclosure laws.(B) Some facts are not easily seen, but disclosure is broader.(D) Not all facts, only material ones, must be disclosed.
Code of Virginia §54.1-2131 (Duties of licensees: disclosure of material facts)Virginia Real Estate Board Regulations Standards of Conduct
The National Association of Realtors' Code of Ethics saysRealtors should act with:
Answer(s): B
Comprehensive Detailed The NAR Code of Ethics establishes that Realtors must act with:Integrity honesty in all dealings.Fairness treating all parties honestly and impartially.Competence providing services within their level of skill and knowledge.Since the Code of Ethics covers all these duties, the correct choice is all choices are correct.
NAR Code of Ethics, Preamble & Article 1
Which of these is an example of a deed restriction?
Deed restrictions (also called restrictive covenants) are private restrictions placed in deeds or subdivision rules by developers or homeowners associations.They control how property can be used (e.g., no RVs, no fences over certain height).Other options:(A) City denying permit = zoning regulation (public restriction).(C) Environmental impact statement = government regulation, not a deed restriction.(D) Bathroom requirement = building code, not private restriction.
Virginia Real Estate Principles & Practices Land Use Controls (public vs private)Code of Virginia Title 55.1, Chapter 19 (Restrictive Covenants)
Which of these describes a leasehold estate?
A leasehold estate grants the tenant the right to occupy/use property for a specified time, while ownership remains with the landlord.Terrence paying rent for an apartment he does not own is a classic leasehold estate example.Other options:(B) Stipulation on deed = fee simple defeasible estate.(C) Occupancy for life = life estate.(D) Jung owning and occupying = fee simple ownership.
Virginia Real Estate Principles & Practices Types of Estates
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