Important Real Estate Licensing Virginia Real Estate Salesperson Exam Questions

Answer: C

Explanation:

This is the same as Question 100 --- likely a duplicate question. Again, the answer is escheat because property without heirs or a will reverts to the state.

Reference (Virginia Real Estate):

Same as Question 100.

Answer: B

Explanation:

Under the Virginia Residential Landlord and Tenant Act (VRLTA), a landlord may not demand or receive a security deposit exceeding the equivalent of two months' rent.

Deposit must be returned (with allowable deductions) within 45 days after lease termination.

This protects tenants from excessive deposits while allowing landlords some coverage for damages.

Other options:

(A) One month = incorrect, law allows more.

(C) $2,000 = not specified in law.

(D) Six months = excessive and prohibited.

Reference (Virginia Real Estate):

Virginia Code 55.1-1226 (Security deposits)

Virginia Residential Landlord Tenant Act (VRLTA)

A490-02REGS.pdf -- Landlord-tenant curriculum

Answer: B

Explanation:

Vicarious liability is a common law concept where a person in authority is responsible for the actions of another acting on their behalf:

In real estate, brokers are vicariously liable for the actions of their salespersons/agents when those actions are within the scope of their authority.

This does not absolve agents of their own liability, but it means the broker shares responsibility for ensuring compliance with real estate law and ethical standards.

Other options:

(A) Wrong -- liability doesn't depend on whether violations are taken to court.

(C) Wrong -- brokers are not free from responsibility.

(D) Wrong -- both brokers and agents can be held liable.

Reference (Virginia Real Estate):

Virginia Code 54.1-2101 et seq. (Broker supervisory responsibilities)

Real Estate Board Regulations 18 VAC 135-20-160

A490-02REGS.pdf -- Agency law & fiduciary duties

Answer: D

Explanation:

A fee simple determinable estate automatically reverts to the grantor if the condition is violated (e.g., ''so long as the land is used as a park''). No legal action is required.

A fee simple subject to condition subsequent estate, however, requires the grantor to take legal action (such as filing for repossession) if the condition is violated (e.g., ''on the condition that the land is used as a park; if not, the grantor has the right of reentry'').

Thus, the distinction is automatic reversion vs. reversion only through legal action.

Reference (Virginia Real Estate):

Virginia Real Estate Principles -- Estates in Land section

Answer: C

Explanation:

The Sherman Antitrust Act (1890) is federal legislation designed to maintain fair competition in the marketplace. It prohibits business practices that restrain trade or create monopolies. In real estate, this law directly applies to:

Price fixing (e.g., brokers agreeing on commission rates)

Group boycotts (refusing to do business with certain parties)

Market allocation (dividing territories or clients among competitors)

Tie-in agreements (forcing the purchase of one service with another)

Its primary goal is consumer protection through competition---not housing rights, credit billing, or securities fraud.

Reference (Virginia Real Estate):

Sherman Antitrust Act, 15 U.S.C. 1--7

Virginia Real Estate Board continuing education: Ethics & Antitrust Law compliance

A490-02REGS.pdf (Professional Standards & Conduct sections)