Free Virginia Agency Practice Test — LicenseIQ

Question 1

A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:

Accepted Answer

Obedience requires following lawful instructions only. Discriminatory instructions violate fair housing laws and must be refused.

Question 2

After dual representation begins, which can the dual agent still do?

Accepted Answer

The statutory dual representation disclosure in § 54.1-2139 says the licensee cannot advise either party on terms, cannot advise the buyer on suitability or condition beyond required disclosures, and cannot advise in disputes. Handling and presenting offers remains part of the role.

Question 3

A settlement agent needs only an update of the financial information on a resale certificate shortly before closing. How quickly must the association provide a financial update after written request?

Accepted Answer

Section 55.1-2311 C requires a financial update within 3 business days after written request. A full updated certificate is due within 10 days.

Question 4

A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

Accepted Answer

Any personal or financial interest of the agent or family must be disclosed up front so the client can make an informed decision.

Question 5

At an open house, a buyer begins telling the listing agent the most he could pay. The agent should first:

Accepted Answer

Agents must disclose up front whom they represent so customers don't mistakenly share confidential information - anything the agent learns must be shared with the client.

Question 6

In a Virginia designated agency transaction, the principal broker assigns Agent A to the seller and Agent B to the buyer. Who is considered a dual agent?

Accepted Answer

Under § 54.1-2139.1, designated agents who each represent only one client are not dual agents, but the principal or supervising broker of the transaction is considered a dual agent or dual representative.

Question 7

A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

Accepted Answer

A general agent handles a range of matters in a continuing relationship (typical of property management). A listing agent is a special (limited) agent for one transaction.

Question 8

Which must appear in a Virginia limited service agent agreement?

Accepted Answer

Section 54.1-2138.1 requires the agreement to state the licensee is acting as a limited service agent, list the services provided, and list the standard duties not provided, conspicuously. The sample language confirms the other party's licensee has no duty to perform excluded services.

Question 9

A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:

Accepted Answer

Latent (hidden) defects known to the seller or agent must be disclosed; failing to do so can create liability for both.

Question 10

A material defect that a seller/agent must disclose is one that:

Accepted Answer

Material defects significantly affect value or would influence a buyer's decision and must be disclosed.

Question 11

Which of the following is a fiduciary duty an agent owes the principal?

Accepted Answer

Fiduciary duties are Confidentiality, Obedience, Accounting, Loyalty and Disclosure (COALD), plus reasonable care.

Question 12

An agent advertises a home as having a 'new roof' without verifying it; the roof is actually 18 years old. This is:

Accepted Answer

Stating unverified facts that prove false is negligent misrepresentation; knowingly false statements are fraud. Puffing is opinion, not a verifiable fact.

Question 13

How many hours of supervision and management of agents and firms must an active Virginia broker include in the broker's CE each term?

Accepted Answer

Brokers complete 24 hours, of which 19 are mandatory: the 11 core hours plus 8 hours of supervision and management, 2 of which must be an overview of broker supervision requirements (18VAC135-20-101).

Question 14

During a listing walk-through, the agent notices fresh paint on one ceiling area and a musty odor. The agent should:

Accepted Answer

Agents are not inspectors, but must recognize red flags (stains, odors, cracks) and disclose them for further investigation.

Question 15

Which statement about dual agency is correct?

Accepted Answer

Dual agency creates an inherent conflict; with informed written consent, the agent provides limited representation and must keep each party's confidences.

Question 16

Under Virginia law, a person who has not entered into a brokerage relationship with a licensee is presumed to be a:

Accepted Answer

Section 54.1-2130 defines a customer as a person without a brokerage relationship for whom the licensee performs ministerial acts, and says a person is presumed a customer unless a brokerage relationship exists.

Question 17

A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

Accepted Answer

In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)

Question 18

The client a broker represents is the:

Accepted Answer

The principal is the client to whom the agent owes fiduciary duties; a customer is a party the agent works with but does not represent.

Question 19

In a designated agency, the seller's designated agent may disclose the seller's confidential bottom-line price to:

Accepted Answer

Section 54.1-2139.1 lets designated agents share client confidences only with their own broker, unless the law requires disclosure or the client consents in writing.

Question 20

A listing agent actually knows the chimney flue is cracked. What must the agent do regarding prospective buyers?

Accepted Answer

Section 54.1-2131 B requires a seller's licensee to disclose to prospective buyers, in writing, all material adverse facts about the physical condition of the property that the licensee actually knows. The seller's buyer-beware statement does not relieve the licensee of this duty.

Question 21

Under Virginia law, a dual agency disclosure is NOT valid if it is:

Accepted Answer

Section 54.1-2139 D provides that a disclosure is not valid if unsigned by the client or if it appears in a purchase agreement, lease or other transaction document. It must be a separate signed disclosure given before the dual relationship begins.

Question 22

For purposes of Virginia's brokerage relationship statutes, residential real estate means property containing:

Accepted Answer

Section 54.1-2130 defines residential real estate as property containing one to four residential dwelling units, including lots for such units.

Question 23

An agent authorized to perform a single specific act for a principal is a:

Accepted Answer

A special (limited) agent has authority for a specific task, typical of a listing agent. A property manager is usually a general agent.

Question 24

A seller has already accepted an offer, and another buyer submits a higher offer. The listing agent should:

Accepted Answer

Listing agents must present all offers through closing, but should not give legal advice about the seller's obligations under the existing contract.

Question 25

Which fiduciary duty continues even after the agency relationship has ended?

Accepted Answer

Most fiduciary duties end with the agency, but the agent must continue to keep the former client's confidential information private.

Virginia real estate agency practice test

1. A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:

2. After dual representation begins, which can the dual agent still do?

3. A settlement agent needs only an update of the financial information on a resale certificate shortly before closing. How quickly must the association provide a financial update after written request?

4. A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

5. At an open house, a buyer begins telling the listing agent the most he could pay. The agent should first:

6. In a Virginia designated agency transaction, the principal broker assigns Agent A to the seller and Agent B to the buyer. Who is considered a dual agent?

7. A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

8. Which must appear in a Virginia limited service agent agreement?

9. A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:

10. A material defect that a seller/agent must disclose is one that:

11. Which of the following is a fiduciary duty an agent owes the principal?

12. An agent advertises a home as having a 'new roof' without verifying it; the roof is actually 18 years old. This is:

13. How many hours of supervision and management of agents and firms must an active Virginia broker include in the broker's CE each term?

14. During a listing walk-through, the agent notices fresh paint on one ceiling area and a musty odor. The agent should:

15. Which statement about dual agency is correct?

16. Under Virginia law, a person who has not entered into a brokerage relationship with a licensee is presumed to be a:

17. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

18. The client a broker represents is the:

19. In a designated agency, the seller's designated agent may disclose the seller's confidential bottom-line price to:

20. A listing agent actually knows the chimney flue is cracked. What must the agent do regarding prospective buyers?

21. Under Virginia law, a dual agency disclosure is NOT valid if it is:

22. For purposes of Virginia's brokerage relationship statutes, residential real estate means property containing:

23. An agent authorized to perform a single specific act for a principal is a:

24. A seller has already accepted an offer, and another buyer submits a higher offer. The listing agent should:

25. Which fiduciary duty continues even after the agency relationship has ended?

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