Virginia Real Estate Salesperson Exam — All Questions

Virginia law generally requires that a brokerage relationship between a licensee and a client be:

• a.Established in a written brokerage agreement✓
• b.Only oral to be valid
• c.Automatically dual agency
• d.Free of any disclosure

Virginia requires brokerage (agency) relationships to be set out in a written agreement specifying the services and duties. Licensees must also disclose their brokerage relationship to the other party in a transaction so everyone understands who represents whom.

Virginia's Residential Property Disclosure Act is best described as a system in which:

• a.The seller warrants the property is defect-free
• b.The seller must repair all defects before closing
• c.The seller provides a disclosure statement and buyers are advised to exercise due diligence and inspect✓
• d.No disclosure of any kind is allowed

Virginia follows a buyer-beware approach: under the Residential Property Disclosure Act the seller provides a disclosure statement notifying buyers that the property is sold as is with respect to certain matters and that buyers should exercise due diligence, including obtaining inspections.