10 exam-style questions with answers and explanations, straight from our 1,030-question bank. Tap an answer to check yourself. When you're ready, take the scored version in the free practice test.
The VARE-S exam has 120 questions and runs 2 hours 30 minutes.
These 10 free VARE-S questions are organized by exam domain, so you can see how each part of the Virginia Real Estate Salesperson Exam blueprint is tested. Reveal the answer and explanation under each question.
Three siblings take title as tenants in common, each with a one-third interest. One dies with a valid will leaving all property to a daughter. What happens to the deceased owner's real estate interest?
Correct answer: A - The daughter receives the deceased owner's one-third through the estate; the other shares remain unchanged.
Before signing a listing agreement, a homeowner asks a salesperson for a probable listing range. The salesperson has recent comparable sales that can be adjusted for condition and concessions, and no party needs a formal appraisal. What is the most appropriate response?
Correct answer: B - Prepare a comparative market analysis from adjusted recent sales and identify it as a CMA, not an appraisal.
For a conventional purchase loan, the lender uses the lower of the sale price or appraised value and requires private mortgage insurance (PMI) when the loan-to-value ratio (LTV) exceeds 80%. The price is $320,000, the appraisal is $315,000, the mortgage is $255,150, and the buyer will pay $7,500 of closing costs in cash. Which statement correctly applies the lender's policy?
Correct answer: A - The LTV is 81.0%, so PMI is required.
Before a buyer's $410,000 offer expires, the seller changes settlement from June 15 to June 30, signs, and returns it. The buyer rejects the change. The seller then signs and sends back an unaltered copy of the original offer. What is the legal result?
Correct answer: C - The counteroffer ended the original offer; the later signature is a new offer requiring buyer acceptance.
Under a written exclusive buyer-broker agreement, the seller agrees in the purchase contract to pay the buyer broker's fee at closing. Who does the buyer broker represent?
Correct answer: D - The buyer; the source of compensation does not by itself determine representation.
The seller of a 1965 single-family home reports no known lead-based paint and has no lead reports. Before the buyer signs the sales contract, which federal step is still required?
Correct answer: B - Provide the lead hazard pamphlet, complete the federal lead disclosure, and give a 10-day inspection opportunity unless changed or waived in writing.
An apartment property has effective gross income of $96,000, annual operating expenses of $36,000, and annual mortgage debt service of $18,000. The asking price is $720,000, and an investor requires a capitalization rate of at least 8%. Using capitalization rate = net operating income (NOI) ÷ value, excluding debt service from NOI, and rounding to the nearest tenth of a percent, which conclusion is correct?
Correct answer: D - The cap rate is 8.3%, so the property meets the investor's minimum.
On Friday, a Virginia brokerage receives earnest money with a buyer's offer. The seller ratifies the contract the following Wednesday. The firm will hold the deposit in escrow, and the parties made no different written agreement. Which deadline applies?
Correct answer: A - Deposit it by the end of the fifth business banking day following ratification.
Monday: a Virginia residential purchase contract is ratified. Wednesday: the required property disclosure statement is emailed. Friday: the buyer delivers written termination. The buyer has not applied for a mortgage, settled, occupied the property, or waived the right. Is the termination effective?
Correct answer: B - Yes. The buyer acted within three days after electronic delivery and before any earlier cutoff event.
In one Virginia firm, the principal broker supervising a residential transaction designates one affiliated salesperson for the seller and another for the buyer. How are the roles treated?
Correct answer: D - Each salesperson represents the assigned client; the supervising broker is dual, and written consent is required.
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