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What is a marketable title?
Marketable title means the title is clear enough that a prudent buyer would accept it.
It is free from serious defects, liens, or encumbrances that could jeopardize ownership or resale.
Other options:
(A) Opinion of title = attorney's assessment, not the title itself.
(B) Abbreviated history = abstract of title.
(D) Constructive/actual notice = legal doctrines, not marketability.
Virginia Real Estate Principles & Practices -- Title Concepts
Code of Virginia 55.1-900 et seq. (Title and conveyances)
Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?
Virginia has reciprocity agreements with several states, including North Carolina.
If Janay is already licensed in NC, she only needs to:
Apply to the Virginia Real Estate Board.
Provide certification of her NC license in good standing.
Pass the Virginia state portion of the licensing exam.
She does not need to retake pre-licensure education, and residency in Virginia is not required.
Reference (Virginia Real Estate):
Virginia Code 54.1-2105.2 (Reciprocity for out-of-state licensees)
Real Estate Board Reciprocity Rules (DPOR guidance)
A490-02REGS.pdf -- Licensing requirements
What is unique about an exclusive right-to-sell listing agreement?
An Exclusive Right-to-Sell Listing Agreement is the strongest listing contract for brokers.
The broker earns a commission regardless of who procures the buyer---whether it's another broker, the seller themselves, or the listing agent.
This contrasts with an Exclusive Agency Agreement, where the seller may avoid paying commission if they find the buyer themselves.
Virginia law requires such agreements to be in writing, signed by all parties, and have a definite termination date ( 54.1-2137).
Reference (Virginia Real Estate):
Code of Virginia 54.1-2137 (Agency agreements)
Real Estate Regulations (18 VAC 135-20-280) regarding written agreements
A type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord is a:
A percentage lease is most commonly used in commercial real estate, especially retail.
The tenant pays a base rent plus a percentage of their business's gross sales/profits to the landlord.
Example: Shopping mall tenants, restaurants, or department stores.
Other options:
(A) Gross lease = tenant pays fixed rent; landlord pays expenses.
(C) Net lease = tenant pays base rent + some or all operating expenses (taxes, insurance, maintenance).
(D) Ground lease = long-term lease of land (tenant builds on leased land).
Reference (Virginia Real Estate):
Virginia Real Estate Principles -- Types of leases
A490-02REGS.pdf -- Leasing curriculum
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)
