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Virginia-Real-Estate-Salesperson Examcollection Questions Answers, Virginia-Real-Estate-Salesperson Reliable Test Dumps

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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q51-Q56):

NEW QUESTION # 51
Why do lenders need liquidity?

A. to qualify for FHA insurance
B. so they can put their money in long-term assets
C. so loans can be packaged together to create MBSs
D. so they have the funds to originate more loans

Answer: D

Explanation:
Liquidity is a lender's ability to quickly convert assets into cash.
When lenders sell loans on the secondary mortgage market or securitize them into mortgage-backed securities (MBSs), they regain capital.
This liquidity allows lenders to issue more loans to new borrowers.
Other options:
(A) MBSs are a method to create liquidity, not the purpose.
(C) Investing in long-term assets would reduce liquidity.
(D) FHA insurance does not require liquidity.
Reference:
Fannie Mae & Freddie Mac guidelines
Virginia Real Estate Finance Principles - Secondary Mortgage Market section

NEW QUESTION # 52
An appraiser will most likely follow all of these steps in their appraisal, EXCEPT:

A. estimating the land value
B. gathering and recording data
C. reconciling the value estimates
D. setting a listing price for the property

Answer: D

Explanation:
An appraiser's role is to provide an independent, unbiased opinion of value, not to engage in brokerage activities.
Steps appraisers follow:
Gathering and recording data (property details, comps, market conditions) Estimating land value (separate from improvements) Reconciling value estimates (from cost, income, and sales comparison approaches) They do not set listing prices, which is the job of a real estate agent or seller.
Reference (Virginia Real Estate):
Uniform Standards of Professional Appraisal Practice (USPAP)
Virginia Real Estate Principles - Appraisal section
A490-02REGS.pdf - Appraiser's role in real estate transactions

NEW QUESTION # 53
Which of these types of loans can always be sold on the secondary mortgage market?

A. non-conforming loans
B. loans originated by Fannie Mae
C. jumbo loans
D. conforming loans

Answer: D

Explanation:
Loans are classified as conforming or non-conforming:
Conforming loans: Meet Fannie Mae/Freddie Mac guidelines (loan limits, borrower qualifications). These loans are always eligible for sale on the secondary mortgage market.
Non-conforming loans: Do not meet guidelines (e.g., jumbo loans, subprime loans). These may be sold, but not always.
Other options:
(B) Fannie Mae doesn't originate loans; it buys loans.
(C) Non-conforming loans are not always saleable.
(D) Jumbo loans exceed conforming loan limits, so they don't qualify.
Reference (Virginia Real Estate):
Fannie Mae & Freddie Mac loan guidelines
Virginia Real Estate Principles - Financing section
A490-02REGS.pdf - Secondary mortgage market

NEW QUESTION # 54
What are mortgage-backed securities?

A. investment instruments that have packaged mortgages as collateral
B. notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
C. promissory notes that reference a security instrument
D. the rights to real property being held by one party for the benefit of another

Answer: A

Explanation:
Mortgage-Backed Securities (MBS) are investment instruments created when lenders bundle groups of mortgages and sell them to investors. These securities are backed by the cash flow from the underlying mortgage loans.
Investors receive interest and principal payments derived from homeowners' mortgage payments.
MBS are often issued by government-sponsored entities like Fannie Mae, Freddie Mac, or Ginnie Mae.
They help provide liquidity in the mortgage market by allowing lenders to free up funds to make more loans.
Reference (Virginia Real Estate & Finance):
Virginia Principles of Real Estate textbook discussions on financing and secondary mortgage market Real Estate Settlement education material in A490-02REGS.pdf (Mortgage Finance section)

NEW QUESTION # 55
The duty of obedience does not include requests or instructions that are:

A. ethical and legal but not advisable
B. unnecessary
C. illegal or unethical in any way
D. not put in writing

Answer: C

Explanation:
The fiduciary duty of obedience requires an agent to follow all lawful instructions from their client.
However, the duty does not include following illegal or unethical requests.
Example: A client instructing a licensee to discriminate against buyers or falsify contract terms - the licensee must refuse.
Other options:
(A) Instructions don't always need to be in writing to be valid.
(B) Ethical but unwise requests still require obedience.
(C) "Unnecessary" instructions are subjective and not an exception.
Reference (Virginia Real Estate):
Code of Virginia § 54.1-2131 (Duties of licensees)
Virginia Real Estate Principles - Fiduciary duties section
A490-02REGS.pdf - Agency & fiduciary responsibilities

NEW QUESTION # 56
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