Va Real Estate Moseley Test Questions And Answers 2024

What is an oral will? {Ans: A will that is spoken (not legally binding in VA)}What is a fixture? {Ans: Things like fences and lights that were once movable personal property that were affixed to a property making them fixtures.}What are water rights? {Ans: The right to use the water that is on your property.}What us ad velorem? {Ans: It means according to value.}What is pur autre vie? {Ans: Means for another's life. Measures the life estate by a third person's life.}What does time is of the essence mean? {Ans: When the parties have agreed upon a defined time.}What is a non-legal property descriptions? {Ans: Describes a property for convenience and not for use on deeds and titles.}How does cost and availability of labor factor into supply and demand? {Ans: The more available the materials and labor for home building, the more homes built, and the value of the house lowers.}What is a dower or curtesy? {Ans: Legal right of limited inheritance by a wife or husband.}What is a tax lien? {Ans: A lien placed when taxes are not paid off. (PROPERTY tax liens are only when the property tax