PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam success!

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Which of the following is considered misrepresentation?

Providing correct information about property taxes
Intentionally omitting a material fact
Accurately reporting property conditions
Providing a list of all property owners

The correct answer is: Intentionally omitting a material fact

Intentionally omitting a material fact is categorized as misrepresentation because it involves not disclosing information that could influence the decisions of a potential buyer or tenant. In real estate, material facts are considered essential to the transaction; they could significantly alter the understanding of what is being bought or rented. For example, failing to mention known defects in a property or important details about the neighborhood could lead a buyer to make a decision based on incomplete or misleading information. This omission can create a false impression, which violates ethical and legal obligations in real estate dealings. In contrast, the other options involve either providing accurate information or simply listing details about property ownership. Providing correct information about property taxes and accurately reporting property conditions signifies transparency and honesty, whereas providing a list of all property owners does not inherently include a misleading aspect. Therefore, the key distinction lies in the intent and impact of the omission of material facts, which constitutes misrepresentation.