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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

A) naked title
B) clean title
C) dirty title
D) skinny title

2. Disclosure is an important part of a brokerage's duties and responsibilities. Which of the following is NOT an important disclosure all brokerages should make?

A) disclosure of financial condition
B) disclosure of an area's demographics of race and ethnicity
C) disclosure of agency
D) disclosure of all offers

3. What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?

A) police power
B) variance
C) eminent domain
D) escheat

4. A legally competent party to a contract will:

A) be literate and not be mentally incompetent or intoxicated by drugs or alcohol
B) have reached the age of majority and be literate
C) not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
D) have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol

5. Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?

A) lease-option agreement
B) cooperative sales contract
C) land trust
D) sales contract with a contingency

Solutions: