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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Which listing agreement allows multiple real estate brokers (and the owners themselves) the right to sell the property, with a commission being paid to whoever is the procuring cause of the sale?

A) exclusive agency listing
B) exclusive right-to-sell listing
C) open listing
D) net listing

2. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?

A) A nonjudicial foreclosure was necessary because a trustee holds the title.
B) A judicial foreclosure was necessary because the lender holds the title.
C) A nonjudicial foreclosure was necessary because Mindy holds the title.
D) A judicial foreclosure was necessary because Mindy holds the title.

3. When must a lender provide borrowers with a Closing Disclosure?

A) on the day of closing
B) at the end of the closing ceremony
C) at least five business days after consummation of the loan
D) at least three business days before the consummation of the loan

4. Larry's new tenant, who uses a wheelchair, asks Larry to install grab bars in the bathtub, as well as lowered light switches. The tenant is asking for:

A) bias, and Larry is not obligated to complete the request
B) accommodations, and Larry must pay for them, no matter the expense
C) modifications, and Larry can require that the tenant pay for their installation
D) injunctions, and the Americans with Disabilities Act (ADA) will cover the cost

5. Which of the following is correct about implied and express contracts?

A) Express contracts can be legally binding, while implied contracts cannot.
B) Implied contracts can be legally binding, while express contracts cannot.
C) Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.
D) Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.

Solutions: