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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What do ostensible agency and agency by estoppel have in common?

A) They both concern a third party's decision to go unrepresented in a transaction.
B) They both arise when a third party correctly believes that agency exists between a principal and an agent.
C) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
D) They are both forms of third-party agency no longer recognized in the U.S.

2. Which of these is a reason a borrower might be offered a subprime loan by a lender?

A) The home is in a low-income neighborhood.
B) The borrower's credit report includes numerous delinquencies.
C) A borrower's credit score is too high.
D) Federal funds rates are high.

3. 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) net listing
C) exclusive right-to-sell listing
D) open listing

4. A home is being sold "as is." Evaluate this situation.

A) The seller does not have to disclose any defects to the buyer.
B) The seller is planning to tear down the house before closing.
C) The seller is signaling that they do not want to do any repairs, regardless of what is found in the inspection.
D) The seller is indicating that they believe their home to be in pristine condition.

5. 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) eminent domain
C) variance
D) escheat

Solutions: