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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

2. A licensee could be found liable for all of the following EXCEPT:

A) failure to disclose a latent defect that the licensee should have reasonably known
B) failure to disclose a known latent defect to the buyer
C) failure to disclose an unknown latent defect in an inaccessible location
D) attempting to conceal a known latent defect

3. Why do lenders need liquidity?

A) so they can put their money in long-term assets
B) to qualify for FHA insurance
C) so they have the funds to originate more loans
D) so loans can be packaged together to create MBSs

4. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) Janay only needs to take and pass the state portion of the licensing exam.
B) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.
C) The REB will require Janay to take a special licensing course for out-of-state residents.
D) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.

5. What is the perimeter of a rectangular lot with the dimensions of 40 ft. x 50 ft .?

A) 180 ft.
B) 150 ft.
C) 200 ft.
D) 90 ft.

Solutions: