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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. If a condo owner is selling their unit, which of these documents should they present to a buyer?

A) resale certificate
B) Closing Disclosure
C) HUD-1
D) Loan Estimate

2. Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?

A) No, because the phrase "as is" is included in the contract.
B) Yes, because the phrase "caveat emptor" is included in the contract.
C) Yes, because the phrase "subject to" is included in the contract.
D) No, because the phrase "time is of the essence" is included in the contract.

3. Vicarious liability is the common law concept that:

A) a person is liable for the actions of those acting with authority on that individual's behalf
B) agents cannot be held liable for violating fiduciary duties, while brokers can
C) brokers are free from taking responsibility for their agents' actions
D) license holders may ONLY be held liable if violations are brought to court

4. A legally competent party to a contract will:

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

5. Who regulates fair housing advertising?

A) ECOA
B) HMDA
C) HUD
D) CRA

Solutions: