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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Any non-natural structure built on or affixed to land is an:

A) appurtenance
B) improvement
C) encumbrance
D) emblements

2. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?

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

3. In Virginia, what is the difference between the REB and theFHB?

A) The REB reports to HUD, while the FHB does not.
B) They are the same thing.
C) The FHB is responsible for the enforcement of the fair housing law for real estate licensees. The REB is responsible for all other violators.
D) The REB is responsible for the enforcement of the fair housing law for real estate licensees. The FHB is responsible for all other violators.

4. Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A) limited partnership
B) sole proprietorship
C) corporation
D) general partnership

5. Why do lenders need liquidity?

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

Solutions: