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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

2. The purpose of discount points is:

A) to lower the property value for purposes of tax savings
B) to lower the amount due at closing
C) to lock in an interest rate for a specified time prior to closing
D) to lower the interest rate over the life of the loan

3. 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) No, because the phrase "time is of the essence" is included in the contract.
D) Yes, because the phrase "subject to" is included in the contract.

4. Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

A) skinny title
B) dirty title
C) clean title
D) naked title

5. The relationship between a property manager and the property owner is most comparable to that of a:

A) stockholder with the board of directors of a corporation
B) cashier with the owner of a store
C) salesperson with their broker
D) tenant with a landlord

Solutions: