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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. 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) exclusive agency agreement
C) exclusive right-to-sell agreement
D) open listing

2. In Virginia, how many years do records need to be kept for?

A) one year
B) five years
C) three years
D) two years

3. Which of the following contracts has no legal effect and typically involves an illegal act, fraud, misrepresentation,duress, or undue influence?

A) an oral contract
B) an implied contract
C) a valid contract
D) a void contract

4. Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?

A) Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.
B) Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.
C) No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
D) No. It's normal for lenders to have significant last-minute changes to their fees.

5. The duty of obedience does not include requests or instructions that are:

A) ethical and legal but not advisable
B) unnecessary
C) not put in writing
D) illegal or unethical in any way

Solutions: