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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?

A) A nonjudicial foreclosure was necessary because a trustee holds the title.
B) A judicial foreclosure was necessary because the lender holds the title.
C) A nonjudicial foreclosure was necessary because Mindy holds the title.
D) A judicial foreclosure was necessary because Mindy holds the title.

2. Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

A) 10 days
B) 5 days
C) 21 days
D) 14 days

3. A form of insurance that protects the policyholder by covering any losses they might incur as a result of theft or fraud by specified individuals is:

A) a liability bond
B) a risk management bond
C) a fidelity bond
D) a security bond

4. Which of the following is a unique quality of limited service agents in Virginia?

A) Limited service agents can assist in both residential and commercial transactions.
B) Limited service agents can assist in residential transactions ONLY.
C) Limited service agents can assist in commercial transactions ONLY.
D) Limited service agents can assist in neither residential nor commercial transactions.

5. Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A) undivided interest
B) equitable interest
C) unity of time
D) sole proprietorship

Solutions: