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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. An agreement that gives only one broker and the owner the right to sell the property is called a(n):

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

2. How is a promissory note secured?

A) by the disbursement of funds
B) by referencing a security instrument
C) by the statute of frauds
D) by the attachment of a mortgage-backed security

3. In which of these cases should an agent disclose information about someone's HIV/AIDS status?

A) only if the seller or tenant's status has caused the property to be stigmatized
B) only when a buyer client insists on knowing this information
C) Agents should never disclose or inquire about someone's HIV/AIDS status.
D) only if the seller has previously made their HIV or AIDS status public

4. What does the VRLTA aim to do?

A) regulate landlord maintenance practices for industrial warehouses across the United States
B) monitor commercial leasing practices in Virginia
C) establish uniform laws to regulate leasehold interests and improve leasing practices in Virginia
D) regulate owner-occupied REO properties in Virginia

5. Harry, an agent, transfers some money from an escrow account into his personal savings accounts. What is he doing and is it legal or illegal?

A) This is commingling, and it is illegal.
B) This is conversion, and it is illegal.
C) This is commingling, and it is legal.
D) This is conversion, and it is legal.

Solutions: