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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What would make claims based on a contract unenforceable?

A) assignment, mediation, and arbitration
B) specific performance, rescission, and forfeiture
C) the statute of limitations and doctrine of laches
D) mutual assent, lawful objective, and reality of consent

2. A licensee could be found liable for all of the following EXCEPT:

A) failure to disclose a latent defect that the licensee should have reasonably known
B) failure to disclose a known latent defect to the buyer
C) failure to disclose an unknown latent defect in an inaccessible location
D) attempting to conceal a known latent defect

3. What is the purpose of the Do Not Call Registry?

A) It bans bait-and-switch ads.
B) It governs the use of commercial email advertising.
C) It regulates telemarketing activities from commercial organizations.
D) It has three main truth-in-advertising provisions.

4. What is the goal of the Sherman Antitrust Act?

A) to ensure the fair treatment of all Americans seeking housing
B) to promote fair competition on behalf of American consumers
C) to protect consumers against inaccurate and unfair credit billing and credit card practices
D) to prohibit deceit, misrepresentations, and other fraud in the sale of securities

5. When must a lender provide borrowers with a Closing Disclosure?

A) at least five business days after consummation of the loan
B) on the day of closing
C) at least three business days before the consummation of the loan
D) at the end of the closing ceremony

Solutions: