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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:

A) seller
B) tender
C) property
D) broker

2. 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

3. What is the perimeter of a rectangular lot with the dimensions of 40 ft. x 50 ft .?

A) 180 ft.
B) 90 ft.
C) 150 ft.
D) 200 ft.

4. If a condo owner is selling their unit, which of these documents should they present to a buyer?

A) HUD-1
B) Loan Estimate
C) Closing Disclosure
D) resale certificate

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

Solutions: