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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. What are mortgage-backed securities?

A) promissory notes that reference a security instrument
B) investment instruments that have packaged mortgages as collateral
C) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
D) the rights to real property being held by one party for the benefit of another

3. What is a management proposal?

A) a report prepared by the property manager that informs the property owner(s) of their property's expenses, income, and disbursements
B) a budget for variable expenses
C) a subdivision plan that includes residential dwellings along with nonresidential real estate
D) a plan a property manager creates for managing a property, including an analysis of the market, financial standing, and operating budget

4. 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 security bond
D) a fidelity bond

5. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) joint tenancy
B) tenancy by the entirety
C) tenancy in common
D) ownership in severalty

Solutions: