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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?

A) Yes, because the phrase "subject to" is included in the contract.
B) No, because the phrase "time is of the essence" is included in the contract.
C) Yes, because the phrase "caveat emptor" is included in the contract.
D) No, because the phrase "as is" is included in the contract.

2. 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 fidelity bond
B) a risk management bond
C) a security bond
D) a liability bond

3. 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 right-to-sell listing
D) exclusive agency listing

4. A partially amortizing loan will include:

A) a balloon payment
B) non-refinancing clauses
C) multiple lenders
D) equal monthly payments that contribute to both principal and interest until the

5. What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship?

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

Solutions: