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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What are mortgage-backed securities?

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

2. Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:

A) executory and voidable
B) executed and voidable
C) executed and void
D) executory and void

3. Which listing agreement allows multiple real estate brokers (and the owners themselves) the right to sell the property, with a commission being paid to whoever is the procuring cause of the sale?

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

4. Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A) sole proprietorship
B) undivided interest
C) equitable interest
D) unity of time

5. The duty of obedience does not include requests or instructions that are:

A) ethical and legal but not advisable
B) illegal or unethical in any way
C) unnecessary
D) not put in writing

Solutions: