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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. 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 void
B) executory and voidable
C) executed and void
D) executed and voidable

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

3. In Virginia, how many years do records need to be kept for?

A) five years
B) two years
C) three years
D) one year

4. Randy and Joe were married, then divorced. Joe got the house in the divorce settlement. When he later goes to sell it, a title company tells him there's a cloud on the title due to the divorce. What is most likely to resolve this cloud?

A) putting a mechanic's lien on the property
B) requiring Joe to put some earnest money in escrow
C) having Randy sign a quitclaim deed
D) filing the deed with the county

5. 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) investment instruments that have packaged mortgages as collateral
C) the rights to real property being held by one party for the benefit of another
D) promissory notes that reference a security instrument

Solutions: