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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

A) 21 days
B) 10 days
C) 14 days
D) 5 days

2. 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 void contract
D) a valid contract

3. What is unique about an exclusive right-to-sell listing agreement?

A) There are multiple brokers working to sell the same property.
B) The broker represents both the seller and the buyer.
C) The broker gets compensation regardless of who sells the property.
D) The broker acts as a general agent for the client in all business dealings.

4. Which of these types of loans can always be sold on the secondary mortgage market?

A) non-conforming loans
B) loans originated by Fannie Mae
C) jumbo loans
D) conforming loans

5. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $45,000
B) $3,500
C) $10,500
D) $36.000

Solutions: