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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A partially amortizing loan will include:

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

2. In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

A) appraisers
B) single agents
C) intermediaries
D) dual agents

3. What do ostensible agency and agency by estoppel have in common?

A) They both arise when a third party correctly believes that agency exists between a principal and an agent.
B) They are both forms of third-party agency no longer recognized in the U.S.
C) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
D) They both concern a third party's decision to go unrepresented in a transaction.

4. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?

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

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

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

Solutions: