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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 Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?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) 14 days
B) 21 days
C) 10 days
D) 5 days

2. In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?

A) broker and assistant broker
B) broker, salesperson, and firm
C) sales agent, broker, and property manager
D) residential and commercial

3. Which of the following is TRUE?

A) Virginia enforces rent control state-wide.
B) Virginia does not enforce rent control.
C) Virginia does enforce rent control, but only for commercial properties.
D) Virginia does enforce rent control, but only in large cities.

4. What are mortgage-backed securities?

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

5. What is a building permit?

A) document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law
B) legal document from a local authority that authorizes a construction or remodeling project
C) written permission from the government to seize private property for public use
D) document that permits changing the zoning of one small area within the existing zoning

Solutions: