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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned for commercial use. Ben should go to the city and seek a(n):

A) deferrence
B) exemption
C) use variance
D) encroachment

3. Which of the following provides the BEST explanation for why disclosure of material facts is required?

A) All facts related to a real estate transaction must be disclosed.
B) The material a property is made of can influence its value.
C) Not all material facts are readily discernible.
D) If known, they could cause a buyer or seller to take a different course of action.

4. When must a lender provide borrowers with a Closing Disclosure?

A) at least three business days before the consummation of the loan
B) at least five business days after consummation of the loan
C) on the day of closing
D) at the end of the closing ceremony

5. Why does the state require real estate professionals to obtain a license?

A) to create revenue for the state
B) to comply with federal occupational licensing law
C) to protect the public interest
D) to ensure collaboration with other state agencies regulating real estate

Solutions: