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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Why do lenders need liquidity?

A) so they can put their money in long-term assets
B) so loans can be packaged together to create MBSs
C) to qualify for FHA insurance
D) so they have the funds to originate more loans

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

3. Which of the following is a unique quality of limited service agents in Virginia?

A) Limited service agents can assist in both residential and commercial transactions.
B) Limited service agents can assist in commercial transactions ONLY.
C) Limited service agents can assist in neither residential nor commercial transactions.
D) Limited service agents can assist in residential transactions ONLY.

4. The creation of express agency is best handled via a(n):

A) oral agreement or ratified actions
B) listing agreement or ratified actions
C) listing agreement or buyer representation agreement
D) oral agreement or buyer representation agreement

5. A type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord is a:

A) ground lease
B) percentage lease
C) net lease
D) gross lease

Solutions: