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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

A) They are both forms of third-party agency no longer recognized in the U.S.
B) They both arise when a third party correctly believes that agency exists between a principal and an agent.
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.

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

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

3. Which of these is likely to be the lien with the highest priority?

A) attachment lien
B) mortgage
C) mechanic's lien
D) tax lien

4. If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:

A) tenant in partnership
B) general partner
C) tenant in common
D) limited partner

5. John is a landlord. He has an applicant for an apartment who uses a cane. John tells her that she should go to the complex across the street, as they have more first-floor units available, and he doesn't want her to have to climb the stairs in his building. She thanks him for the tip. Evaluate.

A) John steered the applicant, but it was okay since she expressed appreciation.
B) John did nothing wrong. He simply evaluated the applicant and tried to do what was best for her.
C) John steered the applicant, which was a risky move, but it paid off this time.
D) John steered the applicant, which is never okay, even if she expressed appreciation.

Solutions: