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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

2. A home is being sold "as is." Evaluate this situation.

A) The seller is planning to tear down the house before closing.
B) The seller is signaling that they do not want to do any repairs, regardless of what is found in the inspection.
C) The seller is indicating that they believe their home to be in pristine condition.
D) The seller does not have to disclose any defects to the buyer.

3. The subject property has a pool valued at $30,000 and two bathrooms valued at $10,000 each. Comp 1 does not have a pool and has one less bathroom than the subject property.
What adjustments should be made to Comp 1's value?

A) add $40,000 to Comp 1's value
B) add $20,000 to Comp 1's value
C) subtract $20,000 from Comp 1's value
D) subtract $40,000 from Comp 1's value

4. Which of the following is TRUE?

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

5. Harry, an agent, transfers some money from an escrow account into his personal savings accounts. What is he doing and is it legal or illegal?

A) This is conversion, and it is legal.
B) This is conversion, and it is illegal.
C) This is commingling, and it is legal.
D) This is commingling, and it is illegal.

Solutions: