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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Which of these types of loans can always be sold on the secondary mortgage market?

A) jumbo loans
B) conforming loans
C) loans originated by Fannie Mae
D) non-conforming loans

2. What is the purpose of the Do Not Call Registry?

A) It has three main truth-in-advertising provisions.
B) It governs the use of commercial email advertising.
C) It bans bait-and-switch ads.
D) It regulates telemarketing activities from commercial organizations.

3. An opinion of title, a certificate of title, a Torrens certificate, and title insurance are all examples of:

A) evidence of title
B) equitable title
C) chain of title
D) cloud on a title

4. Which of the following discussions is a violation of antitrust laws and is also an anti-competitive practice?

A) two brokers discussing new laws enacted in their county
B) brokers commenting on the siding color on a newly listed home in their area
C) two brokers discussing how to cooperate more effectively in a specific real estate transaction
D) brokers agreeing to not show a certain broker's listings to their clients because they don't like that broker

5. Which of these describes a leasehold estate?

A) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
B) Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
C) Jung owns a building. He lives upstairs and runs the store downstairs.
D) Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.

Solutions: