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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) The REB will require Janay to take a special licensing course for out-of-state residents.
B) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
C) Janay only needs to take and pass the state portion of the licensing exam.
D) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.

2. Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?

A) Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.
B) Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.
C) No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
D) No. It's normal for lenders to have significant last-minute changes to their fees.

3. Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?

A) lease-option agreement
B) land trust
C) cooperative sales contract
D) sales contract with a contingency

4. Any non-natural structure built on or affixed to land is an:

A) encumbrance
B) improvement
C) emblements
D) appurtenance

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

Solutions: