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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 right-to-sell agreement
C) exclusive agency agreement
D) open listing

2. A form of insurance that protects the policyholder by covering any losses they might incur as a result of theft or fraud by specified individuals is:

A) a liability bond
B) a risk management bond
C) a fidelity bond
D) a security bond

3. What is a marketable title?

A) an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances
B) a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
C) constructive or actual notice of real property ownership
D) the official opinion of an attorney regarding the condition of a property's title

4. Which of these is a federal law that aims to protect people and the environment from the harmful effects of air pollution?

A) CERCLA
B) Safe Drinking Water Act
C) Superfund Amendments and Reauthorization Act
D) Clean Air Act

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

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

Solutions: