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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $45,000
B) $3,500
C) $10,500
D) $36.000

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

A) They both arise when a third party correctly believes that agency exists between a principal and an agent.
B) They both concern a third party's decision to go unrepresented in a transaction.
C) They are both forms of third-party agency no longer recognized in the U.S.
D) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.

3. What is unique about an exclusive right-to-sell listing agreement?

A) There are multiple brokers working to sell the same property.
B) The broker gets compensation regardless of who sells the property.
C) The broker acts as a general agent for the client in all business dealings.
D) The broker represents both the seller and the buyer.

4. Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?

A) No, because the phrase "time is of the essence" is included in the contract.
B) No, because the phrase "as is" is included in the contract.
C) Yes, because the phrase "caveat emptor" is included in the contract.
D) Yes, because the phrase "subject to" is included in the contract.

5. Which of the following is correct about implied and express contracts?

A) Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.
B) Implied contracts can be legally binding, while express contracts cannot.
C) Express contracts can be legally binding, while implied contracts cannot.
D) Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.

Solutions: