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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Why does the state require real estate professionals to obtain a license?

A) to ensure collaboration with other state agencies regulating real estate
B) to comply with federal occupational licensing law
C) to protect the public interest
D) to create revenue for the state

2. What rights govern the use of flowing water, such as rivers or streams?

A) littoral rights
B) appropriative rights
C) percolating rights
D) riparian rights

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

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

4. In which of these cases should an agent disclose information about someone's HIV/AIDS status?

A) Agents should never disclose or inquire about someone's HIV/AIDS status.
B) only if the seller or tenant's status has caused the property to be stigmatized
C) only if the seller has previously made their HIV or AIDS status public
D) only when a buyer client insists on knowing this information

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

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

Solutions: