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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. In Virginia, a supervising broker is:

A) a broker who has been designated by a principal broker to oversee the provision of real estate brokerage services by associate brokers and salespersons assigned to a branch office or a real estate team
B) a broker who is NOT affiliated with the brokerage representing a principal in a real estate transaction
C) the licensed broker of a firm who takes responsibility for the actions of the firm and licensees; there is only one in the firm
D) a broker who opts to work under another broker and has no agents assigned to them

2. Which of the following is a unique quality of limited service agents in Virginia?

A) Limited service agents can assist in residential transactions ONLY.
B) Limited service agents can assist in both residential and commercial transactions.
C) Limited service agents can assist in commercial transactions ONLY.
D) Limited service agents can assist in neither residential nor commercial transactions.

3. What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?

A) variance
B) escheat
C) police power
D) eminent domain

4. Why do lenders need liquidity?

A) to qualify for FHA insurance
B) so they have the funds to originate more loans
C) so they can put their money in long-term assets
D) so loans can be packaged together to create MBSs

5. Arnav is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnav find a property. Which of the following is MOST TRUE about Corey's situation?

A) Corey should specify verbally whether the light fixtures are the seller's personal property.
B) Corey should specify in writing whether the light fixtures are the seller's personal property.
C) Corey should mention the light fixtures to his sponsoring broker in case issues come up later.
D) Corey should not address the light fixtures, as it is safe to assume light fixtures will convey with the property title.

Solutions: