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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A) limited partnership
B) general partnership
C) corporation
D) sole proprietorship

2. Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?

A) chlorofluorocarbons
B) chlordane
C) radon
D) carbon monoxide

3. Which of these is likely to be the lien with the highest priority?

A) mortgage
B) attachment lien
C) mechanic's lien
D) tax lien

4. In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:

A) tender
B) property
C) seller
D) broker

5. Which of the following provides the BEST explanation for why disclosure of material facts is required?

A) All facts related to a real estate transaction must be disclosed.
B) Not all material facts are readily discernible.
C) If known, they could cause a buyer or seller to take a different course of action.
D) The material a property is made of can influence its value.

Solutions: