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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

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

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

3. If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:

A) tenant in partnership
B) limited partner
C) tenant in common
D) general partner

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: