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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?

A) exclusive right-to-sell agreement
B) exclusive agency agreement
C) net listing
D) open listing

3. What is a management proposal?

A) a plan a property manager creates for managing a property, including an analysis of the market, financial standing, and operating budget
B) a budget for variable expenses
C) a report prepared by the property manager that informs the property owner(s) of their property's expenses, income, and disbursements
D) a subdivision plan that includes residential dwellings along with nonresidential real estate

4. When the CFPB introduced the new TRID rules integrating RESPA and TILA rules, what two disclosure forms did they mandate lenders provide to borrowers?

A) the Settlement Statement and the Loan Disclosure
B) the Loan Estimate and the Closing Disclosure
C) the Good Faith Estimate and the HUD-1
D) the TILA disclosure and the RESPA disclosure

5. Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?

A) broker
B) assistant broker
C) salesperson
D) appraiser

Solutions: