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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The purpose of discount points is:

A) to lock in an interest rate for a specified time prior to closing
B) to lower the interest rate over the life of the loan
C) to lower the property value for purposes of tax savings
D) to lower the amount due at closing

2. The consummation of a real estate sale is known as the:

A) closing
B) signing of the contract
C) option period
D) offer and acceptance

3. In Virginia, how many years do records need to be kept for?

A) one year
B) three years
C) two years
D) five years

4. Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A) unity of time
B) equitable interest
C) undivided interest
D) sole proprietorship

5. Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?

A) No, because the phrase "as is" is included in the contract.
B) Yes, because the phrase "subject to" is included in the contract.
C) No, because the phrase "time is of the essence" is included in the contract.
D) Yes, because the phrase "caveat emptor" is included in the contract.

Solutions: