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

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

3. Who regulates fair housing advertising?

A) CRA
B) HUD
C) HMDA
D) ECOA

4. Which of the following is NOT an option that a seller has after receiving a counteroffer?

A) reject the offer in writing
B) discharge the contract
C) accept the offer
D) allow the offer to expire

5. Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?

A) sole ownership
B) tenants in common
C) community property
D) joint tenancy

Solutions: