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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A leasehold agreement where the base rent changes is called a:

A) percentage lease
B) net lease
C) variable lease
D) lease-purchase agreement

2. Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

A) naked title
B) skinny title
C) dirty title
D) clean title

3. Which of these types of loans can always be sold on the secondary mortgage market?

A) jumbo loans
B) loans originated by Fannie Mae
C) conforming loans
D) non-conforming loans

4. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) Janay only needs to take and pass the state portion of the licensing exam.
B) The REB will require Janay to take a special licensing course for out-of-state residents.
C) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
D) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.

5. What is the purpose of the Do Not Call Registry?

A) It bans bait-and-switch ads.
B) It has three main truth-in-advertising provisions.
C) It governs the use of commercial email advertising.
D) It regulates telemarketing activities from commercial organizations.

Solutions: