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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

Question 1

Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A. corporation
B. general partnership
C. limited partnership
D. sole proprietorship

Question 2

What is one way that a contract for deed differs from a standard real estate sales contract?

A. A contract for deed's purchase price section details the buyer's payment plan to the seller.
B. A contract for deed has the purchase price in it.
C. A contract for deed includes a financing clause.
D. A contract for deed includes a section about a flip tax.

Question 3

What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship?

A. joint tenancy
B. tenancy in common
C. tenancy by the entirety
D. severalty

Question 4

What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?

A. police power
B. variance
C. eminent domain
D. escheat

Question 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. appraiser
C. salesperson
D. assistant broker

Solutions: