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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

A) 5 days
B) 10 days
C) 21 days
D) 14 days

2. What is a building permit?

A) written permission from the government to seize private property for public use
B) document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law
C) legal document from a local authority that authorizes a construction or remodeling project
D) document that permits changing the zoning of one small area within the existing zoning

3. 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 gets compensation regardless of who sells the property.
D) The broker acts as a general agent for the client in all business dealings.

4. Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?

A) lease-option agreement
B) cooperative sales contract
C) sales contract with a contingency
D) land trust

5. The purpose of discount points is:

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

Solutions: