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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Clarence owns three rental homes he doesn't have time to oversee himself. He decides to hire George to take care of his rental units in the hopes of maximizing the return on his investment. What role is George filling?

A) appraisal manager
B) broker's agent
C) property manager
D) sponsoring broker

2. What do ostensible agency and agency by estoppel have in common?

A) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
B) They both arise when a third party correctly believes that agency exists between a principal and an agent.
C) They both concern a third party's decision to go unrepresented in a transaction.
D) They are both forms of third-party agency no longer recognized in the U.S.

3. All of the following are examples of legal descriptions of property EXCEPT:

A) Lot A, Block 2 of Shady Tree Subdivision, Madison County, Wisconsin
B) 8647 Notting Hill Drive, Berkshire, Colorado 52467
C) Lot E, Block 14 of West Lake Village, Orange County, Texas
D) SW 1/4 of NW 1/4 of NE 1/2 of T3N R4E of Meridian 16

4. Randy and Joe were married, then divorced. Joe got the house in the divorce settlement. When he later goes to sell it, a title company tells him there's a cloud on the title due to the divorce. What is most likely to resolve this cloud?

A) requiring Joe to put some earnest money in escrow
B) filing the deed with the county
C) having Randy sign a quitclaim deed
D) putting a mechanic's lien on the property

5. How is a promissory note secured?

A) by referencing a security instrument
B) by the disbursement of funds
C) by the attachment of a mortgage-backed security
D) by the statute of frauds

Solutions: