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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Which of the following is correct about implied and express contracts?

A) Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.
B) Implied contracts can be legally binding, while express contracts cannot.
C) Express contracts can be legally binding, while implied contracts cannot.
D) Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.


2. What is the goal of the Sherman Antitrust Act?

A) to ensure the fair treatment of all Americans seeking housing
B) to prohibit deceit, misrepresentations, and other fraud in the sale of securities
C) to promote fair competition on behalf of American consumers
D) to protect consumers against inaccurate and unfair credit billing and credit card practices


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


4. Any non-natural structure built on or affixed to land is an:

A) appurtenance
B) improvement
C) encumbrance
D) emblements


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

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


Solutions:

Question # 1
Answer: D
Question # 2
Answer: C
Question # 3
Answer: B
Question # 4
Answer: B
Question # 5
Answer: B

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