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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. When an individual hails a cab and tells the driver where they want to be taken, that passenger has entered into what kind of contract?

A) written
B) implied
C) unilateral
D) express

2. The purpose of discount points is:

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

3. Which of the following is NOT an option that a seller has after receiving a counteroffer?

A) allow the offer to expire
B) accept the offer
C) discharge the contract
D) reject the offer in writing

4. A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

A) This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.
B) This alternative to foreclosure is an option only available to friends or family of the lender.
C) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
D) This alternative to foreclosure is handled by legal representatives known as "friends of the court."

5. Which of the following provides the BEST explanation for why disclosure of material facts is required?

A) If known, they could cause a buyer or seller to take a different course of action.
B) All facts related to a real estate transaction must be disclosed.
C) Not all material facts are readily discernible.
D) The material a property is made of can influence its value.

Solutions: