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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:

A) executory and voidable
B) executed and void
C) executed and voidable
D) executory and void

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

3. What is the difference between assemblage and plottage?

A) Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
B) Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
C) Assemblage is the first step in creating a new subdivision, and plottage is the second step.
D) Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.

4. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

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

5. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) The REB will require Janay to take a special licensing course for out-of-state residents.
B) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.
C) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
D) Janay only needs to take and pass the state portion of the licensing exam.

Solutions: