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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?

A) net listing
B) open listing
C) exclusive agency agreement
D) exclusive right-to-sell agreement

2. According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?

A) six months' rent
B) one month's rent
C) two months' rent
D) $2,000

3. The purpose of discount points is:

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

4. Which of these is likely to be the lien with the highest priority?

A) mortgage
B) mechanic's lien
C) tax lien
D) attachment lien

5. Which environmental law requires federal agencies to prepare environmental impact assessments and statements before undertaking a potentially impactful act?

A) The Clean Water Act
B) The Clean Air Act
C) The National Environmental Policy Act
D) Resource Conservation and Recovery Act

Solutions: