Virginia Pre Licensing Final Exam Principles and Practices of Real Estate Version 1
Practice exam for Salesperson and Broker License Exam under Real Estate Exams (Licensing Exams). 5 sample questions.
Sample Questions
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Question 1
When Jimmy bought his first home, he signed a promissory note to his lender. What was Jimmy agreeing to when he signed that?
Correct Answer: C
Rationale: A promissory note is like a signed promise to repay a debt, outlining the loan's terms. Jimmy agreed to repay the lender according to the note's conditions, distinct from foreclosure disputes, title transfers, or securing the loan, which involve other documents like a mortgage or deed of trust.
Rationale: A promissory note is like a signed promise to repay a debt, outlining the loan's terms. Jimmy agreed to repay the lender according to the note's conditions, distinct from foreclosure disputes, title transfers, or securing the loan, which involve other documents like a mortgage or deed of trust.
Question 2
What should an agent do if their agency relationship changes during a real estate transaction?
Correct Answer: C
Rationale: Transparency is key in agency relationships, like keeping clients informed during a deal. Immediate disclosure of changes ensures trust and compliance, often requiring new consent, unlike delayed, conditional, or non-disclosure, which could breach fiduciary duties.
Rationale: Transparency is key in agency relationships, like keeping clients informed during a deal. Immediate disclosure of changes ensures trust and compliance, often requiring new consent, unlike delayed, conditional, or non-disclosure, which could breach fiduciary duties.
Question 3
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?
Correct Answer: A
Rationale: Virginia's Real Estate Board treats out-of-state licensees like new applicants, requiring Janay to complete all pre-licensure steps, like starting from scratch. Residency isn't mandatory, and there's no special course or state-only exam option for license transfer.
Rationale: Virginia's Real Estate Board treats out-of-state licensees like new applicants, requiring Janay to complete all pre-licensure steps, like starting from scratch. Residency isn't mandatory, and there's no special course or state-only exam option for license transfer.
Question 4
Which of these can serve as a legal remedy for a breach of contract?
Correct Answer: B
Rationale: Specific performance is like a court ordering a party to fulfill a contract, such as completing a sale, as a remedy for breach. Novation replaces contracts, assignment transfers rights, and accord and satisfaction settle disputes, but only specific performance directly enforces the original agreement.
Rationale: Specific performance is like a court ordering a party to fulfill a contract, such as completing a sale, as a remedy for breach. Novation replaces contracts, assignment transfers rights, and accord and satisfaction settle disputes, but only specific performance directly enforces the original agreement.
Question 5
In terms of the scope of authority granted, what are the three classifications of agency?
Correct Answer: A
Rationale: Agency classifications are like levels of trust: special (limited tasks), general (broad authority), and universal (full authority). Implied or complete aren't standard categories, making the trio of special, general, and universal the clear framework.
Rationale: Agency classifications are like levels of trust: special (limited tasks), general (broad authority), and universal (full authority). Implied or complete aren't standard categories, making the trio of special, general, and universal the clear framework.