Virginia Real Estate Salesperson Exam 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
A minor has entered into a written contract for the sale of inherited property. This agreement is:
Correct Answer: D
Rationale: A minor’s contract is not automatically void or illegal; instead it is voidable at the minor’s election. It is binding unless disaffirmed by the minor before majority or within a statutory period. Hence, voidable is the correct characterization.
Rationale: A minor’s contract is not automatically void or illegal; instead it is voidable at the minor’s election. It is binding unless disaffirmed by the minor before majority or within a statutory period. Hence, voidable is the correct characterization.
Question 2
Alicen needs the property’s legal description to finish the contract. The best place to obtain the information is from the:
Correct Answer: D
Rationale: The buyer’s title commitment (or binder) contains the exact legal description that will appear on the final policy and is the most authoritative source among the choices given. The deed at closing is not yet prepared, and the listing agent’s data may be secondary.
Rationale: The buyer’s title commitment (or binder) contains the exact legal description that will appear on the final policy and is the most authoritative source among the choices given. The deed at closing is not yet prepared, and the listing agent’s data may be secondary.
Question 3
A seller receives multiple offers and will accept only a cash offer. The broker will present:
Correct Answer: C
Rationale: When the principal has given clear instruction to consider only cash offers, the agent’s fiduciary duty is to obey that lawful instruction. Therefore the broker must screen out non-cash offers and present every remaining cash offer, not just the highest one.
Rationale: When the principal has given clear instruction to consider only cash offers, the agent’s fiduciary duty is to obey that lawful instruction. Therefore the broker must screen out non-cash offers and present every remaining cash offer, not just the highest one.
Question 4
Covenant of quiet enjoyment means:
Correct Answer: D
Rationale: The covenant of quiet enjoyment guarantees the tenant undisturbed possession against the landlord or superior claimants; it is not about tenant behavior or building rules.
Rationale: The covenant of quiet enjoyment guarantees the tenant undisturbed possession against the landlord or superior claimants; it is not about tenant behavior or building rules.
Question 5
When valuing property using the income approach, the factor that is MOST important is:
Correct Answer: B
Rationale: In the income approach, value = net operating income ÷ capitalization rate. Cap rate is therefore the driving variable; the other items are secondary or used in other approaches.
Rationale: In the income approach, value = net operating income ÷ capitalization rate. Cap rate is therefore the driving variable; the other items are secondary or used in other approaches.