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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What does a lender use to discover all possible defendants in a foreclosure lawsuit?

A) a lis pendens
B) a title search
C) a deficiency judgment
D) an advertisement

2. Who regulates fair housing advertising?

A) HMDA
B) ECOA
C) HUD
D) CRA

3. What is one way that a contract for deed differs from a standard real estate sales contract?

A) A contract for deed has the purchase price in it.
B) A contract for deed's purchase price section details the buyer's payment plan to the seller.
C) A contract for deed includes a section about a flip tax.
D) A contract for deed includes a financing clause.

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

5. In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?

A) broker, salesperson, and firm
B) sales agent, broker, and property manager
C) residential and commercial
D) broker and assistant broker

Solutions: