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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Alana is renting a three-bedroom home for one year. Alana is the:

A) tenant or lessee
B) tenant or lessor
C) holdover tenant
D) optionor

2. How is a promissory note secured?

A) by referencing a security instrument
B) by the statute of frauds
C) by the disbursement of funds
D) by the attachment of a mortgage-backed security

3. Harry, an agent, transfers some money from an escrow account into his personal savings accounts. What is he doing and is it legal or illegal?

A) This is commingling, and it is illegal.
B) This is commingling, and it is legal.
C) This is conversion, and it is illegal.
D) This is conversion, and it is legal.

4. An agreement that gives only one broker and the owner the right to sell the property is called a(n):

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

5. What are mortgage-backed securities?

A) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
B) investment instruments that have packaged mortgages as collateral
C) the rights to real property being held by one party for the benefit of another
D) promissory notes that reference a security instrument

Solutions: