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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What would make claims based on a contract unenforceable?

A) the statute of limitations and doctrine of laches
B) specific performance, rescission, and forfeiture
C) mutual assent, lawful objective, and reality of consent
D) assignment, mediation, and arbitration

2. An opinion of title, a certificate of title, a Torrens certificate, and title insurance are all examples of:

A) cloud on a title
B) chain of title
C) evidence of title
D) equitable title

3. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $36.000
B) $3,500
C) $45,000
D) $10,500

4. What is a marketable title?

A) the official opinion of an attorney regarding the condition of a property's title
B) a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
C) an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances
D) constructive or actual notice of real property ownership

5. Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A) corporation
B) general partnership
C) limited partnership
D) sole proprietorship

Solutions: