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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

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

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

3. What do ostensible agency and agency by estoppel have in common?

A) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
B) They are both forms of third-party agency no longer recognized in the U.S.
C) They both arise when a third party correctly believes that agency exists between a principal and an agent.
D) They both concern a third party's decision to go unrepresented in a transaction.

4. Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

A) 21 days
B) 10 days
C) 14 days
D) 5 days

5. What is unique about an exclusive right-to-sell listing agreement?

A) The broker gets compensation regardless of who sells the property.
B) The broker represents both the seller and the buyer.
C) There are multiple brokers working to sell the same property.
D) The broker acts as a general agent for the client in all business dealings.

Solutions: