Real Estate Licensing Virginia Real Estate Salesperson Exam Questions Instant Access

Question 1

What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship?

Atenancy by the entirety

Btenancy in common

Cseveralty

Djoint tenancy

Answer : B

Forms of co-ownership:

Tenancy in Common (TIC): Each owner holds an undivided interest and has inheritance rights (interest passes to heirs, not surviving co-owners).

Joint Tenancy: Includes right of survivorship (interest passes to surviving co-owners).

Tenancy by the Entirety: For married couples, includes right of survivorship.

Severalty: Ownership by a single individual.

Thus, the correct form with inheritance rights (not survivorship) is tenancy in common.

Reference (Virginia Real Estate):

Code of Virginia 55.1-134 (Tenancy in Common)

Virginia Real Estate Principles -- Ownership & Estates section

A490-02REGS.pdf -- Ownership types

Question 2

A partially amortizing loan will include:

Aa balloon payment

Bnon-refinancing clauses

Cmultiple lenders

Dequal monthly payments that contribute to both principal and interest until the
entire loan is paid

Answer : A

A partially amortizing loan requires regular monthly payments covering interest and some principal, but the loan is not fully paid off at the end of the term.

At maturity, a balloon payment (lump sum of the remaining balance) is due.

Other options:

(B) Non-refinancing clause -- not a defining feature.

(D) Equal monthly payments until fully paid -- that describes a fully amortizing loan, not partial.

Virginia Real Estate Finance Principles -- Loan types

National exam content outline (Amortization & balloon loans)

Question 3

Which of the following is a unique quality of limited service agents in Virginia?

ALimited service agents can assist in neither residential nor commercial
transactions.

BLimited service agents can assist in residential transactions ONLY.

CLimited service agents can assist in commercial transactions ONLY.

DLimited service agents can assist in both residential and commercial
transactions.

Answer : D

In Virginia, a limited service agent is a licensee who enters into a brokerage agreement that provides fewer services than a standard brokerage agreement.

The law requires that the agent's limited duties must be disclosed in writing.

These agents can operate in both residential and commercial transactions, not just one type.

Other options:

(A) Wrong --- They can assist in both.

(B) Wrong --- Not limited to residential.

Code of Virginia 54.1-2138.1 (Limited service agent defined)

Real Estate Board Regulations, 18 VAC 135-20-300

Question 4

Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?

Asalesperson

Bassistant broker

Cbroker

Dappraiser

Answer : C

In Virginia, a real estate broker is the person licensed to represent one of the parties in a real estate transaction in exchange for commission or other valuable consideration.

Salesperson (A): Licensed to perform brokerage activities but only under the supervision of a broker; cannot independently represent a party for commission.

Assistant Broker (B): Not an official license category in Virginia.

Appraiser (D): Licensed to determine property value, not to represent parties in real estate transactions.

Thus, the correct answer is broker.

Code of Virginia 54.1-2100 (Definitions)

Virginia Real Estate Board Regulations (18 VAC 135-20)

Question 5

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

Asales agent, broker, and property manager

Bbroker and assistant broker

Cresidential and commercial

Dbroker, salesperson, and firm

Answer : D

Virginia issues three types of real estate licenses:

Broker -- may operate independently, supervise others, and run a firm.

Salesperson -- must work under a broker.

Firm -- a business entity license allowing a company to operate as a brokerage.

Other options:

(A) Property manager is not a separate license category in Virginia.

(B) Assistant broker not a recognized license.

Code of Virginia 54.1-2106.1 (Licensing requirements)

Virginia Real Estate Board Regulations (Licensing categories)

Question 6

Which of the following discussions is a violation of antitrust laws and is also an anti-competitive practice?

Atwo brokers discussing how to cooperate more effectively in a specific real estate transaction

Bbrokers commenting on the siding color on a newly listed home in their area

Cbrokers agreeing to not show a certain broker's listings to their clients because they don't like that broker

Dtwo brokers discussing new laws enacted in their county

Answer : C

Antitrust laws (Sherman Act, Clayton Act, and Virginia state law) prohibit anti-competitive practices in real estate. The most common violations are:

Price fixing (agreeing on commission rates)

Group boycotting (refusing to deal with a broker or vendor)

Market allocation (dividing territories/clients)

Tie-in arrangements

Here, brokers agreeing not to show another broker's listings is a group boycott, which is a violation of antitrust law.

Other options:

(A) Cooperation in a transaction = legal.

(B) Comments on siding color = legal, not antitrust.

(D) Discussing new laws = legal.

Sherman Antitrust Act, 15 U.S.C. 1--7

Virginia Real Estate Board CE Outline -- Antitrust in Brokerage

Question 7

Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?

AYes, because the phrase 'subject to' is included in the contract.

BNo, because the phrase 'as is' is included in the contract.

CNo, because the phrase 'time is of the essence' is included in the contract.

DYes, because the phrase 'caveat emptor' is included in the contract.

Answer : C

In Virginia real estate contracts, when the phrase ''time is of the essence'' is included, all deadlines must be met exactly as stated.

Alex's right to terminate expired at 6 p.m. Tuesday.

By waiting until Wednesday 10 a.m., she missed the deadline.

Therefore, she cannot terminate the contract.

Other options:

(A) ''Subject to'' refers to contingencies, not deadlines.

(B) ''As is'' refers to property condition, not timing.

(D) ''Caveat emptor'' means buyer beware, not about contract timing.

Reference (Virginia Real Estate):

Code of Virginia Title 11 -- Contracts

Virginia Real Estate Principles -- Contract law, contingencies & time requirements

A490-02REGS.pdf -- Contracts section