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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Alexa and Harrison have gone over every term and condition in the contract they have drawn up for the sale of Alexa's racehorse to Harrison. Neither party has any questions or desire to change anything about the agreement. Which essential element of a valid contract appears to have been realized?

A) lawful objective
B) mutual assent
C) reality of consent
D) consideration

2. An area has been rezoned as residential, but a neighborhood store has been legacied in and allowed to continue its business.
This is an example of:

A) amendment
B) nonconforming use
C) conditional-use permit
D) area variance

3. Who regulates fair housing advertising?

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

4. Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned for commercial use. Ben should go to the city and seek a(n):

A) deferrence
B) use variance
C) exemption
D) encroachment

5. What are mortgage-backed securities?

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

Solutions: