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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is the goal of the Sherman Antitrust Act?

A) to protect consumers against inaccurate and unfair credit billing and credit card practices
B) to prohibit deceit, misrepresentations, and other fraud in the sale of securities
C) to ensure the fair treatment of all Americans seeking housing
D) to promote fair competition on behalf of American consumers

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

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

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

4. Sellers and license holders are required to disclose lead- based paint hazards on all properties built before:

A) 1978
B) 1976
C) 1972
D) 1974

5. 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?

A) No, because the phrase "as is" is included in the contract.
B) No, because the phrase "time is of the essence" is included in the contract.
C) Yes, because the phrase "caveat emptor" is included in the contract.
D) Yes, because the phrase "subject to" is included in the contract.

Solutions: