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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?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) 5 days
B) 21 days
C) 10 days
D) 14 days

2. A licensee could be found liable for all of the following EXCEPT:

A) attempting to conceal a known latent defect
B) failure to disclose a latent defect that the licensee should have reasonably known
C) failure to disclose an unknown latent defect in an inaccessible location
D) failure to disclose a known latent defect to the buyer

3. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) tenancy in common
B) joint tenancy
C) ownership in severalty
D) tenancy by the entirety

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

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

5. Which of these types of loans can always be sold on the secondary mortgage market?

A) loans originated by Fannie Mae
B) non-conforming loans
C) conforming loans
D) jumbo loans

Solutions: