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 Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?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

2. The consummation of a real estate sale is known as the:

A) option period
B) signing of the contract
C) closing
D) offer and acceptance

3. Clarence owns three rental homes he doesn't have time to oversee himself. He decides to hire George to take care of his rental units in the hopes of maximizing the return on his investment. What role is George filling?

A) sponsoring broker
B) broker's agent
C) appraisal manager
D) property manager

4. According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?

A) $2,000
B) six months' rent
C) two months' rent
D) one month's rent

5. What is one way that a contract for deed differs from a standard real estate sales contract?

A) A contract for deed includes a financing clause.
B) A contract for deed includes a section about a flip tax.
C) A contract for deed has the purchase price in it.
D) A contract for deed's purchase price section details the buyer's payment plan to the seller.

Solutions: