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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. In Virginia, a supervising broker is:

A) a broker who has been designated by a principal broker to oversee the provision of real estate brokerage services by associate brokers and salespersons assigned to a branch office or a real estate team
B) a broker who is NOT affiliated with the brokerage representing a principal in a real estate transaction
C) a broker who opts to work under another broker and has no agents assigned to them
D) the licensed broker of a firm who takes responsibility for the actions of the firm and licensees; there is only one in the firm

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

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

3. What rights govern the use of flowing water, such as rivers or streams?

A) percolating rights
B) riparian rights
C) littoral rights
D) appropriative rights

4. Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

A) naked title
B) skinny title
C) dirty title
D) clean title

5. Why does the state require real estate professionals to obtain a license?

A) to ensure collaboration with other state agencies regulating real estate
B) to create revenue for the state
C) to comply with federal occupational licensing law
D) to protect the public interest

Solutions: