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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Vicarious liability is the common law concept that:

A) license holders may ONLY be held liable if violations are brought to court
B) brokers are free from taking responsibility for their agents' actions
C) a person is liable for the actions of those acting with authority on that individual's behalf
D) agents cannot be held liable for violating fiduciary duties, while brokers can

2. 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

3. Who regulates fair housing advertising?

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

4. Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?

A) cooperative sales contract
B) land trust
C) lease-option agreement
D) sales contract with a contingency

5. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
B) Janay only needs to take and pass the state portion of the licensing exam.
C) The REB will require Janay to take a special licensing course for out-of-state residents.
D) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.

Solutions: