Virginia Real Estate Salesperson Exam - Virginia-Real-Estate-Salesperson Exam Practice Test

Question 1

When must a lender provide borrowers with a Closing Disclosure?

A. on the day of closing

B. at least five business days after consummation of the loan

C. at the end of the closing ceremony

D. at least three business days before the consummation of the loan

Correct Answer: D

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Question 2

Which of the following contracts has no legal effect and typically involves an illegal act, fraud, misrepresentation,duress, or undue influence?

A. an oral contract

B. a valid contract

C. an implied contract

D. a void contract

Correct Answer: D

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Question 3

Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?

A. chlordane

B. carbon monoxide

C. radon

D. chlorofluorocarbons

Correct Answer: C

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Question 4

Which of these is a reason a borrower might be offered a subprime loan by a lender?

A. The borrower's credit report includes numerous delinquencies.

B. Federal funds rates are high.

C. The home is in a low-income neighborhood.

D. A borrower's credit score is too high.

Correct Answer: A

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Question 5

Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A. unity of time

B. sole proprietorship

C. undivided interest

D. equitable interest

Correct Answer: C

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Question 6

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

A. littoral rights

B. riparian rights

C. percolating rights

D. appropriative rights

Correct Answer: B

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Question 7

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

A. failure to disclose a known latent defect to the buyer

B. attempting to conceal a known latent defect

C. failure to disclose an unknown latent defect in an inaccessible location

D. failure to disclose a latent defect that the licensee should have reasonably known

Correct Answer: C

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Question 8

Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?

A. Yes, her down payment does not meet the requirements to eliminate PMI.

B. No, her down payment is large enough to avoid PMI.

C. No, but it depends solely on her credit score.

D. Yes, PMI is required until she reaches 50% equity.

Correct Answer: B

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Real Estate Licensing Virginia Real Estate Salesperson - Virginia-Real-Estate-Salesperson Exam Practice Test

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