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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

Question 1

What is the goal of the Sherman Antitrust Act?

A. to protect consumers against inaccurate and unfair credit billing and credit card practices
B. to prohibit deceit, misrepresentations, and other fraud in the sale of securities
C. to ensure the fair treatment of all Americans seeking housing
D. to promote fair competition on behalf of American consumers

Question 2

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. No, but it depends solely on her credit score.
B. No, her down payment is large enough to avoid PMI.
C. Yes, her down payment does not meet the requirements to eliminate PMI.
D. Yes, PMI is required until she reaches 50% equity.

Question 3

Who regulates fair housing advertising?

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

Question 4

The government sends Ken a notice stating that his house and neighborhood will be demolished to build a much- needed water treatment plant. What is the government required to offer Ken in exchange for taking his property?

A. whatever they decide is reasonable
B. nothing, since it is for the public good
C. whatever Ken asks for
D. just compensation

Question 5

Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A. general partnership
B. corporation
C. limited partnership
D. sole proprietorship

Solutions: