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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Harry, an agent, transfers some money from an escrow account into his personal savings accounts. What is he doing and is it legal or illegal?

A) This is conversion, and it is illegal.
B) This is conversion, and it is legal.
C) This is commingling, and it is illegal.
D) This is commingling, and it is legal.

2. A home is being sold "as is." Evaluate this situation.

A) The seller is indicating that they believe their home to be in pristine condition.
B) The seller is planning to tear down the house before closing.
C) The seller does not have to disclose any defects to the buyer.
D) The seller is signaling that they do not want to do any repairs, regardless of what is found in the inspection.

3. Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?

A) No. It's normal for lenders to have significant last-minute changes to their fees.
B) Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.
C) No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
D) Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.

4. The National Association of Realtors' Code of Ethics says
Realtors should act with:

A) fairness
B) competence
C) All choices are correct.
D) integrity

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

A) chlorofluorocarbons
B) chlordane
C) radon
D) carbon monoxide

Solutions: