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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A partially amortizing loan will include:

A) non-refinancing clauses
B) equal monthly payments that contribute to both principal and interest until the
C) multiple lenders
D) a balloon payment

2. Which of the following is correct about implied and express contracts?

A) Implied contracts can be legally binding, while express contracts cannot.
B) Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.
C) Express contracts can be legally binding, while implied contracts cannot.
D) Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.

3. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) ownership in severalty
B) tenancy in common
C) tenancy by the entirety
D) joint tenancy

4. In Virginia, how many years do records need to be kept for?

A) two years
B) three years
C) five years
D) one year

5. The creation of express agency is best handled via a(n):

A) listing agreement or ratified actions
B) oral agreement or buyer representation agreement
C) oral agreement or ratified actions
D) listing agreement or buyer representation agreement

Solutions: