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Real Estate Licensing Virginia Real Estate Salesperson Exam Questions
- Topic 1: Property Ownership: This section of the exam measures the skills of a Salesperson and covers the understanding of property types, legal descriptions, encumbrances, and different forms of ownership. Candidates are expected to recognize how liens, easements, and rights affect property use and value, as well as how ownership can be structured individually, jointly, or through entities.
- Topic 2: Land Use Controls: This section of the exam measures the skills of a Broker and covers government and private restrictions on land use. It includes zoning rules, property taxes, eminent domain, and deed restrictions, all of which impact how property may be developed or used within the state.
- Topic 3: Valuation: This section of the exam measures the skills of a Salesperson and covers methods used to estimate property value. Candidates are tested on appraisals, the sales comparison approach, the cost approach, income analysis, and the ability to prepare comparative market analyses to guide buyers and sellers.
- Topic 4: Financing: This section of the exam measures the skills of a Broker and covers the principles of real estate lending. It addresses loan types, mortgage terms, government-backed loans, financing laws, and the lending process from application to closing.
- Topic 5: Contracts: This section of the exam measures the skills of a Salesperson and covers general contract law and agreements related to real estate transactions. It includes valid contract elements, enforceability, purchase and lease agreements, contingencies, amendments, and the proper handling of multiple offers.
- Topic 6: Agency: This section of the exam measures the skills of a Broker and covers the formation of agency relationships, types of representation agreements, fiduciary duties, and disclosure requirements. Candidates must demonstrate understanding of agency termination, conflicts of interest, and responsibilities toward clients and customers.
- Topic 7: Property Disclosures: This section of the exam measures the skills of a Salesperson and covers disclosure responsibilities regarding property condition, environmental issues, and material facts. It emphasizes compliance with state and federal rules to ensure buyers and tenants receive accurate information about the property.
- Topic 8: Property Management: This section of the exam measures the skills of a Broker and covers the duties of property managers in tenant selection, fair housing compliance, lease agreements, financial handling, maintenance oversight, and the responsibilities defined in property management contracts.
- Topic 9: Transfer of Title: This section of the exam measures the skills of a Salesperson and covers the transfer of real estate ownership. It reviews deed types, title insurance, closing procedures, settlement practices, and special cases such as foreclosures, probate, and short sales.
- Topic 10: Practice of Real Estate: This section of the exam measures skills of a Broker and covers professional duties, antidiscrimination laws, advertising rules, antitrust regulations, confidentiality, and supervisory responsibilities. It also includes the correct handling of client funds and adherence to ethical standards.
Free Real Estate Licensing Virginia Real Estate Salesperson Exam Actual Questions
Note: Premium Questions for Virginia Real Estate Salesperson were last updated On Aug. 31, 2026 (see below)
What are mortgage-backed securities?
Mortgage-Backed Securities (MBS) are investment instruments created when lenders bundle groups of mortgages and sell them to investors. These securities are backed by the cash flow from the underlying mortgage loans.
Investors receive interest and principal payments derived from homeowners' mortgage payments.
MBS are often issued by government-sponsored entities like Fannie Mae, Freddie Mac, or Ginnie Mae.
They help provide liquidity in the mortgage market by allowing lenders to free up funds to make more loans.
Reference (Virginia Real Estate & Finance):
Virginia Principles of Real Estate textbook discussions on financing and secondary mortgage market
Real Estate Settlement education material in A490-02REGS.pdf (Mortgage Finance section)
The relationship between a property manager and the property owner is most comparable to that of a:
A property manager acts as an agent for the property owner.
The manager owes fiduciary duties to the owner, similar to how a salesperson works under and owes duties to their broker.
Other comparisons:
(A) Tenant/landlord = contractual lease, not fiduciary.
(B) Stockholder/board = ownership vs governance, not agency.
(D) Cashier/store owner = employee/employer, not fiduciary agent.
Code of Virginia 54.1-2100 (definitions of brokerage relationships, property management included)
Virginia Real Estate Board Regulations (agency and fiduciary duties)
Which of the following is correct about implied and express contracts?
Express contract: Terms are explicitly stated in words, either orally or in writing (e.g., a signed listing agreement).
Implied contract: Formed through the conduct or actions of the parties (e.g., ordering food at a restaurant implies a promise to pay).
Both types can be legally binding. The key difference is how the agreement is established.
Reference (Virginia Real Estate):
Code of Virginia Title 11 -- Contracts
Virginia Real Estate Board education requirements -- Contracts
Who regulates fair housing advertising?
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).
HUD issues rules on wording, images, and equal housing opportunity statements in ads.
Other agencies:
(A) HMDA (Home Mortgage Disclosure Act) -- focuses on lending data, not advertising.
(C) CRA (Community Reinvestment Act) -- ensures banks serve all communities fairly.
(D) ECOA (Equal Credit Opportunity Act) -- prohibits discrimination in lending, not ads.
Fair Housing Act, 42 U.S.C. 3601 et seq.
HUD Fair Housing Advertising Guidelines
Virginia Fair Housing Law (Title 36, Chapter 5.1)
A legally competent party to a contract will:
For a contract to be legally enforceable, all parties must be legally competent. This requires:
Age of majority (18 in Virginia).
Mental competency (not declared mentally incompetent).
Not under the influence of drugs or alcohol at the time of signing.
Other options:
(B) & (D) Literacy is not required for legal competency.
(C) Legal representation is not required for a valid contract.
Reference (Virginia Real Estate):
Code of Virginia Title 11 -- Contracts
Virginia Real Estate Principles -- Elements of valid contracts
A490-02REGS.pdf -- Contracts curriculum
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