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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

A) percolating rights
B) littoral rights
C) appropriative rights
D) riparian rights

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

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

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

4. The relationship between a property manager and the property owner is most comparable to that of a:

A) tenant with a landlord
B) cashier with the owner of a store
C) salesperson with their broker
D) stockholder with the board of directors of a corporation

5. Which of these types of loans can always be sold on the secondary mortgage market?

A) jumbo loans
B) conforming loans
C) loans originated by Fannie Mae
D) non-conforming loans

Solutions: