Real Estate Licensing
Virginia Real Estate Salesperson
Q1:
Randy and Joe were married, then divorced. Joe got the house in the divorce settlement. When he later goes to sell it, a title company tells him there's a cloud on the title due to the divorce. What is most likely to resolve this cloud?
○
A
having Randy sign a quitclaim deed○
B
filing the deed with the county○
C
requiring Joe to put some earnest money in escrow○
D
putting a mechanic's lien on the property
Real Estate Licensing
Virginia Real Estate Salesperson
Q2:
An licensee in Virginia writes an online ad. It MUST include all of the below:
○
A
the licensee's name, the name of the firm in which the licensee is active, the city and state in which the licensee's place of business is located, and the licensee's phone number○
B
the licensee's name and the name of the firm in which the licensee is active○
C
the licensee's name, the name of the firm in which the licensee is active, and the city and state in which the licensee's place of business is located○
D
the licensee's name, and the city and state in which the licensee's place of business is located
Real Estate Licensing
Virginia Real Estate Salesperson
Q3:
What do ostensible agency and agency by estoppel have in common?
○
A
They are both forms of third-party agency no longer recognized in the U.S.○
B
They both arise when a third party correctly believes that agency exists between a principal and an agent.○
C
They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.○
D
They both concern a third party's decision to go unrepresented in a transaction.
Real Estate Licensing
Virginia Real Estate Salesperson
Q4:
How is a promissory note secured?
○
A
by the disbursement of funds○
B
by referencing a security instrument○
C
by the statute of frauds○
D
by the attachment of a mortgage-backed security
Real Estate Licensing
Virginia Real Estate Salesperson
Q5:
Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?
○
A
net listing○
B
exclusive right-to-sell agreement○
C
open listing○
D
exclusive agency agreement