Free Real Estate Licensing Virginia-Real-Estate-Salesperson Practice Test & Real Exam Questions

Exam Code/Number: Virginia-Real-Estate-Salesperson
Exam Name/Title: Virginia Real Estate Salesperson Exam
Certification Provider: Real Estate Licensing
Corresponding Certification: Real Estate Licensing Certification

Exam Questions: 125
Updated On: Aug 25, 2026

Question #1

All of the following are examples of legal descriptions of property EXCEPT:

A. 8647 Notting Hill Drive, Berkshire, Colorado 52467

B. Lot A, Block 2 of Shady Tree Subdivision, Madison County, Wisconsin

C. Lot E, Block 14 of West Lake Village, Orange County, Texas

D. SW 1/4 of NW 1/4 of NE 1/2 of T3N R4E of Meridian 16

Discussion 0

Correct Answer: A Vote an answer

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Question #2

The purpose of discount points is:

A. to lower the amount due at closing

B. to lock in an interest rate for a specified time prior to closing

C. to lower the property value for purposes of tax savings

D. to lower the interest rate over the life of the loan

Discussion 0

Correct Answer: D Vote an answer

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Question #3

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

A. five years

B. one year

C. three years

D. two years

Discussion 0

Correct Answer: C Vote an answer

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Question #4

When the CFPB introduced the new TRID rules integrating RESPA and TILA rules, what two disclosure forms did they mandate lenders provide to borrowers?

A. the TILA disclosure and the RESPA disclosure

B. the Settlement Statement and the Loan Disclosure

C. the Good Faith Estimate and the HUD-1

D. the Loan Estimate and the Closing Disclosure

Discussion 0

Correct Answer: D Vote an answer

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Question #5

What is the perimeter of a rectangular lot with the dimensions of 40 ft. x 50 ft .?

A. 180 ft.

B. 200 ft.

C. 90 ft.

D. 150 ft.

Discussion 0

Correct Answer: A Vote an answer

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Question #6

What was the outcome of Plessy v. Ferguson?

A. The Supreme Court decided that racial segregation of children in public schools was illegal.

B. The Supreme Court decided that the enforcement of racially based restrictive covenants was illegal.

C. The Supreme Court decided that racially based zoning was illegal.

D. The Supreme Court decided that "separate but equal" separation of the races was legal as long as Black and white facilities were equal.

Discussion 0

Correct Answer: D Vote an answer

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Question #7

Why do lenders need liquidity?

A. so they have the funds to originate more loans

B. so loans can be packaged together to create MBSs

C. to qualify for FHA insurance

D. so they can put their money in long-term assets

Discussion 0

Correct Answer: A Vote an answer

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Question #8

Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

A. 14 days

B. 21 days

C. 10 days

D. 5 days

Discussion 0

Correct Answer: D Vote an answer

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Question #9

Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A. undivided interest

B. equitable interest

C. unity of time

D. sole proprietorship

Discussion 0

Correct Answer: A Vote an answer

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