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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Vicarious liability is the common law concept that:

A) a person is liable for the actions of those acting with authority on that individual's behalf
B) brokers are free from taking responsibility for their agents' actions
C) license holders may ONLY be held liable if violations are brought to court
D) agents cannot be held liable for violating fiduciary duties, while brokers can

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

A) unity of time
B) equitable interest
C) sole proprietorship
D) undivided interest

3. The consummation of a real estate sale is known as the:

A) option period
B) signing of the contract
C) offer and acceptance
D) closing

4. Alana is renting a three-bedroom home for one year. Alana is the:

A) holdover tenant
B) optionor
C) tenant or lessor
D) tenant or lessee

5. Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this?

A) land trust
B) lease-option agreement
C) cooperative sales contract
D) sales contract with a contingency

Solutions: