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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam
Virginia Real Estate Salesperson (Page 3 )

Updated On: 7-Feb-2026
Page 3 of 25
PDF with 120 Questions

What is one way that a contract for deed differs from a standard real estate sales contract?

  1. A contract for deed has the purchase price in it.
  2. A contract for deed includes a financing clause.
  3. A contract for deed's purchase price section details the buyer's payment plan to the seller.
  4. A contract for deed includes a section about a flip tax.

Answer(s): C

Explanation:

A contract for deed (also called a land contract or installment sale contract) differs from a standard purchase agreement because:

Buyer makes installment payments directly to the seller.

Seller retains legal title until all payments are made.

Buyer holds equitable title during the payment period.

In contrast, a standard sales contract usually involves financing through a lender, and title transfers at closing.

Thus, the key difference is that a contract for deed spells out the buyer's payment plan to the seller, not just the purchase price.


Reference:

Code of Virginia §55.1 (Property & Conveyances)

Virginia Real Estate Board CE Outline ­ Contracts Section



In which of these cases should an agent disclose information about someone's HIV/AIDS status?

  1. only when a buyer client insists on knowing this information
  2. Agents should never disclose or inquire about someone's HIV/AIDS status.
  3. only if the seller has previously made their HIV or AIDS status public
  4. only if the seller or tenant's status has caused the property to be stigmatized

Answer(s): B

Explanation:

Under Virginia Fair Housing Law (and federal law under the Fair Housing Amendments Act of 1988), individuals with HIV/AIDS are protected as having a disability.

Licensees must not inquire about or disclose a client's HIV/AIDS status.

Doing so would constitute discrimination and a violation of fair housing law.

Even if a buyer requests this information, agents must not disclose it.

Other options are illegal and unethical.


Reference:

Virginia Code Title 36, Chapter 5.1 ­ Fair Housing Law

U.S. Fair Housing Act, 42 U.S.C. §3601 et seq.

Virginia Real Estate Board CE Curriculum ­ Fair Housing



Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?

  1. salesperson
  2. assistant broker
  3. broker
  4. appraiser

Answer(s): C

Explanation:

In Virginia, a real estate broker is the person licensed to represent one of the parties in a real estate transaction in exchange for commission or other valuable consideration.

Salesperson (A): Licensed to perform brokerage activities but only under the supervision of a broker; cannot independently represent a party for commission.

Assistant Broker (B): Not an official license category in Virginia.

Appraiser (D): Licensed to determine property value, not to represent parties in real estate transactions.

Thus, the correct answer is broker.


Reference:

Code of Virginia §54.1-2100 (Definitions)

Virginia Real Estate Board Regulations (18 VAC 135-20)



Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?

  1. No, but it depends solely on her credit score.
  2. Yes, PMI is required until she reaches 50% equity.
  3. Yes, her down payment does not meet the requirements to eliminate PMI.
  4. No, her down payment is large enough to avoid PMI.

Answer(s): D

Explanation:

Private Mortgage Insurance (PMI) is generally required when a borrower puts down less than 20% on a conventional loan.

Lillian's home price = $355,000

Down payment = $75,000

Loan amount = $280,000

Down payment % = $75,000 ÷ $355,000 21.1%

Since Lillian's down payment exceeds 20%, PMI is not required.

Other options:

(A) Wrong -- PMI is based on equity, not just credit score.

(B) Wrong -- PMI never requires 50% equity.

(C) Wrong -- She meets the equity threshold.


Reference:

Fannie Mae/Freddie Mac Conventional Loan Guidelines

Virginia Real Estate Exam Outline ­ Financing Section



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

  1. sole proprietorship
  2. undivided interest
  3. unity of time
  4. equitable interest

Answer(s): B

Explanation:

In co-ownership, the principle of undivided interest means each co-owner has:

The right to possess and use the entire property, not just a physical portion.

Equal rights of possession regardless of ownership percentage.

Other options:

Sole proprietorship (A): Single owner, not co-ownership.

Unity of time (C): A required element of joint tenancy but not the concept granting rights to the whole property.

Equitable interest (D): Refers to the rights of a buyer under contract before receiving legal title.

Thus, the correct answer is undivided interest.


Reference:

Virginia Real Estate Principles & Practices (Ownership Section)

Code of Virginia §55.1 (Property & Conveyances)



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