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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Sellers and license holders are required to disclose lead- based paint hazards on all properties built before:

A) 1974
B) 1976
C) 1972
D) 1978

2. 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 Good Faith Estimate and the HUD-1
B) the Settlement Statement and the Loan Disclosure
C) the Loan Estimate and the Closing Disclosure
D) the TILA disclosure and the RESPA disclosure

3. A licensee could be found liable for all of the following EXCEPT:

A) failure to disclose an unknown latent defect in an inaccessible location
B) failure to disclose a known latent defect to the buyer
C) attempting to conceal a known latent defect
D) failure to disclose a latent defect that the licensee should have reasonably known

4. What is the purpose of the Do Not Call Registry?

A) It governs the use of commercial email advertising.
B) It has three main truth-in-advertising provisions.
C) It regulates telemarketing activities from commercial organizations.
D) It bans bait-and-switch ads.

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

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

Solutions: