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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Vicarious liability is the common law concept that:

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

2. The duty of obedience does not include requests or instructions that are:

A) unnecessary
B) ethical and legal but not advisable
C) illegal or unethical in any way
D) not put in writing

3. Stigmatized properties are properties:

A) with market prices far exceeding other similar properties within an area
B) with suppressed market value due to something that happened on or to the property, rather than the physical condition or features of the property
C) with suppressed market value due to their physical condition or features
D) that are exempt from ad valorem taxes

4. A type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord is a:

A) ground lease
B) gross lease
C) net lease
D) percentage lease

5. Why does the state require real estate professionals to obtain a license?

A) to comply with federal occupational licensing law
B) to ensure collaboration with other state agencies regulating real estate
C) to create revenue for the state
D) to protect the public interest

Solutions: