Virginia Real Estate Salesperson Exam
Practice Questions And Correct Answers
(Verified Answers) Plus Rationale 2026
Q&A| Instant Download Pdf
1. A buyer enters into a contract for a property that includes an
automatic extension clause if financing is not approved within the
original closing period. Which legal principle most directly governs the
enforceability of this clause in Virginia real estate contracts?
A. Statute of Frauds requiring written agreements for land transactions
B. Parol evidence rule preventing oral modification of written contracts
C. Doctrine of estoppel prohibiting revocation of offers after
acceptance
D. Freedom of contract allowing parties to define contingencies and
extensions
The correct answer is D because Virginia contract law generally
allows parties broad freedom to structure terms such as
contingencies and extension clauses, provided they are lawful and
clearly written.
2. A real estate salesperson in Virginia receives earnest money from a
buyer. Which requirement is most critical under escrow rules?
A. Deposit must be held in the salesperson’s personal account
B. Funds must be deposited into a trust account within a reasonable
, time
C. Funds must be converted into a cashier’s check before deposit
D. Funds must be immediately split between broker and seller
The correct answer is B because Virginia escrow regulations require
earnest money to be placed into a properly designated trust account
promptly to protect client funds.
3. Which of the following best describes a tenancy in common?
A. Equal ownership shares that automatically transfer to surviving
owners
B. Ownership limited to spouses only
C. Ownership requiring equal contribution and equal shares
D. Co-ownership where each party has an undivided interest that
may be inherited separately
The correct answer is D because tenancy in common allows each
owner to hold a separate, transferable interest that does not
automatically pass to other co-owners.
4. A licensee fails to disclose a known defect in a property. Which Virginia
law is most directly violated?
A. Fair Housing Act
B. Statute of Limitations Act
C. Uniform Commercial Code
D. Virginia Residential Property Disclosure Act
The correct answer is D because this act requires sellers and agents
to disclose known material defects affecting property condition.
5. Which document typically establishes the agency relationship between
a seller and a real estate broker?
A. Deed of trust
B. Title report
C. Lease agreement
, D. Listing agreement
The correct answer is D because a listing agreement formally creates
the agency relationship and outlines the broker’s authority to
represent the seller.
6. Under Virginia law, which government power allows regulation of how
land is used?
A. Eminent domain
B. Escheat
C. Police power
D. Taxation authority
The correct answer is C because police power enables government
regulation of land use through zoning and building codes to protect
public welfare.
7. A property is sold with an easement granting a utility company access
across the land. What type of property interest is this?
A. Fee simple absolute
B. Leasehold estate
C. Encroachment right
D. Non-possessory interest in land
The correct answer is D because an easement grants a non-
possessory right to use another’s land for a specific purpose without
ownership.
8. Which federal law primarily regulates disclosure of lead-based paint in
older residential properties?
A. Fair Housing Act
B. Truth in Lending Act
C. Real Estate Settlement Procedures Act
D. Residential Lead-Based Paint Hazard Reduction Act
Practice Questions And Correct Answers
(Verified Answers) Plus Rationale 2026
Q&A| Instant Download Pdf
1. A buyer enters into a contract for a property that includes an
automatic extension clause if financing is not approved within the
original closing period. Which legal principle most directly governs the
enforceability of this clause in Virginia real estate contracts?
A. Statute of Frauds requiring written agreements for land transactions
B. Parol evidence rule preventing oral modification of written contracts
C. Doctrine of estoppel prohibiting revocation of offers after
acceptance
D. Freedom of contract allowing parties to define contingencies and
extensions
The correct answer is D because Virginia contract law generally
allows parties broad freedom to structure terms such as
contingencies and extension clauses, provided they are lawful and
clearly written.
2. A real estate salesperson in Virginia receives earnest money from a
buyer. Which requirement is most critical under escrow rules?
A. Deposit must be held in the salesperson’s personal account
B. Funds must be deposited into a trust account within a reasonable
, time
C. Funds must be converted into a cashier’s check before deposit
D. Funds must be immediately split between broker and seller
The correct answer is B because Virginia escrow regulations require
earnest money to be placed into a properly designated trust account
promptly to protect client funds.
3. Which of the following best describes a tenancy in common?
A. Equal ownership shares that automatically transfer to surviving
owners
B. Ownership limited to spouses only
C. Ownership requiring equal contribution and equal shares
D. Co-ownership where each party has an undivided interest that
may be inherited separately
The correct answer is D because tenancy in common allows each
owner to hold a separate, transferable interest that does not
automatically pass to other co-owners.
4. A licensee fails to disclose a known defect in a property. Which Virginia
law is most directly violated?
A. Fair Housing Act
B. Statute of Limitations Act
C. Uniform Commercial Code
D. Virginia Residential Property Disclosure Act
The correct answer is D because this act requires sellers and agents
to disclose known material defects affecting property condition.
5. Which document typically establishes the agency relationship between
a seller and a real estate broker?
A. Deed of trust
B. Title report
C. Lease agreement
, D. Listing agreement
The correct answer is D because a listing agreement formally creates
the agency relationship and outlines the broker’s authority to
represent the seller.
6. Under Virginia law, which government power allows regulation of how
land is used?
A. Eminent domain
B. Escheat
C. Police power
D. Taxation authority
The correct answer is C because police power enables government
regulation of land use through zoning and building codes to protect
public welfare.
7. A property is sold with an easement granting a utility company access
across the land. What type of property interest is this?
A. Fee simple absolute
B. Leasehold estate
C. Encroachment right
D. Non-possessory interest in land
The correct answer is D because an easement grants a non-
possessory right to use another’s land for a specific purpose without
ownership.
8. Which federal law primarily regulates disclosure of lead-based paint in
older residential properties?
A. Fair Housing Act
B. Truth in Lending Act
C. Real Estate Settlement Procedures Act
D. Residential Lead-Based Paint Hazard Reduction Act
