Question 1

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?

Options :

A : cooperative sales contract

B : sales contract with a contingency

C : land trust

D : lease-option agreement

Answer: D

Question 2

A legally competent party to a contract will:

Options :

A : have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol

B : have reached the age of majority and be literate

C : not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation

D : be literate and not be mentally incompetent or intoxicated by drugs or alcohol

Answer: A

Question 3

Which of these is a federal law that aims to protect people and the environment from the harmful effects of air pollution?

Options :

A : Clean Air Act

B : Safe Drinking Water Act

C : Superfund Amendments and Reauthorization Act

D : CERCLA

Answer: A

Question 4

Trystan and Nia enter into a contract for the sale of a tiny house. Trystan is 17. Closing is supposed to occur in two weeks. This contract is:

Options :

A : executed and voidable

B : executory and void

C : executory and voidable

D : executed and void

Answer: C

Question 5

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

Options :

A : A contract for deed has the purchase price in it.

B : A contract for deed includes a financing clause.

C : A contract for deed's purchase price section details the buyer's payment plan to the seller.

D : A contract for deed includes a section about a flip tax.

Answer: C

Free Virginia-Real-Estate-Salesperson Mock Exam – Practice Online Confidently

Buying Options: