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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:

A) a three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago
B) a three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago
C) a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago
D) a three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago

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

A) A contract for deed has the purchase price in it.
B) A contract for deed's purchase price section details the buyer's payment plan to the seller.
C) A contract for deed includes a financing clause.
D) A contract for deed includes a section about a flip tax.

3. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?

A) A judicial foreclosure was necessary because the lender holds the title.
B) A nonjudicial foreclosure was necessary because Mindy holds the title.
C) A judicial foreclosure was necessary because Mindy holds the title.
D) A nonjudicial foreclosure was necessary because a trustee holds the title.

4. The relationship between a property manager and the property owner is most comparable to that of a:

A) stockholder with the board of directors of a corporation
B) salesperson with their broker
C) cashier with the owner of a store
D) tenant with a landlord

5. Which of these describes a leasehold estate?

A) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
B) Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
C) Jung owns a building. He lives upstairs and runs the store downstairs.
D) Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.

Solutions: