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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The VRLTA applies to:

A) anyone who owns a commercial property
B) anyone who owns more than two rental properties
C) anyone who owns one property
D) anyone who owns more than five rental properties

2. A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?

A) $4,130,000
B) $1,300.000
C) $2.450,000
D) $3.250,000

3. In Virginia, what is the difference between the REB and theFHB?

A) The FHB is responsible for the enforcement of the fair housing law for real estate licensees. The REB is responsible for all other violators.
B) They are the same thing.
C) The REB is responsible for the enforcement of the fair housing law for real estate licensees. The FHB is responsible for all other violators.
D) The REB reports to HUD, while the FHB does not.

4. If a condo owner is selling their unit, which of these documents should they present to a buyer?

A) resale certificate
B) Closing Disclosure
C) HUD-1
D) Loan Estimate

5. What do ostensible agency and agency by estoppel have in common?

A) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
B) They are both forms of third-party agency no longer recognized in the U.S.
C) They both concern a third party's decision to go unrepresented in a transaction.
D) They both arise when a third party correctly believes that agency exists between a principal and an agent.

Solutions: