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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The consummation of a real estate sale is known as the:

A) offer and acceptance
B) closing
C) option period
D) signing of the contract

2. Disclosure is an important part of a brokerage's duties and responsibilities. Which of the following is NOT an important disclosure all brokerages should make?

A) disclosure of agency
B) disclosure of all offers
C) disclosure of an area's demographics of race and ethnicity
D) disclosure of financial condition

3. Lola has an easement that allows her to cross her neighbor's back lot to reach her home. It runs with the land. What kind of easement does Lola have?

A) easement appurtenant
B) easement by prescription
C) easement for light and air
D) easement in gross

4. What are mortgage-backed securities?

A) investment instruments that have packaged mortgages as collateral
B) promissory notes that reference a security instrument
C) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
D) the rights to real property being held by one party for the benefit of another

5. You're doing a CMA, and your three adjusted comps come in at $345,600, $352,800, and $359,900. What is a reasonable range to suggest for a listing price?

A) $345.000-$360.000
B) $360.000-$375,000
C) $300,000-$330,000
D) $330.000-$345,000

Solutions: