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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is a building permit?

A) written permission from the government to seize private property for public use
B) document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law
C) document that permits changing the zoning of one small area within the existing zoning
D) legal document from a local authority that authorizes a construction or remodeling project

2. Which of these is an example of a deed restriction?

A) A restriction in one subdivision development specifies that no boats or recreational vehicles may be kept on the street, driveway, or lot.
B) Demi is required to file an environmental impact statement with the city before building a new subdivision.
C) Donald is required by the municipal government to have a certain number of bathrooms in his business.
D) The city denies Darren a permit to open a pawn shop in a residential area.

3. In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

A) appraisers
B) single agents
C) dual agents
D) intermediaries

4. Alexa and Harrison have gone over every term and condition in the contract they have drawn up for the sale of Alexa's racehorse to Harrison. Neither party has any questions or desire to change anything about the agreement. Which essential element of a valid contract appears to have been realized?

A) reality of consent
B) mutual assent
C) consideration
D) lawful objective

5. 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

Solutions: