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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. 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.

2. One township contains how many sections?

A) 6
B) 36
C) 64
D) 640

3. The creation of express agency is best handled via a(n):

A) listing agreement or buyer representation agreement
B) listing agreement or ratified actions
C) oral agreement or ratified actions
D) oral agreement or buyer representation agreement

4. Which of the following contracts has no legal effect and typically involves an illegal act, fraud, misrepresentation,duress, or undue influence?

A) a valid contract
B) an oral contract
C) a void contract
D) an implied contract

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: